Flocash’s Post

💸 Some exciting new features on the Visa payments update that came out this week 👀 A few highlights: - Flexible Credentials: A single digital card can switch between payment methods (e.g., debit, credit, BNPL), allowing consumers to set preferences and customize payments. - Tap to Everything: Enhances card capabilities to authenticate identity for online shopping, card provisioning, and peer-to-peer payments by simply tapping the card on a mobile device. - Data Tokens: Empowers consumers to control access to their payment data, enabling personalized offers and better data privacy. Read more from Marcel here: https://lnkd.in/dgTvzVnF #fintech #banking #payments #personalisation

“If you were designing a payments system today, rather than when Visa and Mastercard were introducing card payments, this is how you would do it,” Greenwood argues. “It’s really just about using the technology of the 2020s rather than the 1950s.” Great article on Forbes on Volt.io's expansion into Australia, integration with #PayTo by New Payments Platform (Australia). https://lnkd.in/esMDYrd6 #payments #realtimepayments #australia #openbanking

Visa has rolled out its open banking platform in the United States, utilizing the technology from the Swedish vendor Tink, which it successfully acquired for €1.8 billion back in March 2022. The integration allows US consumers to connect their bank accounts and share their financial data with authorized parties. The Visa/Tink collaboration has already proven its worth in Europe, enabling deals with fintechs like Adyen and Revolut. For the US launch Visa has secured data access agreements with a range of banks and fintechs on the merchant side, including companies like Capital One, Fiserv, Jack Henry, Dwolla, and Max rewards. The service is accessible through a unified console, where users can verify bank account details, perform real-time balance checks, and access transaction data from numerous banks across the country. At the same time, a Visa-conducted survey found that while 87% of US consumers use open banking services to link their financial accounts with third-party platforms, only 34% are aware that it’s open banking that facilitates these services. To address this, Visa is initiating a consumer education campaign to inform about the benefits of open banking. (Image by TopBusinessTech) #Visa #OpenBanking #Tink #FinancialServices #Innovation #FintechNews

⬇️ Today, let’s talk about the #Payments ecosystem in #Portugal from our latest white paper, "Key Players in the EU Payments Landscape 2024": https://lnkd.in/dVYy5rTP With over 10 million inhabitants, Portugal boasts one of the fastest-growing economies in Europe, making it an attractive market for businesses, including payment service providers. Card penetration is particularly high, thanks to a 30-year-old culture of chip-and-PIN usage. It is estimated that over 29 million debit and credit cards are in circulation. 💳 The primary card schemes proposed by Portuguese banks are Visa and Mastercard, with UnionPay International and American Express also playing a role. A partnership between SIBS, the parent company of Multibanco, and UnionPay has enabled the card scheme to be accepted at 80% of merchants and all ATMs. 🌐 Despite nearly 20% of the population being cardless, Portugal offers several well-established payment methods for both online and in-person transactions. The most common are Multibanco and MB WAY, both developed and managed by SIBS. Payshop is another widely used local payment method. Portugal is also home to cross-border payment solutions such as Maxpay , RealTransfer, and Unicâmbio. 🏦 Portugal’s banking system comprises 123 credit institutions, 31 EEA branches, and 1 non-EEA branch. The five largest banks in Portugal by total assets are CGD, Millennium bcp, Santander Portugal, NOVO BANCO, and Banco BPI. These institutions control three-quarters of the market and hold nearly €320 billion in total banking assets. Other notable players include ActivoBank, Banco Finantia, BNP Paribas, ING, and Bankinter. Additionally, the Spanish financial institution ABANCA Corporación Bancaria secured the purchase of Portuguese bank EuroBic Grupo ABANCA, making it the eighth-largest bank in the country. 📶 Several companies offer payment processing and gateway services in Portugal. UNICRE is a key player, operating through two brands: UniBanco, which specializes in card issuance and credit, and Reduniq (formerly Redunicre), which focuses on payments. Easypay and Eupago are also important gateways. Other local processors and gateways worth mentioning include Lusopay, Altice Portugal Pay, ifthenpay, Thinkpay - Tech Payments Platform., Paycritical, and ivendPay. Key Takeaway💡 : “The Portuguese payment ecosystem is a leading hub of innovation within the European Union, characterized by a diverse array of payment solutions and services. As regulatory landscapes evolve at the EU level, it will be crucial for industry players to adapt their internal processes and service offerings to maintain competitiveness.” Alexandre Melo | Associate Partner – Deloitte Portugal 

⬇️ Today, let’s talk about the #Payments ecosystem in #Portugal from our latest white paper, "Key Players in the EU Payments Landscape 2024": https://lnkd.in/dVYy5rTP With over 10 million inhabitants, Portugal boasts one of the fastest-growing economies in Europe, making it an attractive market for businesses, including payment service providers. Card penetration is particularly high, thanks to a 30-year-old culture of chip-and-PIN usage. It is estimated that over 29 million debit and credit cards are in circulation. 💳 The primary card schemes proposed by Portuguese banks are Visa and Mastercard, with UnionPay International and American Express also playing a role. A partnership between SIBS, the parent company of Multibanco, and UnionPay has enabled the card scheme to be accepted at 80% of merchants and all ATMs. 🌐 Despite nearly 20% of the population being cardless, Portugal offers several well-established payment methods for both online and in-person transactions. The most common are Multibanco and MB WAY, both developed and managed by SIBS. Payshop is another widely used local payment method. Portugal is also home to cross-border payment solutions such as Maxpay , RealTransfer, and Unicâmbio. 🏦 Portugal’s banking system comprises 123 credit institutions, 31 EEA branches, and 1 non-EEA branch. The five largest banks in Portugal by total assets are CGD, Millennium bcp, Santander Portugal, NOVO BANCO, and Banco BPI. These institutions control three-quarters of the market and hold nearly €320 billion in total banking assets. Other notable players include ActivoBank, Banco Finantia, BNP Paribas, ING, and Bankinter. Additionally, the Spanish financial institution ABANCA Corporación Bancaria secured the purchase of Portuguese bank EuroBic Grupo ABANCA, making it the eighth-largest bank in the country. 📶 Several companies offer payment processing and gateway services in Portugal. UNICRE is a key player, operating through two brands: UniBanco, which specializes in card issuance and credit, and Reduniq (formerly Redunicre), which focuses on payments. Easypay and Eupago are also important gateways. Other local processors and gateways worth mentioning include Lusopay, Altice Portugal Pay, ifthenpay, Thinkpay - Tech Payments Platform., Paycritical, and ivendPay. Key Takeaway💡 : “The Portuguese payment ecosystem is a leading hub of innovation within the European Union, characterized by a diverse array of payment solutions and services. As regulatory landscapes evolve at the EU level, it will be crucial for industry players to adapt their internal processes and service offerings to maintain competitiveness.” Alexandre Melo | Associate Partner – Deloitte Portugal 

We're spreading our wings in Hong Kong to meet the demand for virtual-payment technologies! 🇭🇰 “Asia-Pacific is growing for E6, and some of the new payment products require technology that’s not readily available in the markets that we’re entering, whether that’s around contactless QR code payments, or interoperability between payment schemes.” - John Mitchell, co-founder and CEO, E6 “Financial institutions in Asia have had more direct competition from fintechs, and thus they have had to wake up sooner and are more advanced in their thinking in terms of the digital experiences they need to create.” - Brian Muse-McKenney, CRO, E6 Read more about how we're bringing virtual card payments solution and virtual account to Hong Kong in South China Morning Post SCMP: https://bit.ly/44ltiyQ #BusinessB2B #BNPLB2B #VirtualAccounts #PaymentsInnovation

Visa Announces New Products and Services at SFF 2024 - Fintech News Singapore: Visa announced a suite of new products and services aimed at transforming the future of payments in the Asia Pacific region at the SFF 2024.

🤔 Will Open Banking eat Visa's and Mastercard's lunch? Financial technology companies have revolutionized payment methods, slashing costs for merchants and offering unparalleled convenience. 💳 However, the hegemony of card network giants like Visa and Mastercard remains unchallenged, controlling the intricate infrastructure of bank connections and card transactions, handling a staggering $20 trillion annually. Yet, amidst this dominance, European FinTech powerhouse TrueLayer made waves with $35 billion in open banking payments last year. 🚀 This underscores the enduring significance of card payments in major markets, a testament to their entrenched position. While FinTech disruptors aim to shift the tide towards direct bank transfers and innovative technologies like QR codes and biometrics, card networks are far from complacent. 💡 Leveraging their scale and adaptability, they are poised to shape the future of open banking, setting new benchmarks and standards. So, while premature prophecies of Visa and Mastercard's demise may abound, the reality is a landscape of dynamic change and adaptation. 🔄 The revolution continues, with both FinTech and card networks vying for dominance in the ever-evolving payments ecosystem. 💥 #FinTechRevolution #PaymentInnovation

The Caribbean region is rapidly evolving in terms of payment technologies and consumer behavior. As more people gain access to smartphones and the internet, we are witnessing a shift towards digital and mobile payments. 📱   Here are some notable trends:   Growth in Mobile Banking and E-Wallets 🔒 Consumers are embracing the convenience and security of these digital solutions. Businesses that capitalize on this trend can gain a competitive edge.   Rise of Contactless Payments 🚫💸 The demand for 'tap and go' payments has surged due to COVID-19. This is expected to become the new standard.   Increase in Cross-Border Transactions ✈️ With improved technology, international payments are becoming easier and cheaper. This opens up opportunities for businesses to serve customers across the region.   Focus on Financial Inclusion 🤝 Governments and companies are working to provide more people with access to formal financial services. Innovative fintech solutions play a crucial role in this effort.   Caribbean businesses that stay ahead of these trends can increase their market share, boost customer satisfaction, and tap into new revenue streams. The future of payments in the region looks promising! 🚀   Have you experienced these developments? Let us know in the comments! 📝   #CaribbeanFintech #PaymentTrends #DigitalTransformation #Ewallets #ContactlessPayments #FinancialInclusion

Revolut's 2025 Game Plan After surpassing 50 million users globally and securing a UK banking license, Revolut is setting its sights on even greater ambitions. At a recent event in London, the fintech giant unveiled its roadmap for 2025, packed with innovative features and service expansions. 🤖 AI ASSISTANT One of the major highlights is the planned launch of an AI-powered assistant. This feature aims to help users manage their finances more efficiently, personalize their app experience, and simplify navigation for Revolut’s extensive user base. The idea behind Revolut was to provide a more affordable, user-friendly alternative to traditional banking and what would help them achieve this aim better than AI? 🏧 ATMs Revolut also announced the rollout of branded ATMs in early 2025, starting in Spain. These ATMs will dispense cash and cards, potentially boosting user signups. Plans include integrating facial recognition for authentication and eliminating the need for PINs or cards. 🏡 MORTGAGE MARKET Revolut is preparing to enter the mortgage market, beginning in Lithuania, with plans to expand to Ireland and France. The company aims to streamline the process by offering near-instant approvals for simple applications. ⌛ BNPL Revolut plans to enhance its offerings with credit products, savings accounts, and “buy now, pay later” options for merchants. In particular, restaurants and stores can look forward to Revolut Kiosks equipped with biometric payment systems. Picture credits: Google Play #Revolut #2025 #Future #Banking #Innovation #Tech #Fintech #SmartBanking #DigitalBanking