Tagged: virtual payments

Brazil’s Reserve Bank Launches its PIX Instant Payments Platform, Might Allow WhatsApp P2P Payments Soon

Brazil’s reserve bank has launched its PIX instant payments platform and has also noted that WhatsApp might soon be allowed to reintroduce its peer to peer (P2P) payments service in the South American country. PIX allows local residents, companies, and government agencies to carry out… Read More

Founder of LoopPay, now Samsung Pay, Introduces Fintech Solution for Contactless Payments

Will Graylin, an experienced tech entrepreneur and Founder of LoopPay (now Samsung Pay), has introduced a Fintech solution, called OV Valet – which is a secure Superkey and companion digital wallet app that supports touchless or contactless payments “at 94% of POS terminals.” As mentioned… Read More

American Express and Coupa to Expand Partnership to Bring Virtual Card Payments to US Markets

American Express (NYSE:AXP) and Coupa have announced that they’ll be expanding their existing partnership in order to bring virtual card payments to the US. According to a release, the American Express virtual Card payment option within Coupa Pay is now available globally, allowing companies to… Read More

Bank of Japan Official Argues that No Single Virtual Currency will Dominate Global Transactions

A Bank of Japan official recently noted that there’s no single virtual currency that will completely dominate global transactions, but only if reserve banks focus on enhancing their existing settlement systems. China, which has been leading the charge when it comes to implementing a national… Read More

Mastercard Reports 40% Increase in Contactless Payments Since January 2020, Digital Tech Adoption on the Rise Following COVID

The COVID-19 outbreak has accelerated the shift towards the increased use of all-digital platforms and services by consumers across the globe. Ajay Bhalla, president of Cyber and Intelligence for Mastercard, says that the “new normal” is not a new development anymore and that we need… Read More

Two-Thirds or 68% of Indian Consumers are Now Using Digital or Mobile Banking Platforms to Settle Transactions, Instead of Cash: Report

Over two-thirds or 68% of Indian consumers are currently using digital or mobile banking platforms to settle transactions, according to a new report. The use of online banking services and contactless payments has increased significantly due to the COVID-19 crisis – which had led to… Read More

Checkout.com Executives in the UAE Expect Digital Payments to Overtake Cash Usage due to Rise of E-Commerce

Mo Ali Yusuf, the VP at Checkout.com for the MENA and Asia Pacific region, notes that for anyone who has been living in the UAE for over 4 years, it’s clear to see that the digital payments are increasingly being adopted, instead of using cash… Read More

Payments Platform Nium Teams Up with Neobank Aspire to Enable Google Pay

Singapore-based payments platform Nium has partnered with Aspire, a neobank for businesses, in order to enable payments with Google Pay. Aspire claims that it’s the first business neobank to launch in Southeast Asia. The company announced its plans to go “plastic-less” by issuing corporate Visa… Read More

Majority of Pakistani Consumers to Make Digital Payments for Online Purchases, Instead of Visiting Physical Stores, Even After COVID: Survey

Visa (NYSE: V), the global leader in digital payments, recently published the results of its survey which aimed to assess the impact of COVID-19 on consumer behavior in Pakistan. Visa’s Stay Secure survey reveals Pakistani consumers’ general views about conducting digital transactions, their preferences and… Read More

Indian Fintech PhonePe Partners Brihanmumbai Electricity Supply and Transport to Offer Contactless Payment Options

India-based PhonePe, a major digital payments platform, has teamed up with the Brihanmumbai Electricity Supply and Transport (BEST) in order to offer a frictionless, contactless, safe, and secure payment option to commuters in Mumbai, which is a major financial center and one of the country’s… Read More

Reserve Bank of India Is Reportedly Planning to use Infosys Co-Founder Nandan Nilekani’s Formula to Measure Effectiveness of Digital Payments

The Reserve Bank of India (RBI) is reportedly planning to use the Nandan Nilekani (Infosys co-founder) formula in order to measure the effectiveness of digital payments. Indian prime minister Narendra Modi’s administration has introduced the Digital India initiative which aims to determine the extent of… Read More

Digital Wallet Provider EasyPaisa Partners Fintech Firm PayFast to Accelerate Virtual Payments Adoption in Pakistan

Easypaisa, a leading digital wallet provider in Pakistan, has partnered with Fintech firm PayFast, in order to accelerate the adoption of digital payments in the country. Through the partnership, Easypaisa digital wallet users will be able to make online payments using PayFast’s local payment gateway…. Read More

Alibaba Group’s E-commerce Site Daraz in Pakistan to Encourage Digital Payments by Offering 10% Discount on Mondays on Purchases Made with Visa Cards

Payments giant Visa has teamed up with Pakistan’s Daraz, an online marketplace and logistics firm which operates in markets of South Asia and Southeast Asia (owned by Alibaba Group). Through the long-term, strategic partnership, the companies will introduce “Visa Mondays,” which will allow Daraz customers… Read More

MENA Region Is Experiencing Strong Revival of Digital Commerce and Virtual Payments Sector, Industry Exec Reveals

The MENA region is reportedly experiencing a strong revival of its digital commerce and virtual payments sector, particularly during the past quarter of this year. This key Fintech trend is expected to continue and also keep up its current growth rate in the coming years,… Read More

Aspiring Online Lenders backed by Established Corporates are More Likely to Secure Virtual Bank Licenses than Standalone Challengers: Report

Digital banking or the use of online services and platforms may have been accelerated due to the COVID-19 outbreak, which had led to many countries enforcing nationwide lockdowns. While many countries are now beginning to “re-open” their businesses, the Coronavirus crisis has led to major… Read More

Pakistan’s EasyPaisa, a Leading Digital Wallet Provider, Partners Rawalpindi Chamber of Commerce and Industry to Support Virtual Payments

Pakistan’s Easypaisa, a leading online wallet provider, has teamed up with the Rawalpindi Chamber of Commerce and Industry (RCCI) in order to support digital payments in the country. The agreement was made official and signed by Khurram Malik, Head of Easypaisa, Telenor Microfinance Bank and… Read More

Consumer Spending in India Is Significantly Lower due to COVID-19 related Uncertainty, UPI and Digital Payments Also Decline as Lockdowns Eased

The COVID-19 outbreak and nationwide lockdowns in India have forced many local residents to re-evaluate how they conduct business and manage their finances. An analysis performed by ETMoney reveals that the overall spend by India’s residents between March and June 2020 dropped by around 40%,… Read More

Global Payment Sector to Reach $2.7 Trillion in Value by 2023, with Blockchain or DLT Increasingly Being Used by Cross-Border Payment Solutions: Report

The global payment industry and ecosystem has been growing steadily. The sector is projected to be valued at $2.7 trillion by 2023. Some of the challenges faced by the payment industry include high transaction fees, inefficient cross-border transactions, poor or lack of interoperability between different… Read More

Digital Payments Surge in India with UPI Transactions Reaching Record Highs, Pakistan Also Seeing Rise in Online Transfers

Digital payments experienced a surge in India during July 2020. UPI transactions increased by 11% month-over-month to $38.7 billion in July. Unified Payments Interface (UPI) is an instant real-time payment system that has been created by India’s National Payments Corporation. It aims to facilitate inter-bank… Read More

Switzerland’s New QR-Bill Payments to Use Digitally Readable Code for Holding and Processing Payment Data

Switzerland will be introducing QR-bill payments by the end of this month. They will reportedly have a digitally readable code that will hold all payment data. QR-bill payments will be offered along with seven other existing paper-based payment slips that are used to process transactions…. Read More

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