Ep.19 - Revolut POS Refresh, Venmo launches recurring payments, Klarna Cashback hits $100m, Data Breaches 2024, PotN, BotN & more..
Grant Evans
Partnerships Leader @ Nomupay | LinkedIn Top Voice | Writer of The Payments Shed ??
Welcome to Episode 19. In what is a week jam packed full of events in the Payments and FinTech industries, I'm amazed to be getting this one out on time to be totally honest!
But I thought you might all need some reading material for all of that travel this week.
Enjoy..
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Revolut beefs up POS offering with new Terminal
Those who know me know that I love a bit of point of sale news, despite having a long standing relationship with the world of online payments. So Revolut finally launching their more robust Point of Sale offering to the market is exciting stuff (well for me anyway!).
Revolut already has an existing SME point of sale offering, an SME reader akin to what we see out and about from the likes of Zettle and SumUp, the Revolut Reader. But this new device is an uplift to help move their offering into larger merchant locations.
As reported back in Episode 8, Revolut informed the market back in May that they were building this new offering, so what are the headline numbers of note now that it's finally here?
Well, at a reported initial reduced purchase price of ï¿¡129.99 + VAT (followed by a normal price of ï¿¡169.99 + VAT) for the hardware and competitive fixed blended pricing models (0.5% and ï¿¡0.02p per transaction reportedly), the initial take-up for Revolut terminal will be very interesting to monitor.
I have linked the Finovate news article on this one below:
Venmo adds long awaited recurring feature to product stack
Much loved peer to peer payments provider Venmo has announced it will be rolling out a recurring feature on the platform in the weeks ahead, allowing for weekly, bi-weekly or monthly payment plans to be implemented by users.
The feature will utilise clients available wallet funds for recurring payments in the first instance, falling back to a card on file or linked bank account if the wallet funds cannot cover the recurring schedule(s).
Finextra has a great write up on this one here:
TechCrunch biggest Data Breaches of 2024
One for the data and fraud purists perhaps, but I thought the recent TechCrunch write-up on the biggest data breaches of 2024 was fascinating and scary at the same time.
When will large corporations finally do more to protect our data and why is this almost a monthly occurrence in every region seemingly?
A large corporation losing millions of lines of highly confidential customer data just feels like the norm these days.
You can check this one out and have your eyes opened by the scary numbers involved via the TechCrunch website here:
Klarna Cashback hits ï¿¡100m in 6 weeks
Klarna don't do things by half really do they, so is it a surprise to hear that their new Cashback feature has already driven $100m of sales in just six weeks.
Available in the US and 11 European countries currently, the impressive launch of this new product is more good news for Klarna as they approach a long rumoured IPO.
Klarna shared the numbers linked to this announcement on their website here:
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Banked acquires Australian A2A payments provider Waave
Australia appears to be an ever interesting land of expansion for UK/EU FinTechs and that has shown no sign of slowing down lately, as evidenced by the latest acquisition in the region, this time around with Banked acquiring A2A payments provider Waave.
Finextra has the full write up on this news story here:
obconnect gets the nod from New Zealand Bankers Association
More good news for UK based open banking platform obconnect today, following on from their recent ￡10.5m investment from PayPoint, The New Zealand Bankers Association (NZBA) has now selected them to “build and manage†the country’s Confirmation of Payee (CoP) ecosystem.
The new CoP service is due to begin rolling out by the end of November 2024.
The full news story on this one is available via Fintech Futures here:
Podcast of the Newsletter
PotN this week is the longstanding Payments on Fire podcast series from the team at Glenbrook Partners, which has an unbelievable repository of 249 episodes and counting on all good media streaming services.
Given the Open Banking Expo starts in London today, I am calling out an episode that I really enjoyed from back in May titled 'Will Pay by Bank Really Compete with Cards' featuring Trevor Nies from Adyen.
It was very refreshing to have a senior representative from a leading global card acquirer talk so positively about Pay by Bank and how is can sit proudly alongside the rest of the existing payments ecosystem if deployed in the right way and places.
Link to the episode in question on Spotify here:
Book of the Newsletter
BotN this week is a book that was recommended to me by my good friend Justin Hanna, Head of Enterprise Sales at NomuPay.
That book is 'Traction' by Gino Wickman.
Bio: All entrepreneurs and business leaders face similar frustrations - personnel conflict, profit woes, and inadequate growth. Decisions never seem to get made, or, once made, fail to be properly implemented. But there is a solution. It's not complicated or theoretical. The Entrepreneurial Operating System(R) is a practical method for achieving the business success you have always envisioned. In Traction, you'll learn the secrets of strengthening the six key components of your business.
WoB have loads of copies available and you can pick one up here:
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Thank you for reading The Payments Shed.
Sources: The Payments Shed | OAI | Finovate | Klarna | TechCrunch | Finextra | Fintech Futures | Spotify | Glenbrook Partners | World of Books | Amazon
Disclaimer: All news articles linked in this newsletter are from publicly available sources and any opinions referenced (unless otherwise stated) are my own, and do not represent any views, opinions or statements from the NomuPay group.