Payment facilitator PaymentVision partners with Fidelity Express and PF PayU reports a 200% increase on UPI-based transaction volume and size. And in other news, Nigeria leverages Bluetooth and QR code technology for offline payments and Visa announces plans to launch contactless and QR in Bangladesh.
Here’s your weekly news roundup!
Payment facilitator PaymentVision partners with Fidelity Express. And the goal of the partnership is to provide integrated payment solutions for the walk-in bill payment and money order space, according to the press release. Key benefits include the ability to expand the payment processing options for Fidelity Express clients, while PaymentVision customers will enjoy a more streamlined walk-in payments experience.
“Fidelity Express has built a strong reputation in the industry with their premier walk-in bill payment solutions,” said Vice President of Marketing at PaymentVision Eugene O’Rourke in the same release. “We are excited to grow our partnership to make it easy for customers to securely process cash and check payments in-person at thousands of walk-in bill payment centers across the nation and seamlessly post activity directly into their existing core billing and collections software.”
Nigeria’s OyaPay leverages Bluetooth and QR code technology to process offline payments. Describing themselves as the “Alipay of Africa,” OyaPay offers two different options. BluePay uses Bluetooth technology and allows in-store merchants to reduce queues by accepting multiple payments from more than one person at a time. ScanPay enables one-to-one transactions via QR Code technology, according to Disrupt Africa.
“Our mission as a company is to make smartphone payments as ubiquitous as cash in Africa. We strongly believe that providing yet another new payment solution for merchants does not make a big difference, and that’s why we provide added value service such as targeted marketing and financial products to them,” OyaPay Founder CEO Abdulhamid Hassan said via the same article.
Payment facilitator PayU reports 200% increase on UPI-based transactions. According to Business Standard, PayU payments data shows significant growth in United Payments Interface transactions in both volume and size. The increase in average transaction size for standard debit has been 19% and 11% for credit, respectively. But PayU has seen an impressive 188% increase on UPI-based trasnactions.
Why the drastic spike in UPI-based commerce? The same article speculates the growing popularity of UPI could be attributed to the lucrative cashback incentive it offers to its customers base. UPI is a real-time payment system regulated by the Reserve Bank of India.
Visa announces plans to launch contactless and QR code payments in Bangladesh. Slated for October of this year, all Visa debit cards will be upgraded with contactless technology. The first official card was unveiled as part of Visa’s celebration of 30 years servicing Bangladesh.
“Continuing its pioneering efforts to build awareness for digital payments, Visa unveils contactless card in the market and announces plans to launch an interoperable scan to pay QR payments,” Visa said in a press statement, according to New Age Business.
With a mobile subscriber base of more than 149 million, Bangladesh is potentially one of the largest markets primed for QR code adoption in Southeast Asia, according to the same article.
Indian ecommerce site Flipkart makes headlines with the most lucrative exit for an Indian tech company. Global retail giant Walmart announced its $16 billion acquisition of the ecommerce company last week – far surpassing any other exit by an Indian tech company to date, according to CBInsights.
Not only the largest exit, Flipkart is also the most well-funded company in India’s payments sector with over $6 billion in total disclosed funding, CBInsights said.