Ivan Istomin

🌍 The New Cross-Border Payment System from BRICS – Something to keep an eye on! 🚀 The BRICS nations are making waves with discussions around a new cross-border payment system. This could be a game-changer for the global payment industry, potentially reducing reliance on traditional payment rails and reshaping the way international transactions are handled. What do you think? How might this impact the payment landscape, and could we see a shift in the balance of power among financial ecosystems? 🤔 Let’s discuss! #BRICS #CrossBorderPayments #Fintech #GlobalPayments #Innovation

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EPI launches Wero wallet in Germany The European Payments Initiative (EPI) has launched its mobile-first wallet and instant account-to-account payments system in Germany, with other counties set to follow in the coming months. German Sparkassen and Volksbanken, Raiffeisenbanken customers can now make instant money transfers from account to account between individuals, via their banking app. Deutsche Bank will launch wero later this year, starting with Postbank. Wero enables mobile payments from one phone to another. Unlike traditional transfers, Wero users do not need the recipient's 22-digit account number (IBAN). Instead, a mobile phone number or email address can be used for real-time money transfers. Next year, Wero will get the ability to pay any small professional from the wallet, and also pay merchants online and upon invoices via QR code. This includes the ability for consumers to manage recurring payments for subscriptions or installments, but also to pay in merchant apps at point of sale without going through the cashier. In-store payments at the cash register will also be added in 2026, along with other capabilities, such as BNPL, merchant loyalty, programme integration and expense sharing. https://lnkd.in/ev3nH8_Z

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Monzo has made a profit for the first time, having seen its revenue increase dramatically over the past year. This contrasts with reports, also out today, lamenting that FinTechs or "Neobanks" have failed to dislodge the big banks because their main revenue streams come from payments. Today, Neobanks offer credit cards, loans and savings products so profitability may become increasingly achievable. Despite a wider service offering, most people will continue to use Neobanks alongside a primary account for the short term. They remain important though. FinTech has changed how banking is done and has improved the customer experience. It has opened up a new range of role types and career paths in the new organisations and also in longer established banks. Healy Hunt provides specialist recruitment services for FinTech professionals across Financial Services. https://lnkd.in/ezx2CNr4 #fintech #neobank #executivesearch #recruitment #startup #scaleup

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Is open banking about data or payments? Users of UK open banking payment initiation services overtook users of account information services in the middle of last year and continue to grow at a rate that is 50% faster. However, the number of account information API calls is 16 times higher each month than payment initiation API calls. Payment initiation is a lot less data intensive than account services which retrieve bank account data including transaction data. As the graph shows, the proportion of account information service users who also use open banking to initiate payments has tripled from 8% in June 2022 to 24% in September 2024. There is no hard dependency between the two, but it suggests there is a growing integration of payment initiation and account services together into third party applications such as accounts payable or digital wallets. Go to my substack for more insights on the state of account information services in the UK. https://lnkd.in/euVh7B36 #payments #openbanking #AIS #PIS

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Salt Bank is LIVE on the Engine by Starling core banking platform! 🚀 🇷🇴 📲 This is the FIRST TIME Starling’s Engine platform has been deployed beyond the UK, and enables Salt to disrupt the banking sector in Romania. 🤯 🏦 By partnering with Engine, Salt was able to build AND launch the bank in under 12 months and has ALREADY onboarded 100,000 Romanian customers 👨‍💻 Sam Everington, CEO of Engine by Starling, adds: “The Engine platform was built to power Starling Bank in the UK, which supports more than four million retail and small business accounts. Our work with Salt Bank shows just what our platform is capable of; Starling’s feature rich and highly personalisable banking products can be deployed around the world to attract impressive customer volumes, while our operational experience and cloud-expertise can help build, launch and run a bank in less than 12 months.” Find out more on the link below! 👇 https://lnkd.in/eT8Y6bZe Gabriela Cristina Nistor #starlingbank #bankingapp #saltbank #corebanking #bankingplatform #fintech #digitalbank #neobank #banking #fintechnews

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#FintechLeaders Insightfull interview by Miguel Armaza with Mikhail Lomtadze CEO Kaspi.kz - Nasdaq listed $24 bln unicorn bank from Kazakhstan. Servicing 15 mln of 20 mln population. Looking for expanding abroad its superapp (payments, ecommerce, fintech) Key points: - My parents had to work really hard - everything we had went into our education. We didn’t have a food on the table but I always had a teacher. - We are in the business of making our consumers life easier and not our own; - When we have some goal in our head we just go and execute - I invested in pretty average universal bank in Kazakhstan - Kaspiyskiy. And than global crisis come in 2008. Bank’s equity was negative. It was biggest investment. I decided to become the CEO and shareholder of this bank. - Usually change management really starts from changing the management - It is great to be surrounded by people smarter than you - If tech companies could do financial services who said that financial services couldn’t do tech? - Before you launch any new product your existing customers should love you. Otherwise it will be disaster - We focused on the superapp strategy and the exceptional quality - We killed all the financial incentives on product development. And decided to focus on metric which measure our mission - how do we improve people’s lives. Key metrics for us is NPS - whether customer will recommend us to family and friends. We talk and measure feedback of 300 000 people every month. We use it for prioritising development. - All our products like in lovable small restaurants have its owner who is personally communicating with guests and ensuring great customer experience. Each product owner has dedicated team of 15-20 people and 100% responsibility for anything happened with product. - We are obsessed with drastic simplicity in order to improve our customers life. When we want to launch a new product with four features we start with the first one, get it great and add step by step the next - Before launching the product we prepare three pages document answering 10 questions of potential customer in very simple language (What is it? Why I should use it? How much it will cost me?). Also we ask: What is the consumer experience now? How the consumer experience will change (with consumer words)? - We want to build 100 million users company - We gonna replicate our superapp model in other markets. We already profiling new markets (bigger than Kazakhstan) for around a year. Asia, Eastern Europe, Uzbekistan are attractive. - We have AI-assistant Ruslan whom we are constantly training from one product to another. He already is doing work of 2000 people. - it is incredible feeling when you walking down the street and people saying "Thank you for the service you developed". - The best investment in your life is eductation. We are learning like crazy. #superapp #ecommerce #neobank #kaspikz Sam Simon Efi Jas Jason Arjun Linas Lex Shaul

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📊 +75% y2y At yesterday's MTS presentation, there were mentions of several successes in MTS's FinTech sphere. For me, one of the key figures was the growth in transaction volume in MTS PAY — up 75% year over year. It's important to remember that distribution is more crucial than feature development. #MTSPAY #FinTech #growth

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🚨 kevin. Has Gone Bye Bye 🚨 kevin., once viewed as Lithuania's next unicorn 🦄, has officially declared bankruptcy 💔. With ambitions to disrupt traditional card schemes by pioneering account-to-account (A2A) payments at POS terminals, kevin.’s vision seemed promising, but it has unfortunately crumbled. 💳 The company now owes €420,000 to state social insurance, with significant delays in payments to employees and partners. This marks a tough fall for a fintech company that once held high hopes of shaking up the payments industry. Comparisons to Other Fintech Failures: Wirecard: Similar to kevin., Wirecard also collapsed after financial troubles emerged, with billions in liabilities owed to investors and clients. However, Wirecard's failure involved fraud, while kevin.'s downfall seems rooted in operational and cash-flow challenges. Greensill Capital: Another fintech that promised revolutionary financial services but fell due to over-leveraging and liquidity issues. Like kevin., it highlighted the risk of fast-scaling companies failing to manage cash-flow effectively. What’s Next for Payments? kevin.’s bankruptcy raises questions about whether the traditional card schemes will continue to dominate, or if another fintech will step up with a stronger, more sustainable A2A payments solution. 💡 Do you think the card schemes will stay dominant or is the disruption still coming? Let me know your thoughts!👇 #Fintech #Bankruptcy #KevinPayments #LithuaniaUnicorn #A2APayments #PaymentInnovation #CardSchemes #future #fintech #finance

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Being engaged in the National Bank of Ukraine project for implementing AI and actively fostering an AI culture within the central bank, I must say that the approach we’ve taken is both ambitious and commendable. To support the development of new skills and insights, we’ve established a training programme where we regularly invite the world’s leading AI experts. Our latest session was particularly enlightening, and I’d love to share some of its highlights. The session was devoted to AI regulation in the financial sector, and I’d like to extend my thanks to Matthew Lavy KC, an AI governance book author and barrister at Pump Court, for his deeply thought-provoking presentation and insightful discussion. Currently, global jurisdictions are exploring varied approaches to AI regulation, which raises the pressing question of how to balance “risk and innovation” and where precisely to set the level of necessary regulation. There is much debate around whether regulation should focus on AI as a technology in itself, or whether it should be targeted more towards specific algorithms and products emerging from the AI industry. While the EU has made progress in addressing some of these questions, other jurisdictions are working towards finding their own balance and the ideal regulatory formula. As Matthew Lavy noted, “it is likely to be more effective in the long term to regulate the process and the outcomes rather than the technology itself. By ensuring processes are well-governed, with outcomes closely monitored and controlled, regulation has the potential to mitigate technology risks without regulating the technology itself.” Matthew also made a compelling point about regulating algorithms and AI-driven products: “In common law jurisdictions, the law of negligence is engaged in relation to AI-caused harms. A negligence-based regime focuses on questions such as whether AI system creators have taken sufficient care in the design, testing, deployment, monitoring and maintenance of systems. Therefore, the mere fact of AI-caused harm may not in itself necessarily cause such regimes to be engaged. A strict liability regime for AI focuses not on the question of care was taken but on the fact of harm. Whether a strict liability regime is necessary or desirable for AI harms turns on the question of whether there is a policy need to fill gaps in existing frameworks.“ I am genuinely delighted and proud to be engaging in discussions on AI implementation and regulation with such accomplished professionals. This is an immensely exciting chapter in my professional journey within the emerging field of AI regulation, particularly in a central banking context. #cultivating #ai #culture #regulation

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Monetizing #OpenBanking for the commercial business has been on my agenda since 2016, as I started looking at Open Banking and PSD2 the first time. This regulation is not solely a compliance initiative but a strategic choice and priority. There are today numeral ways to take advantage of it and I'm excited to introduce this webinar where we look deeper into it. How is Personal Banking in Central Europe taking Advantage of Open Banking? Whats the value they see? How can the Nordics take advantage from their successes and their learnings? Join me for this webinar as I'm talking with Alessandro Vilardi from CRIF and Craig Harris from Strands, two companies helping financial institutions take advantage of the Open Banking Data to create more income to the same risks levels, find new business and help banks understand their customers better. Are you in Personal banking, working with consumers? This is for you! #openbanking #enablebanking #banking #personalbanking Sign up link here and in the comments: https://lnkd.in/dDj2FmDS

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The next big thing in Payments. Must read

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𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐅𝐢𝐧𝐭𝐞𝐜𝐡: 𝟏𝟎 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐌𝐨𝐯𝐞𝐬 𝐃𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐧𝐠 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 🔟 Digital banking is undergoing a transformative shift, driven by innovation, user-centricity, and strategic collaborations. 💳 Revolut's launch of Pocket-linked cards amplifies secure spending, while TBC Bank’s Salom Card makes a bold entry into Uzbekistan with high-interest balances and seamless management features. 💼 GXBank in Malaysia celebrates its anniversary with products tailored for MSMEs, showcasing a clear pattern: financial institutions are evolving to deliver targeted value. 🫱🏽‍🫲🏽 The collaboration trend is equally telling. SCBX and 카카오뱅크 Kakaobank's Thai venture reflects the globalization of digital-first models, mirroring South Korea's internet-only banking framework. IBC Bank’s partnership with Finanta Inc., leveraging automated lending solutions, highlights the rising demand for tech-enabled efficiency in commercial lending. _______________ Want to uncover more insights to track the pulse of the digital finance revolution❓ Get exclusive insights and data-driven analysis on our website. Subscribe to our newsletter for weekly updates and unlock premium research with our membership plans here ➡️: https://lnkd.in/gTh2HccY via WhiteSight #fintech #digitalbanking #digitalfinance #digitalbanks #digitalpayments #SMEfinance

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10x Banking have launched a NEW category of core technology...META CORE! 🚀 👏 🏦 10x’s new platform allows banks AND system integrators for the first time to focus dev resource only on high-value code by abstracting away common product elements as well as the core ledger ITSELF. 🌐 💹 As a result, the new 10x platform only requires a bank to create and maintain as little as 2,000 LINES of code for a SINGLE customized banking product – up to a 10x reduction in code base compared to neo core platforms and up to a 10,000x reduction compared to legacy core 👨‍💻 Antony Jenkins CBE, 10x Banking founder and CEO said, “10 years ago banks knew they had to go on a journey of transformation. Good progress has been made in some areas but one of the challenges that has emerged is that even the newer technologies come with their own set of problems. The ‘meta core’ provides banks with the best of all worlds: flexibility on the one hand and unlimited scalability on the other hand. The benefits are much faster speed to market, enterprise-grade security, the ability to unlock data for AI, and a lower cost base. Neo cores have created part of the solution, but we have taken it to the next level.” “From my experience, running a bank is all about managing risks, and we’ve designed our meta core to specifically remove the key risks that banks face when upgrading their core. 10x Banking is the first company in the world to offer a ‘meta core’, and for the first time gives banks a clear roadmap to full transformation.” Find out more on the link below! 👇 Alice Thomas ThoughtLDR Frederico Venturieri Nicole Sanders Okan Ozaltin Arianne Rosmolen-Dickinson #10xbanking #fintechnews #digitalbanking #corebanking #AI #cloudbanking #bankingtechnology #fintechnews #digitalroadmap

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Monzo Bank's FY24 results are in, and they've hit a 𝐦𝐚𝐣𝐨𝐫 𝐢𝐧𝐟𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐩𝐨𝐢𝐧𝐭. Diving deep into the numbers reveals three key drivers behind its impressive growth: 1. Customer Expansion 👤 Monzo's customer base grew from 7.4M in FY23 to 9.7M in FY24, including a doubling of business accounts from 200K to 400K. With 46% of new customers acquired through word of mouth, this organic growth highlights strong customer satisfaction and brand loyalty. 2. New Product Innovations 🆕 The launch of products such as tax-free savings ISAs has attracted 1.3M customers. Monzo Flex (a novel credit card/BNPL hybrid), and overdraft facilities offer higher interest rates and greater financial flexibility. A significant 42% rise in card spend—from £33.6B in FY23 to £47.8B in FY24—demonstrates heightened customer engagement and trust, solidifying Monzo as a preferred choice for daily transactions. 3. Enhanced Profitability and Financial Strength 📈 Monzo’s profit before tax hit £15.4M, marking its first full year of profitability. This milestone underscores effective cost management, diversified revenue streams, and scalable operations. With gross revenue surging 2.5x to £880M, Monzo’s successful monetisation strategies and strong market demand are evident. At the same time, customer deposits soared by 88% to £11.2B, reflecting growing customer confidence and reliance on Monzo as a primary banking institution. Future Growth Trajectories: Strategic Focus Areas 🎯 Monzo aims to expand its consumer base to 11M by FY25, leveraging organic growth and innovative marketing strategies. It plans to venture into mortgages and go deeper into business lending, indicating significant headroom for product diversification and revenue enhancement. Moreover, Monzo's strategic entry into Europe, with an Irish HQ, and exploration of the US market, signals an ambitious geographic expansion plan to unlock new growth avenues.  ___________________ 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐣𝐮𝐬𝐭 𝐚 𝐭𝐚𝐬𝐭𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐢𝐧𝐭𝐞𝐥 𝐲𝐨𝐮'𝐥𝐥 𝐮𝐧𝐜𝐨𝐯𝐞𝐫 𝐰𝐢𝐭𝐡 𝐚 𝐖𝐡𝐢𝐭𝐞𝐒𝐢𝐠𝐡𝐭 𝐑𝐚𝐝𝐚𝐫 𝐬𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧. Supercharge your Fintech IQ with exclusive reports, industry trend breakdowns, and expert analysis on everything shaping the future of finance.  Become a member and steer your business course with actionable intelligence on the winning strategies of leading fintechs - because knowing what's next is the ultimate competitive advantage ➡️: https://lnkd.in/gVfE8Cwg via @WhiteSight #fintech #digitalfinance #digitalbank #profitability #payments #lending #Monzo

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AZQORE SA has chosen Volante Technologies PaaS to deliver SEPA instant payments AND ISO 20022 messaging 💸 🤝 💶 Expanding their partnership, today's Payments-as-a-Service announcement represents a SIGNIFICANT step forward in Azqore’s payments modernization strategy 🇪🇺 🚀 Mandated by the EU, the deadline for SEPA is approaching FAST with regulatory considerations playing a CRUCIAL role in Azqore’s selection of Volante’s Payments as a Service - with other key factors were the need for RAPID time to market for new services and tight integration into Azqore’s core banking infrastructure 👨‍💻 “We are excited about the payments modernization journey we have embarked upon with Azqore. Our track record of delivering innovation through PaaS, combined with Azqore’s experience and extensive reach, paves the way for financial businesses to reap the benefits of new services such as instant payments and ISO 20022 messaging,” commented Deepak Gupta, EVP Product, Engineering & Services, Volante Technologies. “With our PaaS value proposition, we are ideally positioned to drive the digital transformation of the payments ecosystem for consumers and businesses alike.” Read more on the link below! 👇 Belhassen Belkhechine Anders Ohrneman #digitalpayments #volante #ISO20022 #azqore #digitaltransformation #instantpayments #fintechnews #SEPA #corebanking

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Exciting times in the fintech world! Volt.io, a British start-up founded in 2019, is making significant strides in the global payments industry, aiming to challenge giants like Visa and Mastercard. Here's a quick rundown of their journey and recent achievements: 1️⃣ 𝗚𝗹𝗼𝗯𝗮𝗹 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻: Volt has signed a deal with Australia's PayTo platform, marking its second venture outside the UK and Europe, following a similar move in Brazil in 2021. 🌏 2️⃣ 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝘃𝗲 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵: Leveraging open banking protocols, Volt offers real-time account-to-account payments, eliminating the need for multiple intermediaries. This reduces transaction times and costs, providing a seamless payment experience. 💳➡️🏦 3️⃣ 𝗙𝘂𝗻𝗱𝗶𝗻𝗴 𝗮𝗻𝗱 𝗚𝗿𝗼𝘄𝘁𝗵: With $60 million raised in a series B round led by Silicon Valley's IVP, Volt is one of the UK’s most closely watched fintechs. Their revenue has been growing at a rate of 12% month-on-month! 📈 4️⃣ 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹: As more countries adopt real-time payments, Volt’s technology is positioned to revolutionize e-commerce, with the global account-to-account payments market projected to reach $757 billion by 2026. 💰 5️⃣ 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗙𝗼𝗰𝘂𝘀: Volt is gaining traction with merchants in various sectors, including digital goods, automotive, travel, and luxury items. Their recent partnership with Megatix in Australia is a testament to their growing influence. 🛒 6️⃣ 𝗜𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼: Volt is part of a prestigious portfolio that includes Coinbase, Wise, Prosper, Klarna, Brex, and Robinhood, reportedly valuing Volt at over $350 million. 💼 7️⃣ 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝘃𝗲 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗼𝗻: Volt currently integrates with 5,000 banks and online retailers across the UK, Europe, and Brazil, offering an alternative to traditional card payments and mobile wallet services. 📱🏦 8️⃣ 𝗙𝘂𝘁𝘂𝗿𝗲 𝗩𝗶𝘀𝗶𝗼𝗻: Volt aims to link different national payments systems, providing a unified platform for global transactions. This strategy enhances cross-border trade, offering merchants a cost-effective and efficient solution. 🌐 Angela Zhu, a partner at IVP, summed it up perfectly: "Volt is well positioned to redefine the future of payments on a global scale." Source: https://lnkd.in/eJTUGasA. Stay ahead and informed at 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝘆𝘁𝗲𝘀: https://lnkd.in/ev-WMFzG. Make sure you sign up to get your weekly analysis. Your repost is greatly appreciated. Thank you! #Fintech #Payments #Innovation #Volt #OpenBanking #GlobalExpansion #TechRevolution #Ecommerce #Investment

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Curve, a London-based financial technology firm, has announced plans to introduce a groundbreaking alternative to Apple Wallet, heralding increased competition in the digital payments sector. 🌐 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: 𝗡𝗲𝘄 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗦𝘆𝘀𝘁𝗲𝗺: • Curve’s app will enable “tap and go” payments on iPhones, challenging Apple’s exclusive payment system. • Curve Pay will utilize Apple's NFC chip to offer cheaper contactless payments for Apple device owners. 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗦𝗵𝗶𝗳𝘁𝘀: • This move follows a European Commission investigation that led Apple to open its NFC chip to competitors, enabling other companies to develop their own payment solutions. 𝗖𝗼𝘀𝘁 𝗦𝗮𝘃𝗶𝗻𝗴𝘀: • Curve’s solution could save banks millions in transaction fees currently paid to Apple. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗜𝗺𝗽𝗮𝗰𝘁: • Although Apple is finalizing technical details, Curve’s product is ready for launch, promising a significant shift in the digital wallet market. 𝗖𝗼𝗺𝗽𝗮𝗻𝘆 𝗚𝗿𝗼𝘄𝘁𝗵: • Founded in 2015 by Shachar Bialick, Curve consolidates users' bank and loyalty cards into one app. • With over four million customers, Curve saw £3.2 billion spent via its platform in 2022 and reported a revenue of £45 million, up 320% from the previous year. 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: • Shachar Bialick, Founder of Curve, commented on the market shift: “Apple Pay has enjoyed market dominance through illegal restriction of competition. This undermines consumer choice and has hamstrung banks with no other option but to pay the piper on every transaction. We know payment choice is the most important digital feature to people, and the reduction in banks’ revenues from interchange fees, partly due to the ‘Apple Tax’.” 𝗕𝗿𝗼𝗮𝗱𝗲𝗿 𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀: • The US Department of Justice has sued Apple for monopolizing the smartphone market, alleging it stifles competition and innovation. 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗥𝗲𝗮𝗰𝘁𝗶𝗼𝗻𝘀: • Daniel Ek, CEO of Spotify: Praised the UK’s new digital markets bill, emphasizing the need for competition and innovation in the app ecosystem. Apple argues that its closed system ensures privacy and security, but the evolving landscape driven by regulatory pressures and market innovations is set to redefine digital wallets and payment systems. 📱💳 Source: https://lnkd.in/ee6qywxa https://lnkd.in/eMXxFah9 Stay ahead and informed at 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝘆𝘁𝗲𝘀: https://lnkd.in/ev-WMFzG. Make sure you sign up to get your weekly analysis. #Fintech #DigitalPayments #Innovation #AppleWallet #CurvePay #Regulation #Competition #CustomerFirst #TechInnovation #Banking

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Last December I wrote an article about how the growth in UK open banking payments is slowing – from 171% (by volume of transactions) in 2022, to 90% in 2023. I forecast that growth would slow again to 59% in 2024, predicting there would be 44m txns in the first quarter this year, 93m in the first half and 206m for the whole year. The actual numbers were 45m payments for the first quarter and 97m for the first half – and my revised figure for 2024 is 225m payments, a 73% increase on 2023, better than I predicted last December, but only by 19m payments and still down on the 2023 percentage growth. My benchmark for a successful new payment method is the contactless card, the largest and most successful new commercial payment product introduced in the UK this century. According to UK Finance, there were 19bn contactless transactions last year, over a third of all UK payments. Open banking has a long way to go to match this, but its addressable market - ecommerce and bill payments is enormous. As a start, to have a meaningful impact, open banking payments need to reach at least 5% share of UK payments, or 2.5bn payments. My forecast for open banking payments over the next five years is shown in the graph. The blue bars continue the current trend of positive, but declining annual growth rates, the orange bars show volumes if growth is sustained at 73% per year, my growth prediction for 2024. For context, in their first 10 years (ignoring the first two years after launch), contactless annual volume growth ranged between 116% and 257% and Faster Payments between 20% and 49%. We shall see in due course which path open banking takes to reach 2.5bn payments. It is unlikely that open banking will emulate the fast growth in contactless card transactions, but it is growing at a quicker pace than Faster Payments at a similar stage. Open banking has a commercial impetus behind it, with over 20 bank and non-bank payment providers driving it - with the right product-market fit, they have all to play for. #payments #openbanking #fasterpayments #contactless

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💡emerchantpay's latest Open Banking report is out now! To help businesses navigate Open Banking, emerchantpay conducted research with over 2,000 UK consumers, delving into their attitudes and preferences towards Open Banking in the UK market. Download the first chapter of our new report to explore the Open Banking landscape in the UK and discover the opportunities it can provide for early-adopting businesses: https://bit.ly/4eFYcXJ #eCommerce #onlinepayments #openbanking #fintech

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