Global Fintech Trends - 27th September, 2024
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
PayPal Complete Payments launches in China
This platform streamlines payment and receivables processes for businesses of all sizes in China, empowering them to thrive in cross-border trade and the digital economy.
Today, PayPal’s global and China management teams engaged with over 700 merchants from across the country along with partners. They provided insights into PayPal’s global and local business strategies, cross-border payment solutions, industry trends, and specific initiatives designed to drive business growth for Chinese merchants.
Read more here: https://www.finextra.com/pressarticle/102500/paypal-complete-payments-launches-in-china ?
Flutterwave Expands Send App Services to 49 US States for African Diaspora
Flutterwave, the African paytech company, is expanding its ‘Send App’ service across 49 US states through a partnership with MainStreet Bank, a local bank serving customers in Massachusetts and New Hampshire.
Send App by Flutterwave aims to facilitate faster, easier, and more affordable money transfers from Africans in the diaspora to their families and friends back home.
Send App’s US coverage has grown to 49 states today (all except Texas) and plans to build on Flutterwave’s success since its launch and reinforce its commitment to serving African diaspora communities globally with a payment solution that fits their needs.
Read more here: https://thefintechtimes.com/flutterwave-expands-send-app-services-to-49-us-states-for-african-diaspora/ ?
Tepid UK & European private capital markets spur unicorns into inorganic opportunities
UK & European private capital appetite cools— fintechs are forced to restructure and explore other opportunities for growth.
We are seeing
Banks double-down on digitalisation:
Read more here: https://www.whitecase.com/insight-our-thinking/financial-ma-september-2024-fintech ?
KaiOS, Mastercard partner to enable digital payments for SMEs
KaiOS Technologies, the creator of a mobile operating system for smart feature phones , and global payments firm Mastercard have announced a partnership to integrate a range of digital payments solutions for small businesses in Africa and other emerging regions.
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The companies said in a joint statement that KaiOS's affordable smart feature phones will leverage Mastercard's payment technology and global network to drive acceptance and support the growth of the digital economy.
"Small and medium-sized businesses (SMEs) – especially in developing markets – still struggle to adopt digital payments, from the expenses linked to traditional payment acceptance terminals to technical implementation challenges," the companies said.
Pairpoint Research Reveals Potential of In-Car Payment Market Could Reach $580billion by 2030
Consumers are always on the hunt for a simpler, more seamless payment method. However, it must completely uproot payments as they know it, otherwise, they are likely to stick with what they are already comfortable with. One such payment method that could change the market is in-car payments. New research from Pairpoint, the proponent and solution provider for the Economy of Things, explores this technology.
In its report , Fuelling the future: the $580 billion in-car payment opportunity, Pairpoint reveals that the in-car payment market could reach more than $580billion globally by 2030. This would be achieved through an annual growth rate of 130 per cent from 2023 to 2030. Furthermore, the report finds that the global connected vehicle market is expected to grow from 430 million to 895 million vehicles over the same period.
Read more here: https://thefintechtimes.com/pairpoint-research-reveals-potential-of-in-car-payment-market-could-reach-580billion-by-2030/ ?
India payments authority eyes Africa, S. America for digital payment push
India is in talks with countries in Africa and South America to help them build a digital payments system using its homegrown Unified Payments Interface (UPI) as a blueprint and expects two launches by early 2027, a senior official said on Tuesday, 24 September 2024.
The overseas arm of the National Payments Corporation of India (NPCI) is in talks with "several countries" and is closing in on an agreement with one of them, said Ritesh Shukla, chief executive officer of NPCI International Payments Ltd (NIPL).
The NPCI, a quasi-regulator under the central bank, is a public non-profit organisation for retail payment systems in India.
Read more here: https://www.zawya.com/en/business/technology-and-telecom/india-payments-authority-eyes-africa-s-america-for-digital-payment-push-fie4cm3h ?
Visa to buy UK fraud fighting tech provider Featurespace
Founded in 2008, Cambridge-headquartered Featurespace counts dozens of major financial institutions - including HSBC and NatWest - among the clients for its machine learning-based fraud detection technology. It has raised around $100 million from investors, including Mike Lynch, the technology entrepreneur who recently died on his yacht.
Visa says the acquisition will complement and strengthen its portfolio of fraud detection and risk-scoring solutions, enabling clients to protect the payments ecosystem using AI-fuelled technology.
In August, Sky News reported that talks about an acquisition were underway at a ￡700 million price tag. The deal is slated is closed in 2025, subject to customary closing conditions, including regulatory approval.