Household spending has played a vital role in driving the recent economic expansion in the United States. With the onset of the COVID-19 pandemic, many households relied on credit and debit cards to fund consumption needs while they were unable to leave their homes. However, as the economy begins to reopen, households are displaying signs of restraint. In March, household
The world had to adjust to new realities as the coronavirus pandemic brought life to a standstill. Retail businesses faced new challenges with closures, income losses, and consumers relying more on online shopping platforms. A new trend emerged in 2022 named “buy now, pay later” (BNPL) to cater to these shifts in consumer behavior. The BNPL trend originates from e-commerce
NCR Corporation, a technology company that provides solutions for industries such as retail, finance, and hospitality, is expanding its partnership with fintech Payfare Inc. to offer self-service financial solutions. This partnership aims to enhance the financial capabilities of gig workers in the United States by providing them with secure and efficient financial services that meet their unique needs. NCR has
Bankjoy, a digital banking provider, announced an integration with Fiserv Portico, a full-service account processing system. The integration will enable credit unions that work with Fiserv Portico to offer their members an online and mobile banking experience with a modern, intuitive UX. Benefits of Integration for Credit Unions and Their Members This integration will have a significant impact on both
Peer-to-peer (P2P) payments are becoming increasingly popular as people move away from traditional payment methods such as cash and checks. While P2P payments are convenient and easy to use, they also come with some challenges, particularly in terms of interoperability between different payment apps. To address this issue, Visa has launched Visa+, a P2P payments interoperability tool. The tool is
India’s digital infrastructure has come a long way since the launch of the Aadhaar initiative in 2009. The country now boasts a network of interoperable platforms that enable digital identity, payments, and data exchange, collectively referred to as the Digital Public Infrastructure (DPI). This infrastructure has evolved to become a sovereign, self-owned technology stack aimed at providing essential services to
The payments industry is on the brink of a major revolution with the launch of FedNow, a real-time payment service by the Federal Reserve. This long-awaited service is expected to accelerate money movement between accounts, transform bill payments, and enable instant payments for various use cases that are yet to be imagined. It is scheduled to go live in July
Small businesses have been a vital contributor to the economic development of India for decades. According to the Ministry of Micro, Small, and Medium Enterprises, there are over 63.4 million micro, small, and medium enterprises in India, employing over 110 million people. However, one of the significant challenges faced by these small businesses is obtaining credit from traditional financial institutions.
The financial industry has undergone a significant digital shift in recent years, with Fintech apps leading the charge. These apps have proven to be extremely resilient to economic pressures, demonstrating their adaptability and innovation in a rapidly changing industry. In this article, we’ll take a closer look at some of the key trends and developments in the Fintech sector, highlighting
Mobile Commerce and Local Payment Methods in the Middle East and Africa – Opportunities and Challenges for Merchants.The Middle East and Africa regions are witnessing a rapid rise in e-commerce, largely driven by mobile commerce. According to a recent report, mobile commerce is expected to constitute 70% of online transaction value by 2025 in the Middle East and North Africa
SoFi Technologies, Inc. has recently acquired Wyndham Capital Mortgage, a leading fintech mortgage lender, in an all-cash transaction. This acquisition will open up new opportunities for SoFi to expand its suite of mortgage products available to its members, while also enhancing unit economics and taking ownership of the fully digital platform that has already set industry standards. Benefits of the
In recent years, we have witnessed a significant shift towards digital payments due to the widespread adoption of technology and increased consumer demand for faster and safer payment methods. As a result, we have seen a rise in account-to-account (A2A) payments, which offer an instant and secure way to send and receive money. In this article, we will take a
