HIGHLIGHTS:

PayPal is launching its first contactless mobile wallet in Germany this summer, allowing in-store payments via their app at Mastercard contactless locations. They’re also introducing “Ratenzahlung To Go” for in-store Pay Later options and a cashback rewards programme for contactless payments.

Klarna reached 11 million UK customers, doubling its merchant base to 60,000, including Argos and John Lewis. UK revenue soared 30% in 2024, making it their third-largest market after the USA and Germany. 

In other news…

BNPL

GreenBanana launches BNPL platform for retailers which connects retailers with BNPL providers across 25+ countries. Using a single API and AI-powered smart routing, it directs transactions to the best provider and offers alternatives if declined.

CASH(less)

Despite the power outages causing chaos through continental Europe, UK cash withdrawals continue to decline now reaching 27.2 million cash withdrawals in the week commencing 4th of May in comparison to the same dates in 2023 which saw 30.6 million.

CORPORATE ACTIVITY

Valued at $3.3 billion after a 2021 SPAC merger, cross-border payments firm Payoneer is reportedly seeking a buyer. 

CRYPTOASSETS/BLOCKCHAIN/DLT

Visa invests in BVNK, a stablecoin payments infrastructure provider. This partnership pushes BVNK’s vision to upgrade global payments using stablecoin technology, building on their $50 million Series B funding. 

Coinbase is reviving the HTTP 402 ‘Payment Required’ protocol as x402, creating an autonomous payment layer for AI agents using stablecoins like USDC. This eliminates the need for human intervention in online payments for AI, enabling per-API call payments.