The world is on the brink of having its first ever entirely cashless day
by Sebastian Siemiatkowski – CEO of Klarna How soon will we reach the first cashless day, when all your purchases will be made without a note or coin changing hands? In Sweden, it’s any day now. In 2010, 40 per cent of Swedish retail transactions were made using cash; by 2014 it was down to 20 per cent and it’s still falling. And e-commerce is growing. At Klarna, we make a payment to the retailer immediately – not just online, but in-store too – and customers settle up later, so you can buy anything without using cash. The question is: what’s next? There are three big changes coming in the […]
China launches $1.5bn fintech fund
A consortium of Chinese state-owned companies and private enterprises has created a $1.44 billion investment fund dedicated to fintech mergers and acquisitions. The fund, Asia FinTech Merger and Acquisition Fund of Funds, is led by Hong Kong-listed Credit China FinTech Holdings along with a number of other Chinese companies such as Shanghai Xinhua Distribution Group, China Huarong International and eight other corporate partners. Investments will focus on fintech fields such as big data, artificial intelligence, mobile payments, supply chain financing, and blockchain technology. The investment fund is another signal of China’s growing status in the global fintech market. According to estimates from Credit China FinTech, China’s investment in fintech ventures […]
As India braces for digital payments future, how secure are banks from cyber attacks?
As the government presses ahead with a cash to less cash to cashless economy, the success of the transition will depend on how the battle between bankers and hackers plays out. Bankers must upgrade and fortify their cyber defences as hackers attempt to pinch funds from banks or steal credit/debit card details of retail customers daily. If suddenly the easiest way to buy anything from soft drinks to cars is to use the mobile wallet, a few clicks of the mouse are all that is required to rob a bank. True, in a country with 98% cash in circulation, electronic payments replacing cash will not be easy and will take […]
Citi backs foreign exchange blockchain startup Cobalt DL
Citi has made an undisclosed investment in Cobalt DL, a London startup aiming to use the technology behind bitcoin to simplify foreign exchange trading. Cobalt DL, founded by two veteran bankers, aims to apply distributed ledger technology, also known as blockchain, to the foreign exchange trading market. Currently, when banks trade currencies with each other there are multiple different records of the transaction held by the buyer, seller, broker, clearer, and other third parties, all of which have to be reconciled. This slows the process down and adds to costs. The company aims to create a single, shared view of each transaction by using blockchain technology, which uses complex cryptography […]
Invapay partner with Australian bank ANZ to deliver payment innovation to clients
UK based Invapay and ANZ (Australia and New Zealand Banking Group) announce that they are working together to deliver automated payments innovation to their business customers. ANZ’s vision to use technology and innovation to help solve the payment challenges faced by CFO’s has been realised by utilising Invapay’s cloud based automated payment platform. Invapay complements ANZ’s existing corporate product portfolio. In the absence of any development and integration work, the association made good sense and was easy to achieve. Adam Grant, Head of Transaction Banking, ANZ Australia had this to say of the association: “Working with Invapay has enabled ANZ to deliver a proven payables solution which allows our customers […]
India’s cash shortage leads to huge boost in e-payments
Indian Prime Minister Narendra Modi unceremoniously killed off the country’s 500 and 1,000 rupee notes last month, but a lucrative e-payment phoenix is rising out of those ashes. Converting to around $7 and $15 respectively, the 500 and 1,000 rupee notes represented 86 percent of the currency used in India. New notes will be offered as a replacement, but there’s still a massive cash shortage — which means digital payments need to carry more weight. Indian digital wallet apps (which, like Android and Apple Pay, let you pay for things with your phone) are jumping at the opportunity, expanding their features to make e-payments easier than ever. On Tuesday, a […]
EML boss sees cashless society as ‘tap and pay’ technology takes off
AUSTRALIA is likely to be a cashless society within a decade as “tap-and-pay” technology becomes commonplace, according to Brisbane-based EML Payments. The payment services provider is riding a wave of global demand for debit, prepaid and loyalty cards, providing transactions worth $2.5 billion for major Australian and global brands including the Good Guys, Toyota, Ladbrokes, Shell and Sprint. “Australia has one of the highest adoptions of tap- and-pay in the world, accounting for 75 per cent of transactions,” EML Payments chief executive Tom Cregan said. “In the US, it is only about 10 per cent.” Mr Cregan said the move to a cashless society in Australia had been pushed by […]
WorldRemit and GTBank launch money transfer routes to West and Central Africa
Digital money transfer service WorldRemit and leading African financial institution Guaranty Trust Bank (GTBank) have launched new money transfer routes to West and Central Africa. With the WorldRemit app or website, people can now send secure overseas money transfers to any bank account in Benin, Guinea-Bissau, Mali, Niger, Senegal or Togo. Funds will be deposited as CFA Francs. Commenting on the launch, Dan Shuaib, the Managing Director, of Guaranty Trust Bank CI, said: ‘’This service removes the barriers that limit customers’ access to remittances and provides them with a quick and convenient way to receive money from any part of the world. Our partnership with WorldRemit to create this […]
