People are using more cash
SoftPOS user base to grow 475% globally
Nuri has filed for insolvency
Card spending grew 7.7% in July
Amazon have expanded biometric payment
BNPL users set to reach 900mn globally
Scotiabank launches digital payments platform
Yapily rolls out virtual accounts
Wise and Plaid announce Open Finance partnership
People are using more cash
Post Offices in the UK handled £801 million in personal cash withdrawals in July, up almost 8% month-on-month and 20% on the July 2021 figure. Over £3.3 billion in cash was deposited and withdrawn over Post Office counters, the first-time figures have crossed the £3.3 billion threshold in Post Office’s 360-year history.
SoftPOS user base to grow 475% globally
Juniper Research have found that the SoftPOS user base is expected to grow 475% globally by 2027, as Apple catalyses the market.
Nuri has filed for insolvency
Nuri has filed for insolvency, citing macroeconomic issues and the crypto markets downturn as the reasons.
Card spending grew 7.7% in July
Data from Barclaycard found consumer card spending grew 7.7 per cent in July compared to the same period in 2021, and 1.6 per cent compared to June 2022, as Brits spent more on clothing, beauty and electronics, while hospitality and overseas travel saw a slowdown.
Amazon have expanded biometric payment
Amazon have expanded biometric payment via reading palms in Whole Foods to more stores across California. ‘Amazon One’ works by linking a customers’ credit card to their palm signature. Users hover their hand over a palm reader to pay.
BNPL users set to reach 900mn globally
The number of BNPL users is set to reach more 900 million globally in 2027, up from 360 million in 2022, driven by the anticipated demand for low-cost credit solutions in an economic downturn.
Scotiabank launches digital payments platform
Scotiabank launches Scotia TranXact digital payments platform that provides business banking clients with on-demand access to Scotiabank’s payments and cash management APIs. They now have access to real-time payments, request-to-pay and account information services.
Yapily rolls out virtual accounts
Following the launch of VRP, Yapily rolls out Virtual Accounts allowing merchants and payment service providers (PSPs) to collect local payments, initiate instant payouts and refunds, and streamline reconciliation, through a single API.
Wise and Plaid announce Open Finance partnership
Wise and Plaid have announced an Open Finance agreement to help customers move money across different financial institutions. The integration with Plaid’s Open Finance solution, Core Exchange, provides Wise customers with the ability to move money securely across their own accounts. To do so, costumers just need to connect their Wise USD local account details in their app of choice and use Wise with the Plaid-powered apps and services.
ChatGPT has generated a lot of interest from across the business world, but what about its impact on payments? We hosted a great conversation with Matt Mills, Daniel Cronin and Tom Hay from Featurespace, Integrated Finance and PSE on their views on how it will affect payments industry. We touch on topics ranging from fraud and engineering and operations.
