OpenWallet Foundation Announces 37 Backers for Digital Wallet Project
The Linux Foundation Europe’s initiative to create an open-source engine was implemented with the support of 37 private, non-profit, academic, and government organizations.
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Western Union and Beforepay Launch ‘Send Now Pay Later’ in Australia
Global remittance provider Western Union has partnered with the Australian ethical lending fintech Beforepay to offer consumers an innovative credit solution ‘Send Now Pay Later’
TransferMate Launches Embedded Solution for Cross-Border Payments
TransferMate has launched a built-in solution for making cross-border payments.
Revolut Launches In-App Cashback Feature
Revolut, a global financial superapplication launches a new way of shopping, in which customers receive cashback from their favorite retailers.
Embedded Payments Revenue to Surpass $59B Globally by 2027
A new study from Juniper Research found that the global revenue from embedded payments will reach $59 billion in 2027, up 84% from $32 billion in 2023
Wise Joins G-P to Power Global Contractor Payments
Wise collaborated with the global employment platform G-P to deliver flexible payment options for businesses that work with international freelancers and contractors
Klarna and Schufa Pilot BNPL Over-Indebtedness Protection Solution
BNPL fintech leader Klarna is starting a six-month pilot project with German private credit bureau Schufa for Buy Now Pay Later service customers to be better protected against over-indebtedness
Binance Partners Ingenico to Enable In-Store Crypto Payments
French POS terminal manufacturer Ingenico has teamed up with the crypto exchange Binance to test in-store cryptocurrency payment acceptance that doesn’t require additional hardware
Mastercard Partners Immersve to Support Web3 Payments
Mastercard partnered Web3 payment protocol Immersve to enable users to conduct Web3 crypto payments via USDC token settlements
Samsung and Naver to Partner on Mobile Payments in South Korea
Samsung and Naver announced that they have reached an agreement on strategic cooperation in order to combine efforts to maintain the leading positions of these companies in the South Korean mobile payments market.
Phos Brings Tap-to-Phone Tech to US With Thrive Payments
Bulgaria-based softPOS system Phos enabled payment gateway Thrive Payments to bring its Tap-to-Phone payment solution to merchants in the US
US Credit Card Debt Reaches $1 Trillion, While Delinquency Rates Rise
The New York Federal Reserve estimated that US credit card debt reached nearly $1 trillion in the fourth quarter of 2022, growing by a record $130 billion annually. The rise in delinquencies and charge-offs makes credit card issuers prepare for the worst
UK Open Banking Users Swell to 7 Million
In January 2023, more than 1 million residents in the UK used open banking services for the first time in their financial management practice.
Ethiopia Considering Opening Mobile Money Market to Foreign Operators
A consultative meeting will be held in Ethiopia by the end of February, during which the prospects of the mobile money market in this country will be discussed.
Barclays Reveals Contactless Payments Trends
New data from Barclays, which enables nearly half of the UK’s debit and credit card transactions, reveals that a record 91.2% of all eligible card transactions were contactless in 2022
Amazon and Google Get Payments Clearance in India
Google and Amazon have received permission to expand the scope of their online payment systems in India.
Payments are the transfer of money between two parties in exchange for goods, services, or to settle obligations. They can be made through various online and offline methods like cash, cards, bank transfers, mobile wallets, or digital currencies.
Payments are foundational to the fintech industry. They represent the most frequent and essential financial interaction between individuals, businesses, and institutions. In fintech, innovations in payments focus on making transactions faster, affordable, more secure, and inclusive.
These money transfers are often the entry point for broader digital financial services, such as lending, insurance, or investment, and play a key role in driving financial inclusion and global commerce.
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