Latest news with #digitalpayments
Phone Arena
a day ago
- Business
- Phone Arena
Samsung's new useful Tap to Transfer feature starts rolling out today
Earlier this month we told you that Samsung was going to bring a feature called Tap to Transfer to Galaxy users in the U.S. Today, Samsung announced that Tap to Transfer is now rolling out. This allows a Samsung Galaxy user to send money to the bank account of a friend or family member associated with a debit card in their digital wallet that has been issued by Mastercard or Visa. If your friend or family member uses Samsung Wallet, Apple Wallet, or Google Wallet, Tap to Transfer will send the money to the recipient without you having to install a third-party payment app. With NFC (Near Field Communications) enabled on both phones, just tap them and within minutes the transfer will take place. For a limited time, Samsung will not charge any fees for using Tap to Transfer although by pointing this out, it seems obvious that Samsung will eventually tack a fee onto the amount of the funds transferred. You can even send money directly to a Mastercard or Visa debit card by tapping your phone directly with the card. The chip embedded in the debit card will allow you to make the transfer even if the other party doesn't use a digital wallet. How to use Tap to Transfer rolling out starting today to Samsung Galaxy handsets. | Image credit-Samsung If the recipient isn't with you but is somewhere in the U.S., you can still send them money by using the Online Transfer tab in Samsung Wallet. The other person must be using Samsung Wallet for this option. Find the recipient in your contacts and with the phone number associated with the Mastercard or Visa debit card in their Samsung Wallet, you can send funds directly to their bank account. The minimum transaction allowed is $1 and the maximum transaction size is $500. The daily transaction limit is $500 and no more than 10 transactions are allowed over a 24-hour period. The weekly transaction limit is $1,500 with no more than 50 transactions allowed over a 7-day period. The monthly transaction limit is $7,000 with no more than 50 transactions permitted to take place in a 30-day period. Samsung says that you can use Tap to Transfer in the following scenarios: Pay a friend back for last week's dinner Receive money from a group of friends to buy concert tickets Collect payment from people not in the user's contact list by directly tapping their debit card onto the user's phone Send funds to others regardless of location by simply searching for their Samsung account All U.S. domestic Samsung phones that are "Samsung Wallet eligible" and have Android 12 or later installed can use Tap to Transfer.
Finextra
a day ago
- Business
- Finextra
Flexa and Nexus Wallet bid to bring Litecoin spending to the real wold
Flexa, the leading digital payment network, and Nexus, the new decentralized wallet redefining asset management from the Litecoin Foundation, are making spending Litecoin in the real world easier than ever. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Through a new integration with the Flexa SDK, Nexus Wallet users can now enjoy instant, secure payments at over 41,000 locations across North America, turning their digital assets into seamless purchasing power. By embedding Flexa's advanced payment infrastructure into Nexus Wallet, the partnership delivers a seamless way for Nexus Wallet users to pay with digital currencies. Whether buying groceries, dining out, or shopping for essentials, transactions are processed instantly and securely, eliminating the friction typically associated with digital payments. 'Flexa is pushing relentlessly toward a future in which digital asset payments are a seamless part of everyday life,' said Daniel McCabe, co-founder and CEO of Flexa. 'This new integration with Nexus Wallet empowers users to unlock the true utility of their digital assets—no barriers, no compromises—while giving merchants a trusted solution that just works. Together, we're turning the promise of digital payments into a reality for millions.' This integration allows Nexus Wallet to take full advantage of growing merchant acceptance of digital currencies, bridging the gap between innovative blockchain technology and real-world spending. In turn, merchants who enable Flexa benefit from guaranteed settlement and zero chargebacks, simplifying the process of accepting digital payments and driving the broader adoption of digital assets. 'Our collaboration with Flexa marks a significant milestone in our mission to empower users with seamless and secure digital asset management,' said Loshan T, Lead Developer of Nexus Wallet. 'By integrating the Flexa SDK, we're enabling our users to effortlessly utilize their digital assets for everyday transactions, bridging the gap between digital holdings and real-world spending.' Flexa and Nexus Wallet's collaboration signals a significant step forward in the adoption of digital payments. Together, they are shaping a future where digital currencies are seamlessly integrated into everyday commerce, offering users and merchants a fast, secure, and practical payment solution.
Khaleej Times
a day ago
- Business
- Khaleej Times
Still carrying cash? Over 90% of small businesses in UAE accept digital payments
Before most of the city is awake, Deira is already moving — loud, fast, and still dealing mostly in cash. At the fish market just off Palm Deira Metro Station, the floor is slick with ice water and fish scales. Crates rattle open to reveal hammour and kingfish, striped yellow-like brush strokes. Prawns are stacked like glass, still twitching. The air smells like diesel and salt. Vendors shout in Malayalam, Arabic, and Hindi. Restaurant buyers haggle in half-sentences. A five-dirham note flutters from a pocket. No one's tapping. No one's scanning. And yet, just 20 minutes away, the future is already here. Inside a DIFC café lined with concrete and chrome, a woman in a tailored blazer taps her Apple Watch to pay for a flat white. A sign by the register reads: Contactless only. This is the UAE in 2025: one of the most digitally connected economies in the world, and yet still tethered, in many ways, to the physical currency it's preparing to leave behind. With the goal of becoming 90 per cent cashless by 2026, the country is racing towards a financial future few others have come close to reaching. In many ways, it's already there. Digital wallets are everywhere — Apple Pay, Samsung Pay, Google Pay, Careem Pay, PayBy. Contactless transactions are now so embedded in daily life that younger residents joke they haven't touched an ATM in years. Whether for groceries in Sharjah or a mani-pedi in Jumeirah, tap-to-pay is the new normal. The scale of adoption is massive. Mastercard's latest SME Confidence Index shows that 92 per cent of small- and medium-sized businesses in the UAE now accept digital payments, and many have dropped cash altogether. Eighty-three per cent of businesses say they're upgrading payment systems to keep up with customer expectations. Even in areas traditionally slower to adopt tech — tailoring shops, barbers, mom-and-pop groceries — cashless tools are creeping in. In Karama, several businesses that once only took cash now have QR codes on the counter or card machines behind them. It's less about pressure and more about practicality; once enough customers stop carrying bills, there's not much choice but to adapt. Visa's Value of Acceptance study backs that up — more than 70 per cent of the UAE merchants surveyed said they saw increased revenue and higher customer footfall after accepting digital payments. Salima Gutieva, Visa's vice president and country manager for the UAE, said small businesses often stick to cash because of 'perceived customer preference and limited payment infrastructure.' But she points to tools like Visa Direct, Tap to Phone, and Click to Pay as helping merchants overcome those hurdles. 'Education on the security and efficiency of these methods is helping more businesses see digital payments as a critical investment in growth.' The UAE Central Bank introduced a regulatory framework that allowed non-bank payment service providers to operate alongside traditional banks — a pivotal move that formally brought fintech firms into the country's financial system. It enabled services like mobile wallets, QR-code payments, and peer-to-peer transfers to scale legally. To keep pace, the Central Bank also launched sandbox environments — controlled settings where fintechs can test new products with regulatory oversight before going to market. Together, these steps have helped create a safer, more open digital payment ecosystem. It wasn't just organic growth — it was engineered. Dubai's digital authority, Smart Dubai, laid out a formal Cashless Framework, mapping the steps to a fully digitised economy. The plan starts with government services —making everything from utility bills to traffic fines payable only through digital channels. Need to renew a driver's licence or pay a parking ticket? You do it through an app or online portal. From there, the framework builds out secure 'rails' connecting banks, telecom providers, and private payment platforms. The goal is a system that's not just faster, but traceable, standardised, and built for scale. Hamad Obaid Al Mansoori, director-general of Digital Dubai, in a public statement, put it simply: 'Cashless payments are integral to daily life. We aim to establish Dubai as a global digital capital and an attractive investment destination.' And it's already paying off. According to the Emirates News Agency, the UAE's payments revenue pool is projected to hit Dh27.3 billion by 2028, fuelled by fintech growth and digital adoption across the public and private sectors. Government estimates also suggest the cashless transition could unlock more than Dh8 billion in additional economic growth annually. Still, for all the sleek infrastructure and tap-to-pay ease, cash hasn't exactly vanished. Not yet. According to Visa's Where Cash Hides report, 23 per cent of transactions in the UAE are still made in cash — mostly peer-to-peer moments like tipping valets, splitting bills, or paying for informal services. But even that number comes with nuance: 61 per cent of respondents said only one or two of their last 10 purchases were in cash. Just 3 per cent said all 10 were. Where notes are needed According to Gutieva, the cash that remains in circulation is mostly used in specific settings — like open-air markets, taxis, and informal exchanges between friends. She says it often comes down to habit or the belief that cash is quicker and more widely accepted, especially in places where digital options aren't yet the norm. 'While the UAE is advancing towards a cashless society, we still see cash usage in certain segments. This is often due to habit, the belief that cash is quicker, or retailers still only accept cash,' Gutieva said. At the same time, Gutieva points to several forces pushing adoption forward. 'Positive factors driving digital adoption include the UAE government's progressive vision, widespread smartphone use, and the popularity of ecommerce,' she said. 'Younger, tech-savvy consumers are also contributing to a shift, supported by digital platforms offering rewards, security, and convenience.' Younger, tech-savvy consumers are also contributing to a shift, supported by digital platforms offering rewards, security, and convenience" Salima Gutieva, Visa Still, that lingering reliance on cash — and what it reveals about behaviour, access, and trust — is something economist Jeremy Srouji has spent years studying. A PhD candidate in international economics at Université Côte d'Azur and the International Institute of Social Studies at Erasmus University, his work focuses on how digital payment ecosystems emerge and evolve in cash-reliant economies like the UAE. 'The move to a cashless economy is a global trend,' Srouji said. In the UAE, it's been accelerated by deliberate policy shifts — especially when the Central Bank opened the market to non-bank payment service providers, breaking open what had long been a bank-dominated space. 'This was a catalyst for diversifying the sector with mobile payments, peer-to-peer transfers, but also the lucrative online payment space.' But Srouji cautions that we shouldn't rush to call this a 'cashless' society. 'It is probably a misnomer to speak of a 'cashless economy',' he said. 'An advanced digital payments ecosystem is probably the better term, but unfortunately the marketers won that battle.' While digital payments have surged, cash hasn't exactly disappeared. He argues that cash levels have been consistently on the rise in the UAE, even as cash transactions have declined in favour of digital payments. Why? 'In a modern financial economy, there is essentially no scenario in which cash, which is central bank money, can be eliminated,' he explained. 'This is because central bank money is the ultimate guarantor of the commercial bank money — the loans, deposits, and credit instruments managed by the private banking system.' He continued: 'In a healthy, diversified, and growing economy such as the UAE, cash-in-circulation, that is cash outside of the banking system, will tend to increase alongside digital payments, in parallel with the expansion of credit, investment, and consumption.' And while policymakers often cite the shadow economy as a reason to eliminate cash, Srouji says the link isn't so simple. 'The argument is often made that eliminating cash will help to reduce the footprint of the shadow or grey economy,' he said. 'While I would agree, the matter is not as clear cut as it first appears.' He referenced a 2020 study by Cohen, Rubinchik & Shami, which 'showed that such initiatives may backfire, pushing actors in the shadow economy — particularly well-organised criminal networks — to go to more extreme lengths to launder money into the formal economy, with potentially more dangerous outcomes.' Instead of phasing out cash to crack down on crime, Srouji suggests it's more effective to focus on strengthening the UAE's existing anti-money laundering and financial crime regulations. The country has already made progress in that area, he said, and allowing cash and digital payments to exist side by side — with strong oversight — is likely a more balanced and secure approach. When it comes to financial inclusion, Srouji's stance is clear. 'If not enshrined in a comprehensive financial inclusion strategy, it can be argued that going cashless is a catalyst for financial exclusion,' he wrote. 'Truly cashless economies — such as Sweden, and South Korea — are a rarity, with low levels of inequality, where all adults have access to a basic bank account and digital payment instrument, and where the right to hold an account is often enshrined in law.' He added: 'The UAE context is different, with a rich diversity of cultures that have distinct spending and technology habits.' One key distinction, he noted, is the sheer volume of outgoing remittances by migrant workers — many of whom still rely on cash due to gaps in digital infrastructure at the receiving end. 'Some remittance corridors will always be cash-reliant, as long as digital financial services are not available at both ends of these corridors.' In simpler terms: even if a foreign worker in Dubai can send money digitally, it doesn't help if their family back home can't receive it the same way. Until both sides of the transaction are online, cash will still have a role to play. Srouji sees the UAE's digital currency experiments as a key part of making the shift to a cashless economy more inclusive. 'The question of financial inclusion is a critical one, and is the reason why, faced with the decline in cash transactions, central banks around the world are exploring central bank digital currency (CBDC) as a new form of central bank money,' he said. 'The UAE has participated in some major global CBDC initiatives, including Project Aber and Project mBridge,' he added. Aber — a joint pilot with Saudi Arabia — tested how digital currencies could be used for cross-border settlements. mBridge expands that vision, bringing together central banks from Asia and the Middle East to build a shared platform for real-time international payments. 'Depending on the model adopted, a CBDC ecosystem can provide for end-users to hold accounts directly at the central bank, which would help promote financial inclusion.' But while CBDCs aim to rebuild the architecture of the financial system, companies like Visa are focused on immediate impact. That means expanding digital payment tools into sectors where cash still dominates — and making them accessible, reliable, and secure. 'SMEs are the backbone of the UAE's economy,' said Gutieva. 'The fact that 92 per cent of these businesses are cash-free indicates a strong readiness for a digital economy… that's where the shift happens — and that's how we help the UAE meet its cashless goals.' Getting to a cashless economy isn't about one breakthrough. It requires coordination across policy, infrastructure, and user behaviour — at every level of the system. And maybe, one morning in Deira, the fish will still be fresh, the shouting still loud, the scales still wet — but the payment? That might just be a tap.
Coin Geek
2 days ago
- Business
- Coin Geek
Jamaica's largest bank pushes digital payments initiatives
Getting your Trinity Audio player ready... The National Commercial Bank Jamaica Limited (NCBJ) is forging ahead with plans to improve the state of digital payments for the Caribbean nation. According to a report by the Jamaica Observer, the NCBJ, Jamaica's largest commercial bank, has unfurled a raft of initiatives to improve digital payments adoption. The bank shared the plans at an investors' briefing, underscoring the need to reduce cash usage in the island nation. The bank says it is building its digital payment solution to bolster its existing network. While details around the payment network remain under wraps, there is rising speculation that the bank will lean on blockchain. Outside the incoming payment network, the NCBJ confirmed a collaboration with the state-backed infrastructure company TransJamaican Highway Limited (TJH). Under the collaboration, the NCBJ will support TJH in processing digital toll gate payments on Jamaican highways. Before the collaboration, commuters paid toll gate fees in cash or with a pre-funded T-Tag. However, using NCBJ's Point of Sale terminals, road users can simply tap their cards at the toll booth for seamless access, with the bank confirming a spike in transaction volumes. 'We have seen a significant increase in transactions—almost three times the current transaction since that launch,' said Danielle Cameron Duncan, NCBJ's vice president of the payments and digital channels division. On the retail and merchant side of things, the bank is keen on extending the scope of its digital payments. A subsidiary is inching toward rolling out a virtual Visa card (NASDAQ: V) for the Lynk mobile app, a digital wallet designed to process Jamaica's central bank digital currency (CBDC) transactions. Last year, the bank unveiled the ePOS specifically for its growing SME customer base, allowing mobile devices to operate as a retail payment processor. For NCBJ, the results of its concerted digitization effort have led to a 10% spike in revenue for the commercial bank. The government is matching the pace of the private sector A series of government initiatives is backing the private sector's push toward digitization. Firstly, the Jamaican government is making a major play with CBDC, predicting that 70% of citizens will use the offering. Jamaica has launched a digital marketplace to spike CBDC adoption levels while the Finance Ministry offers a raft of incentives for merchants and customers using the offering. SMEs are at the core of the digitization effort, with the country turning to organizations like UNESCO to trigger adoption levels. Thailand's citizens kick against the suspension of digital wallet scheme Elsewhere, Thai authorities have paused their digital wallet project designed to distribute funds to citizens, but the fallout from the suspension is triggering a wave of concern for regulators. Thailand's citizens are voicing support for the continuation of the scheme following a recently concluded survey. The opinion poll, conducted by the National Institute of Development Administration (NIDA), revealed insights into the leanings of the general populace. In 2024, the Pheu Thai-led coalition government unveiled a plan to distribute $14 billion in digital money to citizens in the Southeast Asian country. Originally designed to be distributed in four phases, the Thai government has halted the distribution of funds after only two phases. In September 2024, welfare cardholders and disabled citizens received 10,000 baht (US$286) each. Early in the year, the authorities launched the second phase, distributing the same amount to elderly citizens. However, the third stage involving fund disbursements to citizens between 16-20 has hit a stumbling block. Prime Minister Paetongtarn Shinawatra disclosed that the delay in proceeding with the scheme stems from difficult economic conditions in Thailand. However, the Prime Minister adds that the government will resume disbursing funds for the third and fourth phases of the initiative. Yet, the outrage has reached deafening levels, with 57.25% of respondents pushing for the government to maintain the original timelines for the initiative. Only 7.63% supported postponing the third phase of digital money handouts to 2026, while 1.22% of respondents backed disbursement in 2027. However, the fourth phase, comprising recipients between 21 and 59, received the most significant backlash over the planned delays. A staggering 62.98% of respondents are backing fund distribution in 2025, while only 8.47% support a delay till 2026. Despite the concerted calls for the government to continue the digital money initiative, many surveyed respondents say the project should be abandoned. They hinge their reason on a rising economic crisis facing the Southeast Asian country and the need for the government's decisive action. Authorities turn to digitization to prop up an ailing economy Since Thai authorities unveiled plans to distribute digital money to its citizens, several government-backed initiatives have cropped up. Early in the year, the Ministry of Finance rolled out a digital currency pilot project in Phuket to improve tourists' experience and trigger transaction volumes. There are plans for a Thai government-backed stablecoin offering amid a wholesale interest in digital bonds. Thailand has its sights on a raft of regional collaborations in its quest to integrate emerging technologies into its local economies. Watch: Peer-to-peer electronic cash system—that's micropayments title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Finextra
2 days ago
- Business
- Finextra
Visa launches Click to Pay in Hong Kong with Za Bank
Visa, a global leader in digital payments, today announced a significant advancement that will transform the eCommerce experience. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Hong Kong's first and largest digital bank[1], ZA Bank, pioneers Click to Pay, enabling cardholders to complete online transactions in seconds without the need for manual card entry. ZA Bank is the first card issuing bank to enable Visa Click to Pay in Hong Kong and across Asia Pacific, with 11 more markets to follow. Click to Pay is the new standard in online shopping; it brings greater convenience to online shopping. When Click to Pay is enabled, consumers can skip guest checkout, bypass form fields and forgo the hassle of remembering passwords after setting up their Visa card on the issuing Bank's app. By eliminating the need to manually enter your Personal Account Number (PAN), or your 16-digit card number, and passwords, reducing checkout time from five minutes to under one minute[2]. Data is also securely stored with Visa, ensuring trust and security without the need for consumers to store their information on third-party sites. With cart abandonment rates as high as 84%2 for eCommerce, Click to Pay seeks to reduce friction by improving authorisation rates by an average of 2.5%[3], improving business for merchants. Without the complexity of card information input, it is like contactless payment, for online shopping. Click to Pay enables consumers to complete online transactions within a few clicks, powering a more seamless and secure checkout experience at scale. Consumers only need their registered email, phone number or Visa Payment Passkey to check-out online. T.R. Ramachandran, Head of Products and Solutions, Asia Pacific, Visa, said, 'eCommerce in Asia Pacific has been accelerated by mobile phone ownership, digital advancements and connectivity in Asia Pacific. Our partnership with ZA Bank is a great example of Visa's ongoing industry collaboration to bring innovative payment solutions that benefit the consumer, merchant and issuer. When Click to Pay is used, and combined with Visa Payment Passkey, consumers can enjoy a seamless checkout experience with just three clicks[4] while merchants will benefit from a quicker checkout time, improved authorisation rates and far lower fraud rates. Visa will continue to uplift the consumer retail and online experience while bringing greater commercial success and more innovations to our bank and merchant partners across the region.' By making Click to Pay a card-level feature that comes ready with Visa cards, cardholders can access the solution without having to sign up separately on third-party eCommerce or merchant sites for Click to Pay. There is no additional setup required by consumers. To provide additional peace of mind with the Click to Pay capability, cardholders can set up their Visa Payment Passkey using their native device's biometric capability or screen lock and use the Passkey for future payment authentication when they check out at participating eCommerce sites. In the Asia Pacific region, major acquirers, including AsiaPay, and a wide range of merchants have geared up with Visa Click to Pay solutions. Consumers can now enjoy enhanced checkout and payment experiences at their favourite shops or merchants. The ZA Bank partnership highlights a growing demand among issuers, acquirers and merchants for prioritising safe, seamless and frictionless checkouts to increase customer satisfaction with a better online shopping experience. It also gives us a glimpse into what next generation eCommerce will look like – safe, seamless, secure and fast.
