Connecting the dots in Payments Weekly Newsletter

REPORT

Spoiler Alert: Real-Time Payments is one of them. While Brazil (with PIX) is the regional first mover, the RTP trend is growing across Latin America. FinTechs and banks have been instrumental in RTP adoption outside of Brazil, primarily with the digitization of person-to-person (P2P) payments, which are widely used for social commerce and other informal selling.

The U.K. market is one of the slower-growing real-time payment markets however, despite its relative age, it is nowhere close to saturated.

As in many other developed markets, FinTechs make up a small overall portion of real-time payments. Transaction volumes remain dominated by established banks, generally according to their share of the retail current account market.

👀 NEWS HIGHLIGHT

PayPal launches its most advanced solution for small businesses in Canada.

PayPal Complete Payments launches today for small and-mid-sized enterprises in Canada, UK, and over 20 European markets.

The solution enables small businesses in Canada to accept a range of payments including PayPal, Apple Pay, Google Pay, credit and debit cards, and more than 20 alternative payment methods from around the world.

💡INSIGHTS

Affirm's market cap as of today is $11.3 billion. Klarna is rumored to go public at a $20 billion valuation.

NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS

🔦 PAYMENTS HIGHLIGHTS

⭐️ 2-year-old LatAm FinTech Yuno reaches $150M valuation with backing from DST, Tiger, a16z.

⭐️ Mastercard collaborates with Central Bank of Jordan on payment ecosystem blueprint.

⭐️ Stripe enables businesses in the UK to accept Tap to Pay on iPhone.

⭐️ Samsung debuts a ‘smart ring’ with health-tracking.

🌎 REGIONAL HIGHLIGHTS

EUROPE 🇪🇺

Buckaroo wins merchant services deal with ABN Amro. This exclusive partnership between Buckaroo and ABN AMRO marks a significant step in transforming omnichannel payment and merchant services throughout the Netherlands.

Softpay integrates BankAxept for tap-to-phone payments. With Softpay, merchants can use any Android device to accept BankAxept cards in-store, at pop-up locations, or for deliveries, providing mobility and reducing transaction costs.

Viva.com activates Cartes Bancaires on Tap to Pay on iPhone in France. Tap to Pay on iPhone with the viva.com | Terminal iOS app is yet another step towards liberating merchants from cumbersome legacy payment terminals.

Irish central bank sets new payments strategy as country lags rest of Europe. The Central Bank of Ireland has outlined a new multi-year payments strategy amid concerns that banks are failing to grasp the opportunities presented by instant payments.

J.P. Morgan Payments is set to become a principal member of France’s leading payments network. With the intention to offer European merchant clients access to the payments system by the end of 2024.

Allianz Trade launches Allianz Trade pay, a new range of services fully dedicated to B2B e-commerce activities. Allianz Trade announces the launch of Allianz Trade pay, a payment solution with a range of services dedicated to B2B e-commerce activities

USA 🇺🇸

Checkbook and Visa bid to maximise instant payment availability. This announcement builds further strengthens the relationship and expands the solutions Checkbook is offering to businesses looking to disburse fast and seamless payments.

MONAT Launches Revolutionary Payouts Experience with PayQuicker. MONAT will leverage PayQuicker's unique offerings to streamline commission-based payments to their Market Partners across the globe with the newly launched payout solution.

Amazon expands smart carts pilot. Seattle-based Amazon first launched its smart shopping cart, designed to speed up trips to its Whole Foods grocery stores, in September 2020.

Fiserv looks to buy Shift4 Payments Reuters. Fiserv and Amadeus have emerged as the main contenders, with final offers to be submitted in the coming weeks, says Reuters, citing sources.

HIVEX Payment Network Launches Merchant-Scan Payment Method in Japan And Welcomes PXPay Plus Users. After the successful October 2023 HIVEX payment network launch of MPM, HIVEX is now launching CPM, which enables a merchant POS scanner to scan QR codes.

Galileo and The Bancorp partner on instant transactions. Using the RTP network from The Clearing House, Galileo and The Bancorp are delivering instant money movement between bank accounts.

Zelle Volume Heads Towards $1 Trillion, As Banks’ Cash App Spreads To Small Business Payments. Bank customers used Zelle to transfer $806 billion in 2.9 billion payments last year, up 28% in both dollar value and transaction volume from 2022.

LATAM

Fintech PagHiper receives green light from Brazil's Central Bank to operate as a payment institution. This authorization allows PagHiper to engage in the issuance of electronic money and manage prepaid payment accounts.

ASIA

Mastercard partners with Loop to launch innovative payment solutions in Saudi Arabia. The partnership will see Loop expand its portfolio, enhance its suite of products and services through leveraging Mastercard technology and expertise.

RBI Grants Payment Aggregator Licence To Amazon Pay. With this, Amazon Pay joins a growing list of companies that have received the coveted licence this year so far.

Uqudo and Tamara join forces to revolutionize identity verification in BNPL transactions. This strategic partnership represents a significant milestone in the financial landscape of the GCC, poised to elevate digital transactions.

AUSTRALIA 🇦🇺

Paying later: The inside story of Afterpay’s inevitable decline. The offer of easy and interest-free credit resonated with a customer base that found instant gratification via their smartphone impossible to resist.

AFRICA

Mastercard and MTN Group FinTech partner to drive acceleration of mobile money ecosystem in Africa across 13 markets. The partnership will use Mastercard’s cutting edge technology and capabilities to support MTN’s.

Nigerian businesses increasingly skip traditional banks and turn to Moniepoint. Moniepoint’s payment machines have become ubiquitous across Nigeria. But the company faces competition from Chinese-backed OPay.

MOVERS AND SHAKERS

ACI Worldwide Appoints Two New Independent Directors to Board. ACI Worldwide, announced the appointment of two new independent directors, Katrinka McCallum and Juan Benitez, to the company’s Board of Directors.

Thredd appoints global CTO. Edwin Poot will lead the next phase of Thredd’s technological evolution to deliver the company’s robust product expansion roadmap.

Spreedly Appoints Lightspeed Commerce Veteran Peter Dougherty as President. In his new role, Dougherty will oversee marketing, sales, partnerships, customer success and support, and other go to market (GTM) functions.

Connecting the dots in Payments Weekly Newsletter