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PayPal Launched Crowdfunding platform Generosity Network

19Nov By AnkitaNo Comments

News

PayPal Launched Crowdfunding platform Generosity Network

SAN JOSE, Calif., Nov. 20, 2020: Global cross-border online payment platform PayPal will now enable its customers in the U.S. to create customized fundraising campaigns through its newly launched Generosity Network. Inspired by the rising popularity of peer-to-peer crowdfunding, Paypal Generosity Network let people raise up to $20,000 over a 30-day period. More than half of charitable organizations in the U.S. expect to raise less money than they did in 2019, as a result of the financial strain experienced by people and businesses across the country since the start of the pandemic. With more than 65 million Americans filing for unemployment over the course of the pandemic, many have turned to family, friends, and the generosity of those in their community who have been able to pr...

Stripe Acquire Paystack for $200+ Million to Enter into Africa Region

15Oct By Ankita SinghNo Comments

ACQUISITION

Stripe Acquire Paystack for $200+ Million to Enter into Africa Region

Nigeria, 15th Oct 2020: US-based online paymnet firm Stripe acquire Nigeria based payments firm Paystack for more than $200 million to enter into africa region. Earlier in 2018, Stripe invested $8 million in a Series A funding round for Paystack. With this acquisition Stripe will control more than half of online payments in Nigeria. Also, Paystack has already started a pilot with businesses in South Africa. Like Stripe, Paystack is a technology company powering growth for businesses in Africa through the API process in the payment system.More than 60,000 businesses in Nigeria and Ghana use Paystack to collect online and offline payments. The team has developed APIs enabling developers to create online custom checkout experiences, build automated recurring billing systems, instantl...

13Oct By NitishNo Comments

FUNDING

Razorpay Raises USD 100 mn in funding, Become Unicorn

Bengaluru, Oct 13, 2020: Payments solution provider Razorpay has gained the ''unicorn'' status after aises USD 100 million funding from GIC, Sequoia Capital and existing investors. Witnessing a 300 per cent growth in its business during the past six months, Razorpay said it has raised a Series-D fundraising of USD 100 million, giving the company more than USD 1 billion in valuation. This round was co-led by Singapore's sovereign wealth fund GIC and Sequoia India, along with participation from Ribbit Capital, Tiger Global, Y Combinator, and Matrix Partners. Razorpay plans to use the new funding to further strengthen and accelerate two new product lines RazorpayX, a neo-banking platform; and Razorpay Capital, its lending arm and invest in new initiatives to empower small and medium ...

12Oct By AnkitaNo Comments

INDIA

Digital Transaction in India Grows 55% in 5 years to FY20

Concerted efforts by the Indian Reserve Bank to move to a non/less-cash economy by pushing digital payments have begun to pay rich dividends as the volume of such payments has jumped manifold in the past five years, the latest data from the Indian central bank showed. Between 2015-16 and 2019-20, digital payments have grown at a compounded annual growth rate of 55.1 percent from 593.61 crores in the year to March 2016 to 3,434.56 crore in the year to March 2020. In absolute terms, value has grown from Rs 920.38 lakh crore to Rs 1,623.05 lakh crore during this period, clipping at an annual compounded rate of 15.2 percent. Giving year-wise data, in 2016-17 digital payments jumped to 969.12 crores from 593.61 crores in the previous year in volume terms, while in value the same rose t...

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

2Sep By AdityaNo Comments

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 re...

WorldRemit to Acquire Sendwave for $500 million

26Aug By AdityaNo Comments

ACQUISITION

WorldRemit to Acquire Sendwave for $500 million

LONDON, 26th Aug 2020-- Uk based global payments company WorldRemit has agreed to acquire Sendwave, a rapidly growing app-based remittance company in Africa for a $500 million cash and stock deal. Founded in 2014, Sendwave has built a leading and rapidly growing digital remittance service to East and West Africa, and this summer added Bangladesh, its first receiving market in Asia. Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners. “Both WorldRemit and Sendwave share a common purpose: allowing customers to easily and cost effectively send financial support to families, friends and businesses in other countries,” said WorldRemit CEO, Breon Corcoran. “WorldRemit has one of the broadest and most accessible n...

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

25Aug By AdityaNo Comments

Market

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

Shanghai, Aug 25th, 2020: The financial firm of Chinese e-commerce giant Alibaba led Ant Group filed for a dual listing in Hong Kong and Shanghai. This could be one of the largest IPO since the Covid19 pandemic began in China. Ant Group operates Alipay, one of China's leading online payment services. The IPO will be the first dual listing on the Hong Kong exchange and Shanghai's STAR Market. However, the company's filing did not disclose the timetable for IPO and how much money they are looking to raise. Over a billion users use Alipay to pay for purchases both online and in stores, to send money to friends, and to pay bills. In 12 months that ended in June, Ant Group tallied USD 17 trillion in transaction volume. In the filing, Ant Group said it plans to use the funds raise...

Apple acquired Mobeewave to turn iPhones into payment terminals

1Aug By PriyankaNo Comments

ACQUISITION

Apple acquired Mobeewave to turn iPhones into payment terminals

According to Bloomberg, iPhone maker Apple acquires payment startup Mobeewave technology for $100 million. The Mobeewave team will continue to work from its main office in Montreal. Mobeewave lets shoppers tap a credit card or smartphone on another phone to process a payment. After this acquisition iPhone users could use it as a payment terminal with no additional hardware required. Apple in its statement said, "Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans." In 2014, Apple added Apple Pay to the iPhone allowing users to pay for physical goods with a tap in retail stores. Last year, it launched its own credit card known as Apple Card. As per the report, the acquisition has the potential to allow Apple to comp...

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

30Jul By AdityaNo Comments

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 s...

Paytm & Its founder acquires insurance company Raheja QBE

6Jul By AdityaNo Comments

ACQUISITION

Paytm & Its founder acquires insurance company Raheja QBE

Mumbai, July 6, 2020: Leading digital payments platform Paytm & its founder Vijay Shekhar Sharma acquire Mumbai-based private sector general insurance company Raheja QBE. Started in 2009, Raheja QBE is a joint venture between Prism Johnson Limited and QBE Insurance Group, one of Australia's largest insurers. Prism Johnson Ltd approved divestment of its entire holding of 51 percent in Raheja QBE General Insurance Company Limited (RQBE) to QORQL Private Limited, a technology company with majority shareholding by Sharma and the remaining held by Paytm (owned by One97 Communications Limited), for an aggregate consideration of around $40 million (Rs 289.68 crore). "It is an important milestone in Paytm's financial services journey and we are very excited to welcome Raheja QBE Gener...

Payment startup Checkout.com valuation triples to $5.5bn

22Jun By AdityaNo Comments

FUNDING

Payment startup Checkout.com valuation triples to $5.5bn

22nd June 2020, London– Leading global payment solution provider Checkout.com becomes one of the most valuable fintechs globally raises $150m in Series B funding round. Tripling the valuation to $5.5bn reflects a growing business demand for transformative online payment solutions that perform across all geographies and channels. Checkout.com’s online transaction numbers had already increased by 250% comparing May ‘19 and May ‘20. With an exclusive focus on online payments, global lockdowns have further accelerated Checkout.com’s growth as businesses have rapidly pivoted online. The Series B funding was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC. Checkout....

Facebook Launched WhatsApp Payment Service in Brazil

15Jun By AnkitaNo Comments

News

Facebook Launched WhatsApp Payment Service in Brazil

SAO PAULO, 15th June 2020 -- Facebook launched its WhatsApp payment service in Brazil today. With the addition of Visa’s trusted payment technology, WhatsApp users will now be able to swiftly and securely send and receive money to family and friends, and to make purchases from small businesses on the popular global messaging service. Payments on WhatsApp will allow users to send money to individuals or local businesses within a chat, attaching payment as they would a photo or video. WhatsApp tested the payment system in India beginning in 2018. The Brazil launch will be the first nationwide rollout and will introduce the ability to directly pay a business. The company has over 120 million individual users in Brazil, its second-largest market behind India. “WhatsApp is heavi...