Connecting the dots in Payments Weekly Newsletter
Connecting the dots in payments...
Connecting the dots in Payments...
REPORT
?? NEWS HIGHLIGHT
After nearly 20 years of litigation,?Visa announced it has agreed to a landmark settlement with?U.S.?merchants, more than 90 percent of which are small businesses, lowering credit interchange rates and capping those rates into 2030. The settlement also provides updates to several key network rules giving merchants more choice in how they accept digital payments.
?? ARTICLE
??INSIGHTS
Just ask Paul Beldham, CEO and majority owner of PayQuicker, a payments platform which enables instant global payouts in 80 currencies for everything from insurance claims, to stipends for participants in clinical trials to affiliate marketing payments to social influencers.
Its system uses algorithms to determine the most efficient method in various cases with money disbursed via prepaid debit cards, virtual cards and mobile wallets.
Beldham, 66, has an unusual—and unusually long—backstory for a FinTech entrepreneur.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? ACI Worldwide CEO weighs in on FedNow, cross-border payments.
?? Adyen and Cleeng extend their partnership to boost subscription payments and retention in MENA.
?? Amazon uses Stripe Terminal to power payments for Just Walk Out technology in Australia and Canada.
领英推荐
?? REGIONAL HIGHLIGHTS
UK ????
UK set for soaring digital wallet adoption. Projections also estimate that digital wallet usage will more than double at UK point-of-sale, rising from 14% to 29% of transaction value over the next three years.
AccessPay secures $24m in funding. This latest round of capital will be instrumental in driving AccessPay’s focus on profitable growth while bolstering its commitment to increasing revenues in a sustainable manner.
EUROPE ????
ING and Mastercard partner to make payments easier and safer for consumers when shopping online through Click to Play, a simple and intuitive way of paying. Click to Pay is now available on ING′s app and website in Spain and will be rolled out in other European countries later this year.
BLIK, Poland’s most popular payment method, is now implemented in Mangopay. The solution allows users to make instant payments via a mobile banking app and also make online transfers by choosing to pay with BLIK during the ordering process at an online store.
Micropayment and Tink combine for Pay by Bank. Pay by Bank is now live for Micropayment merchants across the DACH region with plans to leverage Tink’s pan European connectivity even further in the future.
Klarna is now serving more than 600,000 users in Portugal and 2 million users in Spain. Just over two years after entering Portugal, Klarna has a "balance" of 600,000 users and a "coverage" of 3,000 brands (national and international).
Swift hails results of CBDC connector testing. Swift says a new round of sandbox testing has found that its central bank digital currency interlinking technology can enable financial institutions to carry out a wide range of transactions using CBDCs.
USA ????
Apple Faces Legal Protest From Meta, Microsoft, X, Spotify and Match. Five Big Tech companies filed legal petitions protesting Apple’s new app store policies related to Payments for services.
Digital wallets play key role in US lawsuit against Apple. The Justice Departments suit alleges that Apple illegally maintains a monopoly over smartphones by selectively imposing contractual restrictions on, and withholding critical access points from, developers.
New paths, new payments, new paradigms. ACI Worldwide will celebrate its 50th anniversary next year, something of a novelty for a firm that describes itself as a fintech innovator.
Google Wallet requiring device unlocks for every tap to pay transaction. In recent days, some Google Wallet users have noticed that they’re being prompted to always unlock their Android phone for tap to pay regardless of the transaction amount. In some countries, you don’t need to unlock your device for “smaller payments.”
LATAM
Paytech Rebill announces launch of 1-Click Checkout to revolutionize payments in Latin America. Rebill's strategy focuses on offering a complete, out-of-the-box product, differentiating itself from vendors that deliver only an API.
ASIA
Vietnam’s QR code revolution puts pressure on digital wallets. Tap-to-pay methods (mainly QR code payments) have become popular in Vietnam, a surprising turn in a country where cash made up 70% of transactions just a few years ago.
E-payment transactions rise 24% to 11.5bil in 2023. Electronic payment adoption among Malaysians continued to increase in 2023 to 11.5 billion transactions, up 23.7% compared to 9.3 billion in the previous year, said Bank Negara Malaysia.
UPI space set to hot up as banks enter the fray aggressively. Leading banks, such as State Bank of India and Axis Bank are looking to increase their Unified Payment Interface (UPI) market share by making innovations in their mobile application.
Federal Bank launches Flash Pay through NPCI partnership. Flash Pay will be available to use during transit at NCMC-enabled metro stations without the need for having to stand in a queue line in order to buy tickets or cards from the respective metro stations.
AUSTRALIA ????
Oracle and Zeller Team Up to Power Restaurant Payments. Until now, Australian businesses using Oracle’s Simphony POS have been hamstrung by the outdated technology provided by a limited number of payment providers that integrated with it.
AFRICA
dLocal and Ebury expand partnership to offer efficient payment solutions in Africa’s largest markets. The collaboration aims to transform payment solutions, rapidly unlocking opportunities across Africa's largest markets.
Thunes Signs New Deal With Visa To Broaden Its Global Reach. The company announcement will extend the number of markets in which Visa can make payments into digital wallets from 78 to 108.