The Monday Roundup: what we are watching this week | December 4th

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.

Small World Money Transfer

Visa and Standard Chartered have entered a regional partnership to accelerate the seamless delivery of installment payment options to the bank’s Visa credit cardholders across markets in Asia Pacific using the Visa Instalment Solution.

With Visa Instalment Solution, the bank’s credit cardholders will have the flexibility to choose “Buy Now, Pay Later” (BNPL) options in Asia Pacific, allowing them to split purchase repayments at the point of purchase at participating in-store or eCommerce merchants.

With this partnership, Standard Chartered Visa credit cardholders can begin using this facility in Malaysia and Singapore next year. Visa Instalment Solution is a network solution that enables existing credit lines to be converted into BNPL options at checkouts, giving cardholders myriad ways to pay for their purchases more conveniently.

TerraPay, a cross-border payments network, has announced a strategic partnership with Small World Money Transfer, a provider of cross-border money transfer services for consumers and businesses.

This collaboration aims to redefine mobile wallet services across Senegal, ensuring that Wave Wallet account holders can directly receive remittances into their wallets via instant bank transfers from the EU and UK , using Small World Money Transfer.

“We are stoked to join forces with Small World Money Transfer,” said Miller Rodriguez, Strategic Relationship and Sales Manager, Europe – UK, TerraPay. “This partnership is another step to strengthen our continuous efforts towards simplifying cross-border remittances. Together, we are able to make money transfers more accessible, user-friendly, and seamless for the people of Senegal, connecting them to their friends and family across the world. Tapping into the growing popularity of mobile wallets in the region, we are committed to enhancing the cross-border payments landscape while boosting financial inclusion.”

Open Payments Network

London-based FinTech Paysend, which enables international money transfers for consumers and businesses, has secured $65 million in a new funding round.

The round includes strategic investments from brands including Mastercard and TelevisaUnivision, with Paysend’s existing investors, including Infravia Growth Capital, One Peak, and Hermes GPE Innovation Fund, also taking part. As part of its strategic partnership with Mastercard, Paysend will aim to enhance its cross-border payments network for SMEs via its Open Payments Network.

Founded in April 2017, Paysend claims to have a global reach with access to 180 countries, allowing people and businesses to pay and send money online anywhere and in any currency, with more than eight million registered customers on its platform.

ProvidusBank and Mastercard have announced a new payment solution to accelerate digital inclusion in Nigeria and across Africa. The solution, called the Providus Amphi Card, is set to render seamless self-services to SMEs, merchants, and businesses with a special focus on cash-centric entities.

Through the solution, cardholders will also gain access to Mastercard’s SME benefits programmes such as the Entrepreneur Odyssey; a platform that provides business training content for micro and small businesses, and Easy Savings Specials; a platform where MSMEs can access discounted Value-Added Services from global and local third-party vendors.

Walter Akpani, Managing Director and Chief Executive Officer of ProvidusBank, said, “The Providus Amphi Card presents us an opportunity to demonstrate this commitment as we unpack the tremendous benefits it introduces to our customers, especially small businesses which remain the fulcrum of the economy. Through the introduction of the Amphi Card, we are once again revolutionizing payments in Nigeria. Each card is equipped with an imprinted QR code, seamlessly enhancing the banking experience and adding an extra layer of convenience and efficiency.”

What is the buzz

Apple has opened talks with Goldman Sachs to end their their credit-card and savings account partnership within the next 12 to 15 months.

The shocking move would end one of the world’s highest profile alliances between a bank and a technology firm, according to CNBC. Both multi-nationals have held a high-profile partnership overseeing the Apple Card and associated high-yield savings accounts.

The news would almost certainly raise questions about the future of Apple’s financial offerings – as the firm relies on Goldman Sachs for banking infrastructure – and therefore would need a new partner.

Apple’s entry into the financial services sector with the Apple Card marked a significant move towards enhancing its services business and providing value-added features to its users.

However, regulatory scrutiny and challenges faced by Goldman Sachs in its consumer banking aspirations have strained the partnership. Rising costs have seen the firm back away from its previous consumer banking targets under CEO David Solomon.