On The Web

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Domains

TikTok Owner ByteDance Launches Douyin Pay, Mobile Payment Service for China

January 19 2021

• in
• China
• Mobile Payments

“Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China. “The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” Douyin said […]

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Global

Bank of France Settles $2.4M Fund in Central Bank Digital Currency Pilot

January 19 2021

• in
• Central bank digital currencies (CBDC)
• France

“The Bank of France successfully piloted a central bank digital currency — or CBDC — experiment in December, using the technology to settle monetary fund shares on a private blockchain platform for the first time. As announced by Le Banque de France on Jan. 19, the pilot commenced on Dec. 17, and saw 2 million […]

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Companies

PayPal Becomes First Foreign Firm in China With Full Ownership of Payments Business

January 14 2021

• in
• China
• PayPal

“PayPal Holding Inc has become the first foreign operator with 100% control of a payment platform in China, according to Chinese government data, as the U.S. fintech giant eyes a bigger foothold in a booming market for online payments. PayPal acquired the 30% stake it doesn’t already own in China’s GoPay, formally known as Guofubao […]

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Global

Irish Banks Select Italian Fintech Sia to Develop App to Rival Revolut

January 13 2021

• in
• Faster payments
• Ireland

“The group of Irish banks seeking to set up an instantaneous money-transfer mobile app to take on the likes of Revolut and N26 have selected Italian fintech giant Sia to provide the technology, according to sources. Sia, which is backed by Italian state-owned investment firm Cassa Depositi e Prestiti (CDP) and is currently in the […]

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Domains

Kenya to Combine Cashless Payments With Covid Contact Tracing on Matatu Minibuses

January 12 2021

• in
• Kenya
• Transit

“Passengers using Matatu minibus services in Kenya will no longer be able to pay their fares with cash once a digital fare collection system commissioned by the country’s National Transport and Safety Authority (NTSA) is rolled out. The NTSA invited tenders for the contract to develop a cashless payments service that would also incorporate Covid-19 […]

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Global

Airtel Uganda, MasterCard Partner to Launch a Virtual Debit Card

January 12 2021

• in
• Cards
• Uganda

“Telecommunication firm, Airtel Uganda today announced a partnership with MasterCard and launched a virtual debit card allows Airtel Money customers to make online transactions safe, convenient and secure without the need of having a bank account. The virtual card is attached to the subscriber’s Airtel money wallet.”

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Global

Digital Payments Provider i2c Granted Approval by State Bank of Pakistan to Serve As Electronic Money Institution

January 12 2021

• in
• Fintech
• Pakistan

“i2c, a digital payments and banking technology provider, has revealed that it was selected to develop Pakistan’s TAG, which is described as a “digital-native” financial app. i2c is the latest Fintech firm in the country to be granted approval by the State Bank of Pakistan (SBP), the nation’s central bank, to operate as an Electronic […]

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Global

Pakistan Government Announces New Instant Digital Payment System

January 12 2021

• in
• Faster payments
• Pakistan

“Pakistan has announced a new government-run instant digital payment system in a bid to boost financial inclusion and government revenue in the country where only a fraction of economic transactions occur on the books. The new system, called “Raast” or “direct way”, will be rolled out in three phases culminating in early 2022, officials from […]

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Deals

Philippine Mobile Wallet GCash Raises Over $175 Million in New Capital

January 11 2021

• in
• Phillippines

“Philippine mobile wallet GCash has raised more than $175 million in capital from New York-based private equity fund Bow Wave Capital Management, the financial technology arm of Globe Telecom Inc said.”

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Global

Aella, Amazon Partner on Underbanked Empowerment

January 6 2021

• in
• Nigeria

Single point financial service and payment solutions firm, Aella App, said it is working with Amazon Web Services, Inc. (AWS) to empower underbanked individuals to have quicker access to credit and other financial services using Amazon Rekognition for identity verification.