PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
The Fraud Factor
CNP fraud leads to potential $130 billion loss for retailers. Juniper Research has recently published a study that predicts a potential $130 billion global loss for retailers from card-not-present (CNP) fraud between 2018 and 2023. A lack of urgency to adopt new fraud-prevention technology, coupled with fraudsters’ advanced strategies are labeled as the main contributors to this projection. From Juniper Research.
Cashless Momentum Continues
Vietnam taking steps to support cashless economy. The Vietnamese government recently required the State Bank of Vietnam to explore the potential of cash deposits into electronic wallets sans a bank payment account. And this comes in addition to a mandate that all payment intermediary providers and commercial banks must also be QR-compliant before third quarter of this year. From Vietnam Plus.
The Bank of Ghana accelerates mobile momentum. As part of the bank’s initiative to transform Ghana’s payments ecosystem, it has launched a Mobile Money Interoperability project. As part of this, several mobile money platforms were linked to each other to facilitate funds transfers among the networks via one central hub. Also on the agenda is integrating this mobile platform with the interbank payments systems infrastructure to enable seamless funds transfers across their entire payments ecosystem. From The Statesman.
Big Brands Doing Big Things
Google acquires payments license in Ireland. And this ultimately gives the global brand the ability to issue and acquire payment transactions. But this is just one part of a big initiative Google has with Europe’s payments ecosystem. The Bank of Lithuania granted Google Payment an electronic money institution license and this gives the brand the ability to provide payment services, as well as both issue and redeem electronic money. From The Paypers.
Digital still projected to supersede cash in India. As we know, India’s payments ecosystem is ripe with innovation and digital savvy. But cash still dominates? According to some, the tides may be shifting soon. The United Payments Interface (UPI) revolutionized the digital payments space but there are many new contenders on the docket for 2019 that have the potential to further accelerate the move from cash to cashless. From Business Today.
Fintech performance drives value in 2018. The market rang in 2019 with fintech forward momentum as 2018 brought some impressive numbers. Fintech funds outperformed the overall S&P and financial sector funds, with Square doing particularly well. From Seeking Alpha.
A new class of startups fuel small business in India. And what does it offer them? Ecommerce capabilities (without all the hassle of starting from scratch), by providing them the back-end solutions they need to expand their customer reach online. ShopX, LaYuva, Meesho and Shopmatic are just a few of the popular brands that are enabling small sellers to connect their physical supply chains to the digital airwaves. Read what a difference it’s making. From Your Story.
Fintech companies fuel small business in ways that banks cannot. Technology giants like Amazon, PayPal and Square are giving small businesses something they haven’t had in a long time: leverage. As is often the case with small startups, loans are a complicated process and often a dead-end road due to low credit scores and lack of sufficient revenue. Banks really don’t have much more to go on than that. But these fintech companies have revolutionized the loan business with the ability to access things like payments cash flow, historical volumes and consumer reviews. And it’s making a big difference! From Forbes.