Global Payment and Fintech Markets Mushrooming: WePay's Week in Payments
This week’s roundup of news from the payments and fintech worlds highlights how much of a world it really is. There are announcements of deals, growth and change from countries around the globe. Not surprisingly, the news is mostly from Asia where fintech has always been a strong sector of interest. But it isn’t limited to Asia.
- An interesting public/private payment platform initiative called pay.taipei has been announced by the Taipei city government.
- The Bahrain Economic Development Board is pushing an initiative to emulate Singapore and make Bahrain the next big Fintech hub for startups and investment.
- The National Payment Corporation of Vietnam (NAPAS), the National Payment Switch Provider in Vietnam, is pushing a payments solution intended to drive growth across Vietnam and the ASEAN region.
- Paytm E-Commerce of India has raised $200M from Alibaba to drive retail e-commerce throughout India.
- Turkish bank, Isbank, is working with a large payments provider to offer cross-border payments solutions throughout the region.
- Trends in South Africa are driving rapid change in the payments ecosystem there and IT Web Africa takes a look at the trends.
- American Express is readying the launch of a ‘Buyer Initiated Payment’ platform in India this week, a move that aims to help businesses pay their suppliers on time.
- In the UK, contactless payments have grown to £25bn in 2016, up 222% from 2015.
In contrast, Chris Skinner has a piece about how the US is being slow to adopt some form of immediate payment solution. The piece is part of an initiative he is pushing to determine the ROI of immediate payments and he includes an in-depth look at all the research on the topic to date.
CPI FInancial takes a look at four trends that it believes are shaping the future of mobile payment platforms. These are tokenization, regulation, the end of checkout and growing ecosystems.
PaymentSource has a great story about how the rapid rise of the Internet of Things (IoT) is driving an increase in payments transactions and simultaneously creating some very large future headaches around compliance.