(The Paypers) ICICI Bank and IndoStar Capital Finance have joined forces to help underserved businesses in India buy new and used commercial vehicles.
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(The Paypers) Ecommerce in Sweden is expected to be worth EUR 16.86 billion at the end of 2019, according to a report by Ecommerce Foundation.
(The Paypers) InstaReM has released its API-based digital platform that will enable startups, fintech companies, and enterprises to launch their own branded cards.
Say goodbye to your leather wallets and bedazzled purses; the future of the wallet is now, and it is digital.
In 2018, the average U.S. adult spent more than six hours each day on a mobile device. This lengthy and near-ubiquitous daily use of mobile devices has seen more and more people learning about and using digital wallets to make everyday purchases. It’s estimated that by 2020 almost 1 in every 2 dollars spent online will come from purchases made using mobile devices.
So what is a digital wallet? You may have heard the term before, but for the uninitiated, a digital wallet, also known as an “e-wallet,” refers to an electronic device or an online service that allows an individual to make financial transactions. A digital wallet is connected to a debit, credit, or prepaid account via smartphone or other digital device and can be used to make in-store purchases via near-field communication (NFC) or at an online store or with a digital app. Digital wallets may also store other ID documents such as a driver’s license, health card, or loyalty card.
In the past, concerns about payment safety, a shortage of in-store payment terminals, and a general lack of public awareness about the technology kept digital wallet usage reserved to a minority of consumers. However, new technology, improved security, innovation, and interest among key demographics such as millennials, is driving digital wallet adoption.
According to a report by Accenture, 56 percent of consumers in 2018 knew about digital wallet technology, up 15 percent from 2012. The same report cited millennials as more likely than other demographic groups to try new technologies, pay in-store, and be “extremely interested” in new ways to make payments, such as wearables.
Gartner Group estimates 6.4 billion connected things were in use worldwide during 2016, an increase of 30 percent from 2015. The firm expects that number to more than triple by 2020, growing to nearly 21 billion devices. According to Juniper Research, global mobile wallet spend increased 32 percent in 2017 to $1.35 trillion.
In 2018, 80 percent of merchants said they see mobile payments as a fundamental part of their business strategy. 92 percent of merchants expect to maintain or increase investment over the next 12 to 18 months. 80 percent of respondents cited consumer demand as one of the main reasons for adopting mobile payments.
According to Payments Canada and Leger Marketing, two-thirds of Canadians are looking to stop using cheques are other traditional, outdated payment methods in favour of alternative payment options such as mobile wallets. One in three Canadian smartphone users has already paid for something with a smartphone. More than 50 percent of smartphone owners don’t feel like carrying around debit cards, credit cards, or cash–and the majority of consumers expect other people to do the same. 65 percent of smartphone regular purchasers–those who make a purchase on their smartphones at least once a week–plan to manage their personal accounts and payment information in a single mobile payment system (mobile wallet) in the future.
The numbers don’t lie–the digital wallet is the future of digital payments. The widespread adoption of digital wallets isn’t a question of if, but when.
Loranne A Pace, SVP, Head of Banking Operations, FIMBank plc , Malta, and Vinay Prabhakar VP, Product Marketing, Volante Technologies, speak at EBADay 2019 in Stockholm about payments as a service in the cloud, the benefits, SEPA payments through Volante’s managed service, the best way for banks to get started with instant payments and what banks need to do to win more corporate business.
With PSD2’s Regulatory Technical Standards (RTS) deadline fast approaching, Swedish open banking platform Tink is claiming that European lenders have failed to provide the proper technology environment for third party providers to access payments data as required by the new law.
European banks were mandated to make their production APIs available by 14th June - three months before the final RTS deadline.
In a bid to assess readiness, Tink has attempted to integrate 84 APIs representing 2500 banks across 12 markets. While 69% of the production APIs were available by 14 June, not a single one was found to be of sufficient quality to have met the required regulatory standards for integration.
Tink says that banks are welcoming feedback, and showing a willingness to improve but predicts that third parties will now need to rely on contingency methods stipulated by PSD2 if they are to offer a smooth service for end users come September.
The firm is calling on regulators to enforce an extended transition period after the deadline to give banks the time to get their APIs up to standard.
Tomas Prochazka, VP, product, Tink, says: "With less than three months to go until every financial institution in Europe is required to be fully compliant with PSD2’s RTS, this is concerning news.
"While efforts from both sides are being made to make the deadline work, TPPs all over Europe are being left in the dark. Unanswered questions - such as who will be granted an exemption from providing a fallback method and when these exemptions will be issued - mean they are faced with a suboptimal working environment.
"It’s in everyone’s interest to make sure that end users are able to continue enjoying the services they have become accustomed to after 14th September - and to ensure PSD2 and the open banking movement are successful."
In Verona today SIA has inaugurated a new specialized center for payment cards, capable of managing every stage of issuing, from conception to distribution, through a monitoring system compliant with the highest standards of security.
The technological excellence center uses state-of-the-art equipment capable of producing an average of 10 million cards per year, with volumes that are scalable even further.
At the center in Verona, in line with the requirements of the Payment Card Industry (PCI) Card Production and Provisioning standard of the payment circuits, personalization activities are carried out for all types of bank cards (debit, credit and prepaid), for loyalty cards or those associated with specific services such as, for example, university, fuel or transport cards. As well as traditional PVC cards, the plant is able to produce metal cards and those made of eco-friendly materials, based on various technologies like chip, contactless or biometric recognition which allow the entry of a PIN to be replaced with a fingerprint.
With this new initiative, SIA completes its offering of card management services at the disposal of its customers, supporting them in management from the design to the issue of the cards - also with dedicated packaging - to processing of payment transactions and the authorization process, right up to virtualization of cards on a smartphone.
“With the inauguration of the new center in Verona, SIA consoli dates its role in digital payments as a reliable and secure technology partner, focusing on innovation to cover the entire value chain of e-money services while maintaining a high standard of quality,“ commented Eugenio Tornaghi, Marketing & Sales Director of SIA. “From pioneers in the digitalization of payments having enabled the Alipay, Apple Pay, Samsung Pay and WeChat solutions in Italy, today we confirm our ‘bank friendly’ positioning making available to banks, both traditional and online, a customized physical card to be used a s an authentic calling card with respect to the end user.”
British bank NatWest is piloting a digital working capital product that offers a credit limit based on business customers' unpaid invoices.
Developed with Australian fintech Waddle Loans, the product, called Rapid Cash, connects with accounting software to give businesses a dynamic credit limit of between £25,000 and £3000,000.
The application process is digital, with customers able to get credit approval within a day and then the funds in their account a few hours later.
Businesses also get a choice of how much to borrow and for how long. Once funds are repaid, customers can draw down against the line of credit again, up to their approved limit.
Following testing with a small number of users, Rapid Cash is now being offered to all NatWest business customers and will be made available to non-customers within weeks.