The Paypers, Posted June 6, 2024

Singapore-based commerce platform for SMEs HitPay has announced that it received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).  

As per the information detailed in the press release, HitPay secured its MPI licence from MAS following the receipt of the in-principle approval issued in February 2024. At that time, the approval enabled HitPay to expand its services and include merchant acquisition and domestic and cross-border money transfer services. Also, it extended the company’s range of regulated payment solutions for merchants whilst maintaining increased compliance standards.

Asian Banking&Finance, Posted June 7, 2024

GHL Systems Berhad (GHL) has introduced Bank Simpanan Nasional’s (BSN) 0% Instalment Payment Plan (BSN 0% EasyPay Plan) across more than 7,000 merchant terminals in Malaysia.

This initiative aims to provide enhanced convenience and flexibility for in-store purchases. At offline stores powered by GHL, consumers now have access to BSN’s 0% EasyPay Plan for up to 36 months. The integration of this plan with instalment payment options from various banks offers customers greater flexibility at checkout, potentially making purchases more affordable and manageable for BSN Credit Cardmembers.

This partnership between GHL and BSN underscores their mutual commitment to supporting merchants in a dynamic market environment. Additionally, it aims to enable consumers to make significant purchases without undue financial strain, potentially boosting sales for merchants, especially for high-value items.

By extending BSN’s 0% EasyPay Plan through GHL’s network, this collaboration seeks to expand BSN’s reach while providing consumers with more payment choices at checkout, thus enhancing the overall shopping experience.

Crowdfund insider, Posted June 4, 2024

DNA Payments has grown its portfolio of POS alternative payment methods by launching Alipay+, a suite of cross-border mobile payment and digitalisation technology solutions operated by Ant International.

Alipay+ will allow over 50,000 UK merchants “using DNA Payments’ POS terminals to accept direct payments from global tourists, mostly from Asia, quickly and conveniently, benefiting sectors such as hospitality, tourism, travel and more.” At launch, users of 14 Alipay+ partner e-wallets will be “able to make mobile payments with their enabled home e-wallets at hospitality merchants including Boisdale restaurant group, Lochside House Hotel Spa & Lodges, and Durrants Hotel during the initial pilot scheme, ahead of completion in June.”

The Paypers, Posted June 6, 2024

Mastercard has launched its new Western Europe program called `Mastercard for Fintechs` in order to further develop and improve the fintech ecosystem.

Mastercard designed the program ‘Mastercard for Fintechs’ to support fintech firms in Western Europe and equip companies with essential resources and expertise to promote ongoing development and propel them to success.

The ‘Mastercard for Fintechs’ program provides exclusive access to Mastercard’s dedicated fintech learning platform, participation in a series of fintech events across Western Europe, and the opportunity to compete for the chance to win EUR 50,000.

Fintech Finance news, Posted June 3, 2024

A new report by IFX Payments has found that four in five UK small businesses are looking to increase their international payments in the coming year but may risk being debanked. 

According to the information in the press release, the Moving Money report, based on interviews with finance directors across the country, explores the needs and experiences of SMEs in Britain with cross-border payments and what is both driving and holding back positive change.

Reportedly, four out of five businesses (78%) surveyed said they expected to make more international payments in the next 12 months, whether through increased importing, exporting or paying the salaries of overseas employees. This positive outlook is applied across global trading partners. 

The Paypers, Posted June 5, 2024

UK-based social enterprise Plain Numbers has partnered with Visa to bring enhanced financial inclusion and design in government disbursements. Enhanced knowledge of digital financial services and platforms can help people to better manage their money and assets and financially plan their futures. Government disbursements play an important role that is both unique and vital with the aim of protecting constituents and delivering better outcomes for them.

Fintech Finance news, Posted June 3, 2024

Singapore-based Thunes, in collaboration with Visa, has launched a survey which highlights conflicted opinions among Europe-based companies on cross-border payment interoperability.   Conducted on 233 European payment representatives from financial institutions, banks, fintechs, SaaS, money transfer operators, and payment service providers (PSPs) in five different markets, Visa and Thunes’ survey revealed that companies have conflicted attitudes when it comes to cross-border payment interoperability. This underscores the difficulties many firms handle when integrating across multiple markets and systems.

The Paypers, Posted June 4, 2024

Banking aggregation and payment automation platform Numeral has entered a collaboration with BNP Paribas to provide further capabilities to payment companies.  As per the information detailed in the press release, Numeral partnered with BNP Paribas in a bid to allow payment companies, including WorldFirst, Alma, Swile, and Floa, to integrate SEPA and local payments into their products. This enables them to become SEPA participants whilst optimising their payment operations. In addition, the alliance aims to allow WorldFirst to better support its Europe-based merchant clients for Euro collections by delivering these businesses enhanced payment processes and increased security throughout the European Economic Area (EEA).

‘Mastercard for Fintechs’ to blaze a trail for startups across Western Europe

Finextra, Posted June 6, 2024

Mastercard has launched ‘Mastercard for Fintechs’, a dedicated programme for startups in Western Europe, offering access to technology support and educational tools alongside a series of fintech events with the opportunity to compete for the chance to win €50,000.

Mastercard says the programme has been designed in response to the challenging fundraising environment that fintechs have recently been facing, offering them education, expertise, networking and exclusive tools to help them stand on their two feet.

Eimear Creaven, division president, Western Europe Mastercard, says: “Our world-class programmes nurture innovation, accelerate growth and streamline program launches. Our digital tools are designed to support fintechs across every niche and at every stage of growth.”

Revolut building towards primary banking

Finextra, Posted June 4, 2024

David Tirado Blanco, VP profitability and global business, Revolut, appeared at an opening session of Money 20/20 today where he stated that their key focus moving forward is to “go deeper into primary banking”.

This statement comes after several key announcements by the fintech in the last few months, including gaining their banking license in Mexico, having their valuation raised by 45%, and increasing their headcount by 40%.

Blanco started by discussing Revolut reaching a stage of maturity. He said: “We want to be the primary banking platform for all our users. On that front, we have to keep evolving our product, keep innovating with new propositions that are delivering services that are 10 times or 100 times better than what [customers] are getting today in the market.”

MFSA: Banks’ Adherence to New European Union Requirements Is Crucial

Crowdfund insider, Posted June 6, 2024

To ensure a smooth transition for local banks to comply with the new and amended requirements arising from the Banking package, which was recently adopted by the European Parliament and the Council of the European Union, the MFSA has issued a Dear CEO Letter to banks, outlining its expectations.

This letter emphasizes the “importance of timely implementation and highlights the Authority’s focus on adhering to Basel III standards, as adopted by the EU, for effective risk management practices, which contribute to a sound financial system.”

The final agreement on the banking package “includes amendments to both the Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR).”

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Google Wallet collaborates with Pine Labs

The Economic Times, Posted May 30, 2024

Merchant commerce omnichannel platform Pine Labs has entered a collaboration with Google Wallet to integrate its gift card solutions into Google’s application.  Following Google Wallet’s news from April 2024 in which it mentioned its plans to launch in India, the current announcement is set to allow Google Wallet users to store and manage their gift cards journey within the app. In April, Google Wallet posted a preview of the app on the Google Play store in the country but later deleted it. When asked to comment on the matter, officials from Google underscored that despite not having anything new to share at that time, they were working to bring more convenience to individuals’ digital experience in India. Through its fintech solutions, Pine Labs focuses on improving the regions’ it operates via the capabilities of digital commerce and financial services.

Temenos partners with Mastercard

The Paypers, Posted June 4, 2024

Temenos has announced its partnership with Mastercard in order to expand cross-border payment capabilities through the use of Mastercard Move. 

Following this announcement, Temenos’ integration with Mastercard Move’s full range of money transfer services is set to offer banks and financial institutions, as well as their customers more choices in the manner in which they send and receive money abroad.  In addition, both companies 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. 

Mastercard taps open banking to ease account opening and updating

Finextra, Posted June 7, 2024

Mastercard has updated its Open Banking platform to enable people to automatically switch their direct deposits and update their recurring bill payments when they open or update an account. According to an EMarketer study on mobile account opening, automated deposit switching was the number one feature demanded by Americans. Yet, says Mastercard, the process still often involves manual paperwork and long wait times for HR processes to clear.

Embedded directly within a financial institution’s app or website, Mastercard’s Deposit Switch lets consumers skip manual paperwork and automatically route their payroll deposits to a new or existing bank account.

Mastercard and bunq forge AI open banking partnership

Finextra, Posted June 7, 2024

Mastercard and bunq have announced their partnership to create an open banking and AI tool at Money 20/20 Europe.

The new open banking features have gone live in the Netherlands, France and Germany, with plans to scale this throughout Europe. The features allow bunq users to connect all external bank accounts onto their existing app.

Finextra spoke with Bianca Zwart, chief of staff, Bunq, and Bart Willaert, EVP Mastercard. 

Zwart comments: “It means that our users can get a full overview of their finances in their app, so they can add any external bank accounts to their app. So that in itself is already quite cool, but we’re adding AI to the mix as well.”

Crowdfund insider, Posted June 6, 2024

Uruguay-based cross-border payment platform dLocal has introduced the first edition of the Emerging Markets Payments Handbook.

This handbook aims to provide essential insights and context for companies looking to expand into high-growth markets such as Africa, Asia and Latin America. The handbook addresses the current demographic and economic landscape, noting that emerging and developing economies are expected to contribute significantly to global growth in 2024. It highlights the fragmentation within these markets, where over half of the transactions are cash-based and 80% use payment methods other than credit cards, presenting challenges that specialised payment platforms can help mitigate.  The handbook covers various payment products, behaviours, currencies, and preferred payment methods across different countries in these regions. It also discusses country-specific economic and social complexities, providing insights into future opportunities in digital payments for businesses and consumers.

NPCI International joins forces with BCRP

The Paypers, Posted June 6, 2024

NPCI International Payments Limited (NIPL) has entered a collaboration with the Central Reserve Bank of Peru (BCRP) to allow the deployment of a UPI-like system in Peru.  As part of their partnership, NIPL and the BCRP intend to enable the deployment of a UPI-like real-time payment system in the region, with their move allowing Peru to become one of the first countries in South America to integrate the Unified Payment Interface (UPI) technology. Through this strategic alliance, the BCRP is set to develop a convenient and efficient real-time payment platform within the country, with the system facilitating instant payments between individuals in businesses. The service aims to minimise reliance on cash-based payments and expand the use of digital transactions to Peru’s unbanked population.

Payabl. expands Latin American payment options

The Paypers, Posted June 5, 2024

UK-based paytech company Payabl. has announced the integration of four local payment methods in Latin America into its range of local payment solutions.

These payment solutions are PIX, Boleto, OXXO, and SPEI, and the integration aims to broaden coverage across the region, aligning with payabl.’s objective of facilitating business growth for merchants through accessible, localised payment solutions. According to the Beyond Borders report, Latin America presents a significant opportunity for digital payments, with the region’s digital economy forecasted to reach a value of USD 944 billion by 2026. This growth is fueled by a youthful, tech-savvy population, with countries such as Brazil, Mexico, Colombia, and Peru witnessing annual ecommerce growth rates of approximately 30%.

Nuvei partners with Visa

Finance Magnates, Posted June 3, 2024

Nuvei has announced its partnership with Visa in order to provide the Visa Direct offering to customers and clients in the region of Colombia. 

Following this announcement, customers and partners in the region will be enabled to use Visa Direct in order to access safe, convenient, and near real-time funds securely and directly to financial accounts. The process is set to take place while using card credentials.  In addition, both businesses will focus on meeting the needs, preferences, and demands of users and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.