Аsia
Amazon Pay explores credit on UPI through collaboration with NPCI
Business Standard, Posted April 16, 2024
Amazon Pay is looking to introduce credit services on the Unified Payments Interface (UPI) platform in collaboration with the National Payments Corporation of India (NPCI). This initiative aims to enhance customer experience and value propositions, Vikas Bansal, Amazon Pay India’s whole-time director, told The Financial Express (FE).
This news follows Amazon Pay’s recent partnerships with RBL Bank for UPI payments, ICICI Bank for FASTag recharge, and the introduction of the Amazon Pay ICICI co-branded credit card.
#Amazon Pay
Neobank Revolut India gets in-principle nod for PPI license from RBI
The Paypers, Posted April 12, 2024
Revolut India, backed by Tiger Global and Softbank, received RBI approval for Prepaid Payment Instruments, strengthening its position in the Indian market. The approval allows the offering of multi-currency forex cards and cross-border remittance services, enhancing financial solutions for Indian consumers.
#Revolut
Google Wallet to launch in India
The Paypers, Posted April 18, 2024
Google Wallet has set to launch in India, separate from Google Pay.
Google Wallet will launch in India, according to a preview of the app that the company posted on the Google Play store in the country, and later deleted.
Commenting on this, officials from Google said that while they don’t have anything new to share right now, they’re always working to bring more convenience to people’s digital experiences in India. They’re continuing to invest in the Google Pay app to give people easy, secure access to digital payments.
#Google Wallet
Europe
Revolut launches refinancing facility in Romania
The Paypers, Posted April 19, 2024
UK-based fintech company Revolut has announced the launch of its refinancing facility in the region of Romania, as well as the solution’s overall global premiere.
Following the launch of the new facility, Revolut is expected to refinance one or more unguaranteed loans from Revolut Bank, or other banks and financial institutions. This process is set to take place within a limit of EUR 40.000 (RON 200.000), only in the local currency. In addition, the interest rate will be fixed at 6.99% to 15.99%, depending on the credit profile and term of the loan that the customer chooses to leverage.
Throughout this launch, Revolut will focus on meeting the needs, preferences, and demands of its customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
#Revolut
UK fintechs ask government for help to ease capital shortages
Reuters, Posted April 15, 2024
Leaders of the UK’s financial technology industry are urging the British government to increase tax relief and help them raise more investment, as some executives warn a shortage of domestic investors is holding back the sector.
Trade body Innovate Finance’s “Unicorn Council”, which includes the CEOs of Monzo, Revolut’s UK arm and ClearBank, set out policy recommendations on Monday that it said would help the UK maintain its position as a fintech hub.
#Fintech
Zopa reports first full year profit
The Paypers, Posted April 16, 2024
UK-based Zopa has announced its its first full year of profitability, aiming to accelerate its development and to offer current accounts to customers by the end of 2024.
Following this announcement, Zopa posted a pre-tax profit of GBP 15.8 million for 2023, from a loss of GBP 26 million the previous year. The financial institution also increased its deposit base by 15% to GBP 3.4 billion in the same period, with an overall total loan balance of GBP 2.7 billion.
Zopa will continue to focus on meeting the needs, preferences, and demands of customers and clients, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
#Zopa
Blair Institute sets out ‘progressive vision’ for fintech
Finextra, Posted April 18, 2024
If it wins the upcoming UK general election, the Labour party must harness the fintech sector as an engine for economic growth, opportunity and inclusion across the country, says a report from the Tony Blair Institute for Global Change.
With Labour holding a double-digit lead in the polls, Keir Starmer’s party is widely expected to return to power after 14 years in opposition.
The party’s former prime minister, Blair, has put his institute’s name to a report co-authored with the Startup Coalition that lays out a vision for how one of the country’s most successful sectors can be used to deliver a “progressive agenda for a mission-driven government”.
#Fintech
Barclays reports large spike in investment scams
Finextra, Posted April 17, 2024
Barclays Bank is calling for social media platforms to act fast to improve verification of financial adverts after reporting a large spike in investment scams.
Investment scams accounted for a third (33 per cent) of all money customers lost to scammers in 2023, up 23 per cent year-on-year, according to Barclays data. Of all scam types, investment scams made up the greatest share of total claim values, with the volume of investment scams increasing by almost a third.
Barclays says this spike is being fuelled by scammers taking advantage of their ability to promote unverified financial adverts on social media sites, with more than 6 in 10 investment scams now taking place on these platforms.
#Barclays
USA
Visa augments payment acceptance for ‘Click-and-Mortar’ shopping
The Paypers, Posted April 18, 2024
Visa has transformed the payment landscape with streamlined solutions for seamless ‘Click-and-Mortar’ shopping experiences, bridging digital and physical retail.
With a new fast-growing segment of ‘Click-and-Mortar’ shoppers who rely on digital features to shop both online and in-store, merchants are managing complex technology as they work to provide consistent payment experiences. Visa is offering sellers expansive, simplified services to keep pace with those demands.
Officials from Visa said the payments sector has made significant strides in simplifying the consumer shopping experience. In doing so, the payments ecosystem has become more complex and fragmented for sellers — but it doesn’t have to be this way. Visa Acceptance Solutions allows businesses worldwide to offer their customers augmented payment options without over-indexing on complexity for themselves.
#Visa
Klarna to launch its credit card in the US
The Paypers, Posted April 18, 2024
AI-enabled global payments network Klarna has announced its plans to introduce its credit card in the US, thus working towards expanding its market presence.
Klarna, which delivers Buy Now, Pay Later (BNPL) services, intends to launch its credit card in the US, in a bid to increase its presence in the region. As provided by the company to TechCrunch, the decision was made on customer demand, with Klarna aiming to allow individuals to leverage its services and enable them with additional payment capabilities.
#BNPL
Open Banking and Digital Wallets Are Streamlining Subscription Process for Consumers – Report
Crowdfund Insider, Posted April 12, 2024
The subscription model involves paying in periodic intervals for goods or services
based on a prearranged capacity, the team at Juniper Research notes in a report.
The research report explains that the subscription economy is an umbrella term for the market surrounding subscriptions, “including subscription commerce merchants, subscription management billing services and payment processing services that support recurring payments.”
Juniper Research defines a subscription service as “a product or service that is bought or accessed via a recurring payment that requires no additional action to terminate beyond cancelling the payment.”
#Open Banking
PayPal Ventures leads €18 million series A extension in Pliant
Finextra, Posted April 18, 2024
PayPal Ventures has led an €18+ million Serie A extension for Berlin-based corporate card platform Pliant as it prepares for expansion into the UK.
Founded in 2020, Pliant’s credit card platform enables companies to issue physical, virtual and one-time credit cards that integrate into business back-end enterprise resource planning software.
The company also services other fintech firms with an embedded card platform that they can offer to thier clients. Recent signings include Candis, an invoice management software company, and Circula, a travel expense and employee benefits software provider.
#PayPal
LatAm
Toku secures USD 9.3 million in funding
The Paypers, Posted April 18, 2024
US-based recurring payments platform Toku has raised USD 93 million in a new funding round to fuel expansion in Mexico, Brazil, and Chile.
Toku’s platform automates the whole payment processing and collection lifecycle, from offering payment options to handling customer outreach and collection. This allows companies to reliably collect 5% more revenue while providing a seamless, digital experience for their customers at a 30% lower cost, as per the press release.
#Payments
Smart Transfer to be launched for Brazilian customers
The Paypers, Posted April 16, 2024
The Brazilian Open Finance has gained access to Smart Transfer to optimise adherence to the data-sharing system between FIs created by the Central Bank.
Following this announcement, financial institutions and banks have until the end of April 2024 in order to adapt to the functionality that will integrate payment initiation.
In addition, the Smart Transfer solution was designed by executives in the financial sector, and is expected to optimise adherence to the data-sharing system between financing institutions that were created by the Central Bank (BC).
#Fintech
Fintech Revolut receives Mexican banking authorization, eyes expansion
Reuters, Posted April 10, 2024
Fintech company Revolut received a banking license in Mexico and is preparing to expand operations in Latin America’s no. 2 economy, the company said in a press release on Tuesday.
The company, which launched in Britain in 2015 and now boasts more than 40 million customers worldwide, said it will establish itself as a multiple banking institution after getting the green light from Mexico’s National Banking and Securities Commission.
#Fintech
Nubank to introduce its mobile operator services
The Paypers, Posted April 10, 2024
Brazil-based financial services platform Nubank has announced its plans to go beyond providing banking services and launch its own mobile phone operator company.
As per the information provided, Nubank intends to expand its services beyond banking, with the company preparing to introduce its own mobile phone company. Anatel, the National Telecommunication Agency, confirmed that Claro signed a personal mobile service (SMP) representation contract accredited as an MVNO for Nubank. Claro, which is a mobile, satellite-television, fixed, and broadband telecommunications operator, files a request to accredit Nubank’s MVNO.
#Nubank
