Ecommpay lLaunches Promotion For Free Merchant Processing
Weekly news up to Tuesday, 24th of September 2024
👀 NEWS HIGHLIGHT
dLocal, the cross-border payment platform, has announced a partnership with MoneyGram, a global financial technology company.
The partnership will help MoneyGram continue to expand its high-demand services into new markets across APAC and EMEA with future expansion plans for LATAM. This will further enhance the company’s digital receiving capabilities.
According to the World Bank, the global average cost to consumers for cross-border payment transactions was 6.35% in the first quarter of 2024. Meanwhile, bank services have remained the most expensive type of cross-border payment, with an average cost of 12.66%.
📰 ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Yuno’s High-Performance Approach to Network Tokenization.
⭐️ TNG Digital eyes Malaysian IPO in next 2-3 years.
⭐️ Europe's Local Card Schemes on a Steady Decline.
⭐️ Revolut is piloting a new standalone investment app in Greece, Denmark, and the Czech Republic.
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FINTECH
FTC to use PayPal to send refunds in FloatMe settlement. Eligible consumers for a payment will receive an email by Sept. 20, the FTC plans to send PayPal payments on Sept. 23, and recipients should redeem their PayPal payment within 30 days, they said in a press release.
Africa: Mastercard unpacks tailor-made financial solutions for region. Mastercard partners with organizations like MTN to boost the mobile money ecosystem, works with Access Bank to enhance cross-border remittances and e-commerce payments, and collaborates with governments to promote digital payment adoption.
Oracle launches Financial Crime and Compliance Management Service. The new service is designed to help banks, FinTechs and other financial services companies identify potential financial crime and compliance issues and reduce compliance costs.
Finastra’s Treasury and Capital Markets (TCM) unit may be sold. Private equity firm Vista Equity Partners is working with global investment bank Evercore to sell the TCM unit, though Vista is still considering whether to do so, Bloomberg reported, citing unnamed sources.
Robinhood nets Jersey sponsorship deal with NBA Memphis Grizzlies. This partnership extends beyond financial services and basketball, and is set to begin in the 2024–25 NBA season, and will place the FinTech giant’s logo on the Grizzlies’ uniforms.
Local Lithuania media announced that kevin. has gone bankrupt. A court official confirmed that a bankruptcy case has been opened. According to public records, the company owes €420,000 to the state social insurance alone, not to mention delays in payments to employees and partners. Find out more
PAYMENTS
Ecommpay launches promotion for free Merchant processing.
Ecommpay is marking the launch of its new brand identity and website with a ground-breaking Merchant promotion. The first three retail merchants to onboard and start processing payments in 2025 will qualify for free processing for the duration of 2025.
Ecommpay launched a new brand identity earlier this month, with a dedicated campaign focused on financial inclusivity: Ecommpay for Good. Its mission is to provide a platform where people and organisations are empowered, connected, secure and free to choose their preferred payment methods, which goes to the heart of financial inclusivity.
The promotion to mark the launch of the rebrand will support online payment processing across the majority of payment methods, including credit and debit card payments and alternative payment methods.
Affirm opens BNPL offering to Apple Pay Users. The recently announced integration allows Apple Pay users in the U.S. to pay for purchases via iPhone and iPad over time using Affirm, breaking down their payments into biweekly or monthly installments.
FinTech Cherry pitches bond tied to BNPL cosmetic surgery loans. The startup is collaborating with Barclays on a potential healthcare asset-backed deal, with investor meetings scheduled for the coming weeks. The proposed bond would be secured by consumer loans provided by Cherry for cosmetic surgery, dental, or medical aesthetics.
MarketPay introduces dual-purpose terminal and SoftPOS checkout app. The solution stands out by its ability to offer a single app available both for terminal and smartphone payments. It therefore can be used for all point of sale purchases.
Dinii streamlines restaurant payment operations with Adyen. Adyen announced that its payments platform has been integrated into Dinii for 'Dinii Cashless,' enabling restaurants to streamline both their ordering and payment systems into a single solution with just one contract through Dinii."
Klarna adds more AI features to its assistant powered by OpenAI. The AI assistant now offers a chat-based shopping experience that helps users save time by providing personalized product recommendations, expert advice, category and brand comparisons, and access to customer reviews—streamlining the path to purchase.
Mastercard expands support for Canadian entrepreneurs with Mastercard x Pier Five Small Business Fund, now open for 2024 applicants. The payments giant is inviting applications from 10 women small business owners to receive $10,000 CAD, mentorship opportunities, and resources. Applications are open until Nov. 3.
DIGITAL BANKING
Monzo Bank is the first UK Bank to allow its Flex customers to choose monthly payments when shopping online with Apple Pay: The bank is introducing a new credit card feature that lets customers select monthly payments before finalizing their purchase online with Apple Pay through Monzo Flex.
Proxymity and J.P. Morgan deploy Vote Connect Total in the UK. The system enhances accuracy, efficiency, and transparency in proxy voting. The solution will also facilitate new features such as real-time investor communications and post-meeting voting confirmation services.
Revolut reaches 10 Million customers in the UK. Revolut’s largest market, and where the firm was founded in 2015, has gained nearly two million UK customers in 2024 and continues to grow. The company has over 45 million customers globally.
CRYPTO
German banking giant Commerzbank now offers crypto trading and custody services. According to an official announcement on Thursday, the bank has partnered with Crypto Finance, the digital asset arm of Deutsche Börse, to provide these services to its corporate clients.
DZ Bank partners with Boerse Stuttgart Digital to offer crypto access to 700 banks. The collaboration, announced in a press release on Thursday, aims to enable DZ Bank’s clients to offer retail customers a secure and regulated entry point into digital assets.
PARTNERSHIPS
PUMA partners with Payrails to transform online payments and improve the shopping experience for customers worldwide. The collaboration will enable shoppers to have a wider variety of payment options and receive a more seamless buying experience - regardless of their location or payment method.
Triple-A partners with DCS Card Centre. This collaboration enables DCS cardmembers to top up their virtual accounts with digital assets via the DCS Cards App. The live service allows users to increase their D-Vault balance, which can be converted into SGD for card transactions, including bill payments.
M&As
After acquiring Dutch-based Scoupy, Swiss money app Woolsocks acquires Amsterdam’s Hiiper. “With this next step, we can more quickly realise the full potential for further growth of Hiiper. As Hiiper’s management team, together with the broader team of Hiiper, we are very pleased with this step,” said the group’s CEO.
MOVERS & SHAKERS
Ex-Meta Payments Director becomes new Mangopay CEO. Sergi Herrero, confirmed as Mangopay’s new CEO, is dedicated to continuing the platform’s upward trajectory. He succeeds Romain Mazeries, who stepped down after six years as CEO but will remain on the board to work with other members.
Ex-TSB chief Paul Pester joins UK wealthtech start-up Firenze as chair. As the new chair, Pester describes Lombard lending as “one of the best kept secrets of the super wealthy”, and with political speculation around increases to capital gains tax heating up, says Firenze “could not have come at a better time.”
Aspire strengthens compliance team with key hires amidst global expansion. Aspire has appointed Summer Yu as Global Head of Compliance and Tommaso Scarpa as Head of Compliance for Singapore. These appointments aim to strengthen the company’s compliance, risk, and IT security teams.