Visa Inc. (NYSE: V) has made a significant strategic investment in Moniepoint Inc., a Nigerian-based business payment and banking services platform founded in 2015 by Tosin Eniolorunda and Felix Ike, which processes over 1 billion transactions monthly. Totaling more than $22 billion, this investment underscores Visa’s ongoing commitment to financial inclusion and the expansion of small to medium-sized enterprises (SMEs)
The payments industry is undergoing a significant transformation, driven by the rapid adoption of artificial intelligence (AI). This shift is not just about enhancing operational efficiency but also about revolutionizing customer service and risk management. Lisa McFarland, the executive vice president and chief product officer at Ingo Payments, provides valuable insights into how AI is reshaping the landscape of financial
Ecommpay, a global payments platform, has strengthened its presence in the Swedish market by integrating Swish, the popular Swedish banking app, into its array of Alternative Payment Methods (APMs). Swish, commanding over 39% of checkouts in Sweden, is the preferred payment method among Swedish consumers. By incorporating Swish, Ecommpay seeks to enhance the checkout experience for its Swedish customers, aiming
Paymob, a prominent financial services provider in the MENA-P region, has achieved a significant milestone by securing the Retail Payment Services License from the Central Bank of the UAE (CBUAE). This pivotal authorization, obtained after a rigorous regulatory process, enables Paymob to offer essential merchant acquiring, payment aggregation services, and domestic fund transfers within the UAE. This achievement underscores Paymob’s
The functionality of MMI since its introduction in 2018 has been a game changer for Ghana’s financial landscape, significantly boosting financial inclusion efforts and transforming the way financial transactions are conducted. Evolution of Mobile Money Services in Ghana The Advent of Mobile Money Mobile Money (Momo) services were introduced in Ghana in 2010, marking the beginning of a new era
Digital payments have surged in South Africa, with more people opting to tap or scan from their smartphones rather than using cash or cards. Digital wallet usage grew by 9% in 2023, with around 60% of South Africans now preferring digital wallets for their security, convenience, and ease of payment tracking. Just a few years ago, mobile payments were a
KnitWell Group, known for its prominent American fashion brands, has joined forces with Synchrony, a top consumer financial services firm, to offer expanded payment choices for patrons of Chico’s, WHBM, and Soma. This strategic, multi-year partnership will introduce rewards and flexible financing solutions that include both a private label credit card and a dual-branded Mastercard for each brand. This innovative
In an era marked by digital transformation and growing reliance on online transactions, Checkout.com has emerged as a key player revolutionizing global digital payments in 2024. This leading digital payments company reported a profitable end to the year with a remarkable 45% increase in net revenue year-on-year. The surge was predominantly driven by its core business operations within the commerce
Mesta, a pioneering fintech platform, is making significant strides in transforming cross-border payments by integrating real-time fiat payment rails with blockchain-driven stablecoin rails. Addressing long-standing inefficiencies in the global payments and trade landscape, Mesta’s hybrid system aims to offer a seamless and secure payment solution. Introduction to Mesta’s Platform Founded in 2024 by Sandeep Pyapali, who has a solid background
The future of online payments is set to become increasingly sophisticated by 2025. Payment transactions, whether for weekly purchases, subscription services, or business dealings, remain a constant and universal necessity. The financial sector, including banks and other financial institutions, is perpetually innovating to enhance the efficiency of payment processes, attracting both new and existing customers. Key Drivers of Change Advanced
The UK Financial Conduct Authority (FCA) has announced a groundbreaking decision to remove the £100 contactless payment limit. This move is expected to significantly enhance the flexibility available to businesses and consumers, reflecting the growing success of digital wallets with biometric logins. These wallets currently bypass the contactless payment limit, offering a more secure and convenient method of payment. The
Gate City Bank, a mutual bank based in North Dakota with $3.6 billion in assets, has embarked on a noteworthy partnership with Lama AI to transform its business lending operations through the adoption of advanced generative AI technology. This newly implemented loan origination platform is designed to streamline workflows, reduce the burden of manual tasks, increase the volume of deals
