After wrestling with alligators and hosting issues, we’re back with the latest payments news from around the world. Lots going on, so check it out.
Visa acquires Currencycloud, which makes APIs for remittances and currency transfers, in a $963M deal
A year and a half after Currencycloud raised $80 million in a round that included Visa, the London-based developer of APIs that power remittance and currency exchange services is getting even closer to the financial services giant. Today, Visa announced that it would acquire Currencycloud in a deal valued at $963 million (£700 million). This price is a very decent leap from that last funding round when sources told us the startup was valued at around $500 million. Read more…
Mastercard and Verizon announce partnership for 5G contactless payments
Mastercard and Verizon announced a partnership focused on 5G contactless payments for consumers and small- and medium-sized businesses. The alliance, which aims to yield innovations by 2023, looks to further digitize and disrupt global consumer spending at retailers and other merchants. Teams from Mastercard and Verizon will be embedded at Mastercard’s New York City Tech Hub, working on additional applications for the 5G project. Read more…
Paystand banks $50M to make B2B payments cashless and with no fees
It’s pretty easy for individuals to send money back and forth, and there are lots of cash apps from which to choose. However, on the commercial side, one business trying to send $100,000 the same way is not easy. PCoxaystand wants to change that. The Scotts Valley, California-based company uses cloud technology and the Ethereum blockchain as the engine for its Paystand Bank Network that enables business-to-business payments with zero fees. Read more…
Over half of the global population to use digital banking in 2026; driven by digital banking transformation
A new study from Juniper Research found 53% of the world’s population will access digital banking services in 2026, reaching over 4.2 billion digital banking users, from 2.5 billion in 2021. The research identified increased digital transformation efforts as enabling banks to function effectively during the pandemic, justifying the benefits of digital banking use and fostering further user growth. China will be the largest digital banking market over the next five years, accounting for almost 25% of digital banking users in 2026. Read more…
Vodafone CEO hints at spin-off of mobile money platform M-Pesa
Vodafone Group Plc hinted it could spin off its African mobile money service M-Pesa after its popularity soared through the coronavirus pandemic. The platform offers peer-to-peer transactions in countries including Kenya, Tanzania, Mozambique, Lesotho, and the Democratic Republic of Congo. It’s now pushing into new financial services like small loans, payroll, and savings. Read more…
Three-quarters of Americans plan to decrease their use of credit cards as debt falls out of favor
After decades of dominance in the U.S., credit cards may be on their way out as alternative payments come to the fore. According to a survey from GoCardless, a global fintech for account-to-account payments, 76% of Americans would like to decrease their use of credit cards. A similar proportion (77%) revealed they are more likely to use their debit card than a credit card for purchases. Read more…
Payveris launches P2P solution for banks and credit unions
Payveris, a Cromwell, Connecticut-based payment service provider for nearly 300 banks and credit unions, has launched a peer-to-peer (P2P) payments tool that it says will rival products from better-known companies such as Early Warning Services (Zelle’s parent company), PayPal, and Square. Payveris is targeting financial institutions hesitant to add Zelle because of cost and competitive considerations. Users will be able to send money to other bank accounts identified through email addresses and phone numbers. Read more…
Afterpay to launch lifestyle app Money on Westpac tech
Buy now, pay later (BNPL) firm Afterpay has marked its partnership with Australian bank Westpac to launch its new app, Money. Money is built on banking infrastructure provided by Westpac and requires users to have an existing Afterpay BNPL account. The app offers money management, balance analysis and displays upcoming installments of existing orders via Afterpay. It also provides a daily account with a physical debit card, digital wallet offerings, and the ability to “easily make and receive real-time payments.” Read more…
Introducing Square Banking, a suite of powerful financial tools for small businesses
Square launches Square Banking, a suite of financial products purpose-built to help small business owners easily manage their cash flow and get more out of their hard-earned money. Square Banking consists of three core products designed to help small business owners confidently manage cash flow stress: two new deposit accounts, Square Savings and Square Checking join Square’s existing lending capability, now called Square Loans. Read more…
No, the European Union is not ‘banning anonymous crypto wallets’
In a series of shocking statements early yesterday, European Commission regulators declared that they were “banning anonymous cryptocurrency wallets” as part of a money-laundering crackdown. This understandably sent crypto markets tumbling – but they quickly recovered, apparently as it became clear the EU had woefully misrepresented the substance of the proposed regulation. Read more…
British fintech boss sounds the alarm about ‘dangers’ of bitcoin and other cryptocurrencies
Anne Boden, the CEO of British fintech startup Starling, is worried about cryptocurrencies. Some digital currency exchanges are “quite dangerous,” Boden said, adding the finance industry should remain vigilant about fraud in the unregulated crypto market. It comes after Binance, the world’s largest crypto exchange, was banned from carrying out activity in the U.K. by the country’s financial services watchdog. Read more…
Wishing you all a relaxing summer weekend with family and friends.
LET’S CONNECT