Apple has launched a project to develop its own payment processing technology and infrastructure for future financial products and services including buy now, pay later instalment payments for Apple Pay, credit checking and risk assessment, according to media reports... More
Google Pay users in India can now apply for and receive a personal loan in their bank account via the payment service’s app... More
German savings banks in the Sparkasse group have launched a buy now pay later service in their mobile payments app, enabling customers to request a loan to pay for goods at the point of sale via their Android smartphone and arrange to repay it in instalments... More
PARTNER NEWS: European mobile loyalty wallet leader Stocard has added support for NFC payments to its app as it looks to evolve its digital wallet into an all-in-one payments, banking and shopping service... More
Swift has published a new open banking API standard that “allows a payer’s bank to earmark funds for a purchase in advance, guaranteeing that the future payment will be honoured”... More
Samsung partners with Paisabazaar.com to offer financial products on Samsung Pay — Paisabazaar — “Paisabazaar.com, India’s largest online marketplace for financial products, today announced its partnership with Samsung… Samsung Pay users can apply for credit cards and personal loans from the platform. The move will enable millions of existing and potential Samsung Pay users to get the benefit of seamlessly opting for a host of financial services.”
Customers of Singapore’s OCBC Bank can now make purchases via their mobile devices minutes rather than days after applying for a digital bank card... More
Standard Chartered has become the first bank in Singapore to offer customers the ability to use its mobile banking app to apply for loans and credit cards — and, if approved, have a digital version of their new credit card instantly provisioned to their Apple Pay, Google Pay or Samsung Pay digital wallet so they can make payments... More
MegaFon is working with Mastercard to develop a full service financial marketplace for its mobile network subscribers in Russia... More
Swift publishes new ‘Pay Later’ API standard — Swift — “By selecting Pay Later at the point of purchase, customers are provided with available loans from their banks; they can then select and initiate a loan, knowing that the funds can immediately be credited to the merchants and items dispatched. By offering the Pay Later option, merchants are in turn able to offer a wider variety of purchase options and to reach a wider consumer audience, whilst still ensuring surety of payment.”
Customers of India’s IndusInd Bank can now apply for Nexxt, a bank card that features three built-in buttons which the cardholder can use to choose between charging a purchase to their credit card account, taking out a loan or paying for the item with their reward points balance... More
Chinese millennials are buying hamburgers on instalment, fuelling micro loan industry — South China Morning Post — “A small layer cake can be had for as low as 0.46 yuan per month for three years, or there’s lipstick for only 1.93 yuan (3 US cents) per month for two years. Interest rates differ based on the product price and repayment period but some loans are offered interest free.”