FinTech Thunes: Why Turkey Is Expected to Lead Digital Payments Adoption
Connecting the dots in payments...
Connecting the dots in Payments...
REPORT
In just two years, the debit card has replaced cash as the preferred payment method among Spanish speaking Latin Americans, and mobile payments
have quickly gained ground, too, particularly in countries such as Argentina and Peru.
Those are some of the key findings from mckinsey 's two comprehensive payments surveys polling more than 15,000 people in Spanish-speaking Latin America in 2021 and 2023.
👀 NEWS HIGHLIGHT
From e-wallets to neobanks, Türkiye’s (Turkey) financial institutions are accelerating FinTech innovation, supporting greater connectivity to international markets, financial inclusivity at home and more economic prosperity for businesses. Thunes is a key payments player in Turkey’s ecosystem.
Thunes says its extensive payments network in the country “facilitates collections and and payouts to link bank accounts, digital wallets and merchants. Using Thunes’ Pay and Accept network, Turkish consumers can make real-tme, cross-border payouts to banks and conduct transactions using digital vouchers.”
📰 ARTICLE
💡INSIGHTS
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
⭐️ DNA Payments adds Alipay+ to POS portfolio.
⭐️ Travel paytech Swiipr raises £6m in Series A funding.
⭐️ One of the most compelling features Google Pay is rolling out is the ability to see each of the cards’ benefits and rewards before making a selection at the checkout.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Boodil launches new travel payments platform. The platform also integrates a backend dashboard that provides comprehensive and secure transaction data, including the status of payment links.
Opus Technologies Launches Payment Integration Framework for Financial Institutions. These use cases include real-time payments, retail payments and cross-border transactions, the release said. For each use case, there are preset workflows that ensure smooth data exchange, compliance and security.
EUROPE 🇪🇺
Scalapay, a Buy Now, Pay Later (BNPL) platform in Southern Europe, and Adyen announced the start of a strategic partnership that opens up new opportunities in the payments landscape.
Gnosis Pay Inks Partnership With Visa to Help Connect the Web3 Ecosystem With Traditional Payments. Through Gnosis’ decentralized network, Gnosis Pay allows entities to provide an on-chain spending account linked to a Visa debit card that can be used at Visa accepting merchant locations worldwide.
Worldline signs deal with Banque Raiffeisen for cloud0based instant payments. With this new agreement, Worldline will provide the bank with the means to send and receive instant payments as mandated by the EU’s Instant Payments Regulation.
Viva.com, Nexi, and MyPos to Offer Tap to Pay on iPhone for Merchants in Italy. Tap to Pay on iPhone allows merchants to accept contactless payments, including credit and debit cards, Apple Pay, and other digital wallets, using just an iPhone and the Viva.com app, Nexi SoftPOS app and the myPOS Glass app, respectively, with no extra hardware needed.
USA 🇺🇸
Sabre and Uplift Partner to Enable Hotels to Offer BNPL. This collaboration underscores Sabre’s commitment to revolutionizing the guest experience by harnessing innovative solutions that enhance payment options and drive customer satisfaction.
Klarna labels CFPB BNPL rule 'baffling'. This means that providers must give consumers some key legal protections and rights that apply to conventional credit cards.
PPRO offers overseas merchants access to Afertpay BNPL in the US. This will enable US, Europe, China and Hong Kong-based e-commerce merchants and payment service providers (PSPs) to sell directly to US consumers using Afterpay.
The web3 payments firm Coinflow Labs raised $2.25 million in seed funding. Coinflow develops a payment system that instantly accepts payments and settles transactions with stablecoins. The platform also allows businesses to send funds from stablecoins to a user's bank account immediately.
CANADA 🇨🇦
Apple launched Tap to Pay on iPhone in Canada 🇨🇦, empowering millions of merchants to use iPhone to seamlessly and securely accept in-person, contactless payments.
Square Launches Tap to Pay on iPhone in Canada. Available within the Square Point of Sale, Square for Retail, and Square Appointments iOS apps, Tap to Pay on iPhone lets sellers accept contactless payments directly from their iPhone.
FinTechs Canada responds to Bank of Canada retail payments policies and guidance. The Bank of Canada will ensure that payment service providers safeguard end-user funds and are aware of and manage the risks associated with their business.
LATAM
Kushki Expands as Acquirer Across Four Latin American Countries. Kushki now operates as an acquirer in Colombia, Peru, Mexico, and Chile, holding licenses from Visa and Mastercard.
El Dorado, a platform that facilitates international payments and transfers using stable cryptocurrencies, has closed a seed investment round of $3 million. The company claims to be processing more than 8,000 transactions per day and to have surpassed one million transactions in the market.
Centrobill has announced it is offering of fully licensed PIX payments in Brazil in a move aimed at influencing the Brazilian FinTech market. Furthermore, Centrobill seeks to proactively stay ahead of regulations to handle compliance concerns for its clients, supporting their success.
Paytech Koywe Acquires Chilean Company Facto to Enter the North American Market. Koywe, the startup co-founded by Ignacio Detmer and Guillermo Acuña focused on payment methods, has just acquired this FinTech with the objective of attacking together the North American market when the new system starts operating.
Totalnet Uruguay has officially launched its new mobile app. This app turns Android phones with NFC capabilities into point-of-sale (POS) terminals, allowing merchants to accept card payments easily, quickly, and securely.
ASIA
United Payment Became The First And Only Turkish Company To Receive The E-money License In Azerbaijan. With this licence, United Payment has gained the right to open an account, electronic money (wallet) and Virtual POS services.
Pyvio selects Currencycloud to deliver cross-border payments for Chinese merchants. The partnership will allow Pyvio to leverage Currencycloud’s technology to collect and pay funds in over 180 countries and more than 30 currencies, including CNH and CNY.
AUSTRALIA 🇦🇺
Finastra partners with LGT to provide instant payment services in Australia and Liechtenstein. Financial institutions can meet current regulatory requirements, respond faster to future changes, and provide personalised services to their customers.
MIDDLE EAST
Saudi FinTech Hala raises fresh funds from private equity giant TPG. The precise particulars of the funding weren’t revealed however the report famous that Hala secured the funding earlier this 12 months from the US-headquartered which has over $220 billion.
AFRICA
Jumia, the leading e-commerce platform in Africa has announced two new Buy Now, Pay Later (BNPL) partnerships in Nigeria with Newedge (Easybuy), a finance company in Nigeria, and CredPal, a Nigerian FinTech company.
Dublin FinTech CR2 acquired by Moroccan payments firm HPS. HPS said the acquisition will enhance its digital banking and payments capabilities and accelerate its growth within the space globally.
Payrails, a payment platform serving global enterprises, has announced a collaboration with inDrive, a prominent ride-hailing app. This partnership aims to address the challenge faced by inDrive in integrating various payment service providers (PSPs) and alternative payment methods (APMs) across different regions.
Flutterwave Mozambique Receives Payment Aggregator License Approval in Principle. This license enables Flutterwave to offer its comprehensive payment services within Mozambique and strengthen its operations in southern African markets.
MOVERS AND SHAKERS
Nuvei names Gang Wang CTO. Wang is a proven groundbreaker and leader with deep knowledge of the payments and software sectors, the intersection of which is increasingly critical for the industry. He will spearhead Nuvei’s technology strategy, including research and architecture.
Paystand appoints Allison Grieb chief sales officer. Allison's arrival marks the next level in our business and our ambitions to grow into a world-class organization with proven world-class leaders."