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Virtual economy bolsters payments industry amid COVID-19 crisis, says Monoova

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The rapid transition to a global virtual economy has largely bolstered the payments industry amid the COVID-19 crisis as an increasing proportion of payments continue to migrate online, according to end-to-end payments provider Monoova.

Commenting on the growing global reliance on online services over the past few months, Monoova CEO Christian Westerlind Wigstrom was positive on the medium to long term impact for the sector, despite some short-term headwinds.

“When high-street shops were closed and people were quarantined in their homes, the virtual economy ensured an alternative supply of everything from books and movies to education and medical advice. In the early stages of lockdown, we saw Chinese e-commerce grow by 20% and in Italy, the number was even higher at 81%1, contributing to a sharp rise in online payments,” Mr Westerlind Wigstrom said.  “In Australia, e-commerce giant PayPal recorded their strongest monthly result ever in April2– just when lock-down was the most severe.”

As restrictions in Australia, and globally, start to ease this month, Mr Westerlind Wigstrom noted that the payments industry would not be completely immune from the impact of the crisis.

“While more shop and restaurant doors start to open, huge swathes of the global economy remain in free fall. Industries which were unable to move online at the peak of the pandemic are laying off staff who therefore have less to spend, which translates into less demand both offline and online. As a result of this, we might well see the payments industry contract in the short term.” 

Fertile ground for nimble payments operators

Over the medium to long term, however, Mr Westerlind Wigstrom said many of the online habits formed or accelerated in lock-down were likely to serve the payments industry well into the future.

“First and foremost, we expect to see an even faster decline in physical cash. Consumers’ online expectations are also more demanding than offline. While we accept queueing to pay in shops (albeit at a 1.5m distance), virtual consumer conversions rely on microsecond execution.

“This creates fertile ground for innovative payment companies to offer greater speed and more seamless experiences through real-time payments capabilities, digital identification of transacting parties, and by offering pre-set checkout preferences.”

Mr Westerlind Wigstrom explained as the portion of online purchases increases, the dominance of credit cards is also likely to be weakened.

“While convenient when shopping in store, credit cards do not have the same competitive advantage online compared to, say, virtual wallets. Credit cards are often more expensive than competing methods such as the New Payments Platform (NPP) in Australia. This opens opportunities for smaller payments companies, arguably creating a more vibrant industry than before the crisis.”

Since inception, Monoova has processed more than 2 billion dollars through its proprietary payments software. Its growing client portfolio which includes some of the country’s most innovative and high-growth businesses such as ASX-Listed firm Splitit, DiviPay and Supay.


  1. McKinsey and Company, How payments can adjust to the Coronavirus pandemic – and help the world adapt: https://www.mckinsey.com/industries/financial-services/our-insights/how-payments-can-adjust-to-the-coronavirus-pandemic-and-help-the-world-adapt
  2. PayPal, COVID brings cashless revolution five years closer as digital payments surge during pandemic: https://newsroom.au.paypalcorp.com/cashlessrevolutionfiveyearscloser

Source: https://australianfintech.com.au/virtual-economy-bolsters-payments-industry-amid-covid-19-crisis-says-monoova/

Fintech

HSBC Rolls Out Recycled Plastic Payment Cards

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We’ve seen a widening range of ways that fintechs and financial services companies are responding to the global crisis of climate change. Finovate Best of Show winner Meniga, as just one example, teamed up with Iceland’s Islandsbanki earlier this year to launch its carbon footprint tracking, green banking solution, Carbon Insight. In March, we looked at 25 different fintech companies that were “going green” with initiatives that ranged from leveraging customer deposits to fund “climate-positive projects” to helping investors build portfolios of low carbon companies.

Today we learned that HSBC is commemorating this year’s Earth Day with news that it plans to eliminate single-use PVC plastic payment cards by the end of 2026. Instead, the bank will use recycled PVC plastic (rPVC), a shift already underway in markets like Malaysia and Sri Lanka. The new cards, part of HSBC’s goal of reducing its carbon emissions and reaching net zero in both operations and supply chain by 2030, are expected to reach the U.K. by summer, with markets in South Asia and North America – including the U.S. – getting the new cards by the end of the year.

“This is another step as we move towards a net zero business, to help the bank and our customers make a positive impact on the environment,” HSBC group head of retail banking products Richard Harvey said.

An issuer of 23 million cards a year, the transition to the rPVC-based cards is expected to reduce CO2 emissions by 161 tons a year. The switch will also result in a significant reduction in plastic waste — by 73 tons a year.

Not all who heard HSBC’s Earth Day message were moved, unfortunately. A small group of climate change activists broke windows at the bank’s Canary Wharf headquarters as part of a protest against HSBC’s business with fossil fuel-based companies. Nine women were eventually arrested in the protest, which was planned by a group called Extinction Rebellion.

And while the incident likely took some of the shine away from the HSBC’s environment-positive messaging, when it comes to Earth Day activism, it could have been worse


Photo by Anete Lusina from Pexels

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Source: https://finovate.com/hsbc-rolls-out-recycled-plastic-payment-cards/

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US, Canada lead in open banking adoption, with 16 million using API

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Sixteen million consumers in the United States and Canada are using the Financial Data Exchange’s (FDX) open banking and finance API, according to data reported by the nonprofit financial sector standards organization Wednesday. Open banking allows third-party vendors to access data collected by banks and financial institutions using software gateways, or APIs, and FDX works […]

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Source: https://bankautomationnews.com/allposts/infrastructure/us-canada-lead-in-open-banking-adoption-with-16-million-using-api/

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FinovateSpring Digital 2021 Sneak Peek: FINBOA

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

FINBOA’s workplace automaton platform and workflow solutions, including Regulation E Dispute Tracking, transform compliance processing for banking institutions, increasing efficiency by 80-90%.

Features

  • Improve efficiency and customer experience with process automation
  • Reduce regulatory deficiencies and compliance risk with workflow solutions
  • Increase information access with centralized data management

Why it’s great
With impactful, easy to adopt, and quick to deploy process automation solutions, FINBOA helps banks and credit unions improve compliance, efficiency, and customer experience enterprise-wide.

Presenters

Dave Hunkele, Advisor to FINBOA
Hunkele advises FINBOA through his company, Kreativelabs Consulting, and works with fintechs, financial institutions, and industry associations helping organizations innovate, grow, and transform.
LinkedIn

Raj Singal, CEO & Founder
Singal is the CEO & Founder of FINBOA. He is a leading innovator in back-office process automation solutions for banks and credit unions.
LinkedIn

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Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-finboa/

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FinovateSpring Digital 2021 Sneak Peek: Quantum Metric

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

Quantum Metric helps organizations build better digital products faster. Our platform for Continuous Product Design gives business and IT teams a fast and quantified single version of truth.

Features

  • Enables real-time data driven decision making
  • Aligns siloed teams like business and IT
  • Centers the product design process around customer interactions

Why it’s great
Quantum Metric helps companies increase organizational alignment and digitally transform their customer experiences.

Presenters

Jake Canaan, Sales Engineering Manager
Canaan leads the Solutions Engineering teams in the Northeast and Great Lakes for Quantum Metric. He is based in Washington, DC.
LinkedIn

Trevor Pyle, Director of Product Marketing
Pyle is a Director of Product Marketing focused on the core Quantum Metric platform. He is based in beautiful Denver, Colorado.
LinkedIn

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Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-quantum-metric/

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