Connecting the dots in Payments Weekly Newsletter
Connecting the dots in payments...
Connecting the dots in Payments...
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REPORT
Visa and Mastercard reported strong annual performance due to increased consumer spending and cross-border volumes, with cross-border growth slowing to 16% for Visa and 18% for Mastercard from previous higher rates.
Card counts rose by 6% for Visa and 9% for Mastercard, with a 2% increase in average spend per card, rebounding from previous declines.
For the first time, ACI Worldwide and GlobalData have taken a deep dive look into some of the key real-time payment markets globally.
Analyzing real-time payment transactions by banks, the research shows some surprising results. Read more .
?? NEWS HIGHLIGHT
Regulation often paves the way to innovation, pushing fintech companies to build advancements that raise standards for the whole industry. A perfect example of this is the new set of EU rules on SEPA instant transfers.
Instant transfers used to be a nice-to-have. But thanks to the recent overhaul in regulation, they will soon become the new norm.
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?? INTERVIEW
“We are moving away from just managing risk at the point of interaction, to the entire interface that the customer has with the merchant or the issuer,” Mastercard’s Karthik Ramanathan told Asian Banking and Finance in an exclusive interview during the Singapore Fintech Festival 2023.
??INSIGHTS
Adyen delivered a period of profitable growth as the company finished its accelerated investment phase of growing its global team.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? PAYMENTS HIGHLIGHTS
?? Radial Introduces Pay by Bank Payment Solution Powered by Link Money.
?? Amsterdam-based financial tech company Adyen in talks for large S.F. office lease in former Pinterest building.
?? iOS 17.4 adds new ‘Virtual Card Number’ feature to Apple Cash
?? ‘Buy now pay later’ firms like Affirm, Afterpay, Klarna shift from loyalty rewards to paid subscriptions .
?? REGIONAL HIGHLIGHTS
EUROPE ????
European Parliament greenlights ‘instant payment’ law. The law, which was passed by an overwhelming majority of MEPs on 7 February, follows a Commission proposal in October 2022 to make so-called “instant payments” available across the EU.
Mobile.de enlists Mangopay to transform the car-buying experience. Thanks to the new collaboration, consumers buying or selling through mobile.de are now able to pay or get paid for their vehicle within the trusted environment of the marketplace.
USA ????
Trustly adds context to merchant data with MX. The company has announced MX’s data enhancement services will be leveraged as part of Trustly‘s Open Banking product suite .
New Klarna service takes on the US tech giants after awesome success with Swedish merchants. The service saves time for consumers by fast-tracking the online purchase process .
Marsh Mclennan’s Oliver Wyman To Acquire Innopay. The company announced today that it has reached an agreement to buy Innopay, a leading consultancy firm specialized in digital transactions .
New York Imposes New Limits on Credit Card Surcharges. The law requires businesses to post prior to checkout the total price of an item or service including of the card surcharge or a dual-tiered pricing option.
ACI Worldwide and RYVYL EU Power Merchant Payments in Central Eastern Europe. The company announced a collaboration with RYVYL EU, a leading payments service provider (PSP) and acquirer in Central Eastern Europe (CEE).
CANADA ????
Nuvei launches omnichannel payments tech. This proprietary, flexible solution supports merchants and partners by enhancing their payment offering across a wide variety of use cases.
LATAM
Fintechs Tapi and Littio team up to offer a simpler and faster payments experience to users in Colombia. This alliance is an example of how Fintech companies can work together to create innovative solutions that benefit consumers in the region.
ASIA
Paytm says its QR codes will continue to function as usual, merchants don't need to look for alternatives. Payment devices such as Paytm Soundbox and card machines will also continue to remain operational as always, it added .
MOVERS AND SHAKERS
Worldline cuts 1400 jobs. French payments giant Worldline is axing around 1400 jobs eight per cent of its workforce as part of a cost reduction programme.
PayPal Enterprises Services Chief Karczmer to Depart. PayPal said in a regulatory filing Monday that Aaron Karczmer, executive vice president and chief enterprise services officer, would depart April 30 .