Аsia
Southeast Asia’s Grab Now Helping 35.5M Consumers with Everyday Services Including Making Digital Payments
Crowdfund insider, Posted June 12, 2024
n 2023—as economies fully reopened and travel resumed—Grab (NASDAQ: GRAB) says that its mobility business rebounded and their deliveries business showed remarkable resilience amidst rising inflation.
Grab claims that they grew their user base.
As of December 2023, 35.5 million people leverage their platform “to eat, ride and make digital payments every month.”
Grab further notes that they have welcomed “over one million new driver-partners and 500,000 micro, small and medium enterprises (MSMEs) on to their platform.”
And they have reportedly served “more than 3.5 billion transactions.”
With an ever-growing community relying on Grab in their day-to-day lives, whether for utility, convenience, or to earn a living, Grab’s responsibility “to the society and the environment they operate in magnifies.”
Volopay expands expense management suite across APAC
Crowdfund insider, Posted June 7, 2024
Singapore-based fintech company Volopay has launched the latest version of its expense management suite in various markets across the APAC region.
The launch includes corporate cards, accounts payable automation, and accounting integration capabilities. Volopay offers finance automation aimed at enhancing how businesses manage daily expenses, vendor and subscription payments, accounts payable, budgeting, accounting, and other financial processes.
The platform is now available in Singapore, Australia, India, and Indonesia, and features new AI-powered enhancements designed to streamline business finance management. The new features focus on improving efficiency and transparency in business payments management. All card expenses and bank transfers on Volopay can now be linked to specific departments or projects, aiding in better tracking and organization.
GHL partners with Alipay+
The Paypers, Posted June 10, 2024
GHL has announced its partnership with Alipay+ in order to facilitate cross-border payments for customers and clients in the region of the Philippines.
Following this announcement, GHL Systems Philippines is set to enable local businesses and companies to access cross-border digital payments from multiple Asian mobile wallets, through the use of Alipay+. This process will allow retail outlets powered by GHL to accept cross-border transactions, including from tourist arrivals to the Philippines, such as AlipayHK (Hong Kong SAR), Kakao Pay (South Korea) and Touch ‘n Go eWallet (Malaysia). Both GHL and Alipay+ will focus on meeting the needs, preferences, and demands of 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. In addition, the partnership aims to improve the payment experience for travellers, while also offering them the possibility to benefit from a wide array of local businesses spanning from food and beverages, retail, hospitality, and attractions.
Europe
MoonPay Users in 24 EU Member States and the UK May Acquire Crypto via PayPal
Crowdfund insider, Posted June 13, 2024
MoonPay is pleased to announce that PayPal (NASDAQ: PYPL) is now live to users across the European Union and United Kingdom, following a successful launch in the United States last month.
MoonPay users in 24 EU member states and the UK can “now buy cryptocurrency using their PayPal account.”
The U.S. launch, which has also now “rolled out to 100% of users, demonstrated strong demand for PayPal as a payment option to buy crypto” with solid results:
Popularity: PayPal has quickly become the third most popular payment method in the U.S., overtaking Google Pay, and only slightly behind cards and Apple Pay.
Increased engagement: Nearly 90% of users who successfully connect to PayPal proceed with a transaction.
Higher conversion: New customers using PayPal as their first payment method convert at a 1.3x higher rate than those using cards.
New demographic: MoonPay’s integration with PayPal unlocks a more mature user base, with an average age of 35 years old.
Digital pound would not require new POS systems – BofE
Finextra, Posted June 14, 2024
Existing point-of-sale terminals in the UK could be used to initiate digital pound payments, according to research from the Bank of England. This year, the central bank moved on from the research and exploration phase of its digital pound roadmap to the design phase.
The UK has decided that any future CBDC would need to be useful for everyday in-store payments. The BofE has conducted a feasibility study to see whether existing POS systems could be used for this, eliminating the need for merchants to invest in new hardware.
The study found that existing POS terminals in the UK could, in principle, be used to initiate online digital pound payments.
Revolut to move UK headquarters to Canary Wharf
Finextra, Posted June 13, 2024
Revolut is to move its headquarters to a recently refurbished tower block in the heart of Canary Wharf as it prepares to accommodate a 40% uplift in staff numbers. The global fintech is increasing its office footprint by 40% to 113k sq ft, taking four floors, and intends to feature two Revolut logos on the side of the building.
The move “strengthens the company’s commitment” to the UK, and comes as Revolut reaches 9 million customers in the market and waits on a positive response to its three-year quest for a banking licence.
Set to move in in May 2025, Revolut will be based in the heart of Canary Wharf’s business district, having previously occupied an office in Westferry Circus.
Ozone API and Fintech Tuum to Enable Open Banking Worldwide
Crowdfund insider, Posted June 12, 2024
Ozone API, the global open banking firm, recently announced a strategic partnership with Tuum, a core banking provider, to enable Tuum’s customers to comply with open banking regulations and commercialize open finance across the globe.
The partnership represents a significant milestone “for both companies, combining Ozone API’s standards-based Open API platform with Tuum’s modular core banking solution, which is both cloud-native and based on microservices architecture.” This integration will streamline end-to-end business processes “by leveraging a pre-integrated ecosystem of best-in-class solutions.”
USA
Citi partners with Emirates NBD
The Paypers, Posted June 13, 2024
Citi has partnered with Emirates NBD to introduce a new 24/7 USD clearing service in the Middle East, marking an advancement in cross-border payment capabilities.
Emirates NBD becomes the inaugural bank to implement Citi’s round-the-clock USD clearing service, which ensures continuous availability for corporate and retail clients across its UAE and Kingdom of Saudi Arabia branch networks. This initiative addresses operational challenges arising from varying transaction cut-off times within the UAE thus facilitating smoother payment flows in the region. Emirates NBD plans to extend this service across all its branches in the Middle East and globally, leveraging partnerships with third-party institutions. The collaboration aims to enhance payment efficiency and transparency for clients, supporting their business operations in key trade corridors.
Visa and Dash expand collaboration for real-time payments
The Paypers, Posted June 12, 2024
US-based Dash Solutions has expanded its collaboration with Visa, utilising Visa Direct, Visa’s digital payment network.
This collaboration allows Dash customers to send real-time payments to billions of eligible cards, bank accounts, and digital wallets. Stephen Faust, CEO of Dash Solutions, highlighted the importance of flexibility and choice in today’s payment landscape, emphasizing their collaboration with Visa Direct to offer an enhanced disbursement experience through their SpendIT SendIT offering.
The integration of Visa-branded digital cards and Visa Direct into Dash Solutions’ payment suite opens up new opportunities for customers in sectors such as healthcare and insurance. Representatives of Dash Solutions emphasized the transformative potential of this integration, enabling consumers to manage their finances on their terms. Despite the prevalent use of paper checks for patient refunds in the healthcare sector, some leading organizations are adopting digital solutions. For instance, a healthcare provider that previously issued refunds via check can now digitize payouts in near real-time, enhancing the refund experience for end-users and reducing costs for the healthcare organization.
Apple launches Tap to Cash
Finextra, Posted June 10, 2024
Apple has unveiled a Tap to Cash feature that lets people send each other money simply by tapping their iPhones. Rolled out as part of iOS 18, Tap to Cash lets users send and receive Apple Cash without having to share any personal details.
The feature is similar to Tap to Pay, which launched a couple of years ago and lets merchants accept payments with a tap to an iPhone.
The iOS update also brings the ability to redeem rewards and access instalments from eligible credit or debit cards with Apple Pay.
Meanwhile, tickets in Apple Wallet now puts key event information like stadium details, recommended Apple Music playlists, and more at the user’s fingertips.
LatAm
Nubank and Chubb Report 2M Active Insurance Policies in Brazil
Crowdfund insider, Posted June 12, 2024
Nubank (NYSE: NU), which claims to be one of the world’s largest digital banking platforms outside of Asia, and Chubb, a global enabler of insurance, announced that they have reached a significant milestone of 2 million active insurance policies in Brazil.
Contributing to the success of the partnership is Nubank Vida, “the first product co-created and launched by the companies in 2020, which has more than 1 million active policies.” Nubank and Chubb’s insurance products “offer comprehensive and affordable coverage to customers and their loved ones when the unexpected happens.”
Paysecure partners with a55
The Paypers, Posted June 10, 2024
International payments orchestration platform Paysecure has partnered with a55 in order to expand its global reach into the region of LATAM.
Following this announcement, the partnership is expected to signify an important step into Paysecure’s commitment to improve its service offerings, as well as extend its reach into the Latin American (LATAM) market. This will include regions such as Brazil, Mexico, and others to come. In addition, both Paysecure and a55 will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries. Both companies are expected to optimise banking services for small and medium-sized enterprises (SMEs), while also enabling secure integration with banks and PSPs.
