Payments News

On The Web

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Providers

Islamic Fintechs Are on the Rise — but Will They Survive?

“Fintech is a crowded space. But a new subgenre is emerging to attract the world’s 1.8bn Muslims with a Shariah-compliant alternative. Young Muslims want in on Europe’s fintech scene. Their pitch is that Muslims, who make up 20% of the world’s population, have been underserved not only by traditional banks, but also by modern fintechs. Shariah law forbids Muslims […]
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Deals

Bux acquires ‘social’ cryptocurrency investment platform Blockport

“Bux , the Amsterdam-based fintech that wants to make investing more accessible, has acquired the European “social” cryptocurrency investment platform Blockport. Terms of the deal remain undisclosed, although Bux says the move paves the way for the company to launch its own branded cryptocurrency investment app. Dubbed “ BUX Crypto,” it will be available in […]
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Providers

The Forbes Investigation: Inside the Secret Bank Behind the Fintech Boom

“Cross River is on a lending tear. It is underwriting loans at the rate of more than $1 billion a month—some $30 billion worth in just nine years. But unlike in banks of yesteryear, virtually all Cross River’s lending officers aren’t human beings. They are apps. Cross River’s loans originate mostly from 15 or so […]
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Providers

Fintechs Are Struggling With Consumer Adoption in the UK

“Just 2% and 3% of UK consumers surveyed by YouGov use budgeting apps and investment apps, respectively, to manage their money. Additionally, only 8% of consumers said they use digital-only banks to do so, which indicates that low adoption is an issue across the fintech space.  Although consumers aren’t adopting fintech services, interest in online […]
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Opinion

Every Company Will Be a Fintech Company

“In the not-too-distant future, I believe nearly every company will derive a significant portion of its revenue from financial services. In this post, I’ll delve into the infrastructure that’s enabling this transformation and, more importantly, how that’s going to fundamentally change banking as we know it. Every company, even those that have nothing to do […]
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Providers

Mastercard’s Bet on Fintech Pays Off With Higher Card Spending

“The company has been starting card programs for fintechs including Brex Inc., Revolut Technologies Inc. and TransferWise Inc., and has unveiled programs designed to make it easier for startups to join Mastercard’s network. That helped boost customers’ spending on the firm’s cards to $1.28 trillion in the quarter, in line with analysts’ estimates.”
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Providers

Growth of Digital Payments Set to Cost Australian Banks US$3 Billion

“As much as 13.7% of Australian banks’ payments revenue, or US$3 billion, is likely to be displaced by the growth of digital payments and competition from non-banks, as payments become more instant, invisible and free, according to a new report from Accenture. The report found payments revenue in Australia will likely grow at an annual rate […]

On The Wires

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Providers

Remitly Launches Passbook – Banking Designed for Immigrants

“Beginning today, immigrants living in the United States have access to a banking solution designed specifically for their needs: Passbook by Remitly . Built by Remitly , the largest independent digital remittance company in North America, Passbook is eliminating the barriers and complexity of opening a bank account, removing fees, enabling easy and secure international […]