The Monday Roundup: what we are watching this week | August 26th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Payments for businesses of all sizes

Alipay, the digital payment and lifestyle platform in China, has integrated 16 languages into its app, further enhancing the travel experience of international tourists exploring China.

For example, Italian tourists can download the Italian version of the Alipay App and enjoy mobile payment services in Italian while making offline payments in China.

A study conducted by the Silk Road Research Institute of Beijing Foreign Studies University in June 2024 on international tourists’ travel and payment experiences in China found that international visitors are interested in trying local mobile payment methods like Alipay. The study revealed that 84% of those surveyed used at least one type of mobile payment in China. Among international travellers who used Alipay, nearly 97% would recommend it to their friends visiting China.

Zeller, an Australian FinTech company, has announced the launch of Zeller Terminal 2, a robust all-in-one payments and point-of-sale solution for businesses of all sizes.

In addition, the new Zeller POS Lite, a free, customisable point-of-sale app built in Zeller Terminal 2, enables businesses to manage inventory and track sales without the need for costly hardware or signing agreements with multiple providers.

The new Zeller Terminal 2 offers premium design and customisation at an affordable price point. It sets a new benchmark in payments and POS technology, surpassing outdated hardware provided by local and global providers and incumbent banks.

Eliminating the hidden fees

Mitsubishi UFJ Financial Group, Inc. (MUFG) and its consolidated subsidiary, MUFG Bank, have announced that MUFG Bank will invest an additional $334 million (INR 27,988 million) in DMI Finance, a digital financial services business in India.

In the Asia-Pacific region, digital financial service providers are accelerating their use of technological developments to offer financial services to unbanked or underbanked consumers and SMEs. To capture growth in this area, MUFG has been continuously investing in the region’s digital start-ups and tech firms, including the recent investments in Ascend Money in June 2024 and Globe Fintech Innovations in August 2024.

India is a large market where rapid economic growth is expected. Due to the spread of the Internet and various policies promoting digitalization, the accelerated development of digital financial services is also foreseen.

DMI Finance is a digital financial services provider primarily engaged in consumer finance in India. Leveraging its technology, the company offers POS loans to customers through partnerships with various external parties.

Weyay Bank, a provider of innovative digital banking solutions, has announced the launch of its new Multicurrency Prepaid Card. The new digital card empowers the bank’s app users to conveniently pay for purchases during travel and make online transactions using the currency they want.

The Multicurrency Card eliminates the hassle and hidden fees typically associated with currency exchange when travelling or shopping internationally. The cardholders can select their preferred currency within the Weyay app and make payments directly from their account balance, avoiding the need to carry physical cash or worry about exchange rates.

“We are thrilled to introduce this transformative multicurrency digital card that will revolutionize the way our customers manage their finances while on the move or making online purchases,” said Naser Al-Duwaisan, Product Owner at Weyay Bank. “By providing this seamless and secure payment solution, we are empowering our users to confidently explore the world and make purchases with the utmost convenience.”

What is the buzz

Piramal Capital and Housing Finance (Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (‘PEL’), and the Central Bank of India have announced a strategic partnership to expand their co-lending business.

The collaboration will provide loans to middle- and low-income borrowers, focusing on middle- and low-income segment borrowers with a focus on rural and semi-urban regions.

This partnership leverages the Central Bank of India’s financial expertise and extensive branch network, along with Piramal Finance’s ‘High Tech + High Touch’ strategy, which uses technology to provide a seamless customer experience.

With Piramal Finance’s 500+ branch network spanning over 600 districts and 26 states across India, this partnership will offer competitive interest rates and customized credit solutions to customers who are either new to credit or underserved by larger financial institutions. It will focus on developing a diverse, multi-product loan book.