NMI Partners with Paysafe to expand international reach while IFC and Mastercard come together on behalf of emerging markets. And in other news, Paytm introduces the Paytm Tap Card and Ingenico partners with USA Technologies.
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NMI and Paysafe partner together to expand international reach. Leading payments
providers NMI and Paysafe have come together to enhance their offerings to both partners and merchants. With this collaboration, NMI looks to leverage Paysafe’s global reach and Paysafe aims to optimize integration, according to the press release.
“Our ethos is that one size does not fit all and we need to be flexible and allow our merchants and partners to easily plug into our platform in order to grow their business,” said Todd Linden, Paysafe CEO of payment processing for North America via the same release. “This expanded partnership with NMI reinforces this approach and our commitment to developing an unrivalled payments platform for our customers – something we continue to focus on and invest in.”
IFC and Mastercard come together to support financial inclusion in the emerging markets sector. With this partnership, financial institutions in emerging markets will have more access to the Mastercard network with IFC guaranteeing up to 100% of the settlement risk, according to the press release.
This program will improve access to electronic payments for millions of the underserved population in emerging markets. Mastercard will also continue to support an already-existing initiative to promote electronic payments for small businesses and micro entrepreneurs in the same market segment.
“True inclusion is not something any one entity can deliver on its own,” said Michael Froman, Mastercard vice chairman and president of strategic growth, via the same release. “It’s partnerships like this, combined with technology and know-how, that are truly driving greater inclusion in emerging markets. The programs the facility is developing around the world are vital to bringing people and communities into the financial system and on a path to prosperity.”
Paytm introduces Paytm Tap Card. An offline payments solution that utilizes NFC technology at Paytm-issued NFC terminals, Paytm Tap Card supports the company’s vision to “provide innovative and seamless payments solutions for non-internet customers,” according to INC42.
Users can add money from their Paytm account through the QR code on the Tap Card. They just scan the code and then authenticate it at one of their local “add value” machines – self-service kiosks used for reloading funds onto stored-value cards.
The Tap Card also supports digital payments at participating merchant locations. With this option, users don’t need their mobile device. They can simply tap their card to enable payment through their Paytm account.
“We are aggressively pushing digital payments to users from every walk of life. There are a large number of people who at times do not have access to the Internet or they have a limited daily budget so they shy away from using online payments,” said Paytm COO Kiran Vasireddy, via the same article. “For them, we offer the “Paytm Tap Card” to enable seamless offline payments. For ensuring a wider acceptance, we are also reaching out to the merchants and are actively enabling them with NFC POS terminals to accept payments without Tap Card.”
Ingenico Group and USA Technologies (USAT) announce three-year partnership. The new alliance targets the unattended retail marketplace with a bundled solution that utilizes the best of both companies: Ingenico’s hardware, software, security and service solutions and USAT’s solution ePort Connect.
Over the three-year term, the companies will target the unattended retail space while the collective sales and marketing teams will focus on the self-service retail segment in both the US and international markets, according to the press release.
“By leveraging unattended solutions, the retail businesses have a huge opportunity to create new interactions with customers and capture impulse purchases that previously couldn’t be sustained without being able to accept electronic payment,” said Jennifer Miles, Ingenico Group executive vice president, North American region, via the same release. “Ingenico Group’s secure, flexible unattended payment solutions ease integration for a variety of different business environments, and when combined with USAT’s services, make it simple for retailers to extend their brand beyond the confines of brick-and-mortar stores.”
Global Findex Database shows financial inclusion is on the rise. And this is due largely to the use of mobile phones and the internet, though the gains have been uneven across countries, according to The World Bank.
The same article reports a significant increase in mobile and internet-based transactions – up from 67% to 76% globally between 2014 and 2017. In developing nations, the increase went from 57% to 70%.
Globally, 1.7 billion adults still remain unbanked, though two-thirds of them own a mobile device that could enable them access to financial services. This makes digital technology a viable portal for bringing people into the financial system, according to the same report.
“The Global Findex shows great progress for financial access–and also great opportunities for policymakers and the private sector to increase usage and to expand inclusion among women, farmers and the poor,” H.M. Queen Máxima of the Netherlands, the United Nations secretary-general’s special advocate for inclusive finance for development, said in the same article. “Digital financial services were the key to our recent progress and will continue to be essential as we seek to achieve universal financial inclusion.”