Tagged: virtual payments

Digital Payments are Now Being Used by A Third of Indian Households with Usage Spread Across Different Income Groups: Survey

A third or around 33% of households in India are now using digital payments, with usage being evenly spread across different income groups, according to a survey performed by the National Payments Corporation of India (NPCI) and People Research on India’s Consumer Economy (Price). The… Read More

Digital Payments in Saudi Arabia Surged 75% YoY as Consumers Began Shopping Online More Frequently due to COVID

Digital payments in Saudi Arabia surged by 75% last year, as consumers increasingly began shopping online following the COVID-19 outbreak. Meanwhile, cash withdrawals from ATMs and other payment points declined 30% during the same time period. Point of sale (PoS) refers to a location where… Read More

Reserve Bank of India to Measure Growth and Adoption of Digital Payments in the Country by Using New Index

The Reserve Bank of India (RBI) has introduced a new index in order to measure the growth and adoption of digital payments in the country. The RBI revealed that virtual payments grew 2x in March 2020 when compared to March 2018. The index was created… Read More

CIMB Bank Vietnam and Viva Republic have Launched New Debit Card after Success of their Virtual Payments Card

CIMB Bank Vietnam and Viva Republica, the operator of the Toss app (a payments service), have launched the CIMB-Toss debit card after the success of the CIMB and Toss virtual card – which was introduced in July of this year. Launched earlier this month, the… Read More

French Mobile Payments Firm Lydia Acquires $86 Million in Additional Funding as Part of Series B Round

French mobile payments firm Lydia has extended its Series B investment round, raising an additional $86 million in capital led by Accel. Lydia’s total Series B funding currently stands at €131 million, which reportedly makes it the largest round ever closed by a French Fintech… Read More

Canadian Fintech Expertus, Processor of $50B in Transactions Per Day, Acquired by Tech Giant IBM

New York-based tech giant IBM Corp. (NYSE:IBM) has acquired Expertus Technologies Inc., a Canadian Fintech company that assists clients with processing over $50 billion in transactions per day. IBM bought the company so that it could enhance its electronic-payments capabilities. Expertus has now been added… Read More

Indian Regulators to Restrict Payments Companies from Handling More than 30% of Transactions in the Country

Governments across the globe are always trying to create a balance between enabling or supporting tech advancements and innovation while preventing large companies such as Google (NASDAQ:GOOG) and Facebook (NASDAQ:FB) from unfairly using their dominant position to eliminate smaller competitors. India is reportedly planning to… Read More

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

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