Retail Tech & Fintech 1-16 June 2023

Welcome to my?biweekly retailtech and fintech focused newsletter. I'll try to wrap up the most important insights and strategies from the past two weeks. Any comments would be appreciated and hope you enjoy it.

2023 Week 22-24 Retail Tech & Fintech Highlights :

*Payments & Cloud Tech & Cybersecurity & AI in Payments

• HSBC partners with Quantinuum
• Central banks successfully test 'quantum resistant' communications channel
• Italy-based banking group?Sella?has launched the Artificial Intelligence Business Incubator aimed at companies with projects based on AI-powered financial services.
• Spain-based bank?BBVA?has partnered with?Amazon Web Services?to deliver advanced analytics and data services in the cloud
• Regulators Try to Clear ‘Fog’ Around Cloud-Based Financial Data
• EU Bans Biometrics as Part of New AI Rules

*Physical payments & softPOS & AndroidPOS

• Singapore-based?Wiseasy?has launched the T2 EMV Android tablet
• Nets Finland, part of European PayTech Nexi Group, has launched Npay – a new terminal software solution, which can be implemented on various payment terminal models, making the cloud-based terminal software less dependent on vendors.
• SoftPoS orchestrator?Phos by Ingenico?has partnered with?NatWest?to launch their Tap to Pay solution for its payment service?Tyl by NatWest?on Android devices.
• Apple has built on the technology it developed for?its Tap to Pay on iPhone softPOS solution?to introduce a new?"Tap to Present ID API"?that will let both government organisations and private businesses use a standard iPhone to verify a customer or service user’s age, identity, address and/or driving licence status.
• Payments company?payabl.?has announced the launch of a point-of-sale (POS) solution for in-person payments in partnership with?Mastercard.
• LVMH Group to bring Tap to Pay on iPhone to its Sephora, Christian Dior Couture, Celine, Tiffany & Co and Louis Vuitton stores in the US

*AI in Retail & Self-Checkout & Retail Value Added Services

• Perfect Corp. has created an innovative virtual hand-sizing technology aimed at assisting jewelry brands in minimizing their return rates.?
• Amazon gives sellers access to Hexa’s AR, 3D tech tools
• IKEA Uses AI to Transform Call Center Employees Into Interior Design Advisors
• Kroger Says AI Boosted Digital Coupon Redemption by 180 Million in Q1
• Smart cart maker Veeve shifts gears from checkout to retail media, testing a new generation of equipment designed to serve up customized promotions and coupons based on a shopper’s location.
• Restaurant point-of-sale and software provider Toast has tapped commerce fintech FreedomPay as a payments gateway partner for large restaurant brands.
• Google introduces generative AI virtual try-on tool

*Delivery Services & Ride-Hailing

• Instacart announced it has begun the rollout of an artificial intelligence powered search tool that leverages ChatGPT called Ask Instacart.
• Aldi and Instacart?announced the launch of Aldi Express,?a “virtual convenience store” providing 30-minute delivery of a selection of nearly 2,000 items.

*Digital Payments & Card Payments & Cross-Border Payments & B2B Payments

• B2B Fintech platform BharatNXT Raises $1.2 Million Seed Fund
• UK-based foreign exchange fintech Wise launches Interac e-Transfer autodeposit for Canadian customers
• Mastercard launches Touch Card in Australia, a new product that aims to facilitate payments for blind and low-vision customers. & Westpac launches accessible cards for visually impaired
• South Korea-based money transfer operator?E9pay?has partnered with UK-based cross-border payments platform?Currencycloud?to launch the new E9pay Collection Service.
• UK-based?Paymentology?has partnered with?Vodafone Fiji?as it upgrades its M-PAiSA mobile wallet to issue Mastercard digital first cards for cross-border and online payments.
• REPAY and AccountMate team up on B2B payments integration
• Visa?and payment and treasury management platform?Sunrate?have teamed?to boost its cross-border payment offerings.
• Worldline launches EV Charging Payments Suite

*E-commerce & Digital Checkout & Tokenization

• Shopify Launches Rewards Program for Users of Shop Pay in the United States
• Digital-first fashion retailer?FWRD?has debuted a pop-up store powered by checkout tech company?Bolt
• AliExpress?has introduced a series of upgrades to enhance the shopping experience, including free returns and three-day delivery.
• Stripe adds support for?Square's Cash App?Pay in the US.

*Mobile Payments & Digital Wallets

• Google has announced?Google Wallet?will introduce QR card and insurance card compatibility.?
• Juniper report estimates 650% boost in digital prepaid card usage by 2028
• Revolut to roll out new advertising solutions to help brands connect with its growing customer base
• Google Wallet?is now available in Argentina, Albania, Bosnia and Herzegovina, North Macedonia and Montenegro, bringing the total number of countries where the digital wallet is available to 66.
• Austria-based fintech?Vipaso?(Vienna Payment Solutions) partners with Visa to launch ViennaPay app

*Buy Now Pay Later

• Zilch opens its ?Ad-Subsidised-Payments-Network to third parties across the globe
• Amazon Pay taps Affirm to be its first buy now, pay later player in the US
• Worldpay from FIS partners with Affirm
• Global financial technology provider?FIS?has partnered with?BNPL platform provider Jifiti?to launch a future-proof embedded lending solution for delivery by banks and financial institutions

*Transit Payments

• The Netherlands becomes first country to launch fully contactless public transport payments system nationwide & The Netherlands has completed the launch of OVpay, a contactless public transport payments system, nationwide, allowing travellers to tap-in and tap-out with their debit card, credit card or digital wallet.

*Open Banking & Account to Account Payments & Real-Time Payments

• Mastercard, Dapi form strategic partnership to bring seamless A2A payments to UAE
• Adyen?has announced the launch of Payout Services, a solution that allows businesses to send global payouts in real-time.
• Worldpay from FIS and Volt equip merchants with Open Banking payments
• Mastercard launches new Open Banking service, the new Account Owner Verification product in Europe
• Denmark-based fintech?Lunar?has opened up its Nordic payment infrastructure to enable instant payments, with?Trustly?being its first partner.
• Nigeria-based fintech?Flutterwave?has opened up African merchants to buyers from the EU and the UK through a partnership with A2A payment provider?Token.io.
• US-based fintech?Inswitch?has partnered with Brazil-based bank?Banco Rendimento?to allow Brazilians travelling throughout LATAM to pay using PIX.
• White-label account-to-account (A2A) payment company?SEPAexpress, part of the Banking Circle Group ecosystem, has announced a partnership with real-time payments gateway?Volt.
• Spotify Brazil adds PIX as a payment method
• Real-time payments gateway?Volt?has announced that it was approved by global commerce company?Shopify?as a global Open Banking partner.
• Payments Canada further delays real-time payment launch
• Bank Abilad has become the first financial institution in Saudi Arabia to offer open banking services

*Embedded Finance & PaaS & BaaS & Neo Banking

• Card issuing and processing company?Enfuce?has partnered with Sweden-based BaaS disruptor?SEB Embedded?to launch card programmes for the latter’s customers.
• FIS buys embedded finance firm Bond
• French Open Finance platform?Powens launch its platform in Italy
• Opn launches card issuing in Thailand as part of its BaaS offering, complements Acquiring-as-a-service

*Biometrics in Payments & Digital Identity & KYC

• Coors Field combines age verification with biometric payments for baseball fans buying alcoholic beverages
• US-based data network?Plaid?has introduced a new identity verification experience based on a 'verify once, verify everywhere' system.
• European Commission to release technical specification for EU digital identity wallet ‘in two weeks’

*Investments & Strategic Partnerships

• JPMorgan has teamed up with Salesforce, launching Payments Partner Network – a digital marketplace powered by Salesforce Commerce Cloud
• Middle East payment gateway provider Telr teams up with JCB
• Ireland-based?NomuPay?has raised a total of USD 53.6 million
• Singapore-based B2B payment infrastructure platform?Thunes?has secured a USD 60 million Series C funding round
• Worldline partners with Open SaaS ecommerce platform BigCommerce
• Canada’s Brookfield Asset Management to buy Network International for $2.76 billion & Brookfield wins battle for Network International
• UK payments fintech Atoa secures $6.5m in seed funding round led by Wise, Xero, and N26 backers Valar Ventures
• Fiserv has announced completing the transfer of its stock exchange listing to the New York Stock Exchange (NYSE)
• Payrails raises $14.4m
• UK BaaS bank Griffin raises $13.5 million
• American Express and Plaid Streamline Onboarding for FinTech Apps
• Toss Bank, Kakao Pay to launch car installment payment comparison service
• UBS completes acquisition of Credit Suisse
• End-to-end payment technology solutions provider PayCore partners with Switzerland-based cloud banking platform Temenos. PayCore's Unified Card Management Platform “Ocean” is now available on?Temenos Exchange?partner ecosystem of integrated fintech solutions.
• US-based money transfer service?Western Union?and the?Department of Migrant Workers?(DMW) have signed a MoU to support the remittance needs of overseas Filipino workers.
• UAE-based BaaS provider?NymCard?has acquired BNPL company?Spotii
• Spain-based crypto startup?Nebeus?has raised EUR 1.3 million in a?Seedrs?round?
• PayPal Ventures has led a $14 million Series A funding round for nocnoc, a firm that helps facilitate cross-border e-commerce between global sellers and Latin America.
• Backbase, a global engagement banking software provider, has made a foray into the digital wealth space with the acquisition of London-based firm?Nucoro.
• Investor Molten Ventures Cuts 40% off Revolut’s Valuation
• Mastercard partners with Bankiom to issue virtual prepaid cards across GCC region

*Global Expansion of Fintechs & Payment Players

• Sweden-based instant bank payments fintech?Brite Payments expands in Belgium
• The UK-based global fintech company Unlimit expands in Kenya
• Sweden-based Buy Now, Pay Later provider?Klarna?has launched in Romania with its ‘Pay in 3’ service and shopping app.
• Germany-based financing startup?Banxware?has announced partnering with?Rabobank?to expand to the Netherlands.
• Mastercard rolls out priceless.com in Israel
• Visa Launches Africa FinTech Accelerator for Startups
• London-based BNPL outfit Zilch opens technology hub in Poland

*Regulation & Compliance

• The SEC charges Coinbase with operating illegally in the US
• Binance Spars With U.S. Regulators Over Asset Freeze

*Crypto Payments & Digital Currencies

• Bank of Japan?(BOJ) has announced that its CBDC pilot project was launched on schedule in April
• US-based blockchain company?Ripple?has taken an undisclosed minority stake in Luxembourg-based cryptocurrency exchange?Bitstamp.
• Hong Kong-based company,?First Digital, has released a new stablecoin that will be tied to the value of the US dollar but will operate under Asian regulations.
• JPMorgan and Indian banks pilot blockchain-based settlement system
• Belgium-based?Swift?has announced its partnership with crypto startup?Chainlink?and multiple other institutions to explore blockchain interoperability challenges.
• Singapore-based?Expand.network launches API adapter to connect blockchains
• A16z crypto, the Andreessen Horowitz venture capital fund dedicated to crypto and Web3 startups, has chosen the UK as its first overseas office outside the US.
• The Bank of China’s investment banking arm, BOCI, has issued a tokenised security on the main Ethereum blockchain in Hong Kong.
• The Bank of Thailand launches a retail CBDC pilot
• Hong Kong wants to establish a stablecoin regulatory regime by 2024
• Strike, a global money app for payments and bitcoin, has launched its ‘Send Globally’ service to Mexico to facilitate remittances from the US.
• US-based blockchain company?Ripple?has partnered with the?Colombian central bank?to demonstrate the utility of blockchain to the general public.
• The Bank of International Settlements (BIS) and Bank of England complete CBDC project

*Web 3.0 & Metaverse & NFT's

• Ingenico' Safepad, enabling payments in the metaverse
• Walmart?launches accelerator program for Web3 startups
• IBF Net Group, which previously created a Shariah-compliant metaverse on the blockchain,?has announced an expansion fuelled by its recent initial crypto offering.
• Puma deepens metaverse efforts to support new footwear drops, shoppers can now make purchases on the platform with credit cards, whereas previously the platform only accepted cryptocurrencies.

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