Weekly Headlines

29th July 2022

Klarna announces new Loyalty Card feature

Virgin Money enters BNPL market

Amazon launches seller wallet

Plaid and GoCardless launch VRP offering

Truelayer supports instant payments

Gemini customers can buy crypto via Open Banking

Moscow extends Face Pay to transport systems across the city

 

Klarna announces new Loyalty Card feature

Following the acquisition of Stocard, Klarna has announced a new Loyalty Card feature that allows users to store and access their physical loyalty cards as digital versions in the ‘Digital Cards’ section of the app. UK customers can now pay for any purchase in three, interest-free instalments in the physical stores of participating retailers.

 

Virgin Money enters BNPL market

Virgin Money to enter BNPL market with Virgin Money Slyce. The new product allows customers to manage all BNPL spending with one easy monthly payment, across 3, 6, 9 or 12 months (3 & 6 with no fee), which contributes to their credit score.

 

Amazon launches seller wallet

Amazon launches seller wallet for cashing out sales proceeds. The initial launch is available to a select number of small businesses while they continue to refine the tool. Account maintenance is free, but when sellers convert and transfer funds.

 

Plaid and GoCardless have launched VRP offering

Following the Competition and Markets Authority’s mandate that the UK’s nine largest banks must support sweeping by 31st July 2022, Plaid and GoCardless have launched a Variable Recurring Payments offering. GoCardless and Plaid can now support the automatic transfer of money between two accounts belonging to the same person via open banking (known as sweeping), allowing developers and financial service providers to prepare for VRPs as the deadline approaches.

 

Truelayer supports instant payments

TrueLayer supports instant payments with WooCommerce plugin. TrueLayer Payments enables ecommerce SMBs to add instant, secure account-to-account payments to their website. Luxury watch retailer BQ Watches is one of the first businesses to implement payments powered by TrueLayer using the plugin.

 

Gemini customers can buy crypto via Open Banking

Gemini and Plaid have extended their partnership to provide UK customers with the option to buy cryptocurrency through their bank accounts.  Customers can place deposits into their Gemini account without having to enter bank details or pay extra fees. In the US, Gemini account holders already use Plaid to verify identity, connect to their bank, and fund their accounts.

 

Moscow extends Face Pay to transport across the city

Moscow will extend their Face Pay biometric fare payment system to more modes of transport in the city including all MCC stations, river transport and Aeroexpress. 88% of passengers appreciate the advantages of the technology and prefer it to other payment methods, due to no need to carry a bank card (44%), innovativeness (42%), no queuing at ticket stations (38%), speed (37%).

 

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