A groundbreaking initiative by the Ministry of Digital Economy aims to revolutionize the way we handle financial transactions within government institutions. The rampant use of cash results in significant financial burdens, summing up to nearly 1.5% of the nation’s GDP annually. Deputy Minister Eranga Weeraratne alarmed the public about additional concerns such as fraud, corruption, and the many inefficiencies stemming
Amid prolonged economic stagnation, Thailand’s ambitious digital wallet project aimed to inject a whirlwind of funds into the national economy but faced significant opposition and criticism. The administration initially envisioned this program as a transformative economic stimulus by providing all citizens aged 16 and older with financial resources. However, the reaction from various sectors highlighted numerous challenges, prompting substantial modifications
The world of payments is on the cusp of significant transformation as new technologies emerge, forcing credit unions to adapt to stay relevant and competitive. As we inch closer to 2025, several key trends are expected to reshape how financial transactions are conducted, pushing credit unions to embrace innovations in digital wallets, open banking, artificial intelligence, and data security. These
Mastercard has announced a strategic partnership with Dgpays, a financial technology provider, aimed at enhancing digital payment solutions across Eastern Europe, the Middle East, and Africa (EEMEA). This highly-anticipated collaboration marks a significant milestone in the region’s ongoing push toward digital transformation and aims to introduce state-of-the-art payment technologies and loyalty programs tailored to local needs. By combining Mastercard’s extensive
In a significant move to strengthen its cybersecurity prowess amidst the skyrocketing rise of digital interactions, Mastercard has completed its acquisition of Recorded Future, an AI-driven threat intelligence firm. This strategic acquisition underscores Mastercard’s understanding of the critical need to protect consumer and business transactions in an increasingly digital world. By integrating Recorded Future into its cybersecurity services, Mastercard aims
The innovative use of digital collateral is significantly reshaping credit access in emerging markets, addressing a longstanding issue of accessibility to traditional financial systems. Initiatives in regions like Latin America, Africa, and Southeast Asia are leading this transformation, showing how technology can bridge the credit gap. Central to this revolution is the unique financing model developed by companies such as
In early 2024, MeridianLink surveyed nearly 100 financial institutions to gauge their predictions and priorities for the year, providing a comprehensive outlook on the anticipated evolution of the digital lending landscape. This article evaluates those forecasts, examining their accuracy and drawing insights for the future, particularly as we move towards 2025. Decline in Physical Branches The survey’s prediction of a
Kenya is recognized for its pioneering role in digital innovation across Africa, with mobile money services like M-Pesa setting the stage for financial inclusion. Digital lending apps, building on this trailblazing path, have become hugely popular, offering instant loans with minimal requirements. These apps, unlike traditional banks that demand collateral or formal credit histories, leverage data from a borrower’s smartphone
In the evolving landscape of retail transactions, the importance of pre-purchase testing and the rising demand for flexible payment options cannot be overstated. As consumers increasingly rely on online shopping, retailers are focusing on enhancing payment processes, especially during peak shopping periods like the holidays. This article delves into the critical role of payment testing and the growing preference for
WeChat has embarked on an ambitious enhancement of its platform by introducing a new gifting feature poised to revolutionize how users send gifts, especially with the festive season approaching. This latest addition is part of WeChat’s broader strategy to deepen its e-commerce footprint and enhance user engagement through seamless social transactions. The gifting feature is currently in beta testing for
A new digital payment system for South African Social Security Agency (SASSA) grants has been introduced by a leading financial services provider. This system aims to make grant access easier, faster, and more convenient for millions of South Africans. Approximately 45% of South Africa’s 60 million people rely on SASSA grants, including child support, old-age pensions, and disability benefits. The
In recent years, the world has seen a significant shift toward digital payments, with contactless and online banking systems becoming the norm. The COVID-19 pandemic further accelerated this trend, pushing many towards adopting digital wallets and online banking solutions for their financial needs. However, for travelers visiting Bali, the necessity of carrying cash remains essential despite these advancements. Bali is
