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Doha Bank , one of the largest private commercial banks in Qatar is set to be the first bank in the market to officially launch VISA Commercial Pay (VCP) and the first Bank in the CEMEA region to introduce the VCP-Mobile Module, in collaboration with VISA for its Corporate Credit Card clients.
Paymob , the leading financial services enabler in MENA-P, announces it has been granted the Retail Payment Services License by the Central Bank of the UAE (CBUAE) after successfully meeting all regulatory conditions and requirements through a rigorous approval process.
For decades, banks have innovated around functionalitystreamlining transactions, expanding access, and introducing digital tools. Techcombank , Vietnams fifth-largest bank in asset size and second-largest private bank, has answered that call with clarity and conviction. But the rules of the game have changed.
It provides access to game credits, gift codes, and vouchers using familiar local payment methods such as mobile carrier billing and e-wallets. billion digital asset, Web3 WeLab 1 billion digital banking, lending Micro Connect 1.7 With Jimu, borrowing and lending are simple and can be done entirely online without in-person meetings.
The economy today is tech-driven and payment methods are a key part of that paradigm. Regional Penetration : In North America, over 70% of online purchases are made via credit cards, while only 10% of European consumers prefer this method.
Brite Payments , a leader in instant bank payments, has announced that George Parks Davie has been appointed VP Product. Davie also played an active role in shaping PSD2, which underpins open banking in Europe today, through the European Banking Associations Working Group on APIs under PSD2.
Small and medium enterprises (SMEs) are the backbone of emerging economies. In many regions, they create jobs, drive innovation, and stimulate local economies. Traditional banks often view SMEs as high-risk due to limited credit history and collateral. Fintech companies see this gap as an opportunity to innovate.
Vietnam’s digital economy is rapidly expanding, reaching a value of US$30 billion in 2023 and projected to increase by 20% to hit US$43 billion by 2025. Growth drivers boosting Vietnam’s digital economy Vietnam’s digital transformation is supported by a number of factors. points from 2022 to 2023.
According to The State of Digital Retail Payments in Asia Pacific 2024 by Forrester , high-growth economies like Indonesia and Malaysia are leading the shift, with consumers increasingly favouring digital payments. While online payments have taken off, many consumers still favour credit cards or cash for offline purchases.
Mastercard, in collaboration with the Central Bank of Egypt (CBE) and Egyptian Banks Company (EBC), brings Apple Pay to users in Egypt, providing a safer, more secure and private way to pay in-store, in-app and online. Apple pay empowers consumers with a safer, more convenient way to pay, whether in-store or online.
This market includes a range of services and technologies that facilitate the acceptance, authorization, and settlement of payments across various channels, including online, in-store, and mobile. They require secure systems like point-of-sale (POS) terminals , online checkout gateways, or mobile payment solutions to process payments.
GSMA and UK Finance have joined forces to provide a collaborative framework for the UK’s leading mobile network operators and banks to develop and launch Scam Signal, a new solution to help address Authorised Push Payment (APP) fraud in the UK. Data from UK Finance shows that £213.7
MTN Mobile Money (U) Limited, in partnership with Mastercard , Diamond Trust Bank and Network International, has launched the Virtual Card by MoMo, an innovative payment solution designed to enable MTN MoMo subscribers to perform secure online transactions without needing a physical card or bank account.
Some banks have chosen to develop their own in-house payment processing systems, delivering end-to-end services directly to their customers. Other banks have formed strategic partnerships with third-party providers. From internal solutions to partnerships, we’ll provide an overview of each bank’s approach.
At the centre of this threat is Grey Nickel , a sophisticated cybercriminal group using deepfakes, synthetic identities, and AI-powered attack tools to breach banks, crypto exchanges, and digital payment platforms. As APAC’s digital economy accelerates, these kinds of attacks are becoming alarmingly common.
Think about how easy it is to order a ride on Grab, book a hotel on Agoda, or pay for groceries on Shopee without even needing to pull out your credit card or open a banking app. The region has become a hotbed for embedded finance, thanks to its mobile-first economy and digitally savvy population.
Central bank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments. From Asia to the Caribbean and Europe, central banks are grappling with how to digitise public money while preserving trust, utility, and sovereignty.
Emirates NBD , a leading banking group in the Middle East, North Africa and Trkiye (MENAT) region, is set to be the first bank in the UAE to introduce the Visa Commercial Pay-Mobile Module for its SME and Corporate clients, in collaboration with Visa.
The report also notes a shift in consumer preferences, with rising adoption of digital wallets, mobile POS payments, and BNPL services. Looking to 2025, mobile payments and digital commerce are projected to exceed 10 trillion, with open banking and real-time payments leading growth. trillion.
On the acceptance side, Click to Pay has been adopted by Ngan Luong Payment Gateway JSC (Alepay Gateway), VietUnion Online Services Corporation (Payoo), Sacombank, and VietinBank. Click to Pay with Visa has the potential to transform online shopping and support the development of a more connected digital economy.”
In the last five years, Sri Lanka’s economy has struggled greatly. Not all doom and gloom: fintech is on the horizon Despite the outbreak of the pandemic, in 2020 the Central Bank of Sri Lanka (CBSL) launched its regulatory sandbox in an effort to boost its fintech sector and innovation.
These companies span every segment of the market, from long-established remittances players and banks to neobanks, business-to-business (B2B) platforms, stablecoin providers and regional specialists, and are powering global trade. It is one of the Big Three local banks in Singapore, and among the largest banks in Southeast Asia.
Senegal is one of many countries across the Middle East and Africa trying to diversify its economy and future-proof itself by hosting financial inclusion by employing fintech solutions. Historically, Senegals economy has centred around agriculture, particularly peanuts. Mobile phone usage in Senegal has surpassed 60 per cent this year.
Visa , a world leader in digital payments, is introducing resources to help merchants in Vietnam, unveiling a SMB Online Toolkit, for small and medium-sized businesses to accept and take full advantage of Visa’s digital payment solutions. Globally, Visa’s tap to pay penetration reached 65%, doubling from 20192.
As digital wallets reshape finance and big tech challenges traditional banks, who will control the future of money? The partnership signals a potential shift in power, where platforms like X aim to rival traditional banks in how money moves and who controls financial access.
As India approaches the fourth anniversary of 2016’s demonetization, the landscape that has defined the country and economy is undergoing a radical shift. India has heretofore been a cash-based economy, where even consumers shopping online often paid in physical currency via cash on delivery (COD).
For online shopping, Visa passkeys replace passwords or one-time codes. Click to Pay – Enables consumers to complete online transactions within a few clicks, powering a more seamless and secure checkout experience at scale. to broaden its merchant coverage network across Japan.
The ownership economy is going full throttle. Lest you think the change has been all about streaming media, about home delivery of meals and meal kits, of staying in … AutoNation’s results herald a pivot toward an age of personal mobility. The Individual Mobility Shift . They want a place to go to complete the transaction.”.
Are digital first banks in Asia poised to lead a disruptive charge against well-entrenched, established commercial banks? In the traditional banking sphere globally, but especially true in Asia, there is a considerable proportion of unbanked and underbanked populations who lack complete or any access to banking services.
Digital-First Banking. Banks will need to seriously revamp their in-branch experiences to accommodate the new normal as customers are growing used to the unparalleled convenience and speed that mobilebanking has to offer. The year-over-year increase in cross-border online sales was even more dramatic in other regions.
In the landscape of commerce, mobile payments have emerged as a disruptive force, altering the way people engage in financial transactions. As technology advances and consumer preferences evolve, the trajectory of mobile payments promises unparalleled convenience, robust security, and seamless integration into our daily lives.
of India (NPCI) that facilitates inter-bank transactions, has propelled the growth of online payments, the Financial Times (FT) reported. UPI was established by the central bank and is owned by a group of local lenders. billion, bringing bank accounts to hundreds of millions of residents for the first time.
Over the past 75 years, South Korea’s economy has boomed, undergoing rapid industrialisation with a growth rate of seven per cent annually, according to the International Monetary Fund. Having earned its spot as one of the Four Asian Tigers, we explore what is propelling South Korea’s economy and fintech ecosystem.
But she added that merchants are coming back online with business models that are somewhat different than what came before. They may want to order online and pick up curbside. SMBs can accommodate that with a host of methods: mobile wallets, contactless cards, QR codes, paying in-store via a mobile app, etc.
In Pakistan, and elsewhere, the stars are aligning for greater use of digital banking and payments to improve financial inclusion. told PYMNTS CEO Karen Webster in an interview that the pandemic and the rise of mobile infrastructure have set the stage to bring people living in developing and emerging economies into the digital realm.
economy hard, but few areas were hit harder than small businesses. In spite of their small size, they play a critical role in both their local and national economies. economy when everything is really clicking — which it hasn’t been for the last several months,” he said. “On COVID-19 has hit the U.S.
The meteoric ascent of Brazilian neobank Nubank has sent shockwaves through the Latin American banking industry. As digital banks in the Asia Pacific (APAC) region aim to replicate this success, there are valuable lessons to be learned from the unconventional Nubank approach to banking.
Moniepoint , a Nigeria-based fintech offering an all-in-one banking, credit, and cross-border payment solution for African businesses and their customers, is on a mission to help businesses and individuals digitise their operations. to provide infrastructure and payment solutions for banks and financial institutions.
As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. Specifically, the Collisons aimed to more seamlessly connect online businesses and payment processors, allowing more businesses to accept online payments.
This is leading to a golden age of choice for businesses, who now have access to the cost savings and customer-centric capabilities that a new wave of Open Banking-powered payment products can deliver. According to a recent McKinsey report, the Insurtech industry already contributes £5 billion and 60,000 jobs to the UK economy.
The COVID-19 pandemic has prompted traditional banks to take fresh looks at their digital initiatives and has given digital-only banks the opportunity to learn about the advantages and hurdles of serving customers primarily through online and mobile channels. Building Trust Between Banks and Consumers Online.
Confronted by shifting factors such as tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations — the best banks must adapt their business and operating models in 2024, including in Asia. CHINA #1 China Merchants Bank China Merchants Bank Co.,
Platform economies want to make it easy for consumers to join. Stephen Ritter , CTO at Mitek , told Karen Webster in an interview that the sharing economy presents easy targets for fraudsters — and lucrative ones, too. Within certain verticals of the sharing economy, there is mounting pressure to ratchet up security.
The rise of FinTech, the increasing globalization of finance — and even ravages of the coronavirus, which is making us all bank and transact across phones — all have pointed to one simple, urgent question: Just what is a bank, anyway? In a recent PYMNTS study , What is a Bank: What U.S. As many as 36.8
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