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March 10, 2022

On the wires

March 9, 2022

On the wires

Paysafe Selects J.P. Morgan As Core Banking Provider

“J.P. Morgan will support Paysafe in providing robust and scalable payment gateway and acquiring services for businesses across multiple sectors where Paysafe offers specialised solutions and expertise. This includes the travel industry, for which Paysafe has developed new and innovative ways to support businesses with flexible and tailored services as the sector continues to re-open following the pandemic.”

March 8, 2022

On the web

Robinhood Plans Spending Account Service Alongside New Cash Card

Bloomberg

Robinhood Markets Inc. plans to launch a spending account feature alongside a new cash card with rewards, its latest push to grow beyond its core brokerage business…The spending account will be operated under a subsidiary. An accompanying upcoming Robinhood Cash Card will allow spending with cashback and offer the ability to automatically invest spare change from spending. It will also provide weekly bonuses between 10% and 100% for invested spare change.”

March 7, 2022

On the web

NatWest Preps for Live Roll Out of Variable Recurring Payments

Finextra Research

“VRPs allow customers to connect authorised payments providers to their bank account so that they can make payments on the customer’s behalf within agreed parameters. This is a change to the current Open Banking status quo where TPPs can only initiate single immediate payments and customers have to authenticate each payment separately…Working with Open Banking infrastrucutre provider TrueLayer, NatWest has delivered its VRP API ahead of schedule and conducted its first test transaction in a live environment.”

Kenya: Safaricom to Reward Customers As M-PESA Marks 15 Years

allAfrica.com

“Safaricom is set to reward more than 5000 customers and businesses starting today as the telco celebrates 15 years since the launch of M-PESA. The telco will reward the customers and businesses for sending money or making payments through the M-PESA Super App and M-PESA Business Super App. The winners will be randomly selected and will get back 15 per cent of the transaction value up to a maximum of Sh1,000. The rewards will run till March 22.”

March 2, 2022

On the web

Goldman Sachs Advances Further Into Embedded Finance With GM Partnership

American Banker

“Goldman Sachs is moving forward with its embedded finance strategy. Its recent deal with General Motors is the latest step. Goldman took over issuing the General Motors’ My GM Rewards card from Capital One; it converted the 3 million GM Rewards cardholders to its consumer business, Marcus, in late February. Today, these customers use the Marcus app to manage their card online. But in the future, the bank and the car company will partner to develop a new digital environment for GM car owners to access the card and possibly other banking products.”

March 1, 2022

On the web

PollenPay Creates a Buzz in BNPL Revolution

Fintech Finance

PollenPay, the Manchester-based ‘Buy Now, Pay Later’ (BNPL) company has officially launched in the UK. The company’s mobile-based application is now available as a free download for all customers aged 18 or above, via Apple ’s App Store. PollenPay’s new mobile application will give its customers more flexibility when making payments.”

February 28, 2022

On the web

A Deal With Developer Brookfield Catapults Klarna Into U.S. Shopping Centers

Digital Transactions

“The Sweden-based buy now, pay later provider Klarna AB on Friday announced a major move in its increasingly crucial U.S. market with the news that it will provide its payment service to Brookfield Properties, a real-estate developer with more than 150 shopping centers. The agreement, which makes Klarna the exclusive provider for New York City-based Brookfield, also further extends BNPL into in-person shopping as U.S. consumers return to stores.”

Payments Company Klarna’s Losses Grow As Expansion Continues

Reuters

“Swedish payments company Klarna on Monday reported that losses widened sharply in 2021 as it has “massively accelerated” global expansion with the addition of 10 new markets since the start of 2020. Operating losses rose to 6.58 billion Swedish crowns ($688.85 million), from 1.63 billion crowns in 2020. The company, which offers a buy now, pay later service, said the United States continued to be its fastest-growing key market by volume.”

February 25, 2022

On the wires

TransUnion to Maximize Financial Inclusion Opportunities for the Nearly 100 Million Consumers Using BNPL Loans

“To help promote financial inclusion opportunities for this growing population, and allow the financial community to accurately capture credit behaviors of consumers using such loans and other point-of-sale installment products, TransUnion (NYSE: TRU) introduced today its new Point-of-Sale suite of solutions . Inclusion of point-of-sale loans on the consumer credit file is likely to benefit the populations most in need of new tools to build and improve their credit.”

February 24, 2022

On the web

Citi Poised to Become Largest Bank to Eliminate Overdraft Fees

American Banker

“Citigroup is poised to become the largest U.S. bank to eliminate overdraft fees entirely. The New York megabank said Thursday that it plans to discontinue the controversial fees, along with two related charges, by this summer. Citi currently charges customers $34 when they overdraw their accounts. The action is part of Citi’s ongoing efforts to “make the financial system easier and more equitable for communities who have little or no financial buffer,” Gonzalo Luchetti, Citi’s CEO of US Personal Banking, said in a press release.”

Scalapay Joins BNPL Unicorn Club

Finextra Research

“Italy’s Scalapay has become the latest BNPL unicorn on the back of a $497 million Series B investment from Tencent and Willoughby Capital, with participation from Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital. Scalapay’s BNPL offerings include three options for customers – Pay in 3, Pay in 4, or settle up after 14 days.”

On the wires

Olo Launches Olo Pay, A Fully-Integrated Payment Platform Enabling Restaurants To Grow And Protect Their Digital Business

Olo (NYSE: OLO), a leading on-demand commerce platform powering the restaurant industry’s digital transformation, today announced commercial availability of Olo Pay, a comprehensive payment platform that enables Olo’s network of restaurant brands to jointly reach 85 million connected consumers. Olo Pay is an easy-to-launch payment solution that provides everything restaurants need to drive sales, reduce fraud, and simplify day-to-day payment processes.”

February 22, 2022

On the web

Klarna Rolls Out ‘Pay Now’ and Rewards Programs to New Markets

Bloomberg

Klarna Bank AB is adding the option for customers to pay immediately at checkout in nine new markets while expanding its rewards program, as it targets becoming a one-stop lender for consumers. The company grew to a $46 billion valuation and 100 million users on the back of allowing customers to pay for purchases in installments, fueling a rise in buy-now-pay-later startups. After launching ‘Pay Now’ in the U.S. and U.K. last year, Klarna is now rolling out the service to Australia, Ireland, France, Italy, Spain, Portugal, Poland, Canada and New Zealand, according to a statement.”

On the wires

Sezzle Partners With WellNow Bringing Buy Now, Pay Later to Urgent Care

“Sezzle Inc. (ASX: SZL) (Sezzle or Company) // – Sezzle , a leading mission-driven Buy Now, Pay Later solution, announces the accession of its financing product into healthcare. In partnership with WellNow Urgent Care, one of the country’s top urgent care providers, Sezzle’s interest-free solution is now available at over one hundred WellNow clinics across New York, Ohio, Illinois, Michigan, and Indiana.”

February 18, 2022

On the web

February 17, 2022

On the web

Open Banking Passes Five Million User Milestone

Finextra Research

“Based on data provided by the CMA9, the nine banks and building society mandated to implement open banking in the UK, the new figures reflect a healthy trajectory. It took 10 months to grow the number of users from one million to two million in 2020. In contrast, it has taken just four months to grow from four million to more than five million.Presenting the results, the Open Banking Implementation Entity says there were nearly 625,000 additional payments in January 2022 compared with December 2021.”

On the wires

Buy It Mobility Launches BuyPass – Giving Merchants A Better Payment Solution

“Buy It Mobility (BIM) Networks Inc., a leading digital payments infrastructure platform, today announced the launch of its “BuyPass” product, which will enable merchants to access and leverage branded payment alternatives much more easily… BuyPass gives retailers the ability to get their pay-by-bank (ACH) and merchant-branded payments programs up and running more seamlessly by dramatically reducing their integration lift and enabling faster speed to market…With this new solution, as an extension of their strategic partnership, BIM will leverage Discover’s established network and virtual card solution to help facilitate merchant-branded ACH transactions.”

February 16, 2022

On the wires

Trustly Introduces FlexPay by Trustly, a Deferred Settlement Product for Flexible Payments

“Trustly, the leading global payments platform for digital account-to-account transactions, is proud to introduce FlexPay by Trustly, a new product that gives consumers the flexibility to defer the settlement date of a debited amount to a date in the future. Merchants will have the ability to configure the deferred settlement periods to up to 30 days.”

February 15, 2022

On the wires

ACI Worldwide Launches Innovative Global BNPL Solution With Access to 70+ BNPL Lenders Via Single Integration | ACI Worldwide, Inc.

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software , today announced ACI PayAfter ™, a new solution that enables merchants globally to provide their customers with a choice of more than 70 BNPL options through a single integration. The innovative user interface enhances acceptance rates and serves a broader base of customers traditionally overlooked, boosting merchant sales worldwide. For merchants, ACI PayAfter offers one application and a single contract that reduces the complexity and cost of integration, as well as faster speed to market, and actionable customer intelligence.”

February 14, 2022

On the web

Discover Is Bringing a Payment Option Popular in Asia to the U.S.

Wall Street Journal

“Discover Financial Services will soon give U.S. merchants the option to accept payments from shoppers’ bank accounts—no card needed. The card company is partnering with fintech firm Buy It Mobility Networks Inc., whose technology allows consumers to pay directly from their checking accounts using merchants’ apps. The companies are expected to announce the partnership later this week.”

Barclays Calls for Tougher BNPL Regulation

Latest Retail Technology News From Across The Globe - Charged

“Barclays has called for the buy now pay later (BNPL) sector to be properly regulated and subject to the same legislation as the wider credit market. The bank believes that “a consistent and fit-for-purpose regulatory framework is crucial to protecting consumers from taking on unmanageable debt”. The government recently announced that BNPL would be regulated by the Financial Conduct Authority (FCA), a move likely to take effect later this year, In response to concerns about consumer debt. However, it has not confirmed what this regulation will include.”

On the wires

FCA Secures Contract Changes for Buy-now-pay-later Customers

“The Woolard Review into change and innovation in the unsecured credit market found the use of Buy-Now Pay-Later (BNPL) products nearly quadrupled in 2020 to £2.7 billion. The Government plans to change the law to bring some of the current forms of unregulated buy-now-pay-later products into FCA regulation.  Even though the type of buy-now-pay-later agreements offered by these firms are not yet regulated, the FCA was able to use the Consumer Rights Act to assess the fairness and transparency of the terms.”

February 10, 2022

On the web

BNPL Payment Startup Alma Raises Another $130 Million Round

TechCrunch

“French startup Alma is trying to build a new “buy now, pay later” giant in Europe. The company has closed a $130 million Series C round (€115 million). It has also raised $109 million (€95 million) in debt financing… The company has partnered with 6,000 merchants so that they offer more flexibility for expensive purchases. The main payment product is the option to pay in 2, 3 or 4 installments.   But the company also offers different plans. For instance, Alma offers 10-month or 12-month plans. Those options are particularly popular with some specific purchases, such as consumer electronics devices or furniture.”

Europe Fintech Giant Klarna Considers Raising Fresh Funds

Bloomberg

“Swedish payments firm Klarna Bank AB is weighing plans to raise new money in a funding round that would cement its status as Europe’s most valuable startup, people familiar with the matter said. The Stockholm-based company is likely to attract sovereign wealth and pension funds as new investors, the people said, asking not to be identified discussing confidential information. Klarna could potentially fetch a valuation of roughly $50 billion to $60 billion based on preliminary estimates, though it hasn’t finalized a precise target, the people said.”

On the wires

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