Azupay has delivered the first example of an online marketplace using PayID exclusively to settle payments between buyer and seller.
Warrp, a newly launched Australian online consumer-to-consumer marketplace, chose Azupay to facilitate all payments on the platform.
Warrp Co-Founder and CEO, Matthew Ng, said the company wanted to give consumers confidence in its platform through a nationally recognised payment function.
For as long as online marketplaces have existed, the problem of how to safely and securely pay and accept payment for goods has been problematic. Examples of fraud and non-payment are commonplace and the option for a buyer and seller to meet in person and pay with cash has become increasingly inconvenient.
Azupay’s AzupayID solution allows Warrp buyers to quickly fund their purchase via the Warrp App. The seller then has immediate access to the funds once both parties agree to finalise the transaction.
This process is made possible because of the unique, transaction-specific PayID’s Azupay creates for each purchase and the real-time nature of the New Payments Platform (NPP).
Azupay’s Head of Sales, Chris Haylock said, “Nearly everyone has heard the stories of fraud taking place on online marketplaces, so I’m delighted to see an innovation like Warrp help make this process faster, safer and more secure. It makes perfect sense for Warrp to use Azupay because it works 24 hours day, 7 days a week and the funds settle in real time. It’s the closest thing to cash”.
Azupay provides the underlying payment technology to register and deregister PayID’s as each payment is required. This means each unique PayID can only be used to pay for a specific transaction, providing an added layer of security for both buyer and seller.
According to the NPP, Australia has 6.7 million registered PayIDs across more than 105 participating financial institutions and over 74 million reachable bank accounts, making it a widely accessible and trusted payment method for Warrp users.
On average, the NPP processes over 2.2 million transactions each day and currently holds a 27% share of all account-to-account transactions.
Banking Challenger Monzo Now Offering New and Improved Invoices for Business Pro Clients
Digital bank Monzo has introduced new and improved invoices on Business Pro.
The team at Monzo notes that they’ve made in-app invoicing “better” in order to give users more time “for what really matters (like running your business, being with family, or queuing for an al fresco meal).”
Monzo Business Pro users may send their customers PDF invoices, however they .like. The Fintech firm explains that before, they’d email invoices you created in Monzo to your clients for you, but now, to send an invoice you can simply share a PDF via the Monzo app — “however you like.”
Monzo writes in a blog post that “whether it’s by text, email or WhatsApp, you can share an invoice with your customers however you usually communicate with them (it “looks a lot slicker, too”).”
There’s also an option to preview a PDF invoice before sending it, so users are able to make sure “everything looks right.”
The Monzo team also mentioned that you may add extra information. New footer space “means you can add in even more detail to your invoice, so customers know exactly what it’s for (and you’ve got the summary section for that too),” the digital bank noted in its blog post. It also mentioned that you might “use that extra space to summarize a job, drop in reference details or a link to your terms and conditions.”
Now, it’s also possible to “stay VAT-compliant more easily” with Monzo Business Pro. The company explains that you may add discounts or VAT amounts “as separate line items in your invoice.” It’s now “much clearer when you’ve got multiple VAT rates (or discounts for specific items) in a single invoice,” the Fintech firm noted.
If you’re looking to try invoices out, then make sure you’re using the most recent version of the Monzo app, and then head on over to “Invoices”, under the “Payment” tab, the digital bank noted while adding that if you’re not currently a Monzo Business Pro client, you may get “easy invoicing, automatic tax saving and much more – for £5 a month.”
You can learn more here.
China: WeiyangX Fintech Review
Police in Changsha Receive Salaries in the Form of Digital RMB
At present, digital RMB pilots have been conducted in various applications across China. On May 8th, employers at the Kaifu branch of Changsha Municipal Public Security Bureau received their salaries in the form of digital RMB. This is the first time that digital RMB has been used for salary payment in the government agencies of Changsha. In fact, from January 2021, Chinese tech giant JD has already started to conduct a digital RMB salary payment pilot. JD employers based in Shanghai, Shenzhen, Chengdu, Changsha, and Xi’an joined the first batch to experience the innovative payment mechanism. (Source: REDNET.CN)
Ant Group: Ant Forest is not a money-making project
On May 13th, Ant Group made a response to the question of whether Ant Forest is a money-making project. According to the statement, Ant Forest is a project purely for public welfare.
As introduced on its official website, “Alipay Ant Forest users can generate green energy from low-carbon deeds to redeem real trees. These trees will be planted by Alipay Ant Forest and nonprofit institutions in sandy areas.”
In 2020 alone, Ant Group has invested over RMB 760 million in the project. Over the past few years, 550 million users, nearly 1000 partners, and Ant Forest project have jointly planted more than 223 million trees in areas of over 3 million mu. The trees belong to the country and the society.
In the future, if the trees generate carbon sinks and could be included in the trading system, all the benefits from the process will belong to the users respectively, not Ant Group. (Source: Sina)
The China Banking Association Will Set Up Working Group for Promoting Reducing Carbon Dioxide Emissions and Achieving Carbon Neutrality
On May 13th, Guo Sanye, Deputy Secretary-General of the China Banking Association (CBA), briefly introduced the work of the association in achieving the strategic objectives of green finance. At present, the CBA is preparing to establish a working group for promoting Chinese banking institutions to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
In the future, the working group will: (Source: CBIRC)
- provide decision-making advice for the China Banking and Insurance Regulatory Commission (CBIRC);
- set data standards required for banking institutions in achieving carbon emissions peaking and carbon-neutrality goals;
- lead financial resources towards green industries, and offer suggestions for the structure optimization of credit assets;
- establish a tracking system for the carbon emissions data of Chinese banking industry.
Insurtech platform Yuanbao received nearly RMB 1 billion in Series C round of financing
On May 10th, online insurance brokerage platform Yuanbao announced that it had secured nearly RMB 1 billion in a Series C round of financing. The investment was led by Source Code Capital, with participation from Cathay Capital, Hike Capital, Northern Light Venture Capital, Qiming Venture Partners and SIG.
With its national insurance brokerage license, Yuanbao provides insurance product matching services between users and insurers (e.g. Sunshine Insurance Group) based on analysis of big data and AI technologies.
Less than a year since its launch, Yuanbao has attracted over 1 million users, covering 90% of mainland China. (Source: lieyun)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation. Coinsmart. Beste Bitcoin-Börse in Europa
Digital Banking: Revolut Business Web App has Been Updated, Now It’s Easier to Work with Marketplace Apps
Digital bank Revolut says your account has had “a spring clean.”
Revolut Business has a “new look” and a more “personalized” experience.
The Revolut team writes in a blog post:
“We’ve updated our Revolut Business web app and the new, simpler navigation makes it easier and quicker to move around your account and manage your business.”
The app’s users are able to find and connect all the tools they currently use in the Revolut Marketplace, such as handy Business apps including Expenses and partner apps: Xero, QuickBooks, Slack and Zapier. Additionally, you may personalize your account menu by “pinning your favorite apps and tools for quick and easy access.”
The Revolut team also revealed that they’ve improved monthly statements in January, and now they have made it easier to access “all types of statements” in one convenient place, including:
- Monthly statements as a PDF or CSV
- Transaction statements – “slice and dice financial activity of your business by transaction types, transfers direction, company cards, currency and other filters.”
- For complex analysis, “you can export them to CSV of PDF files”
- Statement of balances as a PDF
- Account confirmation as a PDF
Revolut’s blog post also noted that you can “just tap the Statements button or go to the Statements section in Settings to view and manage all your important documents.”
The Revolut team added:
“You can now manage your physical and virtual debit cards on any platform. View and copy your card details and PIN, adjust monthly limits, and order cards for your team members anytime, anywhere, on any device. With our company debit cards you can control your team’s spend with a tap – set limits, track, and freeze or unfreeze cards, stay on top of your online spend with virtual debit cards and get extra protection from theft and fraud, spend like a local with debit cards worldwide in over 150 currencies, and get iconic, sleek metal cards for you and your power players.”
The digital bank confirmed that Easy payroll will be coming to Revolut Business. You will have the option to quickly review, approve, and pay your workers in “just a few clicks” along with other features:
- Make payments “straight from payroll”
- Get “instant” accounting reports
- Give your team “more than their salary with early payments, and access to payslips”
- Enjoy “stress-free legal reporting”
- Let your team “self-onboard”
Revolut added that doing your payroll has “never been easier.” You may join their Payroll waitlist on their main menu or by going to Marketplace.
To learn more, check here.
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UK’s Starling Bank Explains how their Overdraft Facility can Serve as Short-Term Safety Net for Clients
UK-based digital bank Starling notes that their overdraft can serve as a short-term “safety net” for eligible or qualified personal customers.
The Starling Bank team writes in a blog post that if you don’t have enough funds in your account to cover essential payments or have seen a sudden drop in your earnings, then their flexible overdraft may help.
The Starling team notes:
“We offer flexible overdrafts with some of the most competitive interest rates on the market. Depending on an eligibility check, we’ll offer you an interest rate of 15%, 25% or 35% EAR (Equivalent Annual Rate). This compares with 39.9% at most other banks at the time of writing.”
“We also offer tools to help you manage your money, so, if you don’t have sufficient funds to cover a scheduled payment, we send you alerts so that you can fund your account.”
If you happen to dip into your arranged overdraft, then Starling will send you another message to inform you. They’ll also make it easier for you to view your overdraft fees via a simple screen, the digital bank explained while adding that after your overdraft has been approved, you may use the in-app slider feature to “manage and set the amount you need within that limit.”
For instance, if they provide you with a £1,000 overdraft, then you may bring this limit down to £500 using their slider. And if you later find out that you require £1,000, then you may “do so quickly through the slider.”
To find out whether you qualify for such offers, Starling explained that after you’ve applied for a Starling personal account and it has been verified and opened, then you may apply for an overdraft through the app “by tapping ‘Manage Overdraft’ in the menu.”
Starling further noted:
“After we’ve run an eligibility check and looked through a few details, we’ll tell you if you’re eligible for an overdraft, and the potential amount and the interest rate you would pay. You can then accept or decline.”
“If you decline your overdraft offer, but later find you need one, you can re-apply, provided 60 days have passed since your last check. Your potential interest rate and overdraft limit may have changed since your initial offer. The offer details are based on a creditworthiness assessment, which takes into consideration your credit score.”
To check whether you’re eligible, Starling’s team runs a “hard credit check, which may impact your credit score.” The check will be “recorded on your credit report,” the banking challenger explained.
They also noted that for those asking to “increase the limit of their existing Starling overdraft, we run a soft credit check – the type that does not usually impact your credit score.”
The digital bank also mentioned:
“Starling charges you the agreed interest rate on the money you’ve withdrawn through your overdraft. We won’t charge you for going into your overdraft if there are sufficient funds stashed away in the Spaces section of the app.”
They further noted:
“If you’ve not got enough money in your account to cover a payment, we’ll decline the transaction. … we don’t charge for declined transactions. … when you might go into an unauthorized overdraft … we will not charge one-time fees or interest in these situations, although it’s still important that you pay off the amount to avoid going into arrears.”
You are able to view a detailed breakdown of all your outstanding fees in the overdraft screen of your Starling app. Additional pricing information can be found via the Fintech firm’s overdraft pages.
Starling also mentioned that “at any time, we may end an overdraft facility or reduce the limit, or we may require repayment of all amounts owed.”
“We will always try to give advance notice if we plan to do any of these. You can also ask to remove your overdraft, provided it’s been cleared and any amounts owing repaid, by contacting Customer Service.”
Starling reminded clients that if they are finding it challenging to pay back their overdraft, then remember that “you’re not alone.” They also noted that “if you feel able, try creating a budget so that you can build overdraft repayments into your money plan.”
Starling’s blog post revealed:
“There are places to turn if you need help, including UK organisations and charities dedicated to supporting people with debt, such as StepChange and Money Advice Service, as well as Starling’s Specialist Support Team.””
To learn more about using Overdrafts with Starling, check here.
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