Visa and Visa Foundation’s $100 Million Pledge to Propel Digital Empowerment for Underserved SMBs in APEC Economies
Visa and Visa Foundation have committed $100 million over five years to support underserved and women-led SMBs in APEC economies, surpassing their three-year goal of digitally enabling 50 million SMBs globally. The initiative aims to boost digital financial inclusion, stimulate job creation, and improve access to capital for SMBs, with a focus on economies such as Indonesia, Mexico, Peru, Philippines, and Vietnam. 17 November 2023...
Mastercard and NEC Redefine In-Store Payments: Introducing Seamless and Secure Biometric Checkout Experiences Globally
Mastercard and NEC Corporation have entered into a strategic partnership to implement NEC’s face recognition technology in in-store payments. The collaboration aims to provide a seamless, secure, and innovative checkout experience, leveraging biometrics to transform the way consumers make payments globally. 17 November 2023 – In a bid to redefine the landscape of in-store payments, global payment giant Mastercard has...
Vietnamese Consumers Embrace Digital Banking and New Payment Modes, Reports UOB
A report by the United Overseas Bank (UOB) has highlighted a growing preference for digital banking and emerging payment methods among Vietnamese consumers. The study reveals that e-wallets and mobile banking apps, particularly Momo, are gaining popularity, with four in five consumers in Vietnam using e-wallets weekly, and 54% increasing their use of mobile banking apps in the past year. 4 November 2023 – Vietnamese consumers...
Mastercard Partners with Live Nation to Offer Cardholders Exclusive Music Experiences
Mastercard has forged a multi-year partnership with Live Nation to provide exclusive music-related benefits to over 100 million cardholders, including access to presale tickets and VIP experiences. The partnership also supports sustainability efforts through the Priceless Planet Coalition. 2 November 2023 – In a significant move to enrich the lives of its cardholders and further strengthen its commitment to the music industry,...
Vircle Raises Seed Funding to Expand Innovative Cashless Payment Platform for Children
Vircle, a Malaysian fintech, has secured seed funding in a round led by Gobi Partners and Kumpulan Modal Perdana (KMP) to expand its child-centric cashless payment platform. Vircle’s child-safe Visa prepaid card, which empowers parents to oversee their child’s expenses, aims to introduce millions of children in Southeast Asia to the cashless and digital banking world, promoting financial responsibility. 1 November 2023...
Mastercard’s Report Reveals Cross-Border Payment Challenges Amidst Rising Demand for Global Work
Mastercard’s 2023 borderless payments report highlights the increasing demand for cross-border payments driven by a growing number of people considering working abroad. However, the report also reveals challenges such as late or failed payments, fraud risk, and difficulties in supporting in-country payments for both consumers and small businesses. 1 November 2023 – Mastercard’s 2023 borderless payments report sheds...
Standard Chartered’s Year-End Campaign Offers RM1 Million in Travel Prizes, Including Seven Wonders of the World Adventure
Standard Chartered has launched its Year-End Spend & Win Travel Campaign 2023, offering prizes worth up to RM1 million. The campaign, running until January 31, 2024, features monthly giveaways of flight tickets to select destinations and a grand prize that allows one lucky winner to embark on a once-in-a-lifetime journey to one of the Seven Wonders of the World, complete with business class tickets for two. 23 October 2023 –...
Mastercard Unleashes AI-Backed First-Party Trust Program to Tackle ‘Friendly’ Fraud Surge
Mastercard’s First-Party Trust program, powered by AI insights, aims to combat the growing issue of first-party fraud in digital transactions. The initiative enhances transparency and security, offering merchants, including small businesses, tools to counter first-party fraud. By providing enriched data and dispute resolution capabilities, Mastercard intends to streamline transactions and build trust in the payment ecosystem. 23...
Visa Pilots Visa AR Manager to Revolutionize Virtual Card Acceptance for Commercial Businesses
Visa is launching a pilot of Visa AR Manager, an innovative solution designed to streamline virtual card acceptance for commercial merchants. This new offering automates the virtual card transaction process, enhancing efficiency and reducing manual efforts, ultimately providing a seamless digital payment experience for issuers and suppliers in the commercial B2B sector. 23 October 2023 – Visa, a global leader in payments, has...
Malaysia Records Soaring E-Payment Growth: 9.5 Billion Transactions in 2022
Bank Negara Malaysia (BNM) reports a remarkable increase in e-payment transactions in Malaysia, with 9.5 billion transactions recorded in 2022, compared to 7.2 billion in the previous year. Each Malaysian, on average, made 291 e-payment transactions in 2022, a significant rise from 222 transactions in 2021. BNM aims to make e-payment accessible to all segments of society and continues to promote e-payment through campaigns and pilot...
Visa Commits $100 Million to Shape the Future of Commerce with Generative AI Ventures Initiative
Visa unveils a $100 million Generative AI Ventures initiative to invest in the development of generative AI technologies and applications set to revolutionize the future of commerce and payments. The initiative, spearheaded by Visa Ventures, builds upon Visa’s legacy of pioneering AI in payments and aims to support innovative startups at the intersection of generative AI, commerce, and payments. 13 October 2023 – Visa, a...
Visa Strengthens Cybersecurity Offerings Through Partnership with Expel
Visa partners with Expel to bolster cybersecurity offerings in response to rising global cybercrime costs, allowing clients to proactively manage cyber risks and enhance fraud defenses. 13 October 2023 – Global payment giant Visa has announced a strategic collaboration with leading security operations provider, Expel. The partnership seeks to expand Visa’s Value-Added Services portfolio by venturing into the Managed...
BIS and Central Banks Unveil Project Mandala to Transform Cross-Border Transaction
The Bank for International Settlements (BIS) and central banks, including RBA, BOK, BNM, and MAS, have unveiled Project Mandala to streamline cross-border payments by automating compliance procedures, enhancing transparency, and increasing efficiency. This initiative aims to revolutionize the cross-border transfer of digital assets, aligning with the Financial Stability Board’s priorities and fostering global transaction...
Bank Islam Malaysia Berhad Extends No-Cost DuitNow QR Service for Merchant
Bank Islam Malaysia Berhad (Bank Islam) has announced the extension of its no-cost DuitNow QR service for merchants, ensuring seamless and secure payment acceptance. The bank is dedicated to maintaining transparency in its fee structure communication to support businesses in the digital payments landscape. 3 October 2023 – Bank Islam Malaysia Berhad (Bank Islam), a leading financial institution in Malaysia, has reaffirmed its...
FOMO Pay Spearheads Purpose Bound Money Adoption in Singapore’s Pitstop Industry Pilot
FOMO Pay, a Singaporean payment institution, is supporting the adoption of Purpose Bound Money (PBM) in Singapore’s Pitstop industry pilot, a collaborative initiative led by Grab, StraitsX, and UOB, in line with the Monetary Authority of Singapore’s Project Orchid. 28 September 2023 – FOMO Pay, a leading payment institution based in Singapore, is making significant strides in advancing the acceptance of Purpose Bound...
China Enhances Digital Renminbi (RMB) Payment Services to Attract Foreign Users
China has upgraded its digital RMB payment services to enhance the user experience for foreigners visiting or residing in the country. These improvements include a “recharge before use” feature and online payment options, simplifying the process and promoting the adoption of China’s digital fiat currency. These enhancements are expected to facilitate cross-border transactions and further internationalize the digital...
Paysend and Visa Forge Global Partnership to Revolutionize Money Transfers
Paysend, a UK-based Fin-Tech innovator, and Visa have announced a groundbreaking five-year partnership to facilitate real-time money transfers to eligible Visa cards in 170 countries and territories. Leveraging Visa Direct and dynamic exchange rates through Currencycloud, this collaboration aims to revolutionize international money transfers by offering cost-effective, accessible, and secure financial services worldwide. 14 September...
Visa Faces Soaring Credit Card Disputes Despite Anti-Fraud Efforts Amid E-commerce Boom
Despite the proliferation of prevention software, Visa has reported a persistent increase in credit card disputes, with over 90 million disputes in 2022. The surge is attributed to the growth of e-commerce, inflation, and the convenience of dispute filing for consumers. 11 September 2023 – Visa Inc has seen a continued surge in credit card disputes, defying efforts to curb them through prevention software, as fraud escalates...
Bank Negara Malaysia Imposes RM50 Million Penalty on I-Serve Group for Unlicensed Deposits and Money Laundering
Bank Negara Malaysia has imposed a substantial RM50 million penalty on the I-Serve Group for unlawfully accepting deposits and engaging in money laundering activities, with the fine distributed among seven entities. The penalty underscores the regulator’s commitment to maintaining financial sector integrity. 1 September 2023 – In a significant regulatory development, Bank Negara Malaysia (BNM) has taken decisive action by...
Managepay Systems Ventures into Indonesian Financial Technologies in Collaboration with PT Finnet Indonesia and Eddid Financial Holdings Ltd
Managepay Systems Bhd is actively exploring opportunities for collaboration with PT Finnet Indonesia and Eddid Financial Holdings Ltd. in Indonesia’s capital markets and financial technologies sector. This collaboration aims to introduce innovative financial solutions, including a financial social network application and cross-border remittance services, enhancing the financial landscape in Indonesia. 29 August 2023 –...
