By Jeff Domansky, April 23, 2021
We’ve got a Friday global payment news roundup to keep you at full speed as you follow the latest fintech news. Look for buy now pay later news, Amazon palm pay technology, fear of financial fees, the Daily Reopen America Index, and much more news from Switzerland, Turkey, China, and SE Asia.
North America becomes Afterpay’s largest market for its buy now, pay later services
In the Australia-based company’s latest financial results, North America sales accounted for A$2.6 billion (US$2 billion) in the third quarter ended March 30. Only Australia and New Zealand approach that volume. Overall, Afterpay said sales totaled A$5.2 billion (US$4 billion) for the quarter. North American third-quarter sales increased, in U.S. dollars, increased 157.1% from $778 million in the same quarter a year ago. Read more…
Splitit opens BNPL access to 9 billion UnionPay cardholders
New York-headquartered announced a new partnership with China’s UnionPay International, the world’s largest debit and credit card network with nine billion cardholders. UnionPay will integrate Splitit, making its BNPL service available to credit cardholders and more than 55 million merchants accepting UnionPay in 180 countries. CB Insights recently estimated that buy now pay later services in the US alone will reach $1 trillion in sales by 2025. Read more…
Amazon’s automated checkout is coming to full-size supermarkets
Amazon.com Inc. is poised to bring its automated checkout technology to full-size supermarkets, a significant milestone in the race to revolutionize how people buy their groceries. Amazon appears to have solved a significant technical challenge, creating a grab-and-go system that can handle scores of shoppers at once and cover large supermarkets without being prohibitively expensive to build and operate. Read more…
How big is our fear of financial fees?
It looks like most consumers have a massive fear of financial literacy, according to research from the financial app Cushion. In fact, 55% of Americans aren’t sure how much money is in their bank account at any given moment — and new data suggests it’s because they’re too afraid to find out. Overdraft fees cause stress for 33% of respondents, second only to the number of people who feel similarly towards ATM or bank withdrawal fees (38%). Read more…
Introducing the DailyPay Reopen America Index
The DailyPay Reopen America Index will begin to track hiring trends in eight (8) major industries across the country, including supermarkets, hospitality, fast food restaurants, consumer services, and health care. Additional industries may be added in the future. Health Care is up 37% nationally since January 1. Consumer Services increased by +16% nationally, and Quick Service Restaurants (QSR) increased +10%. Read more…
Klarpay obtains banking license, becomes the first Swiss fintech to offer borderless multi-currency accounts to digital businesses
Zug-based Klarpay has obtained its banking license from the Swiss Financial Market Supervisory Authority (FINMA), thereby making them the first licensed fintech in Switzerland that’s focused on delivering all the banking privacy and stability that the alpine country is known for. They offer 436 payment acceptance methods in over 96 regions. Likewise, the firm can release funds to 169 countries in 65 local methods. Read more…
The Reserve Bank of India, India’s central bank, strengthens the payment ecosystem
Setting up the Digital Payment Index (DPI) of India as a comparable holistic indicator was a step in this direction. Digital payments in India have grown from 5.93 billion transactions in March 2016 to 34.35 billion transactions in March 2020. The COVID pandemic led to an 82% rise in Unified Payments Interface (UPI) payments in Q2 2020. As of December 2020, 207 banks were live on UPI, with a monthly volume of 2,334.16 million transactions and a value of $57,802.25 million. Read more…
Turkey’s e-commerce platform Trendyol receives $330 million additional investment from Alibaba
Turkish e-commerce platform Trendyol has received an additional $330 million investment from existing partner Alibaba in a capital increase. With this injection of capital, Alibaba now holds an 86.5% stake in the company. According to Webrazzi and confirmed via Reuters, this investment would see Trendyol’s valuation increase to $11 billion. The rumor that another line of investment is heading Trendyol’s way in the $1 billion range will push the valuation north of $15 billion. Read more…
Covid-19 spending: Mortgages mattered most in the US
According to new research, when it comes to consumer spending priorities during Covid-19, mortgages mattered most, followed by car loans and credit cards. The study found that US consumers prioritized paying personal loans such as mortgages and auto loans when they had multiple credit cards. The gap between delinquency rates narrowed during the pandemic, suggesting credit cards are essential. Read more…
Amex sees China as launchpad for global debit growth
American Express’s payment processing operations in China are giving it a foundation upon which to expand its debit offering to new countries. The New York-based card brand spent eight months building a network in China after receiving the nation’s approval to do so, adding 14 million merchants in the process. Amex has built a nascent debit network that has the potential to launch in other regions. While monitoring the impact of the coronavirus, Amex is optimistic that consumer spending in travel and entertainment will continue its recovery. Read more…
FIS expands payment processing in Malaysia, South Africa, and Nigeria
US payments acquirer FIS has expanded its payment processing capabilities in Malaysia, South Africa, and Nigeria. In Malaysia, FIS has landed a domestic acquiring license to operate its Worldpay payment processing platform. The company’s 2021 Global Payments Report found Malaysia’s e-commerce market will climb 71% by 2024. In South Africa and Nigeria, FIS will offer payments processing through its partnership with Flutterwave, the Nigerian fintech that landed unicorn status last month. Read more…
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