X Adds ‘Payments’ Button: A Step Towards Becoming a Financial Hub
TGIF! 😉
Today's news highlight comes from the US where X is nearing the launch of a payment service, adding a “Payments” button to its navigation bar, TechCrunch reported, citing independent app researcher Nima Owji. Owji also found mentions of transactions, balance, and transfers.
This development follows X Payments obtaining its 33rd money transmitter license in North Dakota. X owner Elon Musk had announced plans for a payment service by mid-2024.
In June, reports indicated X is creating a digital dashboard for all payment activities, including sending, receiving, storing funds, and viewing transactions. Bloomberg Businessweek reported the company will charge small fees for some transactions.
X aims to boost engagement through payments, with Musk envisioning X as a payments super app encompassing all financial activities. The rebranding of Twitter as X in April 2023 was a step toward this "everything app" vision.
Musk projected the company’s value could expand tenfold as it integrates into users' financial lives.
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ARTICLE OF THE DAY
🎤 Here's my latest Q&A with Luke Voiles, CEO at Pipe. In this conversation, Luke provides insights into his journey in FinTech, the work at Pipe, and his vision for the future. You can follow Luke and Pipe to learn more about how they’re making capital accessible to founders and entrepreneurs.
Get the full interview details here
INSIGHTS
🇬🇧 Irina Chuchkina, currently CMO of Volt, has over 18 years in the payments sector across Europe and Asia. She also sits on the board of the Singapore FinTech Association and has been recognised as one of the top 25 women leaders in financial technology in Europe by The Financial Technology Report. Here is an interview with Irina about her career to date, and thoughts on the FinTech industry.
FINTECH NEWS
🇳🇬 FinTech startup Fincra opens new office in Lagos. With the new headquarters, the company will work “to build the API infrastructure to digitally connect Nigeria and Africa to the rest of the world,” explore new market opportunities, and launch new products.
🇮🇹 Lemonway, a French FinTech and key partner for Italian crowdfunding platforms, has been blocked by Banca d’Italia from opening new wallets until further notice. This unexpected restriction affects Lemonway's ability to enter into new agreements for payment services and introduce new products and services in Italy. The regulatory action impacts new customers but does not affect existing accounts or services.
🇨🇳 Thredd launches LianLian Global’s virtual card program in APAC market. LianLian Global has chosen Thredd to power their Yueda virtual card, supporting customers in e-commerce, international B2B trade, and travel with fast, secure, and transparent global fund transfers.
🇺🇾 DLocal and iTransfer team up to advance cross-border money transfers in key emerging markets. The collaboration between dLocal and iTransfer addresses currency volatility in emerging markets by offering competitive rates, real-time updates, and greater flexibility for users.
🇺🇸 Robinhood results beat estimates on meme-stock, crypto-trading boom. Shares of the company rose 2.6% in extended trading after the brokerage also teased the launch of an upcoming desktop version of its popular mobile trading application. Robinhood's transaction-based revenue surged 69% to $327 million in the quarter.
🇺🇸 Marqeta posted second-quarter results that showed total processing volumes (TPVs) surged 32% to $71 billion. During the conference call with analysts, CEO Simon Khalaf noted that as had been seen in past quarters, “consumers continued to branch out in financial services looking for alternatives to traditional banks.”
🇬🇧 London unicorn Thought Machine cuts losses by a quarter as IPO remains long-term goal. Thought Machine has cut its annual losses by a quarter to £63m in 2023 while new deals boosted revenues to £48m. The London-based FinTech reported that pre-tax losses were reduced from £84m in 2022 to £63m in 2023.
Finatechs launches revolutionary trading platform to empower global traders. The platform enables users to make rapid, data-driven decisions, thriving in the dynamic and fast-paced world of global trading. Read the full article
From Skims to Stripe, here are the startups that are likely — or definitely — not having IPOs this year. Here’s a look at some of the companies that are expected to hold off on their IPOs in 2024.
PAYMENTS NEWS
🇫🇷 Thunes and Alipay+ enhance cross-border payments for Paris merchants. This collaboration leverages the Thunes Global Network, enhancing convenience for Asian tourists in France, as they enjoy a summer of sport and travel.
🇦🇪 Payment Gateway Telr has announced its strategic collaboration with Mastercard to introduce its digital checkout solution, Click to Pay, across its extensive network of merchants in the UAE. Through this partnership, Telr will deploy cutting-edge payment technologies to enhance the customer experience.
🇸🇬 Asia-based B2B digital payments platform SUNRATE has entered a collaboration with Outpayce from Amadeus to optimise the payment experience for travel companies. Through this partnership, the two companies aim to allow travel sellers to generate and leverage SUNRATE’s virtual cards for their business payment requirements.
🇭🇰 HSBC’s PayMe goes global with access to 34 million merchants in 46 markets on UnionPay. The digital payment platform’s 3.2 million users will be able to pay for global purchases from August 8 via the partnership. Learn more
🇪🇺 Bamboo Payments, a global payment solutions, announced its recent acquisition of a Financial Institution Licence issued by the Malta Financial Services Authority (MFSA). This pivotal licence marks Bamboo's official entry into the EU, setting the stage for an expansive service rollout across the EU/EEA regions.
🇨🇳 WorldFirst partners with Walmart. WorldFirst has worked with Walmart to enable China-based e-commerce sellers to securely collect funds from Walmart Marketplace, accelerating global growth opportunities. Get full article
🇮🇳 Setu and Axis Bank launch UPISetu, India’s UPI-focused payments platform for businesses. NPCI’s UPI has seen a rise in India “with Person-to-Merchant (P2M) transactions alone witnessing a phenomenal rise of 241% from 2.56 billion transactions in June 2022 to 8.72 billion transactions in June 2024.”
DIGITAL BANKING NEWS
🇦🇺 Australia moves one step closer to roll out of Confirmation of Payee. Australian Payments Plus (AP+) and the Australian Banking Association (ABA) have completed the design specs for a new national Confirmation of Payee service, providing another layer of protection against scammers.
🇺🇸 FIS sees record sign-Ups for core banking products. FIS says it is on pace to have a record year for sign-ups to its core banking offering. It’s a trend driven by “competitive takeaways” and greater traction in the community banking sector, Stephanie Ferris, CEO of the financial services technology provider company.
🇺🇸 Chime partners with NCR Atleos to expand brand reach across the United States. Atleos' Allpoint Network has provided secure, fee-free ATM access for Chime members since 2021. Today, Chime offers access to over 50,000 fee-free ATMs through Allpoint. Starting in August, Atleos will begin branding.
🇵🇭 BSP to allow up to ten digital banks in the Philippines from 2025. This move aims to leverage the benefits of digital banks while managing associated risks. The new decision will permit four additional licenses, available to both new applicants and existing banks seeking conversion.
BLOCKCHAIN/CRYPTO NEWS
🇺🇸 Ripple just got fined $125 million, after a federal judge found that 1,278 sales of the XRP token violated securities laws, but its CEO still calls it a ‘victory’ against the SEC for one reason: Click here for full details
DONEDEAL FUNDING NEWS
🇺🇸 New York-based Cents, an all-in-one business management platform powering the way laundry business operators SMBs grow, manage, and understand their businesses, has just raised $40 million in Series B funding. In addition to the financing, Cents has acquired Laundroworks, a hardware-based payments system powering how consumers pay for laundry at laundromats and shared laundry rooms within multi-family buildings, hotels, universities, and more, to reinforce its existing hardware product line.
🇬🇧 Standard Chartered invests in United FinTech to bolster its digital transformation agenda. The investment supports Standard Chartered's ambitions to contribute to the advancement of digital transformation solutions across capital markets, wholesale banking and wealth management, and the broader financial services arena.
🇧🇷 SKY Brasil parent launches FinTech targeting suppliers with $178 mln investment. Grupo Werthein will make the 1 billion real investment into the FinTech, named skx, and will control the firm, the groups said. SKY Brasil President Gustavo Fonseca will also lead skx.
🇪🇬 Egypt-based FinTech company Lucky One has announced that it secured USD 3 million in funding, aiming to leverage the capital to further expand its discounts and credit platform. Lucky One plans to leverage the funds to expand its credit services and further advance its operations.
MOVERS & SHAKERS
🇧🇪 Intix welcomes Karthik Jagannathan as Head of Payments Advisory. This new appointment marks a significant milestone for Intix as the company continues its rapid growth and expansion in the transaction data management sector. Continue reading
🇬🇧 AccessPay appoints Morgan and Conning. AccessPay has appointed the company’s veteran Graham Morgan as product director, and Jim Conning as director of Banking and Alliances. Both will report directly to CEO, Anish Kapoor.
🇪🇪 Montonio appoints Johan Nord as CEO. Mr. Nord’s experience at Trustly will be instrumental in driving Montonio’s expansion and enhancing its strategic partnerships, particularly across its core markets—the Baltics and Poland.
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