The 2024 Chargeback Field Report, released by Chargebacks911 alongside Edgar, Dunn & Company, reveals a concerning trend affecting businesses both large and small: over the past three years, 72% of merchants have experienced an increase in chargebacks, predominantly due to first-party misuse, commonly referred to as “friendly fraud.” As businesses grapple with this surge, many are resorting to raising prices
PowerPay, a US-based digital lender known for its innovative digital point-of-sale lending solutions and established in 2017, has recently secured a $60 million corporate bond exclusively facilitated by KeyBank. With over $8 billion in consumer loans processed to date, PowerPay specializes in home improvement, healthcare, and solar finance lending solutions. This substantial investment aims to enhance the company’s operational capabilities,
The recent announcement of a strategic partnership between FinMont, a global payment orchestration platform, and iPay, a leading African payment processing and billing provider, marks a significant milestone in the evolution of the payment landscape in Africa. This collaboration aims not only to expand FinMont’s payment ecosystem but also to integrate iPay’s seamless, real-time end-to-end payment services. This integration promises
A growing shift in consumer preferences has been identified, with an increasing number of individuals demanding more personalized benefits and rewards from their credit card providers. Notably, over half of the UK’s respondents reported relying on their credit cards to manage their finances. However, a significant proportion of these credit cards do not offer any rewards or loyalty benefits, prompting
Global technology company Wise has strengthened its position in the international finance sector with a new integration into the Philippines’ payment systems. This development is part of Wise’s ongoing mission to provide a more efficient alternative to traditional correspondent banking, a mission it has pursued for 14 years. By partnering with the Philippines’ instant payment system, InstaPay, and gaining access
Intesa Sanpaolo and Visa have renewed their strategic partnership with the joint objective of accelerating the digital transition and boosting growth in digital payments. This multi-year collaboration is set to enhance various existing projects while introducing innovative products and services for Intesa Sanpaolo’s customers. Enterprise customers will benefit significantly from Visa’s value-added services like Visa Business Solutions, whereas consumers will
Melio, an accounts payable and receivable platform catering to small and medium businesses (SMBs), has secured $150 million in a strategic Series E funding round led by Fiserv, with participation from Shopify Ventures and Capital One Ventures. This significant investment has propelled Melio’s valuation to an impressive $2 billion. Over the past three years, Melio has seen a dramatic ten-fold
TBC Bank Uzbekistan, renowned for being the largest mobile-only bank in the country, has launched its new flagship daily banking product, Salom Card. This initiative marks a significant milestone in TBC Uzbekistan’s strategic plan to expand its digital financial services while driving both customer and revenue growth. The introduction of Salom Card is initially exclusive to subscribers on a waiting
Klarna, an AI-powered global payments network and shopping assistant, has launched flexible payment options for Zoom Workplace in 16 markets, including the US and multiple European countries, making it easier for businesses and individuals to manage digital collaboration tools. This initiative allows users to handle Zoom Workplace subscriptions with Pay Now available in all supported countries and Pay Later options
Financial transactions for businesses looking to expand into Southeast Asia and South Asia have long been fraught with challenges and complexities, particularly with traditional card payment schemes. In dynamic and fast-paced markets where card penetration remains persistently low, businesses often face the dual hurdles of exorbitant fees and delayed settlement times. These obstacles make real-time payments a crucial element in
In today’s digital-driven world, the demand for real-time cross-border payments is rising faster than ever, emphasizing the need for seamless, secure, and efficient payment methods for both consumers and businesses. Adeline Kim, Visa’s country manager for Singapore and Brunei, highlights a critical necessity: payment systems must become interoperable to address the fragmentation caused by the rapid pace of innovation. As
Google has announced plans to expand its payment app, Google Wallet, to include functionalities for children, while incorporating stringent parental controls to ensure security and oversight. The initiative is scheduled for rollout next year, allowing children with NFC-enabled smartphones to make in-store payments using PIN, fingerprint, or Face ID. However, online payments will be restricted to prevent unauthorized transactions. Parents
