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471

Stripe inks global partnerships with China’s Alipay, WeChat Pay

By Anna Irrera for Deal Street Asia

Silicon Valley startup Stripe has partnered with digital payment providers Alipay and WeChat Pay to enable merchants using its platform globally to accept payments from hundreds of millions of Chinese consumers. (more…)

Cashless, Deals, Global trends, Hotnews, InspirAsia, Payment processors/providers/gateways, POS/mPOS and online acquiring

July 10, 2017

564

OCBC BANK LAUNCHES CASHLESS QR CODE PAYMENTS WITH ITS FIRST STANDALONE MOBILE PAYMENTS APP

OCBC Press release,

The popular OCBC Pay Anyone e-payment services – which includes a new QR code cashless payment service – are consolidated into a standalone mobile app for our customers’ convenience (more…)

Banks, Cashless, Global trends, Hotnews, InspirAsia

June 5, 2017

920

UK payments market: Contactless cards set to overtake cash in 2018

By Alex Rolfe

Rapid growth in the use of contactless cards means cash will be overtaken as Britain’s most frequently used payment method by the end of 2018, according to a new report. This latest forecast still does not herald the demise of cash – even in ten years’ time it is still expected to make up 21% of all payments. (more…)

Cashless, Hotnews, Mobile payments/banking

May 30, 2017

538

Alibaba Invests In Its First Fintech Company In Hong Kong

As reported by Forbes today, Alibaba has invested in online invoice exchange marketplace Qupital, marking the Chinese e-commerce giant’s first foray into fintech investment in Hong Kong. Qupital raised a total of $2 million in its seed round. (more…)

Cashless, Deals, eWallets, Hotnews, InspirAsia

May 16, 2017

1291

What China Reveals About the Future of Shopping

By Boston Consulting Group (Chris Biggs, Amee Chande, Erica Matthews, Pierre Mercier, Angela Wang, Linda Zou)

Imagine being in the middle of Times Square, surrounded by flashing lights, fast-talking vendors, street performers, live music, noisy traffic jams, and endless other distractions. Now imagine you’re online and surrounded by the same energetic chaos. Welcome to China’s digital marketplace, where shopping is an adventure—a fire hose of rapidly changing content, offers, products, colors, and choices. For Western shoppers accustomed to simple, transactional online buying, it’s a culture shock. (more…)

Analytics, Cashless, Fintech news, Global trends, Hotnews, InspirAsia

May 11, 2017

719

India’s Alipay or WeChat Pay Could Be a Young Private Bank or Progressive NBFC

By Amit, CEO of LTP

In many parts of the world, tech companies (TechFins and FinTechs) are beginning to dominate the FinTech scene except India. BATs (Baidu, Alibaba and Tencent) and Internet finance in China dominate the market now. PayPal (Braintree and Venmo), Stripe and the likes of Prosper/Lending Club/Sofi have made serious inroads in the US although not to the same extent as China where internet finance cos have more customers than traditional banks in some segments. (more…)

Banks, Cashless, Fintech news, Hotnews, InspirAsia

May 11, 2017

596

Playing With The Band — mPOS And Cashless Concerts

By PYMNTS

It seems that mobile payments are finding perfect harmony with concertgoers. The latest mPOS Tracker™ catches up with Ben Taylor, COO of Front Gate Tickets, on how the company is using RFID technology to take concerts cashless. This issue digs into the many moves by mobile payment technology providers like Square, as they set their sights on new markets and new payment experiences. Find all that, plus rankings of 271 top players in the space, inside this month’s issue.

(more…)

Cashless, Hotnews, Mobile payments/banking

May 11, 2017

542

Snapchat hits a disappointing 166M daily users, growing only slightly faster

By Josh Constine for TechCrunch

Snap’s growth rate increased only slightly in Q1 2017 — a bad start to its first quarterly earnings report since going public. Snap hit 166 million daily active users at a growth rate of 5%, compared to the 158 million DAUs it had in Q4 when it hit a 3.2% growth rate. Snap’s year-over-year growth rate continued to slip, falling to 36% year-over-year from 48% in Q4. (more…)

Analytics, Cashless, Deals, Global trends, Hotnews

May 11, 2017

487

ItzCash partners with Prabhu Money for Indo-Nepal remittances

ItzCash, India’s largest digital payments company and the leading player in domestic remittances, has further ventured into cross-border remittances through its collaboration with Prabhu Money Transfer India, a leading remittance company in Nepal. (more…)

Cashless, Global trends, InspirAsia, Remittances

May 1, 2017

513

Insights from Google and Facebook at the Future of Digital Banking, Asia Pacific – Hosted by MarketForce

By LTP

“The Future of Digital Banking: Asia-Pacific” was hosted by Marketforce on March 21 and 22, 2017 in Singapore. The conference managed to bring together an interesting set of C-suite, senior bankers, industry experts, tech companies and the startup community. (more…)

About, Cashless, Fintech news, Global trends, InspirAsia

April 4, 2017

406

Amazon now lets you pay with cash

By Don Reisinger for Venture Beat

Amazon is now making it easier for consumers to buy products through its online store with cash. (more…)

Cashless, Global trends, Hotnews, Payment processors/providers/gateways, Payment systems

April 4, 2017

525

Fintech startup soCash raises US$600K to help consumers withdraw cash from shops

By Yon Heong Tung for e27.com

Singapore-based fintech startup soCash has announced it has US$600,000 from a group of undisclosed angel investors that include veteran bankers and technologists. (more…)

Cashless, Global trends, InspirAsia, Payment processors/providers/gateways

March 30, 2017

571

Singapore fintech startup OOjiBO raises US$3.6M to serve the unbanked

By Yon Heong Tung for e27.com

OOjiBO offers a full stack solution that can allow the unbanked to make digital payments even without data (more…)

Cashless, Global trends, InspirAsia

March 28, 2017

824

UK Consumers Spent £647B With Payment Cards In 2016

During 2016, consumers in the U.K. spent £647 billion with payment cards, according to new data from the U.K. Cards Association. (more…)

Analytics, Cashless, Fintech news

March 3, 2017

828

mVisa to expand to 10 countries

By Finextra

Visa (NYSE:V), announced that mVisa, its QR-based payment service, now live in India, Kenya and Rwanda, will soon be available to merchants and consumers in Egypt, Ghana, Indonesia, Kazakhstan, Nigeria, Pakistan and Vietnam. (more…)

Cashless, Fintech news, Global trends, Payment systems

February 28, 2017

583

Financial Markets Expert: Blockchain Will Eliminate Cash

First appeared at CryptoCoins News

Dr. Philippa (“Pippa”) Malmgren, the founder of DPRM Group, a London-based company that helps companies, investors and policymakers better understand how risk and prices move across the economic landscape, said blockchain signals the end of cash during the recent Cayman Alternative Investment Summit. (more…)

Blockchain, Cashless, Global trends, Influences FinTech

February 28, 2017

569

TravelersBox Arrives at Singapore Airport

By 

Passengers traveling through Singapore Changi Airport can now utilize their unneeded foreign change (or remaining Singapore dollars), using the new TravelersBox kiosks located at the airport. TravelersBox is an innovative fintech company that helps travelers convert their leftover foreign currency, including bills and coins, into digital money with favorite e-Gift cards (iTunes, JD.com, Grab, Tokpedia, Starbucks, Facebook) or e-wallet brands (PayPal and Baidu). (more…)

Cashless, Fintech news, Singapore

February 24, 2017

494

Meet The App That’s Empowering The Women Of Myanmar To The Bank

By Casey Hynes for Forbes

Financial inclusion is a topic of growing importance in countries such as Myanmar, where advances in tech are rapidly changing the dynamics in how people access financial products. As I wrote in 2016, fintech companies are capitalizing on Myanmar’s rapid development and increasing smartphone and internet penetration by offering digital financial products.

Although many people in Myanmar are skeptical of traditional banking institutions, fintech startups hope to win their confidence through low-cost, user-friendly products. One such organization is Wave Money, a joint venture between Telenor, Yoma Bank and Myanmar First Investments. (Disclosure: I performed contract editorial work for Telenor Group in 2014 and 2015.)

In a new partnership with the United Nations Capital Development Fund (UNCDF) and the Australian Department of Foreign Affairs and Trade (DFAT), Wave Money is targeting women consumers specifically in an attempt to increase financial literacy and inclusion in Myanmar. The company is developing a financial gaming application that will be accessible via users’ mobile phones.

Boosting confidence 

The app’s content will be delivered through a gamified system that teaches consumers about savings, interest and insurance. Ultimately, the goal is to help women become confident enough to engage with formal banking systems and navigate financial products they may have shied away from in the past. Wave Money, UNCDF and Australia’s DFAT aim to reach 260,000 women, 30,000 of whom already use mobile money accounts.

“The partnership between Wave Money and UNCDF will be instrumental in identifying how we can most effectively serve those currently underserved and excluded,” said Brad Jones, Wave Money’s CEO, via email. “We believe that through this application, people in Myanmar will be able to improve their understanding of financial concepts, which will further enhance financial inclusion in Myanmar.”

Wave Money CEO Brad Jones poses in front of the company logo in Yangon in August 2016. (Photo credit: ROMEO GACAD/AFP/Getty Images)

Less than 10% of women in Myanmar between the ages of 18 and 34 currently have bank accounts, and only 29% have access to formal financial services. In a press release announcing the partnership, the partnering parties attributed the low numbers to “the lack of information that reaches women, and poor guidance available to them on where and how to use financial services that meets their respective needs.”

A digital gateway

But with smartphone penetration growing rapidly in Myanmar, digital platforms offer a gateway for reaching greater numbers of women and provide them with the means to participate more fully in the economy. In 2016, the GSMA reported that 33% of women own mobile phones in Myanmar, and about 1.4 million use smartphones. According to Jones, Wave Money will use UNCDF resources and data in developing the gamified app to ensure that it meets the needs of the women it aims to reach.

The Wave Money-UNCDF-DFAT partnership stems from UNCDF’s SHIFT Challenge program. The Shaping Inclusive Finance Transformations (SHIFT) department emphasizes empowerment through access to financial services and specifically focuses on women in underserved markets. Wave Money submitted a proposal for its gamification platform to the Challenge, and will receive funding from SHIFT, DFAT and the UNCDF’s Expanding Financial Access (EFA) program, the latter being the primary sponsor.

The EFA’s goals for Myanmar include increasing the number of adults who use more than one financial product from 6 to 15% and boosting overall inclusion from 30 to 40% by 2020. The program also aims to reach 830,000 “low income beneficiaries,” such as small-scale farmers, young consumers, and women entrepreneurs.

Winning over skeptics

As the first company to receive a mobile financial services license from Myanmar’s Central Bank, Wave Money sees an opportunity to “enable and empower people with the freedom to manage their money the way they most prefer in an easy and reliable way,” according to Jones. The hope is that consistent, transparent products will win over consumers who are skeptical of financial systems.

“The main objective of our digital gamification on financial literacy is to increase the understanding and perceptions of formal financial services and increase their interest and trust,” Jones said. “In this way, we believe that this will help improve these relationships.”

First appeared at Forbes

Banks, Cashless, Fintech news, Myanmar

February 23, 2017

695

Now you can send money internationally through Facebook Messenger

By Mashable

Sending money on Facebook is finally international.  (more…)

Bots, Cashless, p2p-payments

February 23, 2017

696

India wants to make credit and debit cards obsolete for payments

By Mashable

Ever since India invalidated much of its cash, it has been encouraging its citizens to switch to mobile wallets and other epayment solutions. Today, it took another step in pushing its citizens to embark on the cashless payment solutions — but early boomers aren’t going to like it.  (more…)

Cashless, eWallets, Government activities, Mobile payments/banking

February 23, 2017

858

Vietnam Announces Major Initiative to Become Cashless by 2020

By

Vietnam’s deputy prime minister Vuong Dinh Hue has signed a policy decision aimed to dramatically reduce cash transactions and improve electronic payment methods by 2020, according to a report by Viet Nam News. (more…)

Cashless, Government activities, Vietnam

February 1, 2017

723

Digital payments get huge leg-up in India’s new budget. Here’s the low-down.

By  for TechInAsia

India is getting super serious about promoting a cashless economy. (more…)

Cashless, Fintech news, Government activities, India

February 1, 2017

878

Five Reasons Why PayTM Is Miles Ahead Of Its Rivals

By Ketharaman Swaminathan for Finextra

With over 100 million users a year ago, PayTM was already ahead of its digital payment competitors before the Nov. 2016 demonetization of high value currency notes in India. (more…)

Analytics, Cashless, eWallets, India

January 21, 2017

541

Mastercard ‘preying on millions,’ says $17 billion fee lawsuit

A movement by countries around the globe to embrace a cashless future is resulting in plastic payments (think credit and debit cards) to erode cash’s market share. (more…)

Analytics, Cashless, Fintech news, Marketing Report, Payment systems

January 20, 2017

699

CashLess Payments to Drive LessCash Payments

By Vinod Sharma Finextra

Abstract – Essentially, digital cash mimics the functionality of paper cash. The elimination of physical cash from economy is feasible is purely a technological perspective or assumption. Our hard earned money and investments disappear into a labyrinth of financial instruments so mysterious that “money” almost becomes more of an idea than a tangible reality. (more…)

Banks, Cashless, Fintech news, Mobile payments/banking, p2p-payments

January 17, 2017

639

Google Assistant Could Soon Support Payments

(more…)

Bots, Cashless, Mobile payments/banking

January 17, 2017

635

HSBC to stir up local rivalry with launch of P2P payments app in Hong Kong

By Finextra

HSBC is to launch a P2P mobile payment app in Hong Kong in early 2017, taking on established market operator Jetco. (more…)

Banks, Cashless, Fintech news, Hong Kong, p2p-payments

January 13, 2017

799

More Nigerians are embracing electronic payments

By Yomi Kazeem for Quartz

Five years after Nigeria’s Central Bank (CBN) launched its Cash-less Nigeria project to reduce the amount of physical cash circulating in the economy, it is finally catching on. (more…)

Cashless, Fintech news, Government activities

January 11, 2017

697

Honda and Visa Demonstrate In-Vehicle Payments With Gilbarco and IPS Group at 2017 CES

By LTP

– In-vehicle payment experience features secure Visa payment technology

– First proof-of-concept demonstration with fueling pumps and smart parking meters from infrastructure partners: Gilbarco Veeder-Root and IPS Group, Inc.

– Showcasing the simplicity and convenience of mobile payments directly from the vehicle (more…)

About, Cashless, Fintech news

January 9, 2017

576

China Launches a $1.5 Bln FinTech Fund and Adopts to Consumers Going Cashless

By Joseph Young for CoinTelegraph

Chinese consumers are rapidly moving towards non-bank and cashless alternatives, such as Alibaba’s $60 bln financial application Alipay. To cope with the rapid growth rate of its FinTech industry, Chinese state-owned companies launched a $1.5 bln fund to support emerging FinTech startups and technologies. (more…)

Cashless, China, Deals, Fintech news

January 9, 2017