Banking & Payments DECODED
Latest edition: 10 May 2024
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Latest news
AI could create a turning point for financial inclusion in Africa
It’s difficult to imagine a time before the widespread adoption of mobile technology in Africa – particularly where financial services are concerned. For millions of unbanked people, transactions were limited to cash, postal services or even the barter system. Now, in much the same way as mobile payments completely disrupted the status quo,
Customer satisfaction with US online-only banks declines
Driven by the prospect of higher interest rates and lower fees, new customers continue to flock to online-only direct banks. For the most part, the direct banks delivered on their end of the bargain. However, struggles with customer service and timely problem resolution dragged down overall satisfaction scores in the 8th annual JD Power US Direct Banking Satisfaction Study.
Mastercard JV switches first domestic transaction in China
Mastercard NetsUnion has started to process payments made in China with Mastercard cards issued by the country’s banks. In addition, Mastercard-branded cards will now be accepted for both domestic and international purchases.
O3 Capital, Amex issue four new American Express Cards in Nigeria
O3 Capital, Nigeria’s first non-bank credit card issuer has agreed a deal to issue four new Amex credit cards.
Zeta eyes 50% of the $1trn Credit Line on UPI banking tech opportunity by 2030
Next-gen banking technology vendor, Zeta, has launched its Digital Credit as a Service offering.
Continental Finance purchases Today Card portfolio
Continental Finance has acquired the Today Card Portfolio, a card portfolio previously held by Elevate Credit & Capital Community Bank.
Avenue Capital Group fund secures $1bn
Avenue Capital Group has completed the final closing of its Avenue Europe Special Situations Fund V. The Avenue Europe Fund has received approximately $1bn in commitments from a diverse spectrum of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers, and family offices.
Payment cards continue to lead e-commerce payments in South Korea with 54% share, reveals GlobalData
Payment cards remain the most preferred payment tool for e-commerce purchases in South Korea, collectively accounting for over half (54%) of the total e-commerce payments in 2023, signifying a strong preference for secure and convenient transactions among the online shoppers, finds GlobalData, publishers of EPI.
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