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Given the growth, the FCA and PSR engaged extensively with businesses and representative groups to assess the impact of digital wallets, finding significant benefits to consumers through greater convenience, enhanced security measures, and, for some, greater financialinclusion.
The Asian payments market is growing at an extremely fast rate due to a variety of factors, including an increase in smartphone penetration, rising financialinclusion, and the booming demand for digital services. This is the first of many more payment rollouts planned by MiFinity in 2025.
We hear from industry experts on how embedded finance ensures the checkout experience is financiallyinclusive. “Doing so accommodates individuals who may not be able to access traditional banking services, or those who prefer to use alternativepaymentmethods.
.” Supporting Asia’s Thriving Digital Economy The digital payments market in Asia is experiencing significant growth, driven by increasing smartphone penetration, rising financialinclusion, and the booming demand for digital services.
TerraPay , the global cross-border payments network, is partnering with Dubai Duty Free , a travel retail operator, aiming to bolster the availability of alternativepaymentmethods in the UAE, by making it possible to make purchases at DDF outlets with telecom digital wallets.
PayU GPO , the leading online payment service provider operating in over 40 emerging markets, announces a major step forward in its commitment to Africa, unveiling the launch of Account-to-Account (A2A) payments in Nigeria and the appointment of Ryan Engel as the new Country Manager for South Africa.
Inclusive global payments platform, Ecommpay , is breaking through the noisy payments services marketplace with its unwavering commitment to being a Next Gen PSP 2.0. Underpinned by its clear focus on financialinclusivity, Ecommpay has grown transaction volume by 19% and processing volume by a remarkable 25% year-on-year.
To address this growing market, EBANX’s global e-commerce merchants can now easily offer recurring payments to their Indian customers through an alternativepaymentmethod (APM) like UPI, tapping into a massive, tech-savvy audience eager for global digital services and seamless, digital payment options.
“Ugochukwu’s appointment is testament to our investment in this market, as his experience and leadership will mark an exciting era of digital technology driving wider financialinclusion.” The post PayU GPO Strengthens Nigerian Presence with New Country Manager Appointment appeared first on FF News | Fintech Finance.
While credit cards account for approximately 80 per cent of online purchases in emerging markets, according to data from Payments and Commerce Market Intelligence (PCMI) in Beyond Borders, debit cards have become an important avenue for attracting new online customers in countries like Peru, Mexico, and South Africa.
Collaboration Sebastián Fantini, product director at EBANX, said: “We are excited to integrate Botón Bancolombia into our diverse payments portfolio. EBANX’s global merchants will be able to tap into one of Colombia’s main alternativepaymentmethods while providing a more seamless payment experience to Colombian customers.
.” Debit cards in emerging markets While credit cards account for approximately 80% of online purchases in emerging markets, according to data from Payments and Commerce Market Intelligence (PCMI) in Beyond Borders, debit cards have become an important avenue for attracting new online customers in countries like Peru, Mexico, and South Africa.
In Africa, where mobile wallets and bank transfers are essential for financialinclusion, ensuring a seamless payout experience is critical. However, traditional remittance solutions often come with high fees, delays, and limited accessibility.
Regional Penetration : In North America, over 70% of online purchases are made via credit cards, while only 10% of European consumers prefer this method. Growth Trends : Despite the rise of alternativepaymentmethods, credit card transactions continue to grow in sectors like travel, accounting for 60% of all travel bookings globally.
Mercuryo , the payments infrastructure platform, has launched fiat-to-crypto on-ramp services for four major banks and payment providers in Indonesia, enabling consumers to convert local currency into 40 different digital tokens. According to Statista figures, 97 per cent of Indonesians will have a smartphone by 2025.
The context and challenges of each impact the means, not the end, because the result of this digital revolution is very similar in all these regions: economic development, financialinclusion, and innovation,” says Juliana Etcheverry , Director of Country Growth – Latin America at EBANX.
What we have done at PagBrasil is to enable alternative ways for Brazilian tourists to pay abroad and foreign tourists travelling to Brazil to utilise Pix servicesproviding businesses and consumers with innovative and seamless means to leverage Pix inside and outside the country. Fintechs have the power to transform lives.
Pay10 , a leading AlternativePaymentMethod (APM) provider headquartered in the UAE announces that it has become the first fintech company to go live in production on the Central Bank of the UAE’s (CBUAE) Open Finance Framework, authorizing it to provide payment initiation services including variable recurring payment.
Given the growth, the FCA and PSR engaged extensively with businesses and representative groups to assess the impact of digital wallets , finding significant benefits to consumers through greater convenience, enhanced security measures, and, for some, greater financialinclusion.
Qenta will add Pipit’s infrastructure to its own to accelerate access to cash, mobile money, and compliant digital payments internationally. Qenta specializes in serving remittance networks and migrant communities, facilitating cash, mobile money, alternativepaymentmethods (APMs), and bank transactions in over 45 countries.
The VIPASO solution utilizes Bluetooth low energy connectivity and offers an alternativepaymentmethod for consumers in scenarios where traditional card or mobile phone payments are inconvenient or hindered by unreliable internet connectivity. ”, said Matthias Horvath, CEO at VIPASO.
Paysafe , an integrated payments platform, has launched Paysafecash in the U.S. to help offer an alternativepaymentmethod for those looking to transact online, according to a press release.
Startups attempt to compete with and even displace Visa and MasterCard: Companies have been attempting to displace Visa and Mastercard and disrupt the traditional payment landscape.
As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financialinclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. Another key trend is the rise of P2P payments.
Plus, integrating online cash solutions with existing tech makes payments smoother, boosting efficiency and customer satisfaction. FinancialInclusion: Prepaid vouchers and online cash are great for young adults and those without access to traditional banking or credit cards.
As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financialinclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. What is Yuno doing to improve the payments sector in Brazil and LatAm?
. “We are excited to integrate Botón Bancolombia into our diverse payments portfolio. EBANX’s global merchants will be able to tap into one of Colombia’s main alternativepaymentmethods while providing a more seamless payment experience to Colombian customers,” said Sebastián Fantini, Product Director at EBANX.
As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financialinclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. Another alternativepaymentmethod that is gaining popularity in the region is e-wallets.
And yet, online sales penetration rate is still at 33%, as pointed out by Insider Intelligence’s data in Beyond Borders, showing the substantial untapped opportunity that still exists in the country – particularly if efforts are directed towards improving payment access for India’s diverse population.
And yet, the online sales penetration rate is still at 33 per cent, as pointed out by Insider Intelligence’s data in Beyond Borders , showing the substantial untapped opportunity still in the country – particularly if efforts are directed towards improving payment access for India’s diverse population.
.” According to ACI Worldwide, instant payments in Latin America should grow from 33bi transactions in 2022 to 323.8bi in 2027. “Payments are the backbone of digital growth,” says Paula Bellizia. “They become a bridge for digital and financialinclusion, bringing everyone into the digital economy.
The integration of biometric authentication , tokenization, and artificial intelligence into credit card systems enhances security and streamlines the user experience, positioning them as a competitive option in the digital payments landscape.
This year, Hull noticed an increase in customers placing international shipping orders, along with alternativepaymentmethods being used to pay for many of these transactions over conventional payment options. “We
UAE-based alternativepaymentmethod (APM) provider Pay10 has secured an open finance licence from the Central Bank of the UAE , enabling it to provide payment initiation services, including variable recurring payments across the country.
Cashtech addresses the pain points of businesses and consumers, enhancing security, operational efficiencies, and financialinclusion. It allows businesses to competently offer cash as a paymentmethod. This fusion enhances security and efficiency and supports financialinclusion and customer satisfaction.
New products and services are being developed to compete in a market where customer expectations are constantly evolving, leading to a more dynamic financial landscape with quicker adoption of new technologies. This can lead to greater financialinclusion, with a wider range of people gaining access to essential financial services.
This move aligns with research by Visa indicating that convenience is a key factor for Gen Z consumers when choosing paymentmethods. Close to 40% of Gen Z consumers highlighted that better rewards and offers would encourage them to switch to alternativepaymentmethods.
Virtual currency adoption : Businesses and payment platforms are increasingly exploring the integration of cryptocurrencies and stablecoins for transactions, particularly in cross-border payments. While adoption remains in its early stages, regulatory developments and evolving consumer preferences will likely influence future growth.
The power of credit card While alternativepaymentmethods are gaining ground in rising economies, card issuers have been investing in new features and user experience improvements. With increased digital and financialinclusion in emerging regions, the overall payments market has expanded significantly.
The growth in alternativepaymentmethods, such as UPI, isn’t a shift away from cards, saidEduardode Abreu, Vice President of Product at EBANX. It rather responds to the expansion of the whole digital market, following digital and financialinclusion of consumers.
The goal of the partnership is to facilitate cross-border payouts, leveraging the integration of more than 900 local and alternativepaymentmethods (APMs) such as credit and debit cards, bank transfers, and instant transactions. Indian fintech Pine Labs announced plans for a domestic IPO in the second half of 2025.
“Global regulations around national and international payment services are expected to adapt to the rapid digitalisation of financial services and the increasing prominence and use of digital wallets and alternativepaymentmethods.
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