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June 24, 2021
On the web
Thai and Malaysian Central Banks Roll Out Real-time Cross-border QR Payments
NFCW
“Consumers from Thailand can now make instant cross-border QR code-based payments for goods and services to merchants in Malaysia from their mobile payments app using a service being launched by the Bank of Thailand and Bank Negara Malaysia . The two central banks have enabled the service by linking the real-time retail payments platforms DuitNow in Malaysia and PromptPay in Thailand and plan to let consumers from Malaysia make cross-border payments to merchants in Thailand by scanning a QR code with their mobile device later this year.”
June 23, 2021
On the web
Looking to Grow Debit Card Usage, Oxygen Debuts a Tiered Rewards Program
Digital Transactions
“Looking to make debit cards more attractive to consumers by offering incentives that rival those found in credit card rewards and loyalty programs, Oxygen Inc., a San Francisco-based financial-services technology provider, on Wednesday introduced Elements, a tiered rewards and loyalty program for debit card holders. Rewards available through Elements include cash back on everyday purchases, escalating annual percentage yields, subscription savings from Netflix and Peloton, and travel-related benefits , such as standard travel insurance on delayed and lost luggage and hotel theft, and auto-rental collision-damage waiver insurance.”
On the wires
Passbook by Remitly Launches Suite of New Features
“Remitly , the mobile-first provider of international remittances and financial services for immigrants, today announced the launch of several new digital banking features in the Passbook by Remitly app. Remitly is rethinking how immigrants access banking services, and with the addition of new features, making the product work harder for customers. Sunrise Banks N.A. issues the bank account and provides the banking services that customers can access through the Passbook app. Enhancements include a streamlined identity verification process, more than 40% faster bank transfers on average, early payday, person to person payments, and immediate activation of the Passbook Visa® debit card.”
June 22, 2021
On the web
One App To Rule Them All: Rise of the Superapps
Jump Start Magazine
“Superapps act as everyday destinations for users expecting common online services, such as e-commerce, ride-hailing, or payments. This means super apps must have a seamless, integrated, and unified experience. Superapps should have at least one key function. Having a function which users use every day makes users reliant on and comfortable with the app. Superapps can then build on this core function to offer other solutions. WeChat started with chat, whereas Gojek (now Goto) and Grab started with ride-sharing. All three eventually branched out into other functions, such as payments or search. Superapps also need to integrate native wallets into the app. Native payment offerings create strong lock-in with the superapp’s ecosystem. In WeChat, for instance, users can pay for movie tickets, a taxi ride, and also pay for groceries, because it acts as a storefront that is built on top of a payments app . As an executive from what was previously Gojek pointed out , “Once you’re handling money for a user, you can build a castle of services within it.””
June 21, 2021
On the web
Novus Partners Visa for ‘Impact-driven’ Digital Banking App
Finextra Research
“Novus, an “impact-driven” startup has teamed up with Visa and Railsbank on a mobile application that rewards users for sustainable purchasing choices. Set to launch this summer with a 15,000 waitlist, Novus rewards its community with real-time impact points that can be spent, saved and tracked via the app.Members can choose to use the impact points they generate in the app through everyday payments towards issues like gender inequality, world hunger and ocean pollution.”
On the wires
NCR Completes Transaction With Cardtronics
“NCR Corporation (NYSE: NCR), a global enterprise technology provider, today announced that it has closed its transaction with Cardtronics (NASDAQ: CATM)…Cardtronics is now a wholly owned subsidiary of NCR. NCR can begin integration after regulatory approval from the Competition and Markets Authority of the United Kingdom.”
TRM Labs Raises $14 Million Series A Funding Round
“TRM Labs, a pioneer in blockchain intelligence, announced today that it has closed a $14 Million Series A funding round. Bessemer led the Series A with additional participation from PayPal Ventures, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google. Other existing investors include Y Combinator, Alumni Ventures Group, The MBA Fund, Tapas Capital, SGH Capital…TRM’s platform integrates with more than a dozen blockchains, and analyzes billions of virtual asset transactions to detect in real-time signs of fraud and financial crime like money laundering. The increase in adoption of cryptocurrencies and blockchain technologies worldwide is driving global, financial institutions including major banks, brokerages, and exchanges across US, Latin America, Asia, and Europe to turn to TRM for cryptocurrency compliance and risk management solutions.”
June 17, 2021
On the wires
E-Livestock Global Launch Mastercard Blockchain-Based Solution to Bring Visibility to the Cattle Industry in Zimbabwe | Middle East/Africa Hub
“E-Livestock Global today launched a first-of-its kind solution powered by Mastercard’s blockchain-based Provenance solution, empowering Zimbabwean farmers to prove the origin and health records of their cattle, while reducing risks to buyers. A first in the Middle East and Africa, the solution brings new hope to the country’s agricultural sector after an outbreak of tick-borne disease in 2018 led to the death of 50,000 cattle. The lack of a traceability system has seen Zimbabwe unable to export beef to lucrative markets in Europe and the Middle East in recent years, reducing export earnings from beef, which are important to the country’s economy.”
Contactless Now Accounts for More Than a Quarter of All UK Payments | UK Finance
“UK Finance today releases its 2021 Payment Markets Report, an analysis of all forms of payments over 2020 showing the impact the Covid-19 pandemic and resultant lockdowns had on the nation’s payments behaviour. For the first time in six years, the total number of payments in the UK declined, falling by 11 per cent to 35.6 billion. While consumers continued to make the vast majority of all payments (86 per cent) the report demonstrates the reduced opportunities for people to spend money during the pandemic, with the number of consumer payments falling by 13 per cent to 30.7 billion. Meanwhile, the number of payments made by commercial organisations, government and not-for-profit organisations increased slightly to 4.8 billion, representing 14 per cent of payment volumes but 80 per cent of the total value of payments.”
June 16, 2021
On the web
10x, a UK Fintech, Raises $187M to Build New Services for Old Banks
TechCrunch
“As so-called neobanks continue to gain more traction in the market with their more modern takes on banking and other financial services, a startup that’s building technology to help incumbent players better compete is announcing a big round of funding. 10x Future Technologies , a London-based fintech that helps larger, established banks build both next-generation services as well as tools to help their older services work more efficiently, has raised $187 million. We understand from sources close to the company that 10x’s valuation with this round is in the range of $700 million.”
June 15, 2021
On the web
Amazon Brings Cashierless Tech to Full-size Grocery Store for First Time at New Seattle-area Location
GeekWire
“Amazon’s newest physical grocery store opening in the Seattle area this week is unique as it will feature the company’s “Just Walk Out” cashierless technology. It’s the first time the tech has come to a full-size store and marks a milestone for Amazon given the cost and complexity of implementing such a system. Amazon on Thursday will open a 25,000 square-foot Amazon Fresh location in the Factoria neighborhood of Bellevue, Wash. GeekWire previously wrote about clues pointing to development of the store.”
June 14, 2021
On the web
Timex Launches Wearable Payments With Chase, Visa and Tappy
NFCW
“Timex Group has officially launched a range of watches and watch straps that let the wearer make tokenized payments at any merchant equipped to accept Visa contactless payments. The new Timex Pay collection includes a range of watches that each come with a contactless payment chip embedded into the strap. A selection of leather, fabric and silicone watch straps that can be used to add Timex Pay to an existing watch is also available, either direct from Timex or from Amazon . Owners use a Timex Pay branded mobile app and a Timex Pay clip, both developed by Tappy Technologies , to add a tokenized version of an existing payment card to their new watch or strap.”
June 11, 2021
On the web
Messenger Adds Venmo-like QR Codes for Person-to-person Payments in the US
TechCrunch
“This spring, Facebook confirmed it was testing Venmo-like QR codes for person-to-person payments inside its app in the U.S. Today, the company announced those codes are now launching publicly to all U.S. users, allowing anyone to send or request money through Facebook Pay — even if they’re not Facebook friends. The QR codes work similarly to those found in other payment apps, like Venmo. The feature can be found under the “Facebook Pay” section in Messenger’s settings, accessed by tapping on your profile icon at the top left of the screen. Here, you’ll be presented with your personalized QR code which looks much like a regular QR code except that it features your profile icon in the middle.”
June 9, 2021
On the wires
A Vision for Federated Sidechains on the XRP Ledger
“Over the last nine years, the XRP community has been committed to advancing the innovation and forward progress of the XRP Ledger (XRPL) to dramatically increase its decentralization, performance, and feature set. Among the most-requested features we have heard from developers and contributors to the XRP Ledger is smart contract capabilities brought about by the exponential growth in decentralized finance (DeFi). In fact, the number of DeFi developers has grown 110% since 2019, and that number is projected to grow well beyond 2021. However, we at Ripple have long advocated against features that would compromise the XRP Ledger’s highly efficient focus on payments.”
June 8, 2021
On the wires
Grabango Raises $39M As It Scales Up Its Checkout-Free Technology
“Grabango, the leading provider of checkout-free technology for existing grocery and convenience stores, announced today that it has raised $39 million in Series B funding. The round was led by Commerce Ventures with participation from Founders Fund, Unilever Ventures, Honeywell Ventures, and WIND Ventures. All participants share Grabango’s vision for modernizing the retail industry and bring a broad range of strategic expertise to the enterprise…Grabango is the first and only company to retrofit its checkout-free technology into an already-operating store , saving shoppers time by letting them skip the line. In partnership with Giant Eagle Inc, one of the nation’s largest food retailers, Grabango has proven that its technology works in a real-world environment with over 15,000 SKUs and tens of thousands of transactions each month.”
June 1, 2021
On the web
Standard Chartered Bank Doconomy Carbon Consumption App
London News Time
“Standard Charetered has signed a contract with Doconomy of Sweden to provide customers with digital tools to track carbon dioxide emissions and freshwater consumption of goods purchased using bank credit and debit cards. The Doconomy application uses the Åland Index, introduced in 2016, to provide financial institutions with a carbon footprint calculation for all transactions. Recently, a freshwater calculation was added to the display of its effects. For any card transaction, the index can calculate the carbon dioxide and water emissions of a purchase in kilograms of carbon dioxide equivalent and water usage per liter, respectively.”
May 28, 2021
On the web
Smart Rings Seen as New Frontier for Cashless Payments
Bloomberg
“As retailers around the world seek ways to make it easier for consumers to shop seamlessly without touching anything, one company in Japan is betting its technology can rule them all: a smart ring that can act as a wallet and a key. MTG Co. , a Japanese health and beauty company, has started selling the “Evering,” which it envisions as a one-stop digital wallet. The chip-embedded ring, made out of zirconia, the synthetic crystal that’s sometimes used in place of diamonds in jewelry, lets people lock their door as they step out for a run as well as pay for drinks in stores.”
On the wires
Atomic and Welcome Tech Launch Digital Banking Partnership for the Hispanic Community
“Atomic , the market leader in payroll APIs for direct deposit acquisition, and Welcome Tech , the largest financial services platform for the multigenerational immigrant community, today announced a partnership that extends financial services available to millions in the Hispanic community, a community that is often overlooked, yet vital to U.S. prosperity. The tactical partnership between Atomic and Welcome Tech will enable direct deposits for the nearly 3 million account holders and 9 million community members of Welcome Tech, many of whom will gain access to bank accounts for the first time.”
May 26, 2021
On the wires
Visa Unlocks Digital-First Banking and Payment Experiences for Clients
“Visa (NYSE:V), the world’s leader in digital payments, today announced the expansion of Visa Fintech Partner Connect —a program designed to help financial institutions quickly connect with a vetted and curated set of technology providers. By streamlining the discovery process, Fintech Partner Connect can help Visa’s issuing partners create digital-first experiences without the cost and complexity of building the back-end technology in-house. Initially launched in Europe, Visa Fintech Partner Connect is now available to clients in the U.S and in markets across Asia Pacific, Central Europe, the Middle East, Africa, Latin America, and the Caribbean.”
May 25, 2021
On the wires
Bp Extends Its Partnership With Diebold Nixdorf to Support Its Retail Sites and Payment Technology Globally
“Diebold Nixdorf (NYSE: DBD ), a global leader in driving connected commerce for the retail and banking industries, has expanded its strategic partnership with bp to provide an integrated solution comprised of hardware, software and managed services. bp extended its multi-year, managed services agreement with Diebold Nixdorf and will leverage DN AllConnect ServicesSM globally to drive its transformation journey as it looks to reduce the operational complexity associated with managing thousands of retail sites…As part of the managed Services agreement, bp also sought to make its payment channels more agile, efficient and fully integrated with the digital experience by deploying AEVI’s global payment platform (AEVI Motion) at thousands of locations across key European markets.”
Zeta Raises $250M From SoftBank Vision Fund 2 for Its Omni Stack for Banks
“-Zeta, a banking tech startup, announced today that it has secured $250 million in investment from SoftBank Vision Fund 2. This Series C investment values Zeta at $1.45 billion. This is one of the largest single investments in a banking tech startup globally. Founded by London based serial entrepreneur, Bhavin Turakhia along with Ramki Gaddipati, Zeta has presence in UK, North America, LATAM, Europe and Asia.”
Mission Lane Acquires Honeydue to Expand Debit and Digital Banking Capabilities
“Mission Lane, a purpose-driven financial technology company, today announced the acquisition of Honeydue (incorporated as WalletIQ), a financial technology company providing digital applications and banking services to help consumers manage their finances and develop stronger financial literacy and habits. Mission Lane provides better products and experiences for people trying to build or rebuild their credit and improve their financial lives. Currently offering a variety of market-leading credit cards and financial tracking tools, Mission Lane will leverage Honeydue’s strong digital banking capabilities to bring additional innovative and transparent financial products, such as debit cards, to consumers.”
May 24, 2021
On the web
QR Codes And Digital Wallets Are Gaining Popularity Fast Among Consumers
Digital Transactions
“Quick Response codes are one of the many payment options to flourish as consumers embrace digital and contactless payments in the wake of the Covid-19 pandemic, says a report from Blackhawk Network Inc. Of the 13,000 respondents surveyed across nine countries representing nearly half of the world’s card-payment volume, 18% say they used a QR code or barcode for payment for the first time during the pandemic, and 40% say they are using them more frequently. The technology is also catching the attention of consumers who do not use the technology, with 30% of non-users saying they are interested in using QR codes or barcodes for payment.”
Paytm, PhonePe, Google Pay, Other Mobile Wallets to Be Interoperable From April 2022
Business Today
“The Reserve Bank of India (RBI) has issued a circular asking all licensed prepaid payment instruments (PPIs) or mobile wallets such as PhonePe, Paytm, Google Pay and Mobikwik, to be interoperable from FY23. This implies that beginning April 2022, a mobile wallet user, who is fully vetted and has fulfilled all KYC norms, will be able to send and receive money from various mobile wallets. The central bank added that for card-based PPIs, this can be accomplished through card network interoperability and for e-wallets via the UPI (Unified Payments Interface).”
May 21, 2021
On the web
BofA Joins Paxos Blockchain Stock-Settlement Network
Bloomberg
“Bank of America Corp. joined the network created by Paxos Trust Co. to settle stock trades in minutes rather than days by using blockchain, the latest sign of Wall Street’s growing adoption of the technology. The second-biggest U.S. bank joins Credit Suisse Group AG and Nomura Holdings Inc. ’s Instinet on the Paxos Settlement Service. In 2019, the Securities and Exchange Commission allowed Paxos to begin a pilot program for settling equity trades.”
May 19, 2021
On the web
German Supermarket to Trial Anonymous Checkout-free Shopping
NFCW
“Customers at a supermarket in the German city of Cologne owned by retail giant Rewe will soon be able to enter the store by scanning a QR code, selecting the items they wish to buy and paying for them from their mobile phone without needing to scan their purchases or use a checkout. The supermarket in the city’s Zeppelinstrasse is trialling a system that links each customer anonymously to a unique ID number on entry, tracks the items they take from the shelves using a combination of ceiling-mounted cameras and shelf sensors, and automatically charges them for their purchases as they exit the store.”
On the wires
SafetyPay Launches QR Codes for Real Time Payments in Brazil
“SafetyPay , the leading digital alternative payments platform providing solutions across Latin America and Europe, today announces the implementation of PIX as a payment method in the Brazilian Market to bring instant payments to life using QR codes. SafetyPay will facilitate the transfer and payments from any mobile phone in real time, 24/7, including holidays and weekends. This payment method will facilitate payments in Brazil occurring in real-time with simple and fast transactions. SafetyPay’s solution will allow non-credit card holders and fraud-wary consumers to use PIX, a QR code containing all the customers’ banking information without sharing additional information online and pay for goods are services around Brazil. The inclusion of PIX expands the opportunity to complete instant payments at any date or time to pay for goods and services to over 200 million people.”
CBA Predicts Digital Wallets Set to Become the Most Popular Contactless Way to Pay
“Commonwealth Bank today released new figures showing a significant uptick in digital wallet usage over the last 12 months. The figures highlight the growing popularity of digital wallets and the likelihood for them to become the most popular contactless way to pay in-store by the end of the year, if current trends continue. Between March 2020 and March 2021 the number of monthly digital wallet transactions increased 90 per cent, with the number of transactions rising from 36 million to 68 million. Over the same period, the total dollar value of digital wallet transactions more than doubled, with the value of monthly transactions rising to $2.1 billion, up from $1 billion.”
May 18, 2021
On the web
Goldman to Launch Marcus UK Robo-adviser Early Next Year
Reuters
“Goldman Sachs (GS.N) will launch an app for UK users of its digital bank Marcus over the following weeks and plans to offer automated investment management to clients in the country by the first quarter of next year. The U.S. bank has attracted just over $30 billion in UK deposits since launching a savings account in 2018, accounting for 30% of Marcus’s deposits globally, Des McDaid, the head of Marcus UK, told Reuters.”
May 17, 2021
On the wires
Samsung Makes It Easier to Use Blockchain on Galaxy Devices With Support for Hardware Wallets
“Samsung Electronics announced that blockchain users can now manage and trade virtual assets from third-party wallets on Samsung Galaxy smartphones. The update makes it easier for blockchain users to access and process transactions by importing virtual assets stored on select cold hardware wallets to the Samsung Blockchain Wallet available on most Galaxy smartphones. Support for hardware wallets provides Galaxy blockchain with a consistent user experience of managing crypto assets from one convenient location.”
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