February 1st Week Edition, 2025| FinTech Flight Weekly
Happy Thursday, FinTech crew!
Leadership shake-up alert! NCR Voyix just hit refresh at the top—Jim Kelly is stepping in as CEO, succeeding David Wilkinson.
Kelly’s no newbie; with 25+ years in payments and a track record at EVO and Global Payments, he’s set to steer NCR Voyix into its next growth phase.
Let’s start things off with your BONUS News for the week.
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Leadership shake-up at NCR Voyix! Jim Kelly takes the reins as President and CEO, succeeding David Wilkinson. Kelly brings 25+ years of experience in tech and payments.
??Our Analysis:
This leadership change could signal a new era of growth and innovation for NCR Voyix. Kelly's experience in the payments industry and his track record of driving business growth could be a major asset for the company. We'll be keeping a close eye on how this change impacts NCR Voyix's strategy?and?operations.
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UPI enabled credit card transactions eight times higher than credit cards says report
A recent report by Kiwi, a credit-on-UPI platform, reveals that users of UPI-enabled RuPay credit cards are averaging 40 transactions per month—eight times higher than traditional credit card users. The average transaction size for these UPI-enabled credit cards is ?1,125, compared to ?4,000 for traditional credit cards, indicating their preference for everyday purchases.
Notably, 75% of these transactions occur at smaller establishments like grocery stores and local retailers. Bengaluru leads in adoption among metro cities, followed by Hyderabad, Delhi, and Mumbai. In non-metro areas, Pune, Ahmedabad, Jaipur, Indore, and Chandigarh show significant uptake. Young users are at the forefront, with 45% under the age of 30. The integration of UPI with RuPay credit cards has expanded credit accessibility, contributing to RuPay's market share growth from 3% in 2023 to 12% in 2024.
??Our Analysis:
The surge in UPI-enabled credit card usage underscores a significant shift in consumer payment behavior in India. The convenience of UPI, combined with the benefits of credit cards, offers users a seamless payment experience, especially for everyday transactions.
This trend not only enhances financial inclusion by bringing credit access to smaller merchants and younger demographics but also indicates a move towards more responsible and manageable spending patterns, given the lower average transaction sizes. The rapid adoption in both metro and non-metro cities reflects the widespread acceptance and trust in digital payment solutions.
Why It Matters for You:
If you're a consumer, the integration of UPI with credit cards provides a more convenient and efficient way to manage daily expenses, offering the flexibility of credit with the ease of UPI transactions. For small business owners, this trend means increased opportunities to cater to customers who prefer digital payments, potentially leading to higher sales and improved customer satisfaction.
Additionally, the growing popularity of UPI-enabled credit cards among younger users highlights a shift towards digital financial tools, which could influence future financial products and services tailored to this tech-savvy demographic.
Worldpay to buy fraud prevention platform Ravelin
Worldpay has announced the acquisition of London-based fraud prevention company Ravelin, which specializes in AI-driven fraud detection for e-commerce merchants. Founded in 2015, Ravelin helps businesses tackle payment fraud, account takeovers, refund abuse, and other fraudulent activities.
With this acquisition, Worldpay aims to enhance its fraud prevention capabilities and improve transaction authorization rates for its customers. The deal is expected to close in the first quarter.
??Our Analysis:
This acquisition reflects a growing trend where major payment processors invest in AI-powered fraud prevention to stay ahead of increasingly sophisticated cyber threats. Worldpay’s move signals its commitment to strengthening security in online transactions, which is becoming a key differentiator in the competitive payments landscape. By integrating Ravelin’s expertise, Worldpay is positioning itself as a more robust partner for e-commerce businesses seeking secure and seamless payment experiences.
Why It Matters for You:
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Fico to add BNPL data to credit scores
A new study by Fico explores the impact of Buy Now, Pay Later (BNPL) loans on credit scores. The study analyzed data from over 500,000 consumers who used Affirm BNPL loans and found that including BNPL data in credit reports had a minimal impact on credit scores, with most consumers experiencing score changes of less than 10 points. Fico plans to develop a proprietary treatment of BNPL data for the credit-scoring marketplace.
??Our Analysis:
The study's findings suggest that BNPL loans may not have a significant negative impact on credit scores, which could be beneficial for consumers who use these loans responsibly. However, it's essential to note that BNPL loans can still contribute to debt accumulation and financial distress if not managed properly. Fico's decision to develop a proprietary treatment of BNPL data could lead to more accurate credit scoring and better lending decisions.
Why it Matters for You:
If you're a consumer who uses BNPL loans, this study's findings may reassure you that your credit score won't be significantly affected. However, it's crucial to remember that BNPL loans can still lead to debt accumulation and financial distress if not managed properly.
As Fico develops its proprietary treatment of BNPL data, you may see changes in how lenders evaluate your creditworthiness. It's essential to continue practicing responsible financial habits, such as making timely payments and keeping debt levels?manageable.
YONO-UPI integration via PayNow to provide bigger reach for India-bound transactions from Singapore
State Bank of India (SBI) Singapore is set to integrate its YONO digital banking platform with India's Unified Payments Interface (UPI) through Singapore's PayNow system. This integration aims to enhance the reach and efficiency of India-bound transactions from Singapore, facilitating seamless cross-border payments for users.
??Our Analysis:
The integration of YONO with UPI via PayNow represents a significant advancement in cross-border financial services. By leveraging UPI's real-time payment capabilities and PayNow's established infrastructure in Singapore, SBI is poised to offer a more streamlined and efficient remittance experience for customers.
This move not only strengthens the financial link between India and Singapore but also showcases the growing global influence of UPI as a preferred payment system.
Why It Matters for You:
Finvasia partners with Yes Bank to launch AI enabled super app Jumpp
Finvasia has partnered with YES Bank to launch 'Jumpp', an AI-enabled super app designed to streamline financial services for users. The app allows users to open YES Bank savings accounts within minutes and offers a range of features, including investment options, expense tracking, and personalized financial insights. By integrating multiple financial services into a single platform, Jumpp aims to enhance user convenience and promote financial inclusion.
??Our Analysis:
The collaboration between Finvasia and YES Bank to introduce Jumpp reflects a growing trend towards the consolidation of financial services into unified platforms. Leveraging AI technology, Jumpp not only simplifies the process of opening bank accounts but also provides users with tailored financial solutions, potentially increasing user engagement and satisfaction.
This move signifies a strategic effort to cater to the evolving demands of tech-savvy consumers seeking comprehensive and accessible financial management tools.
Why It Matters for You: