October’s FinTech Spotlight: 5 Payment Innovations You Can’t Miss

By Gloria Methri

As the digital payments landscape continues to evolve, this year has brought forth an exciting array of innovative launches in the FinTech world. Each solution reflects different facets of modern financial needs—from fostering financial inclusion to enhancing convenience and security—and this month’s product rollouts underscore the rapid advancement in payment technology.

Industry players are catering to the needs of traditional and digital-first banks. They are also embracing wearable technology, streamlining BNPL options, and connecting cross-border networks like never before.

Here’s a closer look at some of the most notable FinTech releases that are reshaping how businesses and consumers handle payments worldwide.

• BKN301 unveils ‘301 Retail Account’

BKN301 Group, the digital payments and Banking-as-a-Service (BaaS) provider in MENA has launched an innovative payment solution, 301 Retail Account. The solution is a payment account designed to cater to the needs of traditional banks, FinTech companies, and neobanks. With its user-friendly interface, security, convenience, and robust compliance measures, the ‘301 Retail Account’ aims to promote financial inclusion and economic progress in the region.

• EPI launches Wero

FinTech European Payments Initiative (EPI) has launched its instant account-to-account payment solution, Wero, in France. The solution is now available to French customers of BNP Paribas, Groupe BPCE, Crédit Agricole, Crédit Mutuel Alliance Fédérale, Crédit Mutuel Arkéa, La Banque Postale and Société Générale, as well as many of their subsidiaries. While most banks will initially offer Wero via their applications, La Banque Postale customers will be able to make payments using the Wero app, developed by EPI. It is available in all smartphone application shops starting October 2024.

• Marqeta launches new BNPL solution

Marqeta, the global modern card issuing platform, has unveiled its Marqeta Flex solution at Money 2020. The new solution revolutionises the way BNPL payment options can be delivered inside payment apps and wallets, surfacing them at the moment of need within an existing payment flow. Marqeta Flex is being developed with payment providers Klarna and Affirm and payments platform Branch.

• Tappy Technologies launches fitness ring

Tappy Technologies, a wearable payment technology company, has announced the launch of its fitness and payment ring. This ring merges fitness tracking with network card tokenisation technology for contactless payments. It is designed for fitness enthusiasts and tech-savvy consumers alike. Equipped with advanced sensors, the ring monitors various health metrics, including heart rate, blood oxygen, activity levels, and sleep patterns, providing users with real-time insights into their fitness journey.

• Thunes launches Pay-to-Card solution

Singaporean FinTech Thunes has announced the launch of its new Pay-to-Card solution, broadening the company’s Global Direct Network’s reach. Through this offering, Thunes connects members of its proprietary network to 15 billion cards globally, including Mastercard, Visa, and UnionPay, making cross-border payments faster, more efficient, and more accessible than ever before.