Thunes Expands Global Reach with Launch of Pay-to-Card Solution
Marcel van Oost - FinTech News USA
Connecting the dots in FinTech...
?? NEWS HIGHLIGHT
Visa, opens new tab beat Wall Street expectations for fourth-quarter profit on Tuesday, as consumers set aside worries of a slowing economy and swiped their cards to splurge on travel and dining out, sending its shares up 2% in trading after the bell.
U.S. consumer spending has remained largely resilient despite elevated interest rates, with analysts expecting a soft landing for the economy to boost confidence and reignite spending growth.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
???? NATIONAL HIGHLIGHTS
?? Coinbase to Integrate Visa Direct to Deliver Real-Time Account Funding for Customers.
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FINTECH
Nasdaq's third-quarter profit rises on FinTech strength. Nasdaq reported a rise in 3Q profit, driven by strong demand in its solutions and financial technology businesses. Revenue from the FinTech segment increased nearly 56%, while solutions business revenue rose 31% to $906 million on an adjusted basis.
Mexican watchdog proposes FinTech reforms to boost financial inclusion. The Federal Economic Competition Commission (Cofece) has proposed a series of changes seeking to ensure that more Mexicans gain access to better and more affordable financial services.
Extend launches Bill Pay for invoice payments. The new feature enables businesses to streamline invoice payments with virtual cards by simplifying accounts payable workflows, optimizing cash flow and enhancing security for organizations of all sizes.
Episode Six and dash.fi partner to launch a daily net 60 term charge card for brands and startups. Through this partnership, brands using dash.fi’s daily net 60 term charge card can better manage their working capital, keeping more money in the bank.
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PAYMENTS
Thunes expands global reach with launch of Pay-to-Card Solution. Thunes now connects Members of its proprietary Network to 15 billion cards globally, including Mastercard, Visa, and UnionPay, making cross-border payments faster, more efficient, and more accessible than ever before.
Mastercard is expanding its US ???????????????????????? ?????????????? to provide more payment flexibility at checkout. It works through a single and streamlined platform, players across the ecosystem will be able to present installment offers for consumers to any eligible credit card from participating issuers.
PublicSquare formally launches payments platform. The company also announced a capital raise to fund further growth and stated that it is taking significant steps to modify its marketplace strategy and launch a fee-based affiliate offering in 2025.
X Payments delayed after Musk’s X weirdly withdrew application for NY license. Approvals in New York stalled after Walden Macht Haran & Williams (WMHW) sent a letter in September 2023 urging that X be deemed "unfit" for a money transmitter license. In April 2024, X withdrew its application and did not resubmit it, according to the NY Department of Financial Services. Discover more
Nium launches Nium Verify for real-time account verification to eliminate misdirected global payments. Nium Verify aims to reduce errors, operational inefficiencies, and compliance risks, increasing the confidence of the finality of real-time payments.
Worldpay and Capital One join forces in a new collaboration to optimize payment fraud decisioning and enhance payment security and efficiency with a data sharing agreement. Merchants using Worldpay’s FraudSight? solution will automatically benefit when accepting payments made with Capital One-issued cards.
Marqeta announces Marqeta Flex, an industry-leading, BNPL solution that can be embedded into payment apps. This new solution, developed with leading payment providers Klarna and Affirm, along with the payments platform Branch, plans to be integrated into its app for W-2 and 1099 workers.
Visa Unveils new Push-to-Wallet capabilities to cover virtual card use. This allows users push virtual cards to mobile wallets such as Apple Pay and Google Pay with the ability to set spending limits and monitor transactions for fraud and unauthorized expenditures.
PayPal sees a 20% increase in BNPL revenue and more than one million debit card accounts added. The company reported a 9% year-over-year increase in total transaction volume for Q3, reaching $422.6 billion, largely due to growth in Venmo and PayPal digital payments.?
DIGITAL BANKING
Santander will have a full-service digital bank in US by end-2025, chair Ana Botin said during the Institute of International Finance conference in Washington. Santander is the fifth-biggest auto lender in the United States and is expecting a pick-up in consumer demand, she added.
CRYPTO
Garanti BBVA Crypto strengthens security with Ripple and IBM collaboration. This collaboration aims to boost customer trust in Turkey's cryptocurrency market by offering secure storage solutions that combine IBM’s advanced technologies with Ripple’s security features.
Coinshares opens office in New York amid ambitious expansion plans in the US. The company seeks to strengthen its presence in the US financial market. The office will improve Coinshares' ability to serve a growing base of institutional and retail clients in the United States.
Fireblocks and industry leaders launch $1 Million Stablecoin grant program to boost PYUSD adoption. Following a successful pilot, the program allows businesses to build products and earn rebates for building with PayPal USD with Fireblocks.
Robinhood jumps into election trading, giving users chance to buy Harris or Trump contracts. The broker is jumping into the prediction betting game, announcing on Monday that users can begin trading the 2024 presidential election that is a few days away.
DONEDEAL
DailyPay secures additional $100 million credit commitment from Citi. The secured credit facility will provide DailyPay access to significant funding to service its ever-growing roster of clients. Read more
FinTech investment sector remains muted. According to a report from Silicon Valley Bank, venture capital investment in US FinTech remains muted, nearing a six-year low for the sector, with deal flow increasingly concentrated in early-stage investments.
M&As
Socure to acquire Effectiv for $136M. With this acquisition, Socure expands its role in the identity verification and fraud prevention market, entering the $200B enterprise fraud industry, which additionally encompasses payments fraud, credit underwriting, and AML transaction monitoring.
MOVERS & SHAKERS
Visa plans to lay off around 1,400 employees and contractors. Visa is restructuring its global operations and will cut roughly 1,400 roles by year-end, according to sources familiar with the decision, as part of its effort to streamline international business.