Synergy Pay Solutions’ Post

4 out of 5 Vietnamese consumers are using mobile wallets for payments, positioning the country as a leading market for mobile finance adoption in Southeast Asia. A recent study into the country's evolving payments landscape found that 56% of Vietnamese citizens carry less physical cash, indicating a growing inclination toward digital payment methods. But that's not all – real-time payments, buy now, pay later services, and government support for digitalisation are propelling Vietnam towards a cashless society faster than ever before. For more insights into Vietnam's digital payment revolution, tune into OpenGov Asia: https://buff.ly/3xtw20J #DigitalPayments #PaymentTrends

Mastercard and KaiOS Technologies, Inc. Partner to Simplify Acceptance for Millions of SMEs in Emerging Markets “Acceptance fuels a successful digital economy, so it’s critical that we meet people where they are today and move them forward together,” said Jorn Lambert, chief product officer at Mastercard. “Whether it’s a micro-merchant in Cote d’Ivoire to an enterprise in Indonesia, our goal is to make it as easy for merchants to accept digital payments as it is for consumers to make them. We’re looking forward to working closely with KaiOS to bring the best of our technology, scale, and expertise together to drive growth for emerging markets around the world.”   https://lnkd.in/gxCxcVhq Biz Cozine Alisdair Haythornthwaite Yacine Faqir Tolulope Adeyinka Dickson Kiplagat Moulay Rachid Oukheir Kanyi Mwangi MCIPR MPRSK #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

As someone deeply passionate about fintech and the transformative power of mobile payments, I found this article on M-PESA Africa ongoing success incredibly insightful. M-PESA has not only revolutionized the way we handle transactions in Kenya but has also set a global benchmark for financial inclusion and innovation. With 59% of Kenya’s GDP flowing through M-PESA, it's clear that this platform has become an integral part of our economy, empowering millions by providing accessible financial services. What stands out is M-PESA’s ability to adapt and evolve, whether it’s through simplifying their model or introducing innovative services like Fuliza, which addresses real customer needs with practical solutions. Kenya’s fintech sector is proving to be far more progressive than many in the US and Europe, demonstrating the power of understanding and addressing the unique needs of emerging markets. It’s a reminder that with the right approach and dedication, we can create solutions that truly make a difference. #Fintech #Innovation #MPESA #FinancialInclusion #Kenya

🙌 Vietnam's Remarkable Stride in Digital Payments: 63.3% Increase in Transaction Volume! At the Alliance, we are pleased to witness and celebrate the significant advancements in Vietnam's digital payment landscape. Recent data highlights an inspiring surge in cashless transactions, showcasing a 63.3% increase in the volume of non-cash payments. https://lnkd.in/gh-QKxbr Vietnam's growing embrace of digital financial solutions, especially the escalating use of e-wallets like Momo, ShopeePay, and VNPAY-POS, marks a notable milestone in its journey toward financial modernization and inclusion. As our member, Vietnam has demonstrated a steadfast commitment to cultivating an inclusive, efficient, and transparent financial ecosystem. https://lnkd.in/gUmJCtHk The rise of digital payments in Vietnam is not just about technological advancement; it's about creating a future where financial services are accessible to everyone, laying the groundwork for a more inclusive, prosperous society. We are committed to supporting the responsible growth and scaling of digital payment systems globally. https://lnkd.in/gzHaYqUv We recognize the profound impact that digital financial inclusion can have on economies and communities, driving positive change across the board. Let's continue to champion and support the responsible evolution of digital payment systems, working together toward a brighter, more inclusive future for all.

Singapore 2nd largest bank OCBC mobile app has launched a free & near-instant transfer to China Weixin Pay (WeChat Pay) & Alipay using only recipient China national identification name & China mobile number.   There is a daily & per transfer limit of CNY 50,000, and annual limit of CNY 300,000 for OCBC Singapore clients.  The OCBC mobile app uses Visa Direct for the transfer.  Read - https://lnkd.in/g7yzXFcR follow Caproasia | Driving the future of Asia Singapore 2nd largest bank OCBC mobile app has launched a free & near-instant transfer to China Weixin Pay (WeChat Pay) & Alipay using only recipient China national identification name & China mobile number.   There is a daily & per transfer limit of CNY 50,000, and annual limit of CNY 300,000 for OCBC Singapore clients.  The OCBC mobile app uses Visa Direct for the transfer.  Sunny Quek, OCBC’s Head of Global Consumer Financial Services: “Partnering with Visa to offer our pay-to-wallet service marks a significant step in enhancing the convenience and efficiency of global remittances for our customers. We’re starting with access to the two biggest digital wallets in China – Weixin Pay and Alipay – but will quickly be expanding our services by adding more wallets to our digital payment capabilities. There is urgency to do so given the increasing cross-border needs of our customers, chief of which is the need to remit money home. Another use case is e-commerce. Buyers in Singapore sometimes need to make direct payments to small independent sellers in another market.  Our wider goal is to become the go-to app for cross-border transactions in Greater China, ASEAN and even globally. Our customers can already scan and pay merchants globally using their OCBC app. With the roll out of our peer-to-peer pay-to-wallet service today, we are well on our way to achieving this goal.” Adeline Kim, Visa Country Manager for Singapore & Brunei: “Visa Direct enables consumers to send money cross-borders with ease, convenience and security. Our Green Shoots Radar research showed that close to 50 per cent of Chinese have received money in their digital wallets from overseas, which indicates a need for us to transform the remittance process to make it easier for consumers to send and receive money. Previously, Singapore residents needed to top up their digital wallets and then make transfers via their digital wallets, which is a two-step process. Our partnership with OCBC marks a significant step in transforming money movement for consumers and showcases our commitment to facilitate the movement of funds from bank accounts to wallets seamlessly.” OCBC Visa

🇪🇬Egypt: Turning into a Booming Payments Market Let's dive into Egypt’s Payments Ecosystem: First, some info about the Payments Ecosystem in Africa: As one of the earliest innovators and adopters of Mobile Money technology, Africa has witnessed a transformation in its delivery of financial services. Key Drivers: 𝗣𝗿𝗶𝘃𝗮𝘁𝗶𝘇𝗶𝗻𝗴 𝗧𝗲𝗹𝗲𝗰𝗼𝗺 𝗦𝗲𝗰𝘁𝗼𝗿 ► Due to the surge in mobile phone ownership brought on by telecommunications privatization, the percentage of people with landlines is now only about 2% 𝗠𝗼𝗯𝗶𝗹𝗲 𝗣𝗵𝗼𝗻𝗲 & 𝗦𝗺𝗮𝗿𝘁𝗽𝗵𝗼𝗻𝗲 𝗔𝗱𝗼𝗽𝘁𝗶𝗼𝗻 ► In Sub-Saharan Africa, smartphone adoption stood at 51% as of 2022, while it is anticipated to reach 87% by 2030 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝘁𝗼 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻 ► Testing grounds for FinTech innovation include the Bank of Mauritius, the National Bank of Rwanda, the Reserve Bank of South Africa, and the Bank of Nigeria 𝗟𝗼𝘄 𝗣𝗲𝗻𝗲𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗣𝗿𝗼𝘃𝗶𝗱𝗲𝘀 𝗥𝗼𝗼𝗺 𝗳𝗼𝗿 𝗚𝗿𝗼𝘄𝘁𝗵 ► Although mobile money is becoming more and more popular, there is still a lot of opportunity for growth due to the prevalence of cash payments in many African countries ► Additionally, point-of-sale payments are still not widely used throughout the continent Now, over to Egypt🇪🇬 Egypt’s relatively young and tech-savvy population (~50 million people under 30 years) presents a significant FinTech opportunity. However, due to low levels of financial inclusion, cash still dominates the country’s payments split. While the merchant payments segment across Africa remains largely underserved, players such as Fawry have capitalized on the opportunity by creating value for merchants through digital payments and cash management services. In 2022, the adoption of a broader range of digital payment methods have accelerated; according to Mastercard’s New Payment Index 2022, 88% of people in Egypt have used at least one emerging payment method in 2022, 35% of which used tappable smartphone mobile wallets while 27% used a digital money transfer app, and the remaining 24% used QR codes. There is also high awareness of Buy Now, Pay Later (BNPL) installments as a budgeting instrument among users. The Central Bank of Egypt (CBE) said that as of June 2023, the number of e-wallets on the Egyptian market reached 34 million, up 20% Y-o-Y, with the number of monthly transactions reaching 85 million, representing 130% annual growth. #EgyptPayments #FinTech #DigitalPayments #MobileMoney #FinancialInclusion

🚀 Malaysia’s Payments Market on the Rise! 🚀 Malaysia is rapidly embracing digital payments, becoming a leader in Southeast Asia. The market is set to grow from USD 182.67 billion in 2024 to USD 313.40 billion by 2029! 🌟 Read more here: https://okt.to/HnmapK #DigitalPayments #Fintech #Malaysia #Innovation #FinastraPayments

Ant Group has reported a 300% rise in international users adopting mobile payments in China in 2024. This surge underscores the growing global reliance on digital payment solutions and Ant Group's expanding influence in the fintech space. #MobilePayments #AntGroup #Fintech #DigitalPayments #GlobalGrowth

Tenpay Global & TerraPay to Enable International Money Transfers to More Than One Billion Weixin and WeChat Users “Partnering with Tenpay Global is a thrilling milestone for us in China, one of the world’s most vibrant digital payment markets,” said Ambar Sur, Founder & CEO of TerraPay. “This collaboration enables us to offer our users a direct, efficient way to send money home, fostering deeper connections across borders and expanding our wallet reach to more than 3.7 billion wallets. Furthermore, this partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to drive interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.” https://lnkd.in/esJYXdvn Wenhui Yang Ling Ge Emma Richards David Backshall Ram Sundaram Ganapathy Subramaniam (GS) Akbar Hussain Ani Sane Koert Grasveld #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Egypt continues to play a vital role in the regional tech ecosystem where Payments/Fintech are one of the levers behind this growth and adoption rate.