![\"digital](\"https://www.pymnts.com/wp-content/uploads/2024/08/digital-payments.jpg\")
Consumers in Brazil are embracing their digital wallets for making payments. Almost half of consumers use them for paying bills, for example. Surprisingly, it is the country\u2019s baby boomers and seniors who are the most active digital wallet users when paying bills \u2014 and for online shopping. In fact, 31% of baby boomers in Brazil paid for an online purchase using one of these wallet. In contrast just 20% of Generation Z and 25% of millennial consumers in Brazil did the same.
\nConsumers in Brazil are also exploring how these wallets can be a trusted for non-transactional purposes. In fact, they are doing so at a much higher rate than their peers in other countries. For example, 34% of consumers in Brazil expect to verify their identity using a digital wallet in the next three years. This suggests that the Brazil market is ready to use these wallets to hold IDs and other documents.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: Brazil Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the Brazil market. It draws on insights from a survey of 2,101 consumers in Brazil conducted from Jan. 11 to Feb. 5.
\nOnce consumers have used a digital wallet to store credentials or show their IDs, most are satisfied with their experience. Download the report to learn more about what\u2019s next for these wallets in Brazil.
\nThis report is part of a series exploring how consumers in various major economies are using digital wallets. Check out the archive to learn about how usage in Brazil compares to other countries.
\nThe post Boomers Go Digital: The Surprising Rise of Digital Wallets Among Brazil’s Older Consumers appeared first on PYMNTS.com.
\n", "content_text": "Download the Data Brief\n \n Digital Wallets Beyond Financial Transactions: Brazil\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nConsumers in Brazil are embracing their digital wallets for making payments. Almost half of consumers use them for paying bills, for example. Surprisingly, it is the country\u2019s baby boomers and seniors who are the most active digital wallet users when paying bills \u2014 and for online shopping. In fact, 31% of baby boomers in Brazil paid for an online purchase using one of these wallet. In contrast just 20% of Generation Z and 25% of millennial consumers in Brazil did the same.\nConsumers in Brazil are also exploring how these wallets can be a trusted for non-transactional purposes. In fact, they are doing so at a much higher rate than their peers in other countries. For example, 34% of consumers in Brazil expect to verify their identity using a digital wallet in the next three years. This suggests that the Brazil market is ready to use these wallets to hold IDs and other documents.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: Brazil Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the Brazil market. It draws on insights from a survey of 2,101 consumers in Brazil conducted from Jan. 11 to Feb. 5.\nInside \u201cDigital Wallets Beyond Financial Transactions: Brazil Edition\u201d:\n\nWhat tasks consumers in Brazil are completing using these wallets\nWhich generations are using these wallets the most\nHow consumers in Brazil are using these tools for identity verification\nUse cases for events and ID needs\nWhat share of consumers in Brazil predicts using these wallets for accessing events will become the norm\n\nOnce consumers have used a digital wallet to store credentials or show their IDs, most are satisfied with their experience. Download the report to learn more about what\u2019s next for these wallets in Brazil.\nThis report is part of a series exploring how consumers in various major economies are using digital wallets. Check out the archive to learn about how usage in Brazil compares to other countries.\nThe post Boomers Go Digital: The Surprising Rise of Digital Wallets Among Brazil’s Older Consumers appeared first on PYMNTS.com.", "date_published": "2024-09-05T04:03:50-04:00", "date_modified": "2024-09-04T19:12:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/digital-wallets-financial-transactions-brazil.jpg", "tags": [ "brazil", "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "Featured News", "Google Wallet", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study" ] }, { "id": "https://www.pymnts.com/?p=2094163", "url": "https://www.pymnts.com/digital-payments/2024/tech-for-good-boosting-nonprofit-success-with-digital-payments-and-subscription-models/", "title": "Tech for Good: Boosting Nonprofit Success With Digital Payments and Subscription Models", "content_html": "When it comes to payments, no one gets a hall pass. Not even a nonprofit gets one. In fact, the world of charitable giving offers a microcosm of the challenges and opportunities for platforms seeking to bring payments fully into the digital age.\u00a0
\n\u201cAt the end of the day,\u201d Sara Craven, general manager of Visa\u2019s solutions Authorize.net \u00a0and Verifi told PYMNTS CEO Karen Webster in\u00a0the latest PYMNTS SMBTV installment. \u201cThe consumer experience has to be flawless. There is no room for error.\u201d\u00a0
\nEven charities aren\u2019t exempt. They are, after all, big businesses on their own, with the Bureau of Labor Statistics\u2019 most recent data putting nonprofits at 10.2% of all employment in the U.S. And just like the for-profit businesses that they transact with, consumers don\u2019t usually care where the payment is being processed, as long as things are secure and predictable \u2014 and everyone can see, right alongside the digital receipt of their transaction, including who they\u2019ve purchased from, when and exactly what they are getting.
\nAs Craven noted in a conversation on where tech is taking us on PYMNTS SMB TV program, payments, in general, need to be simple. The rise of mobile wallets suggests that data pop up instantly, and a consumer can initiate a charge, all with a few clicks. Get it wrong, and consumers can vote with their feet.
\nThat\u2019s especially true, said Ronald Pruitt, the president and founder of 4aGoodCause, when it comes to charitable giving.\u00a0As an online donation platform, 4aGoodCause helps nonprofits by providing the software that enables monthly giving via the subscription model. Donors can automatically give each month to the charity of their choice.
\nBut, \u201cSubscriptions are always a risk,\u201d he told Webster. A donor can choose to cancel their subscription at any time. Sometimes a payment interruption comes when a card expires.
\nThe continuum of enrollment and keeping donors enrolled (and donating) is critical, as most of the charities that work with 4aGoodCause are small nonprofits and are led by their founders or have fewer than 10 employees. They don\u2019t have the resources to handle the complexities of payments, so they\u2019ve partnered with Pruitt\u2019s platform, gaining enterprise-level tools to help keep their nonprofits thriving. \u00a0
\n4aGoodCause, for its part, has worked with Authorize.net to outsource the routing of transaction data and embed flexible payment options for nonprofits to allow donors to pay with their preferred method.\u00a04aGoodCause leverages Authorize.net\u2019s Advanced Fraud Detection Suite to help identify and prevent potentially fraudulent transactions.\u00a0
\nThe information collected and recorded by 4aGoodCause includes donor-level data, spanning the payment and card-level insight, that increases the lifetime value of the nonprofit relationship underpinned by the platform.\u00a0The donor gets a financial record that lets them help manage their recurring subscriptions.
\n\u201cWe have a full subscription dashboard for the nonprofits,\u201d Pruitt said, \u201cwhere they can see the lifetime value of the donor.\u201d
\nMobile wallets, Pruitt said, have reached an inflection point, where more of 4aGoodCause\u2019s eCommerce came from those payment options than via consumers inputting their details manually.
\n\u201cI\u2019m telling our nonprofits,\u201d he said, \u201cthat they\u2019ve got to look at their donation forms and make sure they are taking mobile wallets.\u201d He noted that the joint efforts with Authorize.net\u2019s eCheck, and Account Updater allow the transaction and checkout processes to be more forgiving, help boost conversion rates across the platform, and help to lift nonprofits\u2019 donation volumes. The account updater settings also alert the nonprofit to reach out \u2014 before transactions fail.
\n\u201cThe donor [may not have intended] that payment problem,\u201d he said, \u201cso it\u2019s your job to hold their hand and pull them back on track. That keeps the giving going.\u201d
\nWith embedded payments and better security in the mix, said Pruitt and Craven, there\u2019s the opportunity to, as they put it, know your customer \u2014 to cater to their payment preferences, to know that they are who they say they are, and to keep the recurring subscription model robust. There\u2019s also the opportunity to \u201cnudge\u201d subscribers to participate in one-time fundraising events or consider an extra one-time gift.
\nLooking ahead into 2025, Craven noted that AI will be a mainstay as new functionalities and features will lead to what she termed \u201cmore intuitive payments,\u201d including voice-activated donations.
\n\u201cData and analytics are going to become even more of a key focus \u2026 [for the payments industry],\u201d she said.
\n\n
The post Tech for Good: Boosting Nonprofit Success With Digital Payments and Subscription Models appeared first on PYMNTS.com.
\n", "content_text": "When it comes to payments, no one gets a hall pass. Not even a nonprofit gets one. In fact, the world of charitable giving offers a microcosm of the challenges and opportunities for platforms seeking to bring payments fully into the digital age.\u00a0 \n\u201cAt the end of the day,\u201d Sara Craven, general manager of Visa\u2019s solutions Authorize.net \u00a0and Verifi told PYMNTS CEO Karen Webster in\u00a0the latest PYMNTS SMBTV installment. \u201cThe consumer experience has to be flawless. There is no room for error.\u201d\u00a0 \nEven charities aren\u2019t exempt. They are, after all, big businesses on their own, with the Bureau of Labor Statistics\u2019 most recent data putting nonprofits at 10.2% of all employment in the U.S. And just like the for-profit businesses that they transact with, consumers don\u2019t usually care where the payment is being processed, as long as things are secure and predictable \u2014 and everyone can see, right alongside the digital receipt of their transaction, including who they\u2019ve purchased from, when and exactly what they are getting.\nAs Craven noted in a conversation on where tech is taking us on PYMNTS SMB TV program, payments, in general, need to be simple. The rise of mobile wallets suggests that data pop up instantly, and a consumer can initiate a charge, all with a few clicks. Get it wrong, and consumers can vote with their feet.\nThat\u2019s especially true, said Ronald Pruitt, the president and founder of 4aGoodCause, when it comes to charitable giving.\u00a0As an online donation platform, 4aGoodCause helps nonprofits by providing the software that enables monthly giving via the subscription model. Donors can automatically give each month to the charity of their choice. \nBut, \u201cSubscriptions are always a risk,\u201d he told Webster. A donor can choose to cancel their subscription at any time. Sometimes a payment interruption comes when a card expires. \nThe continuum of enrollment and keeping donors enrolled (and donating) is critical, as most of the charities that work with 4aGoodCause are small nonprofits and are led by their founders or have fewer than 10 employees. They don\u2019t have the resources to handle the complexities of payments, so they\u2019ve partnered with Pruitt\u2019s platform, gaining enterprise-level tools to help keep their nonprofits thriving. \u00a0\nEmbedded Finance for Donors\n4aGoodCause, for its part, has worked with Authorize.net to outsource the routing of transaction data and embed flexible payment options for nonprofits to allow donors to pay with their preferred method.\u00a04aGoodCause leverages Authorize.net\u2019s Advanced Fraud Detection Suite to help identify and prevent potentially fraudulent transactions.\u00a0 \nThe information collected and recorded by 4aGoodCause includes donor-level data, spanning the payment and card-level insight, that increases the lifetime value of the nonprofit relationship underpinned by the platform.\u00a0The donor gets a financial record that lets them help manage their recurring subscriptions.\n\u201cWe have a full subscription dashboard for the nonprofits,\u201d Pruitt said, \u201cwhere they can see the lifetime value of the donor.\u201d \nKeeping Donor Momentum\nMobile wallets, Pruitt said, have reached an inflection point, where more of 4aGoodCause\u2019s eCommerce came from those payment options than via consumers inputting their details manually.\n\u201cI\u2019m telling our nonprofits,\u201d he said, \u201cthat they\u2019ve got to look at their donation forms and make sure they are taking mobile wallets.\u201d He noted that the joint efforts with Authorize.net\u2019s eCheck, and Account Updater allow the transaction and checkout processes to be more forgiving, help boost conversion rates across the platform, and help to lift nonprofits\u2019 donation volumes. The account updater settings also alert the nonprofit to reach out \u2014 before transactions fail.\n\u201cThe donor [may not have intended] that payment problem,\u201d he said, \u201cso it\u2019s your job to hold their hand and pull them back on track. That keeps the giving going.\u201d\nWith embedded payments and better security in the mix, said Pruitt and Craven, there\u2019s the opportunity to, as they put it, know your customer \u2014 to cater to their payment preferences, to know that they are who they say they are, and to keep the recurring subscription model robust. There\u2019s also the opportunity to \u201cnudge\u201d subscribers to participate in one-time fundraising events or consider an extra one-time gift.\nLooking ahead into 2025, Craven noted that AI will be a mainstay as new functionalities and features will lead to what she termed \u201cmore intuitive payments,\u201d including voice-activated donations. \n\u201cData and analytics are going to become even more of a key focus \u2026 [for the payments industry],\u201d she said.\n \nThe post Tech for Good: Boosting Nonprofit Success With Digital Payments and Subscription Models appeared first on PYMNTS.com.", "date_published": "2024-09-05T04:00:17-04:00", "date_modified": "2024-09-04T22:49:45-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Visa-SMB-TV.jpg", "tags": [ "4aGoodCause", "Authorize.Net", "charitable donations", "Digital Payments", "embedded finance", "Main Feature", "Mobile Wallets", "News", "PYMNTS News", "pymnts tv", "Ronald Pruitt", "Sara Craven", "subscription commerce", "subscriptions", "Verifi", "video", "VISA SMBTV" ] }, { "id": "https://www.pymnts.com/?p=2080671", "url": "https://www.pymnts.com/digital-payments/2024/ingo-payments-acquires-deposits-inc-to-redefine-money-mobility-for-banks-and-corporates/", "title": "Ingo Payments Acquires Deposits Inc. to Redefine Money Mobility for Banks and Corporates", "content_html": "There\u2019s moving money and then there\u2019s money mobility. One represents the current state of how money moves in and out of accounts. The latter is the cornerstone of today\u2019s announcement that money mobility platform Ingo Payments has acquired cloud-based banking platform Deposits Inc.
\nThe Deposits integration into the Ingo Payments platform will create a modern, bank-grade, money movement platform that connects \u201cmoney in and money out\u201d functionality with an embedded, proprietary \u201cmoney stack.\u201d Ingo Payments now gives bank and non-bank issuers new plug-and-play capabilities to fund and monetize existing account relationships or to establish new virtual ones \u2014 by turning payments into new feature-rich accounts.
\n\u201cThis was literally a missing piece in our [platform] that powers the money in and money out [of an account],\u201d Ingo Payments CEO Drew Edwards told PYMNTS CEO Karen Webster in an exclusive interview. \u201cI\u2019ve talked many times about how an account, a bank or a wallet is a place to store money, but in today\u2019s world it must be easily created and funded digitally. It\u2019s also a place to spend money from, and there\u2019s risk associated with it. You have to be really good at risk management. With this combination, we get the part in the middle. That\u2019s what Deposits has built: a modern money stack for ledgering and issuing accounts, now in the middle of the Ingo Payments money mobility platform.\u201d
\nThe \u201cmoney stack\u201d is relevant for banks as well as corporates that see an opportunity to turn a payment into an account that becomes the basis for a relationship with that customer. The Deposits software simplifies that for issuers because of its low-code or no-code platform, cloud ledgering, APIs and single sign-on systems \u2014 all of which simplify how banks and corporates track transactions in and out of those accounts.
\n\u201cWe can deliver all of those capabilities in a complete set of APIs and tools that make it easy to deploy new feature-rich accounts. And that\u2019s what we mean by money stack,\u201d Deposits CEO Joseph Akintolayo said. \u201cWe mean all the layers that you need to get to market in an efficient and meaningful way backed by our history, risk management, our know-how capabilities and our compliance. We see this as an awesome path toward the future.\u201d
\nEdwards said the acquisition will amplify the capabilities Ingo Payments already provides to a diverse set of industries, including banking, FinTech, lending, hospitality, insurance, gaming and trucking.
\nEdwards used the example of a restaurant to describe the new Ingo Payments platform capabilities.
\nMore than 90% of restaurants still pay out cash tips at the end of a worker\u2019s shift. Consider a restaurant that would like to eliminate the friction associated with cash payouts and pay directly and instantly into a worker\u2019s bank account. Edwards said that with the Deposits acquisition, Ingo Payments will expand the available options to include new instant-issue accounts for workers that open up new revenue streams and opportunities to make it more cost effective for the restaurant and the worker.
\nHe pointed out that Ingo already powers some of the top restaurant operating systems in market today \u2014 the cloud ledgering that will now be integrated with inbound and outbound payments, as well as new accounts and complex money flows within this multilayer ecosystem, can be tracked seamlessly.\u00a0 \u00a0\u00a0
\nIn this use case, digital tipping becomes the baseline for a new branded account that simplifies payouts for the restaurant operator, enabling a true cashless experience that is also portable as the worker changes jobs. Edwards emphasized that it also turns what was formerly cash in an envelope into a new relationship with that worker and an ecosystem among the restaurants that becomes the basis for monetizing payments in new ways.
\nThe Ingo Payments/Deposits integration creates a proprietary and modern money stack that brings together core and non-core capabilities \u2014 such as digital experiences for embedded account creation, ledgering, funding accounts, accessing accounts, risk management and compliance \u2014 as part of a money stack that exists inside of the Ingo Payments money mobility platform.
\nThe platform is \u201cprocessor-agnostic, core-agnostic and open-banking-agnostic,\u201d helping banks and corporates leverage the power of creating new feature-rich, account-based relationships that meet modern consumer expectations. These include receiving money from relevant form factors, including checks, and sending money to relevant destinations including P2P, Me2Me and bill payments.
\nEdwards and Akintolayo use the term \u201cproprietary\u201d to mean, \u201cownership,\u201d and with that the reduction in the number of third- and fourth-party integrations and partners that banks and corporates have to manage from a risk perspective.\u00a0
\n\u201cYou can\u2019t outsource the core responsibilities of banking,\u201d Edwards said. \u201cBanks are ultimately accountable for compliance, whether they use third parties or not,\u201d adding that the Ingo Payments platform with Deposits minimizes reliance on external partners, reducing the complexity and risks associated with compliance, and allowing banks to maintain tighter control over their operations.
\nReducing the number of \u201clayers and players,\u201d and especially those that Edwards and Akintolayo consider core, makes the money movement and the money storage components easier for regulators, easier for banks, easier for even FinTechs to manage and to do it right, he emphasized, something that Ingo has been doing successfully for more than 20 years.
\nEdwards also noted the potential for Ingo to now solve a big problem for banks, which is modernizing legacy infrastructure.
\n\u201cIt\u2019s our point of view that the bank is at the center of the banking side of this,\u201d he told Webster. \u201cOne of the things that we see changing is more and more financial institutions adopting a platform like ours for their own use, for their own direct customers, not just their FinTech partnerships. Everything from account creation to managing incoming and outgoing funds can be upgraded.\u201d
\nIngo Payments\u2019 new Deposits capabilities reduce the barriers to entry for banks and corporates handling the heavy lifting of compliance, regulatory requirements and technical aspects. The platform offers ready-to-use, customizable components that require minimal to no coding skills, tailored for financial technology applications such as receiving payments, storing money and managing disbursements.
\nBanks and corporates can quickly launch financial services that are specific to their needs without forcing a one-size-fits-all solution. It focuses on compliance and customization, Akintolayo said, allowing businesses to translate their brand and values into the digital financial world.
\n\u201cThis changes everything for the \u2018legacy\u2019 economy,\u201d Akintolayo explained. \u00a0\u201cAnd it will give them the ability to catch up to the modern financial experience revolution. It\u2019s what consumers expect today, and it\u2019s what small businesses expect today in a digital, embedded world.\u201d
\nThe post Ingo Payments Acquires Deposits Inc. to Redefine Money Mobility for Banks and Corporates appeared first on PYMNTS.com.
\n", "content_text": "There\u2019s moving money and then there\u2019s money mobility. One represents the current state of how money moves in and out of accounts. The latter is the cornerstone of today\u2019s announcement that money mobility platform Ingo Payments has acquired cloud-based banking platform Deposits Inc. \nThe Deposits integration into the Ingo Payments platform will create a modern, bank-grade, money movement platform that connects \u201cmoney in and money out\u201d functionality with an embedded, proprietary \u201cmoney stack.\u201d Ingo Payments now gives bank and non-bank issuers new plug-and-play capabilities to fund and monetize existing account relationships or to establish new virtual ones \u2014 by turning payments into new feature-rich accounts. \n\u201cThis was literally a missing piece in our [platform] that powers the money in and money out [of an account],\u201d Ingo Payments CEO Drew Edwards told PYMNTS CEO Karen Webster in an exclusive interview. \u201cI\u2019ve talked many times about how an account, a bank or a wallet is a place to store money, but in today\u2019s world it must be easily created and funded digitally. It\u2019s also a place to spend money from, and there\u2019s risk associated with it. You have to be really good at risk management. With this combination, we get the part in the middle. That\u2019s what Deposits has built: a modern money stack for ledgering and issuing accounts, now in the middle of the Ingo Payments money mobility platform.\u201d\nThe \u201cmoney stack\u201d is relevant for banks as well as corporates that see an opportunity to turn a payment into an account that becomes the basis for a relationship with that customer. The Deposits software simplifies that for issuers because of its low-code or no-code platform, cloud ledgering, APIs and single sign-on systems \u2014 all of which simplify how banks and corporates track transactions in and out of those accounts. \n\u201cWe can deliver all of those capabilities in a complete set of APIs and tools that make it easy to deploy new feature-rich accounts. And that\u2019s what we mean by money stack,\u201d Deposits CEO Joseph Akintolayo said. \u201cWe mean all the layers that you need to get to market in an efficient and meaningful way backed by our history, risk management, our know-how capabilities and our compliance. We see this as an awesome path toward the future.\u201d\nEdwards said the acquisition will amplify the capabilities Ingo Payments already provides to a diverse set of industries, including banking, FinTech, lending, hospitality, insurance, gaming and trucking. \nFrom Great Idea to Go Live\nEdwards used the example of a restaurant to describe the new Ingo Payments platform capabilities. \nMore than 90% of restaurants still pay out cash tips at the end of a worker\u2019s shift. Consider a restaurant that would like to eliminate the friction associated with cash payouts and pay directly and instantly into a worker\u2019s bank account. Edwards said that with the Deposits acquisition, Ingo Payments will expand the available options to include new instant-issue accounts for workers that open up new revenue streams and opportunities to make it more cost effective for the restaurant and the worker. \nHe pointed out that Ingo already powers some of the top restaurant operating systems in market today \u2014 the cloud ledgering that will now be integrated with inbound and outbound payments, as well as new accounts and complex money flows within this multilayer ecosystem, can be tracked seamlessly.\u00a0 \u00a0\u00a0\nIn this use case, digital tipping becomes the baseline for a new branded account that simplifies payouts for the restaurant operator, enabling a true cashless experience that is also portable as the worker changes jobs. Edwards emphasized that it also turns what was formerly cash in an envelope into a new relationship with that worker and an ecosystem among the restaurants that becomes the basis for monetizing payments in new ways. \nFuture-Proofing Money Movement and Money Stacks\nThe Ingo Payments/Deposits integration creates a proprietary and modern money stack that brings together core and non-core capabilities \u2014 such as digital experiences for embedded account creation, ledgering, funding accounts, accessing accounts, risk management and compliance \u2014 as part of a money stack that exists inside of the Ingo Payments money mobility platform. \nThe platform is \u201cprocessor-agnostic, core-agnostic and open-banking-agnostic,\u201d helping banks and corporates leverage the power of creating new feature-rich, account-based relationships that meet modern consumer expectations. These include receiving money from relevant form factors, including checks, and sending money to relevant destinations including P2P, Me2Me and bill payments. \nEdwards and Akintolayo use the term \u201cproprietary\u201d to mean, \u201cownership,\u201d and with that the reduction in the number of third- and fourth-party integrations and partners that banks and corporates have to manage from a risk perspective.\u00a0 \n\u201cYou can\u2019t outsource the core responsibilities of banking,\u201d Edwards said. \u201cBanks are ultimately accountable for compliance, whether they use third parties or not,\u201d adding that the Ingo Payments platform with Deposits minimizes reliance on external partners, reducing the complexity and risks associated with compliance, and allowing banks to maintain tighter control over their operations. \nReducing the number of \u201clayers and players,\u201d and especially those that Edwards and Akintolayo consider core, makes the money movement and the money storage components easier for regulators, easier for banks, easier for even FinTechs to manage and to do it right, he emphasized, something that Ingo has been doing successfully for more than 20 years. \nThe Modern \u2018Core\u2019\nEdwards also noted the potential for Ingo to now solve a big problem for banks, which is modernizing legacy infrastructure. \n\u201cIt\u2019s our point of view that the bank is at the center of the banking side of this,\u201d he told Webster. \u201cOne of the things that we see changing is more and more financial institutions adopting a platform like ours for their own use, for their own direct customers, not just their FinTech partnerships. Everything from account creation to managing incoming and outgoing funds can be upgraded.\u201d\nIngo Payments\u2019 new Deposits capabilities reduce the barriers to entry for banks and corporates handling the heavy lifting of compliance, regulatory requirements and technical aspects. The platform offers ready-to-use, customizable components that require minimal to no coding skills, tailored for financial technology applications such as receiving payments, storing money and managing disbursements. \nBanks and corporates can quickly launch financial services that are specific to their needs without forcing a one-size-fits-all solution. It focuses on compliance and customization, Akintolayo said, allowing businesses to translate their brand and values into the digital financial world. \n\u201cThis changes everything for the \u2018legacy\u2019 economy,\u201d Akintolayo explained. \u00a0\u201cAnd it will give them the ability to catch up to the modern financial experience revolution. It\u2019s what consumers expect today, and it\u2019s what small businesses expect today in a digital, embedded world.\u201d\nThe post Ingo Payments Acquires Deposits Inc. to Redefine Money Mobility for Banks and Corporates appeared first on PYMNTS.com.", "date_published": "2024-09-04T07:00:14-04:00", "date_modified": "2024-09-04T22:23:46-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Ingo-payments-deposits.jpg", "tags": [ "API", "B2B", "B2B Payments", "commercial payments", "Deposits Inc.", "Digital Banking", "Digital Payments", "Drew Edwards", "FinTechs", "Ingo Payments", "Joseph Akintolayo", "Main Feature", "money stack", "News", "Open Banking", "PYMNTS News", "pymnts tv", "video" ] }, { "id": "https://www.pymnts.com/?p=2072653", "url": "https://www.pymnts.com/digital-payments/2024/75percent-companies-still-use-paper-checks-despite-high-cost/", "title": "75% of Companies Still Use Paper Checks Despite High Cost", "content_html": "In today\u2019s business environment, effective payment methods are essential.
\nOutdated payment systems can create cash flow challenges, while digital payments offer streamlined processing, enhanced operational efficiency and improved customer experience.
\nThe PYMNTS Intelligence report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d examined how digital payments are reshaping accounts receivable (AR), offering insights into reducing days sales outstanding (DSO) and building stronger business relationships.
\nDespite the growing adoption of digital solutions, many businesses still rely on outdated payment methods, such as paper checks. This dependence continues to create issues for AR management. According to the report, 75% of organizations still use paper checks, despite their high costs and inefficiencies. The manual processing involved with checks results in slower transactions, increased potential for errors and longer DSO, adversely impacting a company\u2019s cash flow and financial stability.
\nThe drawbacks of paper checks are evident in industries like construction, where 76% of subcontractors receive payments through checks. This method led to a staggering $273 billion in losses due to slow payments in 2023. Additionally, costs associated with issuing checks \u2014 ranging from $4 to $20 per check \u2014 exceed the minimal cost of digital transactions, which is about 30 cents per transaction. This discrepancy highlights an opportunity for businesses to transition from legacy payments to more efficient digital alternatives.
\nSwitching to digital payment channels can streamline the payment process, effectively reducing DSO and improving overall financial health. Consider 83% of firms said adopting fully electronic payment processing is essential. Digital payments not only speed up transaction times but also enhance payment reliability and accuracy.
\n
The growing preference for digital payments among vendors underscores this shift. Approximately 79% of vendors prefer digital payments, such as wire transfers, automated clearing house transactions and virtual cards, due to quicker processing times. Digital payment portals enable suppliers to receive payments easily and securely, offering features like supply chain financing and discounting to encourage timely payments. These advancements contribute to better cash flow management and stronger business relationships.
\nA study by Citizens Financial Group showed that 97% of middle-market firms that adopted digital treasury processes saw improvements in cash flow processing, with 96% noting better financial visibility and control. This level of efficiency is important, as 94% of treasury departments using checks plan to transition to digital payments within the next five years. Instant payments further improve transaction speed and efficiency, with 77% of mid-sized businesses adopting such methods this year.
\nDigital payments are proving beneficial not just for operational efficiency but also for strengthening customer relationships, the PYMNTS Intelligence report found. In B2B transactions, digital payment options have been shown to boost customer satisfaction and loyalty. Seventy-two percent of business buyers are more loyal to companies that offer their preferred digital payment methods, while 91% of manufacturers deem real-time payments essential for improving supplier relationships.
\nFor small- to medium-sized businesses (SMBs), digital payments are becoming a key competitive advantage. Fifty-four percent of SMB owners would switch banks for same-day ACH payments. Additionally, 90% of SMBs prefer receiving B2B payments electronically, and 78% opt for electronic payroll. The growing use of artificial intelligence in payment systems underscores a broader trend toward digital transformation.
\nThe post 75% of Companies Still Use Paper Checks Despite High Cost appeared first on PYMNTS.com.
\n", "content_text": "In today\u2019s business environment, effective payment methods are essential.\nOutdated payment systems can create cash flow challenges, while digital payments offer streamlined processing, enhanced operational efficiency and improved customer experience.\nThe PYMNTS Intelligence report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d examined how digital payments are reshaping accounts receivable (AR), offering insights into reducing days sales outstanding (DSO) and building stronger business relationships.\nOutdated Payment Methods Hinder AR Efficiency\nDespite the growing adoption of digital solutions, many businesses still rely on outdated payment methods, such as paper checks. This dependence continues to create issues for AR management. According to the report, 75% of organizations still use paper checks, despite their high costs and inefficiencies. The manual processing involved with checks results in slower transactions, increased potential for errors and longer DSO, adversely impacting a company\u2019s cash flow and financial stability.\nThe drawbacks of paper checks are evident in industries like construction, where 76% of subcontractors receive payments through checks. This method led to a staggering $273 billion in losses due to slow payments in 2023. Additionally, costs associated with issuing checks \u2014 ranging from $4 to $20 per check \u2014 exceed the minimal cost of digital transactions, which is about 30 cents per transaction. This discrepancy highlights an opportunity for businesses to transition from legacy payments to more efficient digital alternatives.\nDigital Payments Cut DSO and Enhance Cash Flow\nSwitching to digital payment channels can streamline the payment process, effectively reducing DSO and improving overall financial health. Consider 83% of firms said adopting fully electronic payment processing is essential. Digital payments not only speed up transaction times but also enhance payment reliability and accuracy.\n\nThe growing preference for digital payments among vendors underscores this shift. Approximately 79% of vendors prefer digital payments, such as wire transfers, automated clearing house transactions and virtual cards, due to quicker processing times. Digital payment portals enable suppliers to receive payments easily and securely, offering features like supply chain financing and discounting to encourage timely payments. These advancements contribute to better cash flow management and stronger business relationships.\nA study by Citizens Financial Group showed that 97% of middle-market firms that adopted digital treasury processes saw improvements in cash flow processing, with 96% noting better financial visibility and control. This level of efficiency is important, as 94% of treasury departments using checks plan to transition to digital payments within the next five years. Instant payments further improve transaction speed and efficiency, with 77% of mid-sized businesses adopting such methods this year.\nEnhancing Customer Experience Through Digital Payments\nDigital payments are proving beneficial not just for operational efficiency but also for strengthening customer relationships, the PYMNTS Intelligence report found. In B2B transactions, digital payment options have been shown to boost customer satisfaction and loyalty. Seventy-two percent of business buyers are more loyal to companies that offer their preferred digital payment methods, while 91% of manufacturers deem real-time payments essential for improving supplier relationships.\nFor small- to medium-sized businesses (SMBs), digital payments are becoming a key competitive advantage. Fifty-four percent of SMB owners would switch banks for same-day ACH payments. Additionally, 90% of SMBs prefer receiving B2B payments electronically, and 78% opt for electronic payroll. The growing use of artificial intelligence in payment systems underscores a broader trend toward digital transformation.\nThe post 75% of Companies Still Use Paper Checks Despite High Cost appeared first on PYMNTS.com.", "date_published": "2024-08-29T04:00:36-04:00", "date_modified": "2024-08-28T17:00:14-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/paper-checks-B2B-payments.jpg", "tags": [ "accounts receivable", "B2B", "B2B Payments", "cash flow management", "commercial payments", "Digital Payments", "faster payments", "Featured News", "Getting Paid: Digital Payments for Improving Cash Flow and Customer Experience", "instant payments", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "real time payments", "SMBs" ] }, { "id": "https://www.pymnts.com/?p=2064924", "url": "https://www.pymnts.com/digital-payments/2024/beyond-the-form-factor-the-story-of-digital-wallets-is-still-unwritten/", "title": "Beyond the Form Factor: The Story of Digital Wallets Is Still Unwritten", "content_html": "There have been some significant milestones so far in the development of the digital wallet. Its early days track back to 2003 with the debut of Alipay in China, with Africa\u2019s M-Pesa following in 2007. In 2011, Google Wallet was introduced, allowing users to store card information and make payments using their phones. Starbucks followed that with its mobile app the same year, adding order-ahead mobile order and pay to it in 2015.
\nMore than two decades later, the digital wallet is now hitting its stride. The June 2024 report \u201cDigital Wallets: Beyond The Transaction,\u201d produced with Google Wallet, shows that digital wallets are gaining traction globally, with over 70% of consumers in the surveyed markets (Brazil, France, Germany, the U.K., and the U.S.) using them.
\nWhile the primary use remains payments and financial transactions, there\u2019s a growing trend, particularly among Generation Z, to utilize digital wallets for storing and using non-financial credentials like IDs, access passes and loyalty cards. However, barriers like internet connectivity issues and skepticism toward fully embracing digital wallets persist, indicating room for growth and improvement. In short, the story of digital wallets is still being written.
\nThe current chapter has been dominated by a surprising increase \u2014 as detailed in the report but also reinforced by anecdotal evidence \u2014 in alternative payments within wallets, as well as non-transactional usage. A recent panel led by PYMNTS CEO Karen Webster discussed the potential behind present and future use cases of digital wallets, which are rapidly evolving from simple payments form factors to comprehensive lifestyle management platforms.
\nJenny Cheng, vice president and general manager of Google Wallet, emphasized that digital wallets are about \u201cflexibility\u201d and \u201cfreedom,\u201d enabling users to leave home without physical wallets while still accessing essential credentials and services.
\n\u201cWe\u2019re talking about convenience and safety, but ultimately this is about driving value to the user,\u201d she told Webster.
\nOne particularly interesting development in digital wallet technology is the growing prominence of QR codes, especially in markets where NFC technology is not universally available. Cheng highlighted Brazil as a prime example, where QR codes have become a common method for making payments through digital wallets.
\n\u201cBrazil\u2019s really leading the adoption of digital wallets in that country. And we\u2019re seeing a huge adoption rate going up to about 85% right now of adoption of digital wallets,\u201d Cheng said. She added that QR codes are \u201cright there at the point of sale, the POS systems in Brazil. So you have the optionality of how you\u2019re able to pay.\u201d
\nThis flexibility in payment methods has been crucial in driving adoption in markets with diverse technological infrastructures. It also demonstrates how digital wallet providers are adapting their solutions to meet the specific needs of different regions. For example, transit has emerged as a key use case for digital wallets, with the potential to drive broader adoption. Cheng emphasized the importance of transit in driving digital wallet usage, noting that it has surged since the pandemic.
\nShe outlined two main approaches to transit ticketing in digital wallets. In the open loop model, consumers use the credit cards or debit cards already stored in their digital wallet, tap through the terminals and go through. The closed loop option is akin to showing the conductor a QR code after boarding a train.
\nCheng highlighted the convenience factor of digital wallets in transit: \u201cThe ability to just simply top it up, so you\u2019re not necessarily having to go to a physical machine and put dollars into your ticket, is a huge convenience for users as they continue to grow and as they adopt digital wallets going forward,\u201d she said.
\nNils Zeino-Mahmalat, managing director of German transit authority VDV, provided insights into how digital wallets are being integrated into public transportation systems in Germany. He explained that many transit operators have their own smartphone apps, which commuters primarily use for timetable information and real-time updates. Ticketing functionality has been added to these apps, and now the focus is on integrating wallet capabilities to reach users who don\u2019t use dedicated transit apps.
\nHowever, obstacles remain. Zeino-Mahmalat highlighted fraud as a significant concern, specifically fraudsters copying digital tickets or even paper tickets.
\nTo address this, VDV has developed a technology called \u201cMotics\u201d (mobile ticketing crypto service) to provide copy protection for digital tickets. According to VDV, \u201cMotics establishes a connection between the existing security systems of eTicket Deutschland and the passenger\u2019s smartphone. It has several stages of development so that tickets can be protected against copying and tampering via NFC, Bluetooth or optically as a barcode.
\nIn the first stage, the VDV barcode is protected against copying by a dynamic security element. This could be a time stamp that is renewed every few seconds. If the ticket is then copied and sent, the dynamic element stops and is no longer updated. Copied tickets are therefore immediately detected by the control system,\u201d VDV said.
\nCheng acknowledged the fraud concern.
\n\u201cI think fraud is actually a huge concern for a lot of transit operators,\u201d she said.
\nCheng also emphasized the importance of meeting users where they are: \u201cThis next generation pushing us to say digital first … I think in enabling that as a platform for transit is going to be a key part of this adoption curve that we\u2019re on.\u201d
\nThe panel discussion revealed that digital wallet adoption and usage patterns vary significantly across countries due to a combination of technological, cultural and regulatory factors, as noted earlier with Brazil and QR codes. Webster and Cheng noted that Brazil has also recently introduced Pix as another form of payment within digital wallets, further boosting usage.
\nGermany, on the other hand, presents a different picture. Zeino-Mahmalat explained that Germany remains relatively cash-centric, with many transit users still preferring paper tickets. He also highlighted how regulatory constraints can impact adoption: \u201cIn Germany, the prices for travel, public transport are regulated by the state. So there is very limited space where you can say: \u2018People buying paper tickets have to pay more.\u2019 It\u2019s not allowed by law.\u201d
\nLooking ahead, the panelists envisioned a future where digital wallets become even more integrated into daily life, offering enhanced personalization and convenience.
\nJack Philbin, CEO of mobile marketing agency Vibes, painted a picture of the near future where digital wallets could revolutionize travel experiences.
\n\u201cIf you have an airplane boarding pass, and you go through security … Why not then include an offer for someone and a discount or incentive to shop at a specific brand or retailer in that airport while they wait?\u201d he said.
\nPhilbin also highlighted the potential for digital wallets to bridge the gap between online and offline experiences: \u201cThe wallet is a great destination for literally activating media. And so closed-loop attribution for the physical world purchase is just a massive, a massive category.\u201d
\nCheng emphasized the importance of personalization in future digital wallet experiences: \u201cI want more personalization, right? Make it easier for me to remember, oh, I do have that offer.\u201d She envisioned a future where digital wallets could seamlessly integrate various aspects of a user\u2019s life, from daily commutes to international travel.
\nThe evolution of and the future of digital wallets appears to be one of increased integration, personalization and utility. As these tools continue to evolve, they are poised to become an even more central part of how consumers interact with the world manage it and engage with brands and services.
\nAs stated in the \u201cBeyond The Transaction\u201d report: \u201cOnce consumers have stored credentials and used a digital wallet \u2014 to verify their identities or present credentials to access events or programs, among other uses \u2014 data shows they are by and large satisfied with the convenience and ease of use of the technology and will continue to engage. The ripple effects are beginning to surface, especially among young consumers. Some members of Gen Z are moving on from physical wallets entirely, and the majority of these young consumers do not carry physical wallets all the time.\u201d
\nThe post Beyond the Form Factor: The Story of Digital Wallets Is Still Unwritten appeared first on PYMNTS.com.
\n", "content_text": "There have been some significant milestones so far in the development of the digital wallet. Its early days track back to 2003 with the debut of Alipay in China, with Africa\u2019s M-Pesa following in 2007. In 2011, Google Wallet was introduced, allowing users to store card information and make payments using their phones. Starbucks followed that with its mobile app the same year, adding order-ahead mobile order and pay to it in 2015.\nMore than two decades later, the digital wallet is now hitting its stride. The June 2024 report \u201cDigital Wallets: Beyond The Transaction,\u201d produced with Google Wallet, shows that digital wallets are gaining traction globally, with over 70% of consumers in the surveyed markets (Brazil, France, Germany, the U.K., and the U.S.) using them.\nWhile the primary use remains payments and financial transactions, there\u2019s a growing trend, particularly among Generation Z, to utilize digital wallets for storing and using non-financial credentials like IDs, access passes and loyalty cards. However, barriers like internet connectivity issues and skepticism toward fully embracing digital wallets persist, indicating room for growth and improvement. In short, the story of digital wallets is still being written.\nThe current chapter has been dominated by a surprising increase \u2014 as detailed in the report but also reinforced by anecdotal evidence \u2014 in alternative payments within wallets, as well as non-transactional usage. A recent panel led by PYMNTS CEO Karen Webster discussed the potential behind present and future use cases of digital wallets, which are rapidly evolving from simple payments form factors to comprehensive lifestyle management platforms.\nJenny Cheng, vice president and general manager of Google Wallet, emphasized that digital wallets are about \u201cflexibility\u201d and \u201cfreedom,\u201d enabling users to leave home without physical wallets while still accessing essential credentials and services.\n\u201cWe\u2019re talking about convenience and safety, but ultimately this is about driving value to the user,\u201d she told Webster.\nOne particularly interesting development in digital wallet technology is the growing prominence of QR codes, especially in markets where NFC technology is not universally available. Cheng highlighted Brazil as a prime example, where QR codes have become a common method for making payments through digital wallets.\n\u201cBrazil\u2019s really leading the adoption of digital wallets in that country. And we\u2019re seeing a huge adoption rate going up to about 85% right now of adoption of digital wallets,\u201d Cheng said. She added that QR codes are \u201cright there at the point of sale, the POS systems in Brazil. So you have the optionality of how you\u2019re able to pay.\u201d\nIs Transit The Killer App?\nThis flexibility in payment methods has been crucial in driving adoption in markets with diverse technological infrastructures. It also demonstrates how digital wallet providers are adapting their solutions to meet the specific needs of different regions. For example, transit has emerged as a key use case for digital wallets, with the potential to drive broader adoption. Cheng emphasized the importance of transit in driving digital wallet usage, noting that it has surged since the pandemic.\nShe outlined two main approaches to transit ticketing in digital wallets. In the open loop model, consumers use the credit cards or debit cards already stored in their digital wallet, tap through the terminals and go through. The closed loop option is akin to showing the conductor a QR code after boarding a train.\nCheng highlighted the convenience factor of digital wallets in transit: \u201cThe ability to just simply top it up, so you\u2019re not necessarily having to go to a physical machine and put dollars into your ticket, is a huge convenience for users as they continue to grow and as they adopt digital wallets going forward,\u201d she said.\nNils Zeino-Mahmalat, managing director of German transit authority VDV, provided insights into how digital wallets are being integrated into public transportation systems in Germany. He explained that many transit operators have their own smartphone apps, which commuters primarily use for timetable information and real-time updates. Ticketing functionality has been added to these apps, and now the focus is on integrating wallet capabilities to reach users who don\u2019t use dedicated transit apps.\nHowever, obstacles remain. Zeino-Mahmalat highlighted fraud as a significant concern, specifically fraudsters copying digital tickets or even paper tickets.\nTo address this, VDV has developed a technology called \u201cMotics\u201d (mobile ticketing crypto service) to provide copy protection for digital tickets. According to VDV, \u201cMotics establishes a connection between the existing security systems of eTicket Deutschland and the passenger\u2019s smartphone. It has several stages of development so that tickets can be protected against copying and tampering via NFC, Bluetooth or optically as a barcode.\nIn the first stage, the VDV barcode is protected against copying by a dynamic security element. This could be a time stamp that is renewed every few seconds. If the ticket is then copied and sent, the dynamic element stops and is no longer updated. Copied tickets are therefore immediately detected by the control system,\u201d VDV said.\nCheng acknowledged the fraud concern.\n\u201cI think fraud is actually a huge concern for a lot of transit operators,\u201d she said.\nCheng also emphasized the importance of meeting users where they are: \u201cThis next generation pushing us to say digital first … I think in enabling that as a platform for transit is going to be a key part of this adoption curve that we\u2019re on.\u201d\nRegional Factors\nThe panel discussion revealed that digital wallet adoption and usage patterns vary significantly across countries due to a combination of technological, cultural and regulatory factors, as noted earlier with Brazil and QR codes. Webster and Cheng noted that Brazil has also recently introduced Pix as another form of payment within digital wallets, further boosting usage.\nGermany, on the other hand, presents a different picture. Zeino-Mahmalat explained that Germany remains relatively cash-centric, with many transit users still preferring paper tickets. He also highlighted how regulatory constraints can impact adoption: \u201cIn Germany, the prices for travel, public transport are regulated by the state. So there is very limited space where you can say: \u2018People buying paper tickets have to pay more.\u2019 It\u2019s not allowed by law.\u201d\nFuture Use Cases for Digital Wallets\nLooking ahead, the panelists envisioned a future where digital wallets become even more integrated into daily life, offering enhanced personalization and convenience.\nJack Philbin, CEO of mobile marketing agency Vibes, painted a picture of the near future where digital wallets could revolutionize travel experiences.\n\u201cIf you have an airplane boarding pass, and you go through security … Why not then include an offer for someone and a discount or incentive to shop at a specific brand or retailer in that airport while they wait?\u201d he said.\nPhilbin also highlighted the potential for digital wallets to bridge the gap between online and offline experiences: \u201cThe wallet is a great destination for literally activating media. And so closed-loop attribution for the physical world purchase is just a massive, a massive category.\u201d\nCheng emphasized the importance of personalization in future digital wallet experiences: \u201cI want more personalization, right? Make it easier for me to remember, oh, I do have that offer.\u201d She envisioned a future where digital wallets could seamlessly integrate various aspects of a user\u2019s life, from daily commutes to international travel.\nThe evolution of and the future of digital wallets appears to be one of increased integration, personalization and utility. As these tools continue to evolve, they are poised to become an even more central part of how consumers interact with the world manage it and engage with brands and services.\nAs stated in the \u201cBeyond The Transaction\u201d report: \u201cOnce consumers have stored credentials and used a digital wallet \u2014 to verify their identities or present credentials to access events or programs, among other uses \u2014 data shows they are by and large satisfied with the convenience and ease of use of the technology and will continue to engage. The ripple effects are beginning to surface, especially among young consumers. Some members of Gen Z are moving on from physical wallets entirely, and the majority of these young consumers do not carry physical wallets all the time.\u201d\nThe post Beyond the Form Factor: The Story of Digital Wallets Is Still Unwritten appeared first on PYMNTS.com.", "date_published": "2024-08-28T04:00:45-04:00", "date_modified": "2024-08-28T15:16:03-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/digital-wallet-transit-overlay.jpg", "tags": [ "advertising", "Digital Payments", "digital transformation", "digital wallets", "Google Wallet", "identity verification", "Jack Philbin", "Jenny Cheng", "Main Feature", "marketing", "Mobile Payments", "Mobile Wallets", "News", "Nils Zeino-Mahmalat", "PYMNTS News", "pymnts tv", "Retail", "Transit Payments", "travel", "VDV", "Vibes", "video" ] }, { "id": "https://www.pymnts.com/?p=2065124", "url": "https://www.pymnts.com/digital-payments/2024/mastercard-and-rellevate-team-on-public-sector-digital-payments/", "title": "Mastercard and Rellevate Team on Public Sector Digital Payments", "content_html": "Mastercard has teamed with FinTech Rellevate to improve payments and disbursement services for the public sector.
\nThe collaboration, announced Tuesday (Aug. 27), will tap into Rellevate\u2019s digital banking, disbursements and wallet solutions, which the companies say are meant to unlock access to payments technology for underserved communities.\u00a0
\n\u201cWith a suite of public sector solutions that help communities shift to the safety, security, transparency and speed of digital payments, Mastercard helps governments use technology to further drive financial inclusion,\u201d the release said.\u00a0
\n\u201cTogether, Rellevate and Mastercard will work with local, city and state governments to create ways for their constituents to access and manage their money faster and more efficiently.\u201d
\nStewart Stockdale, Rellevate\u2019s co-founder, chairman and CEO, said the companies\u2019 partnership began with the $1 billion One-Time Cash Assistance Program in Georgia, which supported 3 million of that state\u2019s residents and \u201cincluded one of the largest deployments of virtual wallets in a government program.\u201d
\nRellevate\u2019s other public sector work has involved groups such as UNICEF, Detroit Crime Stoppers, Baltimore African American Male Engagement Program, St. Lucie Public Schools, and Foster Care Agencies \u201cwith a first-of-its-kind digital wallet solution,\u201d the release added.
\nAs PYMNTS wrote earlier this month, digital wallets are rapidly transforming the payments space, with projections suggesting they will surpass debit cards in terms of transaction value within three years.\u00a0
\n\u201cThis transition highlights the role of digital wallets not only as a payment option but also as a versatile tool that boosts consumer engagement and spending,\u201d that report said.
\nDigital wallets are on pace to outpace debit cards in transaction volume at physical points of sale by 2027, per to a recent Worldpay report. The report shows that digital wallets are used by 53% of Americans and could dominate nearly half of all point-of-sale transactions globally by the end of the decade. The value of transactions made via digital wallets is expected to increase by more than twofold from 15% to 31% by 2027, while debit card transaction value will decrease from 28% to 23% over the same period.
\nDriving this shift is the convenience of digital wallets, which leads to more consumer spending. Digital wallet users spend 31% more on average that consumers employing other payment methods. The trend is especially pronounced among younger age groups, with 60% of Gen Z and 51% of millennials reporting higher spending when using digital wallets.
\nThe post Mastercard and Rellevate Team on Public Sector Digital Payments appeared first on PYMNTS.com.
\n", "content_text": "Mastercard has teamed with FinTech Rellevate to improve payments and disbursement services for the public sector.\nThe collaboration, announced Tuesday (Aug. 27), will tap into Rellevate\u2019s digital banking, disbursements and wallet solutions, which the companies say are meant to unlock access to payments technology for underserved communities.\u00a0\n\u201cWith a suite of public sector solutions that help communities shift to the safety, security, transparency and speed of digital payments, Mastercard helps governments use technology to further drive financial inclusion,\u201d the release said.\u00a0\n\u201cTogether, Rellevate and Mastercard will work with local, city and state governments to create ways for their constituents to access and manage their money faster and more efficiently.\u201d\nStewart Stockdale, Rellevate\u2019s co-founder, chairman and CEO, said the companies\u2019 partnership began with the $1 billion One-Time Cash Assistance Program in Georgia, which supported 3 million of that state\u2019s residents and \u201cincluded one of the largest deployments of virtual wallets in a government program.\u201d\nRellevate\u2019s other public sector work has involved groups such as UNICEF, Detroit Crime Stoppers, Baltimore African American Male Engagement Program, St. Lucie Public Schools, and Foster Care Agencies \u201cwith a first-of-its-kind digital wallet solution,\u201d the release added.\nAs PYMNTS wrote earlier this month, digital wallets are rapidly transforming the payments space, with projections suggesting they will surpass debit cards in terms of transaction value within three years.\u00a0\n\u201cThis transition highlights the role of digital wallets not only as a payment option but also as a versatile tool that boosts consumer engagement and spending,\u201d that report said.\nDigital wallets are on pace to outpace debit cards in transaction volume at physical points of sale by 2027, per to a recent Worldpay report. The report shows that digital wallets are used by 53% of Americans and could dominate nearly half of all point-of-sale transactions globally by the end of the decade. The value of transactions made via digital wallets is expected to increase by more than twofold from 15% to 31% by 2027, while debit card transaction value will decrease from 28% to 23% over the same period.\nDriving this shift is the convenience of digital wallets, which leads to more consumer spending. Digital wallet users spend 31% more on average that consumers employing other payment methods. The trend is especially pronounced among younger age groups, with 60% of Gen Z and 51% of millennials reporting higher spending when using digital wallets.\nThe post Mastercard and Rellevate Team on Public Sector Digital Payments appeared first on PYMNTS.com.", "date_published": "2024-08-27T16:25:53-04:00", "date_modified": "2024-08-27T16:25:53-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Mastercard-Rellevate.jpg", "tags": [ "Digital Payments", "digital wallets", "MasterCard", "News", "partnerships", "public sector payments", "PYMNTS News", "Rellevate", "Stewart Stockdale", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2064505", "url": "https://www.pymnts.com/digital-payments/2024/small-businesses-turn-digital-payments-into-cash-flow-engine/", "title": "Small Businesses Turn Digital Payments Into Cash Flow Engine", "content_html": "Being in business means putting a lot of effort into staying in business. And staying in business is a challenge many small and medium-sized businesses (SMBs) face, exacerbated by delayed and manual payments.
\nPayment delays can undermine SMB cash flow and have a downstream impact on SMBs\u2019 ability to reinvest in their own operations and compete with larger peers.
\nThat\u2019s why, when it comes to reimagining SMB payments and turning them into a growth engine, Lorenzo Soriano de Teresa, senior vice president, merchant services at American Express (Amex) has just one word of advice.
\n\u201cAutomate, automate, automate,\u201d he told PYMNTS during a recent conversation centered on findings from the latest \u201cB2B and Digital Payments Tracker\u00ae Series,\u201d which was\u00a0produced by PYMNTS Intelligence in collaboration with American Express. \u201cThe right automation solution, or the right partner, can help businesses move past their current payments concerns to see tangible benefits.\u201d
\nStill, SMBs, with their limited resources relative to their bigger competitors, often face significant hurdles when integrating automated payment processes into their existing systems.
\nThe thought of overhauling a business\u2019s traditional payment methods can be daunting. However, as Soriano de Teresa emphasized, this transition doesn\u2019t have to be overwhelming.
\nUpgrading to automated payments is easier than many SMBs might expect, he said, noting that modern and vetted finance solutions are designed to integrate seamlessly with existing software, mitigating many of the complexities associated with such shifts.
\n\u201cImplementing accounts payable (AP) and accounts receivable (AR) solutions, as we call them, is critical for SMBs struggling with late payments \u2026 and the payoff is well worth it,\u201d he said.
\nRead more: SMBs and the Protracted Challenge of Delayed Payments
\nIn the world of business, digital transformation is no longer a luxury but a necessity, especially for SMBs looking to improve back-office efficiencies.
\nIntegrating automated payment solutions can help SMBs address critical pain points such as late payments and cash flow visibility, while helping maintain strong relationships with vendors and customers. Simplifying business-to-business (B2B) solutions through automation also can lead to more streamlined operations and better financial health, said Soriano de Teresa.
\n\u201cPaper checks and manual payments are prone to human error. Delayed payments can lead to less access to cash flow and potential issues with cash flow management,\u201d he said, noting that businesses of all sizes have similar challenges around manual tracking, reconciling invoices, cutting paper checks and other dated AP and AR workflows.
\nBy automating these processes, businesses gain enhanced visibility into their financial status, helping to ensuring timely payments and reducing the risk of human error associated with manual payment methods. This increased visibility allows SMBs to manage their cash flow more effectively, ensuring that they can meet their financial obligations and invest in growth opportunities.
\nOn top of all that, automation also helps in maintaining positive relationships with suppliers by ensuring that payments are made on time, further fostering trust and reliability.
\nThe benefits of automation are tangible, Soriano de Teresa said. Businesses that adopted automated solutions during the pandemic have reported improvements in cash flow management or receiving faster payments, according to Amex research. This return on investment (ROI) underscores the value of embracing digital payment solutions.
\nSMBs do not have to go it alone in navigating this transition to automation. There are numerous partners and solutions available to help them implement these changes seamlessly.
\nSoriano de Teresa said Amex has invested in partnerships and developed proprietary solutions to scale automation for SMB customers. By collaborating with FinTech companies, Amex provides SMBs with tools to streamline their payment processes. These partnerships enable businesses to adopt embedded payment models, helping make transactions more efficient and convenient than manual payment methods.
\nLooking ahead, the payment space is set to evolve further, with new innovation focused on making things as seamless and integrated as possible. For SMBs, this means now is the time to explore automated payment solutions. Once SMBs are set up in an automated payments system, they will be better positioned to take advantage of future advancements in this space as technology continues to make B2B payments even more efficient.
\nTo that end, Amex is embracing a three-pronged strategy, Soriano de Teresa said, building new innovations, partnering with FinTechs and making strategic acquisitions, to ensure it remains at the forefront of the digital payment revolution. And this investment in digital solutions will continue to fuel the next wave of advancements in B2B payments.\u00a0
\nThe message from industry leaders like Soriano de Teresa is clear: The time to automate is now, and the rewards are worth the effort.
\nThe post Small Businesses Turn Digital Payments Into Cash Flow Engine appeared first on PYMNTS.com.
\n", "content_text": "Being in business means putting a lot of effort into staying in business. And staying in business is a challenge many small and medium-sized businesses (SMBs) face, exacerbated by delayed and manual payments. \nPayment delays can undermine SMB cash flow and have a downstream impact on SMBs\u2019 ability to reinvest in their own operations and compete with larger peers. \nThat\u2019s why, when it comes to reimagining SMB payments and turning them into a growth engine, Lorenzo Soriano de Teresa, senior vice president, merchant services at American Express (Amex) has just one word of advice. \n\u201cAutomate, automate, automate,\u201d he told PYMNTS during a recent conversation centered on findings from the latest \u201cB2B and Digital Payments Tracker\u00ae Series,\u201d which was\u00a0produced by PYMNTS Intelligence in collaboration with American Express. \u201cThe right automation solution, or the right partner, can help businesses move past their current payments concerns to see tangible benefits.\u201d\nStill, SMBs, with their limited resources relative to their bigger competitors, often face significant hurdles when integrating automated payment processes into their existing systems. \nThe thought of overhauling a business\u2019s traditional payment methods can be daunting. However, as Soriano de Teresa emphasized, this transition doesn\u2019t have to be overwhelming. \nUpgrading to automated payments is easier than many SMBs might expect, he said, noting that modern and vetted finance solutions are designed to integrate seamlessly with existing software, mitigating many of the complexities associated with such shifts. \n\u201cImplementing accounts payable (AP) and accounts receivable (AR) solutions, as we call them, is critical for SMBs struggling with late payments \u2026 and the payoff is well worth it,\u201d he said. \nRead more: SMBs and the Protracted Challenge of Delayed Payments\nCash Flow Management Can Spur Growth\nIn the world of business, digital transformation is no longer a luxury but a necessity, especially for SMBs looking to improve back-office efficiencies. \nIntegrating automated payment solutions can help SMBs address critical pain points such as late payments and cash flow visibility, while helping maintain strong relationships with vendors and customers. Simplifying business-to-business (B2B) solutions through automation also can lead to more streamlined operations and better financial health, said Soriano de Teresa. \n\u201cPaper checks and manual payments are prone to human error. Delayed payments can lead to less access to cash flow and potential issues with cash flow management,\u201d he said, noting that businesses of all sizes have similar challenges around manual tracking, reconciling invoices, cutting paper checks and other dated AP and AR workflows. \nBy automating these processes, businesses gain enhanced visibility into their financial status, helping to ensuring timely payments and reducing the risk of human error associated with manual payment methods. This increased visibility allows SMBs to manage their cash flow more effectively, ensuring that they can meet their financial obligations and invest in growth opportunities. \nOn top of all that, automation also helps in maintaining positive relationships with suppliers by ensuring that payments are made on time, further fostering trust and reliability.\nThe benefits of automation are tangible, Soriano de Teresa said. Businesses that adopted automated solutions during the pandemic have reported improvements in cash flow management or receiving faster payments, according to Amex research. This return on investment (ROI) underscores the value of embracing digital payment solutions.\nKey Takeaways for SMBs\nSMBs do not have to go it alone in navigating this transition to automation. There are numerous partners and solutions available to help them implement these changes seamlessly.\nSoriano de Teresa said Amex has invested in partnerships and developed proprietary solutions to scale automation for SMB customers. By collaborating with FinTech companies, Amex provides SMBs with tools to streamline their payment processes. These partnerships enable businesses to adopt embedded payment models, helping make transactions more efficient and convenient than manual payment methods. \nLooking ahead, the payment space is set to evolve further, with new innovation focused on making things as seamless and integrated as possible. For SMBs, this means now is the time to explore automated payment solutions. Once SMBs are set up in an automated payments system, they will be better positioned to take advantage of future advancements in this space as technology continues to make B2B payments even more efficient. \nTo that end, Amex is embracing a three-pronged strategy, Soriano de Teresa said, building new innovations, partnering with FinTechs and making strategic acquisitions, to ensure it remains at the forefront of the digital payment revolution. And this investment in digital solutions will continue to fuel the next wave of advancements in B2B payments.\u00a0 \nThe message from industry leaders like Soriano de Teresa is clear: The time to automate is now, and the rewards are worth the effort.\nThe post Small Businesses Turn Digital Payments Into Cash Flow Engine appeared first on PYMNTS.com.", "date_published": "2024-08-27T04:01:50-04:00", "date_modified": "2024-08-26T20:58:34-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Amex-trend-talk.jpg", "tags": [ "account payable", "accounts receivable", "American Express", "Amex", "AP", "AR", "B2B", "B2B and Digital Payments Tracker\u00ae Series", "B2B Payments", "cash flow", "cash flow management", "commercial payments", "Digital Payments", "Featured News", "Lorenzo Soriano de Teresa", "News", "payments automation", "PYMNTS Intelligence", "PYMNTS News", "pymnts tv", "small business", "SMBs", "video" ] }, { "id": "https://www.pymnts.com/?p=2051939", "url": "https://www.pymnts.com/digital-payments/2024/france-keeps-mobile-wallets-ready-for-post-olympic-events/", "title": "France Keeps Mobile Wallets Ready for Post-Olympic Events", "content_html": "Consumers in France are embracing digital wallets for payments. For example, more than one-third (38%) use them for online shopping. Surprisingly, we find millennials in France are more likely to use these wallets for online shopping than Generation Z consumers. In fact, Gen Z is the most likely to use them to pay when shopping in-store.
\nBut facilitating payments and transfers is just one way consumers can use these tools. Digital wallets can be anywhere a smartphone is. Consumers in France are beginning to explore how the technology can be a trusted tool for nontransactional purposes.
\nPYMNTS Intelligence finds that consumers in France commonly need to confirm their identities. This suggests that the French market is ready to use these wallets to store ID documents and tickets. Other possibilities include facilitating travel and holding medical records.
\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: France Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the French market. It draws on insights from a survey of 3,365 consumers in France conducted from Jan. 11 to Feb. 5.
\nOnce consumers use a digital wallet to store credentials or show their IDs, most are satisfied with their experience. Download the report to learn more about what\u2019s next for this technology in France.
\nThis report is the third in a series exploring how consumers in various major economies are using this technology. Check out the series archive to learn more about how use in France compares to other countries.
\nThe post France Keeps Mobile Wallets Ready for Post-Olympic Events appeared first on PYMNTS.com.
\n", "content_text": "Download the Report\n \n Digital Wallets Beyond Financial Transactions: France\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nConsumers in France are embracing digital wallets for payments. For example, more than one-third (38%) use them for online shopping. Surprisingly, we find millennials in France are more likely to use these wallets for online shopping than Generation Z consumers. In fact, Gen Z is the most likely to use them to pay when shopping in-store.\nBut facilitating payments and transfers is just one way consumers can use these tools. Digital wallets can be anywhere a smartphone is. Consumers in France are beginning to explore how the technology can be a trusted tool for nontransactional purposes.\nPYMNTS Intelligence finds that consumers in France commonly need to confirm their identities. This suggests that the French market is ready to use these wallets to store ID documents and tickets. Other possibilities include facilitating travel and holding medical records.\nThese are just some of the findings detailed in \u201cDigital Wallets Beyond Financial Transactions: France Edition,\u201d a PYMNTS Intelligence and Google Wallet collaboration. This report examines consumer perceptions and use of digital wallets in the last year and into the future in the French market. It draws on insights from a survey of 3,365 consumers in France conducted from Jan. 11 to Feb. 5.\nInside \u201cDigital Wallets Beyond Financial Transactions: France Edition\u201d:\n\nWhat tasks consumers in France are completing using their digital wallets\nWhich generations are using this technology the most\nHow consumers in France are using these tools for identity verification\nUse cases for the technology in travel and events\nWhat share of French consumers predict that using these wallets to access events will become the norm\n\nOnce consumers use a digital wallet to store credentials or show their IDs, most are satisfied with their experience. Download the report to learn more about what\u2019s next for this technology in France.\nThis report is the third in a series exploring how consumers in various major economies are using this technology. Check out the series archive to learn more about how use in France compares to other countries.\nThe post France Keeps Mobile Wallets Ready for Post-Olympic Events appeared first on PYMNTS.com.", "date_published": "2024-08-14T04:00:56-04:00", "date_modified": "2024-08-14T12:38:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/digital-wallets-stored-credentials-france.jpg", "tags": [ "consumer finance", "consumer payments", "digital credentials", "Digital Payments", "digital wallets", "France", "Google Wallet", "Main Feature", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study" ] }, { "id": "https://www.pymnts.com/?p=2051596", "url": "https://www.pymnts.com/digital-payments/2024/trustly-transaction-value-hits-16-billion-for-h1-2024/", "title": "Trustly UK Transaction Value Hits $16 Billion for H1 2024", "content_html": "Open banking payments firm\u00a0Trustly\u00a0says it has seen a surge in transaction value.
\nThe company\u00a0announced Tuesday (Aug. 13) that it processed 13.1 billion pounds ($16 billion) in payments in the U.K. between January to June of this year. That\u2019s compared to the 13.6 billion pounds Trustly handled over the entirety of 2023.
\n\u201cTrustly\u2019s strong performance highlights the growing adoption of open banking more broadly, with one in nine people in the UK reportedly using open banking services as of October 2023,\u201d the company said in a news release.
\nAlso Tuesday, the company announced it had named\u00a0Mitchell Powers\u00a0as its senior vice president for the U.K. He joins Trustly from online payments processor\u00a0GoCardless, where he had served as vice president and general manager.
\n\u201cThe company has gone from strength to strength over the past 12 months,\u201d Powers said. \u201cI\u2019m excited to be joining Trustly for its vision, its clear differentiators and \u2014 most importantly \u2014 its potential to completely revolutionize the way people pay for things in the United Kingdom.\u201d
\nPYMNTS spoke in June with Trustly CEO Alex Gonthier about the challenge of introducing open banking/pay-by-bank into the eCommerce space.
\n\u201cThe thing that\u2019s interesting is that no one has\u00a0cracked the code yet\u00a0on eCommerce,\u201d Gonthier told PYMNTS CEO Karen Webster. \u201cNo one has cracked the code because we\u2019re fighting against credit cards that have extremely rich rewards programs.\u201d
\nTo compete, he said, pay-by-bank providers must offer their customers incentives like cashback or\u00a0rewards programs, without erasing the cost savings for merchants. Trustly has found some eCommerce success from the travel sector, and with payments that traditionally have been done with debit cards, such as healthcare and vet bills.
\n\u201cYou can think of us as the \u2018next-gen\u2019 paper check,\u201d Gonthier said, adding that despite its challenges, he is optimistic about the future of pay by bank and open banking.
\n\u201cIn open banking, you have the absolute unique advantage over debit cards, the absolute unique advantage of seeing a consumer\u2019s transactions in real time,\u201d Gonthier said. \u201cAnd with that, we actually see them on debit cards, on Venmo, on PayPal, on Zelle, on paper checks, wire transfer, we see everything.\u201d
\nIn a separate interview, PYMNTS spoke with\u00a0Christina Potter, head of eCommerce at Trustly, about the benefits of open banking in the retail space.
\nFor consumers, she said, paying via bank \u201callows them to\u00a0leverage other payment methods\u00a0beyond credit cards,\u201d which she pointed out can be an expensive option, considering the current interchange rate environment.
\nThe post Trustly UK Transaction Value Hits $16 Billion for H1 2024 appeared first on PYMNTS.com.
\n", "content_text": "Open banking payments firm\u00a0Trustly\u00a0says it has seen a surge in transaction value.\nThe company\u00a0announced Tuesday (Aug. 13) that it processed 13.1 billion pounds ($16 billion) in payments in the U.K. between January to June of this year. That\u2019s compared to the 13.6 billion pounds Trustly handled over the entirety of 2023.\n\u201cTrustly\u2019s strong performance highlights the growing adoption of open banking more broadly, with one in nine people in the UK reportedly using open banking services as of October 2023,\u201d the company said in a news release.\nAlso Tuesday, the company announced it had named\u00a0Mitchell Powers\u00a0as its senior vice president for the U.K. He joins Trustly from online payments processor\u00a0GoCardless, where he had served as vice president and general manager.\n\u201cThe company has gone from strength to strength over the past 12 months,\u201d Powers said. \u201cI\u2019m excited to be joining Trustly for its vision, its clear differentiators and \u2014 most importantly \u2014 its potential to completely revolutionize the way people pay for things in the United Kingdom.\u201d\nPYMNTS spoke in June with Trustly CEO Alex Gonthier about the challenge of introducing open banking/pay-by-bank into the eCommerce space.\n\u201cThe thing that\u2019s interesting is that no one has\u00a0cracked the code yet\u00a0on eCommerce,\u201d Gonthier told PYMNTS CEO Karen Webster. \u201cNo one has cracked the code because we\u2019re fighting against credit cards that have extremely rich rewards programs.\u201d\nTo compete, he said, pay-by-bank providers must offer their customers incentives like cashback or\u00a0rewards programs, without erasing the cost savings for merchants. Trustly has found some eCommerce success from the travel sector, and with payments that traditionally have been done with debit cards, such as healthcare and vet bills.\n\u201cYou can think of us as the \u2018next-gen\u2019 paper check,\u201d Gonthier said, adding that despite its challenges, he is optimistic about the future of pay by bank and open banking.\n\u201cIn open banking, you have the absolute unique advantage over debit cards, the absolute unique advantage of seeing a consumer\u2019s transactions in real time,\u201d Gonthier said. \u201cAnd with that, we actually see them on debit cards, on Venmo, on PayPal, on Zelle, on paper checks, wire transfer, we see everything.\u201d\nIn a separate interview, PYMNTS spoke with\u00a0Christina Potter, head of eCommerce at Trustly, about the benefits of open banking in the retail space.\nFor consumers, she said, paying via bank \u201callows them to\u00a0leverage other payment methods\u00a0beyond credit cards,\u201d which she pointed out can be an expensive option, considering the current interchange rate environment.\nThe post Trustly UK Transaction Value Hits $16 Billion for H1 2024 appeared first on PYMNTS.com.", "date_published": "2024-08-13T08:55:38-04:00", "date_modified": "2024-08-13T13:16:30-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Trustly-transaction-value.png", "tags": [ "EMEA", "News", "Open Banking", "open banking payments", "Pay By Bank", "PYMNTS News", "Trustly", "What's Hot", "Digital Payments" ] }, { "id": "https://www.pymnts.com/?p=2050518", "url": "https://www.pymnts.com/digital-payments/2024/mercadolibre-drives-argentinas-surge-in-digital-tipping/", "title": "MercadoLibre Drives Argentina\u2019s Surge in Digital Tipping", "content_html": "Cash has long been king at Argentina\u2019s bars and restaurants. Its reign may be ending.
\nAs Bloomberg News reported Saturday (Aug. 10), card tipping had been rare in the South American nation, leading many patrons to carry big wads of cash.\u00a0
\nNow, however, tipping is going digital amid a surge in FinTech activity, with Argentina now home to 312 such companies in 2023, up from 72 in 2017, the report said, citing data from the Inter-American Development Bank.
\nAccording to Bloomberg, Latin America eCommerce goliath MercadoLibre\u2019s payments business Mercado Pago has come up with a new function in its app for tipping.\u00a0
\n\u201cThe spread of digital payments and decline of cash use started to negatively impact the amount of tips waiters received,\u201d Agustin Onagoity, senior director for Mercado Pago Argentina, said in a statement to Bloomberg. \u201cOur users and gastronomy workers really demanded a tips solution.\u201d
\nThe report also quotes Pedro Filippini, a Buenos Aires barista who lets customers send tips to his Mercado Pago account, finding the tips there tend to be more generous than cash gratuities, as those can depend on the amount of paper money a customer has with them.
\nHe added that he prefers digital payments but can still see the need for cash as people are struggling. Cell service costs have ballooned, leading to situations where it\u2019s harder to access Mercado Pago.
\nThis is happening at a time when \u2014 as noted here earlier this year \u2014 the rise of digital tipping is transforming how consumers show gratitude for service.\u00a0
\n\u201cThis shift toward digital gratuity represents more than just convenience \u2014 it\u2019s a reflection of broader societal changes, impacting both employee retention and transactional consumer experiences,\u201d PYMNTS wrote.
\nIn addition, that report said, the implementation of digital instant payouts for hospitality staff has been shown to improve morale and job satisfaction in the service industry, addressing longtime challenges in staff retention and leading to higher retention rates.
\nAs Matt Tuchband, CEO of mobile tipping platform TipQwik, said in \u201cTap and Tip: Travel and Hospitality Embrace Digital and Instant Payments,\u201d\u00a0a joint PYMNTS Intelligence and Ingo Payments research study, the ability to tip via smartphone throughout a property can reduce turnover by making sure staff who normally do not get tips included on a bill, such as housekeeping and porters.
\nIn addition, \u201cIt provides a simple option for guests to show their appreciation at any time without fumbling for cash,\u201d Tuchband said.
\nThe post MercadoLibre Drives Argentina’s Surge in Digital Tipping appeared first on PYMNTS.com.
\n", "content_text": "Cash has long been king at Argentina\u2019s bars and restaurants. Its reign may be ending.\nAs Bloomberg News reported Saturday (Aug. 10), card tipping had been rare in the South American nation, leading many patrons to carry big wads of cash.\u00a0\nNow, however, tipping is going digital amid a surge in FinTech activity, with Argentina now home to 312 such companies in 2023, up from 72 in 2017, the report said, citing data from the Inter-American Development Bank.\nAccording to Bloomberg, Latin America eCommerce goliath MercadoLibre\u2019s payments business Mercado Pago has come up with a new function in its app for tipping.\u00a0\n\u201cThe spread of digital payments and decline of cash use started to negatively impact the amount of tips waiters received,\u201d Agustin Onagoity, senior director for Mercado Pago Argentina, said in a statement to Bloomberg. \u201cOur users and gastronomy workers really demanded a tips solution.\u201d\nThe report also quotes Pedro Filippini, a Buenos Aires barista who lets customers send tips to his Mercado Pago account, finding the tips there tend to be more generous than cash gratuities, as those can depend on the amount of paper money a customer has with them.\nHe added that he prefers digital payments but can still see the need for cash as people are struggling. Cell service costs have ballooned, leading to situations where it\u2019s harder to access Mercado Pago.\nThis is happening at a time when \u2014 as noted here earlier this year \u2014 the rise of digital tipping is transforming how consumers show gratitude for service.\u00a0\n\u201cThis shift toward digital gratuity represents more than just convenience \u2014 it\u2019s a reflection of broader societal changes, impacting both employee retention and transactional consumer experiences,\u201d PYMNTS wrote.\nIn addition, that report said, the implementation of digital instant payouts for hospitality staff has been shown to improve morale and job satisfaction in the service industry, addressing longtime challenges in staff retention and leading to higher retention rates.\nAs Matt Tuchband, CEO of mobile tipping platform TipQwik, said in \u201cTap and Tip: Travel and Hospitality Embrace Digital and Instant Payments,\u201d\u00a0a joint PYMNTS Intelligence and Ingo Payments research study, the ability to tip via smartphone throughout a property can reduce turnover by making sure staff who normally do not get tips included on a bill, such as housekeeping and porters.\nIn addition, \u201cIt provides a simple option for guests to show their appreciation at any time without fumbling for cash,\u201d Tuchband said.\nThe post MercadoLibre Drives Argentina’s Surge in Digital Tipping appeared first on PYMNTS.com.", "date_published": "2024-08-11T17:24:38-04:00", "date_modified": "2024-08-11T17:24:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/digital-tipping.jpg", "tags": [ "Argentina", "cash tipping", "Digital Payments", "digital tipping", "digital transformation", "FinTech", "Mercado Pago", "MercadoLibre", "News", "PYMNTS News", "tipping", "tips", "What's Hot" ] } ] }