Launched on March 23 by Egypt’s central bank, InstaPay permits electronic transfers from accounts belonging to different banks. 13 banks currently use the app and run on its Instant Payment Network (IPN).
Read MoreA multiyear plan would help the computing giant develop its own infrastructure for financial products. It would facilitate new approaches to payment processing, risk assessment for lending, fraud analysis, credit checks, and more.
Read MoreBoth payments processors had previously announced that that they would stop doing business in Russia. But their cards still work within the country, because Visa and Mastercard were forced to switch to Russia’s domestic payments-processing system in 2015.
Read MoreThe Bilt Mastercard lets renters earn rewards on rent payments, and use rewards points for down payments. For the first time, tenants can also pay rent through credit cards without transaction fees.
Read MoreAccording to the Financial Health Network, more than 70% of pay-advance users have taken out several advances in a row. Predatory data collection and obscure cash-limit algorithms further affect consumers within this $12B industry.
Read MoreThe Chinese tech giant said it is looking into whether Chinese regulators will force it to house its financial businesses in a holding company. Two financial holding company licenses have recently been issued in the country.
Read MoreThe global payments firm launched a new brokerage payments solution that lets international FIs settle transactions with certain U.S. brokerages. This system is up to 90% cheaper for customers than SWIFT.
Read MoreIndian regulators have forced the country’s payments giant to pause the onboarding of new customers during an IT audit. This is the second time Paytm has faced such a ban in five years.
Read MoreOn Thursday, Stripe CEO John Collison announced that Stripe is re-entering the crypto space. FTX US said it will use Stripe to automate KYC processes, approvals, and crypto purchases from debit cards and ACH transactions.
Read MoreThe People’s Bank of China (PBOC), the country’s central bank, may levy record fines against Tencent’s WeChat Pay for failing to comply with KYC and AML regulations. The PBOC discovered these violations during an inspection of the company in 2021.
Read MoreReal-time payments provider ACI Worldwide announced these new digital payments options for U.S. federal taxpayers, not for state filings. ACI is the first platform to offer tax payments through Venmo.
Read MoreMore than 17 million Americans were the victims of fraud on digital wallets or peer-to-peer payment apps in 2020. A large proportion of these crimes took place on Zelle, according to the New York Times.
Read MoreBinance announced this morning that it would launch Bifinity, a payments technology company and fiat-to-crypto payments provider. Bifinity will partner with payments platform Paysafe as well as Checkout.com to scale its operations.
Read MoreOn Saturday, Visa and Mastercard announced that they had suspended network operations in Russia, which prevents cards issued in Russia from working abroad, and disables cards within Russia that were issued outside the country. Amex and PayPal have enacted similar measures.
Read MoreIn an earnings call with analysts on Tuesday, the coffee chain’s executives said they would invest in expanding customer use of the Dutch Rewards app. Between 20% and 25% of rewards transactions include stored-value activity, according to the company’s CFO.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
