Payments News

On The Web

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Global

MegaFon Adds Loans to Its Mobile Banking App

“The latest feature – Credit via Mobile – enables customers to use their smartphone to apply for credit from Russia’s largest financial institutions without having to visit a bank. The loan request is analysed and the approved funds are sent immediately to the customer’s mobile phone bank account.”
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Credit-Card Spending Limits in the Crosshairs as Issuers Grow Cautious

“Capital One Financial Corp. COF +2.63% and Discover Financial Services DFS +1.78% said last week they have become more cautious in how they’re handling credit limits. The two lenders said they don’t currently see signs of deterioration in consumers’ ability to pay their debts but do question how much longer the economic recovery will last.”
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Deals

Why Mastercard Bought a Point-of-Sale Lending Platform

“As banks, merchants, and even tech companies offer consumers new and different ways to pay for stuff, credit card companies are trying to protect their role as the pre-eminent platform for everyday purchases by offering more buy-now-pay-later options. That’s why MasterCard paid an undisclosed amount this week for the point-of-sale loan platform Vyze, which lets […]
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Do Paycheck Advance Apps Improve Financial Health?

“Fintechs that let workers draw money from their paycheck before payday through an app are having a moment. Such apps, including Even.com, PayActiv, EarnIn, DailyPay and FlexWage, are designed for consumers who live paycheck to paycheck — roughly 78% of the U.S. workforce according to one study.”
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4 Ways Fintech Has Changed the Lending Process – Experian Insights

“The lending market has seen a significant shift from traditional financial institutions to fintech companies providing alternative business lending. Fintech companies are changing the brick-and-mortar landscape of lending by utilizing data and technology. Here are four ways fintech has changed the lending process and how traditional financial institutions and lenders can keep up:”
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Kabbage Raises a Record $700 Million in Debt for Its SMB Loans Platform

“Valued at more than $1.2 billion after raising a big round from SoftBank in 2017 , the company has been picking up momentum in recent years, through its own direct-to-business proposition as well as through white-label services and partnerships such as the recent deal it struck with Alibaba to offer loans to merchants buying on […]

On The Wires

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Small Businesses Access More Than $10 Million Per Day with Kabbage®

“Kabbage, Inc., a global financial services, technology and data platform serving small businesses, is now extending access to more than $10 million per day to small businesses via its automated lending platform. The milestone is underscored by the addition of nearly 30,000 new customers in 2018, fueling the company’s first $500 million quarter of funding […]
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MSTS Makes B2B Commerce Effortless for SMBs with Credit as a Service

“The cloud-based Credit as a Service solution for mid-market businesses can issue credit lines in less than a minute, automate the customer onboarding process and apply unique B2B customer invoicing, accounts payable and payment term requirements – providing customers flexibility and an enhanced experience.”