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July 6, 2022

On the web

Buy Now, Pay Later Services May Be Getting Some Americans Deep Into Debt


“Buy Now, Pay Later installment plans have become popular among consumers seeking to spread out the cost of big-ticket purchases. But now, rising prices have some cash-strapped shoppers reaching for these alternative payment methods for everyday purchases, such as their daily coffee, gas station fill-up or grocery run, as well. That’s a concern for economists and consumer advocates, who say the surge in the use of these services, coupled with a lack of transparency and little regulatory oversight, leaves them wondering just how much debt Americans are actually getting into.”

July 1, 2022

On the web

Klarna Eival UK-Based Zilch Secures €48M for its BNPL Platform, Eyes US Expansion

Silicon Canals

“Zilch, a London-based Buy Now, Pay Later (BNPL) platform, announced on Thursday that it has secured an additional $50M (approximately €48M) in an Series C extended round of funding… The UK company will use the funds to accelerate business growth, particularly in the US, where it has opened a new office in Miami and has 150,000 pre-registered customers.  The funding announcement follows the recent news that BNPL firms are set to face regulation in the UK as HM Treasury sets out a framework for the Financial Conduct Authority (FCA) to review the sector. Zilch was an integral part of the Sandbox programme from inception, during which it worked closely with the Financial Conduct Authority (FCA) and was one of the UK’s first BNPL providers to be granted an FCA licence to perform regulated Consumer Credit activities.”

Australian BNPL Firm Openpay Hits Pause on U.S. Market as Interest Rates Climb

US News

“Openpay Group, an Australian buy-now-pay-later (BNPL)firm, has halted operations in the United States four months after describing it as its main growth market, the latest casualty among consumer finance startups as rising interest rates bite. Investment in an “Americanised” platform caused Openpay’s losses to widen 65% in the first half and the company had wanted an investor to help fund its U.S. expansion. But current economic and market conditions and “the likely ongoing capital investment required,” has forced Openpay to stop extending loans and cut most of its U.S. unit’s staff, it said in a statement. The BNPL business model emerged out of a very low interest rate environment which enabled the industry to raise funds at relatively low cost and offer point-of-sale loans to customers on online shopping websites.”

June 30, 2022

On the web

84% of Consumers Have Used Peer-to-Peer Payment Services, and Nearly a Quarter Have Mistakenly Sent Money to Wrong Recipient


“Convenience is key in today’s fast-paced, technology-oriented world. With peer-to-peer (P2P) service apps like PayPal and Venmo offering simple ways to make digital transactions, it’s not much of a surprise that they’ve grown in popularity. Today, more than 8 in 10 (84%) consumers say they’ve used a P2P service.  But P2P apps don’t come without risks. Some users are losing money through mistakes and scams — and the most frequent users are at an increased risk, according to the latest LendingTree survey of nearly 1,200 U.S. consumers. Keep reading for more on what consumers know about P2P service liability, and how users can better protect their transactions.”

Credova and ASA Announce New Buy Now Pay Later Partnership for the Sportfishing Industry

PR Newswire

Credova, a leading Buy Now Pay Later (BNPL) platform announced a new partnership with the American Sportfishing Association (ASA). The partnership allows manufacturers and retail members of the ASA an opportunity to gain access to Credova’s BNPL option built for outdoor recreation. Credova features a popular four payments, no interest product, as well as long duration installment loans.

Buy Now, Pay Later Refunds Can Be Tricky: ‘The Process Isn’t Quite Down to a Science,’ says Chief Credit Analyst


“Some shoppers say “buy now, pay later” may not be all it’s cracked up to be. After experiencing explosive growth during the pandemic — spending on BNPL in the U.S. soared 230% since the start of 2020 — the hype around installment buying is fading as costs for everyday items rise and consumers dial back on discretionary purchases.   Although 45 million shoppers embraced installment purchases last year alone, some have a case of buyer’s remorse, especially if they’ve shelled out more than they can afford or are struggling to keep track of multiple loans. Nearly 70% of buy now, pay later users admit to spending more than they would if they had to pay for everything upfront, according to a survey from LendingTree. As a result, 23% of consumers said they’ve regretted financing a purchase this way, LendingTree found.”

June 28, 2022

On the web

Retail-Branded BNPL Is Only a Matter of Time

Ad week

“Home goods retailer Bed Bath & Beyond ranked No. 50 on the National Retail Federation’s list of the top 100 retailers in 2021—smack dab between Walmart and ampm. Its new tiered loyalty program, however, places the retailer first in a very specific category: branded buy now pay later (BNPL) services. That’s because Bed Bath & Beyond’s Welcome Rewards program includes a feature called Welcome Pay, which allows shoppers to make multiple payments over time with zero fees or interest. In other words, BNPL.”

June 9, 2022

On the web

Millennial, Gen Z Consumers Turning to BNPL Services as Costs Rise: Survey

Fox Business

“Millennial and Gen Z consumers are more willing to utilize buy now, pay later (BNPL) services to help cope with the growing costs of goods, according to a new survey from Trustpilot. Inflation grew 8.3% in April, cooling for the first time in months, yet rising more than anticipated. Trustpilot’s survey found that more than half of respondents (51%) said that a fear of taking on too much debt amid rising levels of inflation is preventing them from using a BNPL service. However, 41% of those between the ages of 18 and 34 said they’d likely use BNPL services for household purchases. That’s compared to just 12% of older Americans, aged 55 and up, who said they’d be willing to do the same. “Of the group that has used BNPL, 25% are already planning to use the service to help pay for household essentials that have risen in cost as a result of inflation,” the survey stated.”

June 2, 2022

On the web

Lightspeed Launches Groundbreaking B2B Network to Connect Brands and Retailers


“Lightspeed Commerce Inc., the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, announced the launch of the new Lightspeed B2B platform to North American fashion, outdoor and sports retailers, with broader vertical and feature availability in the coming months. The launch of this transformative new solution will bring together thousands of the world’s best brands and retailers with a cutting-edge supplier network tool that integrates B2B orders directly into the point of sale (POS).”

May 27, 2022

On the web

May 25, 2022

On the web

Banks Explore Tokenizing Liabilities with Eye Toward Gains in Instant Settlement & Risk Management

Thomson Reuters Institute

“Banks and distributed ledger technology (DLT) companies are together exploring ways to bring regulated liabilities — commercial bank money, central bank money, and e-money — onto a blockchain network that could ultimately deliver an “always on”, programmable, instant transaction settlement system to replace legacy payments infrastructure. “As DLT has the potential to represent multiple forms of digital value, we might go further and envision the creation of networks that tokenize regulated liabilities and assets on the same chain,” wrote Tony McLaughlin, head of emerging payments and business development in Citibanks’ trade solutions business, in a recent article. “Such a network would be significantly different from today’s siloed financial architecture — a regulated internet of value.””

May 17, 2022

On the wires

Routable Launches Real-Time Payments (RTP®) to Enable Instant Payouts at Scale


“Routable, a modern and intuitive business payments platform, with a focus on mass payouts, today announced the launch of Real-Time Payments (RTP®), which allows businesses to securely pay vendors and contractors within seconds. Routable built RTP® leveraging its extensive experience in mass payouts, so it can accommodate businesses as they scale from 250 payouts per month to over 100,000.  This is a significant competitive advantage for companies looking to strengthen relationships with key third parties and improve operational efficiency at scale.”

May 13, 2022

On the web

What The Zelle Is Going On?


“Should Zelle be used for retail payment? It already is! There is a pressure in a number of markets to look at the use of account-to-account (A2A) payments for retail transactions, bypassing traditional card payments by allowing payments to go directly from consumer bank accounts to retailer and service provider bank accounts. In the US, for example, stakeholders are beginning to look at whether to extend Zelle in this direction. Zelle continues to grow strongly (Bank of America BAC -1.4% customers made more Zelle transactions than wrote paper checks for the first time ever last year) and it is therefore no surprise that discussions are heating up. (According to the Wall Street Journal, Wells Fargo WFC -1.8% and Bank of America are in favour of expanding into retail while JPMorgan is not convinced the time is right.)”

April 22, 2022

On the web

DIFC-based Tarabut Gateway Becomes the First Regulated Open Banking Platform in the UAE After DFSA Grants Licence


“Tarabut Gateway has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in and from Dubai International Financial Centre (DIFC). DFSA is the independent regulator of financial services in DIFC, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. This licence marks the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities. By obtaining this licence, Tarabut Gateway further cements its position in the UAE and plans to boost innovation in the sector, set new industry standards, and support the financial ecosystem”

Buna (The Arab Regional Payments Clearing and Settlement Organization)


“The Arab Monetary Fund (AMF) and the African Export-Import Bank (Afreximbank) announced today the signing of a Memorandum of Understanding (MoU) that sets the foundation for cooperation and interoperability between Buna, the cross-border and multi-currency payment system owned by the AMF, and the Pan-African Payment & Settlement System – PAPSS owned by Afreximbank.   Under the terms of this MoU, #buna and #papss will cooperate to achieve efficient interoperability between their respective platforms and act as payment gateways that link the Arab region to the African continent. Buna and PAPSS interoperability will allow their participants to process fast, cost-effective, and secure cross-border payments in multi-currencies, and expand their footprint in the global payment landscape.”

April 15, 2022

On the web

UK Fintech Startup Leatherback Raises $10M for Its Cross-border payments Led by ZedCrest


“Immigrants, international students, and the migrant population in general all require international payments, or foreign exchange. Revolut and Wise are among those platforms to have taken advantage of this international audience. Now, fintech startup Leatherback , a U.K.-based cross-border payments platform, has raised what it describes as a $10 million pre-seed round led by ZedCrest Capital , a pan-African investment firm. Leatherback offers a multiple currency solution for cross-border transactions.”

April 14, 2022

On the wires

TerraPay Obtains License in the USA; Aims to Strengthen Footprint in Key Global Markets

“Leading global digital payments infrastructure company, TerraPay, announces that it has secured the money services business (MSB) license in the State Of Florida, The United States Of America. This license will facilitate the company’s unparalleled and robust cross-border payments infrastructure to mobilize international remittances from the region in real-time, at low costs, and help offer diverse value-added financial payment services to TerraPay’s partners and their customers present globally. Through the US license, TerraPay aims to expand its partnership network in the US & LATAM region to facilitate low-cost, hassle-free, instant transactions in 96 countries. This MSB license is a major step toward TerraPay’s goal of becoming a major player in the global cross border payment ecosystem.”

April 13, 2022

On the web

Dallas Arena Opens Stores With Autonomous Checkout

Chain Store Age

“American Airlines Center is offering two new frictionless shopping options. The arena, home to both the Dallas Mavericks NBA basketball team and Dallas Stars NHL hockey team, is collaborating with hospitality company Levy and its design subsidiary DBK Studio to open a new Market To-Go store on the arena’s terrace level. A second Market To-Go store is slated to open on the main concourse level of the arena later in April.”

April 12, 2022

On the web

Form3 Taps Goldman Sachs Transaction Banking for Cross-border Payments

Finextra Research

“Goldman Sachs Transaction Banking (TxB) and Form3, the leading cloud-native payment technology provider, today announced a new solution that delivers FX and payments capabilities to Form3’s banking clients. Form3’s platform will leverage TxB’s cross-border payments and Foreign Exchange (FX) execution capabilities to introduce a value added service for Form3’s regulated financial institution customers.”

On the wires

April 11, 2022

On the web

Sequoia-backed SwooshTransfer Raises Millions of Dollars to Automate Cross-border Payments


SwooshTransfer , which recently received an angel funding round of “several million dollars” from investors, including Sequoia China and K2VC, is one of the new players trying to make international transactions easier for Chinese businesses and beyond. The company declined to disclose the exact funding amount. After a decade at Alibaba and its fintech affiliate giant Ant Group, Max Ma founded SwooshTransfer in 2021 to facilitate cross-border payments for small- and medium-sized enterprises, as well as individuals such as overseas students, for whom tuition payments are often a hassle. The firm’s main strength, Ma told TechCrunch, is applying technology to automate transactions, helping customers reduce costs as well as risks.”

On the wires

Square Introduces the Next Generation of Square Stand

“Today, Square unveils the next generation of Square Stand , the company’s iconic countertop device that turns an iPad into a powerful, robust point of sale system that sellers can use to run their entire business. Launching concurrently in all of Square’s eight global markets, Square Stand features integrated contactless tap, chip and PIN payments technology, a sleek, professional design and a new checkout flow that provides businesses and their customers with a more intuitive, transparent and streamlined commerce experience.”

April 7, 2022

On the web

Apple Pay Surpasses Venmo and PayPal As Teens’ Favorite Payment App, Shows Piper Sandler Survey


“Piper Sandler just shared its 43rd semi-annual Generation Z survey with 7,100 US teens. It shows that Apple Pay dominates teens’ favorite payment apps, while iPhone and AirPods are an important part of their daily lives. Last April ,  88% of teens used to own an iPhone and 90% expected an iPhone to be their next phone. Both of these numbers were new all-time highs. The report also showed that 70% of US teens owned AirPods.”

On the wires

Adyen to Offer Tap to Pay on iPhone to Customers Later This Year

“Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, is working with Apple to offer Tap to Pay on iPhone for its U.S. customers later this year. The solution allows Adyen’s U.S. customers to use their iPhones to accept contactless payments, without the need to purchase or manage additional hardware or payment terminals. Adyen is working with enterprise customers and commerce platforms, such as Lightspeed Commerce and NewStore, to bring the feature to even more businesses. With Adyen’s support, NewStore will pilot the new capability with its customer Vince.”

I2c Partners With PingPong to Power B2B Mastercard Credit Offering

i2c Inc. , a leading provider of digital payment and banking technology, today announced its partnership with PingPong , Hangzhou, China-based fintech unicorn providing business owners with modern, cross-border e-commerce payment solutions. Leveraging i2c’s agile SaaS platform, PingPong will expand its existing commercial credit offering to new regions, specifically Hong Kong SAR and Europe. The product allows merchants to access instant payouts, as well as transaction fees as low as 1%, versus the 5% fees that have been historically charged to these international merchants.”

April 4, 2022

On the web

March 31, 2022

On the web

Revolut Expands Its Global Remittances Offer With Seven New Corridors

Business Review

“Revolut, the global financial superapp with over 18 million customers worldwide, announced today that customers from the UK, EEA, Japan, Singapore and Australia can now transfer money to bank accounts in Colombia (COP), Nepal (NPR), Peru (PEN), Bolivia (BOB), Guatemala (GTQ), Egypt (EGP) and Costa Rica (CRC), supporting seven additional local currencies.”

On the wires

Apple Pay and Google Pay Now Available in Transit

“More than 65 transit systems have launched mobile ticketing with Transit to make it easier for riders to pay their fare. Now, Transit is making the experience even simpler by supporting Apple Pay and Google Pay in the app. Starting with systems that use Token Transit as their mobile ticketing provider, riders are now able to purchase their fare quickly and securely, without having to take out their credit card or re-enter payment information.”

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