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
Highnote, a US-based card issuance and program management company, has received a significant boost with the successful completion of a $90 million Series B funding round, led by Adams Street Partners. This remarkable funding round also attracted contributions from existing investors, including Oak HC/FT, Costanoa, WestCap, and Pinegrove Venture Partners. The newly secured capital is poised to enhance Highnote’s development
KCB Bank Kenya’s recent partnership with UnionPay stands to significantly transform the country’s burgeoning e-commerce landscape by enhancing digital payment options. This collaboration aims to expand the acceptance of UnionPay cards across various merchant segments, including supermarket chains, government e-citizen services, and prominent hotel chains. The initiative seeks to develop a robust payment ecosystem that not only brings convenience but
Visa, a global leader in digital payments, has introduced Apple Pay to its customers in Egypt, providing a safe, secure, and easy way to pay in-store, in-app, and online. This new payment method allows customers to make contactless payments simply by double-clicking the side button and holding their iPhone or Apple Watch near a payment terminal. Each Apple Pay purchase
The rapid expansion of the buy-now, pay-later (BNPL) sector in the UK has been nothing short of remarkable, with the market now accounting for 7.7% of the country’s total e-commerce, valued at a staggering $27 billion. Key players such as Klarna, PayPal, and Afterpay have been instrumental in driving this growth, while newer entrants like Affirm have added to the
Thunes, a prominent global financial technology company, has announced an innovative partnership with Hyperwallet, a PayPal service specializing in global payouts, to significantly enhance payout access for merchants across the Asia-Pacific (APAC) region. This strategic alliance aims to provide a secure, efficient, and real-time payment solution to over 450 million mobile wallets and bank accounts in countries such as Bangladesh,
The recent turbulence in the cryptocurrency market has led to significant outflows from Bitcoin spot exchange-traded funds (ETFs), indicating a potential shift in investor sentiment. Throughout the second week of January 2025, notable outflows have been observed, impacting major Bitcoin ETFs. The trend suggests that investors might be losing confidence in Bitcoin ETFs due to increased market volatility. This article
In a compelling revelation about shifting consumer credit patterns, the Consumer Financial Protection Bureau (CFPB) has released a detailed report analyzing the usage patterns of Buy Now, Pay Later (BNPL) services. The study underlines a significant rise in BNPL adoption, with over 20% of loan borrowers with established credit records having utilized BNPL offerings within the year. Notably, this uptick
In an impressive leap for financial technology, The Clearing House’s Real-Time Payments (RTP) network saw astounding growth in 2024. The RTP network recorded a 94% increase in payment volume on a dollar basis compared to the previous year. This significant boost brought the total processed value to a staggering $246 billion, paired with a 38% rise in transaction volume, culminating
Latin America is undergoing a rapid transformation as its financial landscape increasingly shifts towards digital payments. This significant change is predominantly led by Brazil and Mexico, two of the largest economies in the region. Their move towards digital transaction methods has been instrumental in modernizing traditional banking practices, promoting financial inclusion, and reducing overall transaction costs. This article delves into
In an era where borders are becoming increasingly meaningless in the financial world, the introduction of AstroPay’s multicurrency wallet aims to provide a much-needed solution for global citizens, including travelers, remote workers, and international business professionals. This innovative fintech product is designed to simplify cross-border financial management, allowing users to hold, exchange, and transact in multiple currencies through a single
Recent advancements in financial systems are ushering in a transformative era, particularly with the enhancements and increased capabilities of real-time payments (RTP). Upcoming changes, such as The Clearing House’s RTP network raising its transaction limit to $10 million, are pivotal for industries like real estate and supply chain logistics that demand high-value financial solutions at a quicker pace. Innovations in
