Category: Global

Visa to Invest in Klarna

Visa and Klarna announced on Tuesday that the card network plans to invest in the Stockholm-based company.

The move comes at a time when Klarna – which has 60 million consumer and 70,000 retailer customers – has said it is looking to expand its product offerings and challenge the financial services status quo on a larger scale.

U.K.: Contactless Payments Reach Halfway Point

Recent surveys from the U.K. again highlight the difference between the market for contactless cards there vs. in the U.S.

A survey from Barclaycard says that British consumers now use contactless payments for more than half (51%) of their transactions under the limit of 30£.

Klarna Takes Disruption to the Banks in Europe

Stockholm-based Klarna has secured a banking license from the Swedish Financial Supervisory Authority.

With this license, the company can operate as a bank across the European Union. And according to Klarna, securing the license makes it one of Europe’s largest banks right out of the gate, with 60 million customers.

The company sees itself as a formidable competitor to Europe’s banks.

Wirecard Offers Omnichannel in SE Asia

Businesses that have embraced the payment facilitator model often do so because they recognize the need to simplify the complex business of payments for their merchant clients.

They understand how important it has become to integrate payments into a merchant’s offerings in a flexible way that helps them serve their customers. A natural extension of that is the omnichannel approach – enabling the merchant to seamlessly connect with customers through both digital and in-person touchpoints.

Japan Looking to Double Digital Payments

The technology news from Asia often talks about how likely consumers there are to embrace mobile technology, particularly payments.

Those stories often refer to places like China, where adoption rates are significantly higher than in the U.S., for example.

But Japan appears to be a different story.

Singapore Strikes Blow in “War on Cash”

The drive among payments companies, banks, and governments to displace cash continues. And for many, the concept of using QR codes holds a great deal of promise.

Relatively easy to use and implement, the two-dimensional codes are more attractive to small and micro-merchants – where cash still reigns in many cases.

But are they being accepted by users?

Super Sloppy Security Gushes Aadhaar PII

In many respects, India’s 9-year-old Aadhaar national ID system is a global model for simplifying payments, banking and payroll operations. It was designed to be a comprehensive database allowing easy access to bank accounts and other payments mechanisms. As a concept, it worked brilliantly.

But according to data from a report from the Centre For Internet and Society, it also serves as a world-class example of security recklessness, with methods so sloppy that they could have exposed sensitive data about almost a quarter of a billion Indian citizens.

UN Report: Alipay and WeChat Pay Enable Phenomenal Digital Payments Growth in China

A recent study by the UN-based Better Than Cash Alliance supports what payment facilitators have long known – that enabling access to electronic payments is increasing financial inclusion and creating opportunity.

The report, titled “Social Networks, e-Commerce Platforms and the Growth of Digital Payment Ecosystems in China — What It Means for Other Countries,” looks at the growth and the economic impact in China of leading payment facilitator Alipay and WeChat Pay.

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