Latest news with #digitalwallet
Bloomberg
3 days ago
- Business
- Bloomberg
Fintech Mercado Pago Will Apply for Argentina Banking License
Mercado Pago, the digital wallet and financial services arm of MercadoLibre, will request a banking license from Argentina's central bank as part of its effort to expand its ecosystem, according to a statement Wednesday. The goal is to offer more services through its fully digital model as the move follows similar steps already taken in Brazil and Mexico.
Finextra
22-05-2025
- Business
- Finextra
Curve Wallet to compete with Apple Pay on iOS devices
AFter arriving on Android, London-based digital wallet curve has taken advantage of the opening up of the iPhone NFC interface to provide a compelling alternative to Apple Pay on iOS devices. 1 Apple was forced to open up its architecture to third parties after acceping a European Commission ruling in July last year on competition concerns. Until now, iPhone users have been locked into Apple Pay, with no way for banks or wallet providers to compete on experience, insight, or economics. Curve's wallet brings all of a customer's card into one place with built-in smart features— including real-time spending insights, the ability to switch payment sources post-transaction, split payments and rewards stacking — giving iOS users more functionality than the simple tap-to-pay experience from Apple Pay. "The payments ecosystem has for far too long been a one player game. Now with Apple's hands forced to open to competition, Curve Pay ushers in a new era of choice for iOS consumers," says Shachar Bialick, CEO & Founder of Curve. "Curve Pay empowers users to see and spend their money differently and opens a gateway to more intelligent spending. With Curve Pay also recently going live on Android, we are bringing universal access to all Curve users, regardless of device — so everyone can now manage their money, on any phone, with all the unique Curve benefits that comes with it." Bialick claims to be the first company in Europe to give iOS users a choice when using their Apple device. This claim may be disputed by Norway's Vipps, which in December rolled out a competing tap-to-pay option to Apple Pay on iPhones.
Coin Geek
19-05-2025
- Business
- Coin Geek
High fees derail Saudi Arabia's digital wallet adoption
Getting your Trinity Audio player ready... Saudi Arabia-based businesses are facing an uphill climb in digital wallet adoption, with a new report citing high fees as a significant stumbling block. A recent survey shows that the region's small- and medium-sized enterprises (SMEs) are reportedly hesitant to embrace digital wallet-based payments for goods and services. The poll, conducted by PYMNTS Intelligence and global payment solutions TerraPay, showed nearly 3,700 Saudi-based consumers and 63 enterprises with transaction volumes of over $10 million over the last year. The survey results, explored in the 'Global Money Movement: Saudi Arabia Edition' study, noted that a raft of factors are impeding the enterprise adoption of digital wallets in the Gulf nation. Respondents say high transaction fees are stifling adoption metrics for small and midsize businesses in the country. When compared to traditional payment offerings, many respondents say digital wallet transaction fees are higher despite the perks of faster settlement times. Another reason for Saudi Arabia's low metrics revolves around security concerns associated with fintech solutions. The report also cites concerns about transparency as another hurdle for SMEs in Saudi Arabia. Despite the raft of reasons provided by surveyed respondents, the report stated that individual consumers do not echo the same concerns. Digital wallet adoption among individuals is at an all-time high in Saudi Arabia, with consumers citing cross-border transaction perks and low fees. The report calls for fintech service providers to reevaluate their offerings for both demographics to rationalize the stark differences between individual consumers and businesses. A concerted effort to lower merchant transaction fees and a push to offer cross-border payment functionalities may trigger a spike in adoption rates. Furthermore, the report advocates instant transfers for businesses and increased transaction transparency. While digital payment adoption is advancing at a snail's pace for Saudi enterprises, companies are making a play to embrace next-gen technologies. According to a Cisco report, 93% of firms have rolled out advanced strategies to integrate artificial intelligence (AI) into their internal operations. Furthermore, the Gulf State is spending a staggering $40 billion on training its citizens on emerging technologies. On the Web3 front, Saudi Arabia is playing catch-up with the United Arab Emirates after Hong Kong-based Animoca Brands set up operations there. Digital payments gather steam in Azerbaijan Elsewhere, a new report by the Asia Development Bank (ADB) predicts a spike in the number of digital payment users in Azerbaijan before the end of the year. The ADB stated in its report that one-third of Azerbaijan's adult population will begin using digital payment offerings for their financial needs. It pegs the projected figure at 3.85 million people, translating to a double-digit percentage spike from current levels. A slew of factors, including rapid sector innovation, will drive the incoming inflow of digital payment users. The ADB states that the Instant Payment System (IPS) created by Azerbaijan's central bank will significantly increase the number of new digital payment users. Since its launch, the IPS has pushed the frontiers of digital payments, reducing the dependency on cash and facilitating 24/7 real-time money transfers. While IPS's adoption levels have been nothing short of impressive, the ADB is predicting a meteoric spike in new users. For one, 19 banks have been onboarded, and more financial entities are signaling interest in being onboarded. An IPS integration with the State Treasury Agency and Azerpost, the national postal agency, is tipped to trigger a whole new demographic for the instant payment platform. Furthermore, many technological innovations, including tap-to-pay functionalities and an Electronic Knowledge Management System for remote identification, will power a new wave of users. Pioneering financial institutions are turning to blockchain technology for faster settlements, while other Azerbaijan-based entities are exploring new payment solutions. 'In addition, banks have expanded the use of tokenization technology and the issuance of virtual payment cards among innovative payment solutions, while four banks launched an Apple Pay project in 2021,' said the ADB. To increase financial inclusion metrics, banks are going mainstream with a 'basic banking services' project, offering free bank account creation and issuing user payment cards. Since the initiative's launch, over 1.5 million Azerbaijanis have joined the financial system. Underneath the push to improve financial inclusivity in Azerbaijan is Web3, with unbanked residents turning to blockchain-based digital wallets. Growing digital asset activity led to Azerbaijan imposing tax requirements for the fledgling industry while exploring real-world blockchain use cases. However, stiff regulations by the Central Bank of Azerbaijan will adversely affect the rise of blockchain-based payments. There is also the slow pace of integration by traditional banking institutions, potentially affecting Azerbaijan's claim of its share of a $3 trillion global digital payments revenue. Watch: New age of payment solutions 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="">
Yahoo
17-05-2025
- Business
- Yahoo
Nuvei offers ecommerce businesses access to Wero wallet
Nuvei has joined the European Payments Initiative (EPI), a move that will allow the Canadian fintech firm to integrate the Wero digital wallet into its payment offerings for ecommerce businesses. EPI is a collaborative initiative backed by 16 European banks and payment service providers. Wero enables users to execute instant account-to-account transfers using SEPA Instant Credit Transfer protocols, with transactions completed within '10 seconds' via mobile numbers, email addresses, or QR codes. Nuvei's integration with Wero will provide its merchant clients with early access to this payment solution through their existing single integration with Nuvei's core payments platform. The pilot programmes for this integration commences in May 2025, with a general rollout expected in September 2025. This collaboration aligns with Nuvei's aims to diversify its alternative payment method (APM) portfolio. Nuvei chair and CEO Philip Fayer said: 'By integrating Wero into our platform early, we are empowering our merchant partners to capitalise on emerging payment trends and deliver preferred local payment experiences at scale. This positions Nuvei uniquely as a leader in supporting European merchants with forward-thinking payment innovations." EPI CEO Martina Weimert added: "Our partnership with Nuvei is a new key step towards Wero's expansion to the e-commerce sector. 'By making Wero available to Nuvei's extensive merchant network, we're accelerating the adoption of a truly European payment solution that enhances financial sovereignty while delivering a seamless, easy and innovative experience for consumers and businesses alike. The digital wallet was launched with the aim of consolidating the 'fragmented' payment systems within Europe and has since garnered over 40 million users in Germany, France, and Belgium since its introduction in late 2024. Plans for Wero's expansion into the Netherlands and Luxembourg are underway, with additional features such as buy now pay later (BNPL) services and customer loyalty programmes anticipated to roll out. In February, Nexi Germany, a subsidiary of Nexi, signed a contract with EPI to integrate Wero. Besides, payments platform PPRO secured principal membership with EPI for Wero. "Nuvei offers ecommerce businesses access to Wero wallet " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
14-05-2025
- Business
- Zawya
Al Ansari's net profit after tax surges to $29.70mln
DUBAI - Al Ansari Financial Services PJSC has reported solid first-quarter results for 2025, with a 7 percent year-on-year (YoY) increase in operating income to AED294 million. Net profit after tax rose 10 percent YoY to AED109 million, up from AED98.7 million in the same period last year. EBITDA climbed 13 percent YoY to AED138 million, with an EBITDA margin of 46.8 percent, driven by higher operating income. The company recorded a 1 percent YoY increase in total transactions, reaching 12.5 million. Banknote transaction value rose 6 percent to AED22 billion, while salary disbursals under the Wage Protection System (WPS) jumped 27 percent to 2.5 million. Digital channels saw a 16 percent YoY rise in transactions, accounting for 24 percent of total outward remittances, reflecting the growing role of digital platforms in the Al Ansari's operations. Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said, 'Despite ongoing geopolitical challenges and fierce competition, we achieved solid growth across our core segments through disciplined execution and an unwavering focus on customer experience.' Mohammad Bitar, Deputy Group CEO of Al Ansari Financial Services, said that a key milestone during the first quarter was the closing of the BFC acquisition, which marks a major step forward in Al Ansari's regional growth strategy. He also announced the launch of digital wallet, expected to transform how customers manage their finances and drive innovation in the market.
