On November 21, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule to enhance its supervisory authority over nonbank digital payment application providers identified as “larger participants” in the general-use digital consumer payment applications market. The rule, which comes into effect on January 9, 2025, aims to bolster consumer privacy protections, reduce fraud, and address unlawful “debanking” practices.
In a significant move towards promoting digital payments in Nigeria, Jumia, a leading e-commerce platform in Africa, has partnered with PalmPay, a fintech company that operates Nigeria’s most used mobile wallet. This strategic collaboration integrates PalmPay as a payment method on Jumia, which aims to provide a seamless and reliable checkout experience for online shoppers. Both companies are committed to
In an era where digital transformation is redefining financial landscapes, Maya, a leading Digital Bank and Payments Processor in the Philippines, is leveraging a landmark initiative known as QR Ph to revolutionize digital lending and payments across the nation. QR Ph, launched by the Bangko Sentral ng Pilipinas (BSP), amalgamates numerous proprietary QR codes into a single, universal system designed
Juicyway, a leading payment startup utilizing stablecoin technology, has recently emerged from stealth mode by announcing a significant $3 million pre-seed funding round. This groundbreaking initiative, led by P1 Ventures with support from Ventures Platform, Future Africa, Magic Fund, and other investors, aims to transform cross-border payments for African individuals and businesses, facilitating a more seamless connection to the global
In a strategic move aimed at reshaping the e-commerce landscape of Nigeria, Jumia, one of Africa’s largest online marketplaces, has partnered with PalmPay, a Nigerian fintech company, to enable payments directly from PalmPay wallets. This integration promises not only to streamline the online shopping experience but also to address the growing demand for more secure and cost-effective payment solutions. With
Digital Lending 2.0 represents the culmination of significant technological advancements over the past decade, especially within the financial services sector. A striking 49% increase in disbursements to INR 1.46 trillion in the financial year 2023-24 underscores the transformative impact of digital lending solutions on the market. Built on principles of customer-centricity, innovation, and robust risk management, Digital Lending 2.0 leverages
The world of payments has undergone a radical transformation in recent years, driven by technological advancements. From the widespread adoption of tap-to-pay technologies to the exploration of blockchain by traditional financial institutions, the landscape of digital payments is evolving rapidly. As we look ahead to 2025, several key trends are poised to further revolutionize the way businesses and individuals conduct
In a significant development aimed at enhancing enterprise travel and expense management solutions, Mesh Payments has strategically partnered with SoFi Bank and Galileo Financial Technologies. The alliance aims to integrate Mesh Payments’ advanced expense and card infrastructure with SoFi Bank’s scalable financial framework and Galileo’s API-driven payments processing platform, creating an innovative ecosystem poised to improve operational efficiency, ensure compliance,
In a significant move towards modernizing Saudi Arabia’s financial infrastructure, Mastercard has joined forces with Jeel, a subsidiary of Riyad Bank, to revolutionize digital payments in the Kingdom. This strategic partnership aims to leverage advanced technologies, including artificial intelligence, to provide innovative solutions for the nation’s non-banking financial institutions (NBFI) market. By integrating Mastercard’s cutting-edge offerings such as Card-as-a-Service (CaaS)
The payment landscape is undergoing significant transformations, driven by technological advancements and changing consumer expectations. By 2025, the way we conduct transactions will be vastly different from today, with innovations such as AI, blockchain, and digital wallets playing pivotal roles. These advancements are contributing to an increasingly digital economy where borders no longer pose significant barriers to global trade. Instant
With the recent introduction of Apple Pay in Egypt, users now have access to a more secure and convenient way to make payments both in-store and online. In collaboration with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC), Mastercard has brought this innovative digital payment system to Egyptian consumers, aiming to foster a cashless economy and
Eviden, a leading business within the Atos Group that specializes in digital, cloud, big data, and security, has entered into a strategic partnership with fintech innovator Ordo and blockchain company ByzGen to launch an innovative open banking solution targeting the transformation of bill payments. This new flexi-payment solution aims to provide a secure, cost-effective, and efficient method for businesses, including
