Monday, June 24

Tag: money transfer

PayPal Introduces Buy Now Pay Later feature “Pay in 4”
USA

PayPal Introduces Buy Now Pay Later feature “Pay in 4”

SAN JOSE, Calif., Sept 2, 2020-- PayPal announced "Pay in 4," a short-term installment offering for customers in the U.S. Pay in 4 can help merchants drive conversion, revenue, and customer loyalty without taking on additional risk or paying any additional fees while enabling consumers to make a purchase and pay over four, interest-free installments.  Pay in 4, which is part of PayPal's growing suite of Pay Later solutions, enables merchants and partners to get paid upfront while enabling customers to pay for purchases between $30 and $600 over a six-week period.  Pay in 4 is included in the merchant's existing PayPal pricing, so merchants don't pay any additional fees to enable it for their customers. Consumers pay no fees or interest, and payments are seamless with automatic r...
Global Remittances could fall $109 billion in 2020 because of COVID-19
News

Global Remittances could fall $109 billion in 2020 because of COVID-19

As per the latest report by the World Bank, due to Covid-19, the Global Remittances could fall by $109bn in 2020. The total value of remittances reached $714 billion in 2019. At least 60 low- and middle-income country's GDP depend on remittances that are the most affected now. Tajikistan and Bermuda, for example, both depend on remittances for more than 30% of GDP. Other heavily-dependent countries include Nepal and Haiti. And the countries which rely on remittances the most often have economies which are already fragile. According to the International Monetary Fund (IMF), this money often helps even out trade deficits and provides a key source of tax revenue particularly in terms of indirect taxes like value-added tax and sales tax. Remittances to Asia and the Pacific, which...
PayPal Posts Record Profit and Net Active Accounts in Q2 2020 Results
Market

PayPal Posts Record Profit and Net Active Accounts in Q2 2020 Results

International Payment gateway PayPal posts record surge in transactions and new accounts that make 86 percent higher profit in Q2 2020. During this pandemic hit quarter, Paypal processed $222 billion (roughly Rs. 16.61 crores) in payments over the period, up 30 percent from a year earlier. The rate of payment growth compares with a year-earlier increase of 26 percent that had slowed to 19 percent in the first quarter when the pandemic broke and retail spending collapsed broadly. The company added 21.3 million accounts during the quarter, up 137 percent from a year earlier. Net income increased to $1.53 billion (roughly Rs. 11,446 crores), or $1.29 (roughly Rs. 90) per share, in the quarter ended June 30, from $823 million (roughly Rs. 6,159 crores), or 69 cents per ...
PayPal launches Xoom international money transfer service in UK
News

PayPal launches Xoom international money transfer service in UK

London: US payments company PayPal is expanding further in Europe by launching its international money transfers service Xoom in Britain and 31 other countries across the continent. Xoom allows customers to transfer money abroad to more than 130 markets internationally, including India and China. The company said the roll-out would help it grab market share in the $689 billion global remittances market, building on previous launches of the service in the United States and Canada. Britons alone transfer over $26 billion in remittances overseas annually, many sending money to help family members pay bills. Xoom partners with major banks and other finance firms to facilitate the money transfers, with customers able to transfer up to 8,800 pounds ($11,029) per transaction. Pay...
Visa Acquires Control of Earthport
ACQUISITION

Visa Acquires Control of Earthport

London, United Kingdom & San Francisco, United States: Visa Inc acquired control of Earthport, a company that provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network. Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. With the acquisition of Earthport, Visa expects to be able to reach the vast majority of the world’s banked population and allow them to easily, quickly and securely move money worldwide. Nearly $80 trillion (US) of money is sent via a wire transfer or bank account globally t...
New Street Technologies raises USD $2 Million
FUNDING

New Street Technologies raises USD $2 Million

Bengaluru, March 25, 2019: Bengaluru-based technology company New Street Technologies has raised a USD 2 million investment led by Unitus Ventures & Other investors including Mohit Davar, Chairman, International Association of Money Transfer Networks etc. Founded in August 2017, New Street Technologies builds and operates blockchain enabled platforms for institutional clients. The company’s flagship platform – MIFIX brings together, banks, business correspondents and cash outlets to efficiently originate and manage credit through easy integration with existing systems and processes. MIFIX has a wide range of customers such as banks, non-banking financial corporations, and money transfer operators / networks in India and overseas. It is estimated that the market for sma...
Using This Service, You Can Send Multiple Currencies in One Click
Story

Using This Service, You Can Send Multiple Currencies in One Click

InstaReM, Southeast Asia’s leading money transfer service, has introduced a new feature to its money transfer platform that enables Small & Medium Business (SMB) users to make payments in multiple currencies in one go. Businesses making regular payments overseas to vendors, suppliers and service providers, can now do so more quickly, transparently and at Zero-Margin FX Rates with InstaReM. Until recently, the business customers making multiple payments had to set up individual transactions for each payment and execute them one by one, requiring additional time and effort. With the ability to set up multiple transactions in one go, a business user can now make transfers to multiple beneficiaries in multiple currencies at the click of a button. There are no setup fees or mont...
Samsung to Bring Samsung Pay to Indian Devices
Tech

Samsung to Bring Samsung Pay to Indian Devices

Handset maker Samsung will expand its mobile payments service, Samsung Pay, to more affordable devices in its portfolio in India over the next few weeks. The service, which was launched in March this year in India, allows users to just tap and pay using the debit/credit cards and wallets stored on their mobile devices. Samsung Pay is available for users of flagship devices like Samsung S8, Samsung S7 Edge, S7 and S6 Edge Plus among others. The company today launched two new devices - J7 Max and Pro, priced at Rs 17,900 and Rs 20,900, respectively that feature Samsung Pay. "Since its launch in India, we have received tremendous response to Samsung Pay and we remain committed to taking it to maximum number of consumers. Over the next few weeks, we plan to extend Samsung Mini as a...
BHIM App Reaches Near 20 Million Downloads
INDIA

BHIM App Reaches Near 20 Million Downloads

Indigenous digital payments app BHIM has recorded close to 20 million downloads so far, NITI Aayog CEO Amitabh Kant on Tuesday said. "We have close to 20 million downloads of BHIM app," Kant said at an event here. On December 30, Prime Minister Narendra Modi had launched the app for fast and secure cashless transactions using mobile phones. BHIM is a platform designed to make payment through UPI and USSD modes simpler. Digital payment channels like mobile wallets, USSD and RuPay have seen massive uptake and rise in transactions post demonetisation.
Fino Paytech Plans To Launch Its Payments Bank Within Two Months
News

Fino Paytech Plans To Launch Its Payments Bank Within Two Months

Fino Paytech is seeking help from ICICI Bank to set up its payments bank venture and is aiming to launch the new entity within two months, a top official said. "We are aiming to launch payments bank in one-and-a- half to two months. We're taking assistance from ICICI Bank for setting up the bank," chief executive Rishi Gupta told Pixr8. The ICICI Group owns a 20 per cent stake in the bank. Fino, a banking correspondent company which received the final nod from the Reserve Bank last month, needs one more set of internal approvals before launching the operations which include one from the board for operationalising, he said. Apart from the internal nods, integration with payment systems, which will help interoperability for its customers, will take a bulk of time, Gupta sai...
Paytm Goes Global, Launched App For Canadian Bill Payments
News

Paytm Goes Global, Launched App For Canadian Bill Payments

Not a long ago, in an event of IAMAI, Vijay shekhar, founder of Paytm has said that the day when we launched our app on foreign soil will be the most memorable day of my life. The man of golden touch once again proved his word true and his company launched bill payment app in Canada. The Mayor of Toronto Mr. John Tory visited Paytm Noida headquarters and launched the app. Paytm started Canada operation back in 2014 as a two-member operation team, working out of local libraries but now the Paytm Labs team is a 55 member strong team of Software, Data and Machine Learning engineers who build technologies for the world’s fastest growing mobile payments and commerce ecosystem. Using Paytm bill payment app, Canadians will now be able to pay for their cell phone, cable, internet, electr...
Decoding World’s First Interoperable Quick Response (QR) Code BharatQR
BLOGS

Decoding World’s First Interoperable Quick Response (QR) Code BharatQR

Bharat QR, the world’s first interoperable Quick Response (QR) code acceptance solution, has been developed by Mastercard in collaboration with National Payments Corporation of India (NPCI) and Visa. American Express is also on board to adopt these standards. The payment solution is expected to revolutionize the payments landscape altogether, besides driving greater acceptability and adaptability among the masses with its inherent ease of use and low cost of deployment. We are decoding BharatQR in 6 easy steps for consumers to understand the new payment method: