In recent years, the rapid growth of digital payments has created numerous opportunities for transforming governance in the Asia Pacific region. The digital payments market is projected to reach an astounding US$36.75 trillion globally by 2029, indicating that the future of transactions lies in electronic methods. Within Asia Pacific, digital payments are expected to surpass traditional cash transactions by 2028.
Financial institutions are currently facing a significant decision with the introduction of the Federal Reserve’s FedNow instant payment system in June 2023, which arrives six years after The Clearing House’s RTP (Real-Time Payments) system was established in 2017. The key question is whether banks should adopt the new FedNow system, stick with RTP, or incorporate both systems. Industry experts suggest
A significant shift in e-commerce payments is currently underway, as TrueLayer’s Pay by Bank service reaches new milestones and gains widespread acceptance among consumers and merchants alike. The service’s rapid growth since 2021, particularly in the UK, indicates a transformative trend in the way transactions are processed online. As the world moves towards more secure and efficient payment methods, Pay
Jazari, a global remit now, pay later platform, has teamed up with Bud Financial in a significant move aimed at enhancing support for migrant workers. This partnership seeks to streamline remittance processes and improve access to credit, particularly in the face of financial challenges such as limited incomes and lack of credit access. These issues are further intensified by high
Kakao Pay, a renowned player in the online payment industry, has strategically ventured into offline payments, marking a pivotal shift in its operational focus. In 2024, the company noted an impressive 125% increase in offline payment usage compared to the previous year. The uptick wasn’t limited to a single quarter; both the number of transactions and users witnessed growth of
Mastercard has joined forces with the GCC fintech platform Tamara to launch a virtual card in the UAE, aiming to enhance the split payment landscape. This collaboration enables Mastercard to solidify its presence in the flexible payment and lending arenas, offering cardholders the option to divide payments at checkout. According to a report by Ken Research, the transaction value of
Kenya’s financial sector has witnessed a significant transformation with the introduction of advanced credit risk assessment tools developed by TransUnion Kenya and FICO. These cutting-edge innovations are reshaping the lending landscape by allowing banks and digital lenders to make more accurate loan decisions without the traditional requirement of physical collateral. This shift towards a reputational collateral-based approach is a groundbreaking
Mastercard recently introduced its Mastercard Mid-Market Accelerator, a groundbreaking suite of financial solutions specifically designed to address the unique needs of midsize firms in the U.S. These firms, typically characterized by annual revenues ranging from $10 million to $100 million or employing between 50 and 250 people, often find themselves underserved by traditional financial providers. With the introduction of this
The launch of the Eurowag Visa Card marks a significant leap forward in the realm of fleet management across Europe. Eurowag, in collaboration with Visa and Nexi Group, including its Nets subsidiary, has introduced a new secure, contactless prepaid payment card designed to streamline and enhance various aspects of fleet operations. This initiative replaces the former Eurowag Mastercard, providing fleet
Businesses across the UAE are witnessing remarkable changes as e& enterprise, the digital transformation division of e&, partners with PayPal to revolutionize digital payments. This strategic collaboration aims to provide a seamless, secure, and efficient payment platform for businesses within the UAE. By integrating PayPal into its Payments Gateway (EPG), e& enterprise is setting the stage for businesses to operate
Anthony Eisen, co-founder of Afterpay, is embarking on a new venture aimed at transforming the eCommerce returns process. His latest startup, Reshop, seeks to address the long-standing challenges associated with online shopping returns, offering a solution that benefits both consumers and retailers. Reshop is designed to streamline the returns process for millennial and Generation Z consumers who predominantly use debit
The travel experience in China has undergone a significant transformation, thanks to advancements in digital payment systems. These innovations have made it easier for foreign visitors to navigate the country, especially during major events and everyday tourism activities. The convenience of cashless transactions through platforms like Alipay and WeChat Pay is at the heart of this revolution. The Rise of
