Visa announced innovative products and services at its annual Visa Payments Forum, addressing the evolving payment landscape and addressing the future needs of consumers, businesses, and financial institutions. New card features and digital innovations include: Visa Flexible Credential, Tap to Everything, Visa Payment Passkey Service, Click to Pay + Visa Payment Passkey Service, Pay by Bank, Visa Protect for A2A Payments, and Data Tokens.
The adoption rate of Aadhaar-enabled payments has witnessed a significant surge in Jammu and Kashmir and the northeast Indian states, according to a recent study by fintech start-up PayNearby. Meghalaya emerged as the frontrunner with a staggering 1000% jump in transaction value and a 712% rise in volume for Aadhaar Enabled Payment System (AePS). Other states like Nagaland and Assam also recorded substantial increases in these metrics. MicroATM transactions in Mizoram and Meghalaya saw significant growth in both value and volume, while J&K’s retail stores experienced a 31% increase in both aspects. PayNearby’s report highlights the growing role of retail outlets in providing easy access to banking services in regions where traditional bank branches may be scarce.
Alipay, the leading digital payment and lifestyle service platform, has partnered with Xi’an, China, to launch the ‘International Consumer Friendly Tourist Destination’ initiative, designed to enhance travel and shopping experiences for tourists. International visitors can now link their Visa, Mastercard, JCB, Discover®, or Diners Club International® credit or debit cards to the Alipay app, enabling easy payments at numerous merchants across China. Alipay is also partnering with other e-wallets, including AlipayHK, MPay, Touch ’n Go eWallet, and Kakao Pay, to make it easier for international tourists to use their home digital payment solutions while exploring China.
Paytm’s UPI Lite Wallet revolutionizes digital payments with its unparalleled convenience. Introducing an on-device wallet that allows users to effortlessly store funds and make lightning-fast transactions without the hassle of PINs. This innovative solution is designed specifically for low-value, everyday payments, making it ideal for purchases like groceries, parking, and commuting. With a daily transaction limit of ₹ 500 and a daily replenishment capacity of ₹ 4000, Paytm UPI Lite Wallet streamlines the payment process, enabling seamless and uninterrupted payment experiences.
Mastercard and The BENEFIT Company (BENEFIT) have signed a Memorandum of Understanding (MoU) to collaborate on developing innovative digital payment solutions in Bahrain. The partnership aims to enhance financial inclusion and drive the growth of the country’s digital economy. BENEFIT, a leading fintech company in Bahrain, processed over 345 million electronic fund transfer transactions in 2023, demonstrating its significant role in the Kingdom’s financial landscape. Mastercard, with its global expertise in digital payments, will bring its technological capabilities to the partnership. Together, the companies aim to introduce advanced payment solutions that meet the evolving needs of consumers and businesses in Bahrain.
Nepal Clearing House Limited (NCHL) and Ant International have joined forces to enhance digital payment experiences for travelers visiting Nepal. Tourists can now conduct cashless transactions at over 800,000 merchants nationwide using Alipay+ and NEPALPAY QR codes. This partnership aims to foster inclusivity, ease cross-border transactions, and support Nepal’s growing tourism sector.
Google has launched the Google Wallet app in India, prioritizing essential elements like tickets, memberships, and digital documents instead of digital payments, which remain under the purview of Google Pay. The app aims to simplify daily tasks with quick access to essential information.
Ansa, a technology company that provides merchants with tools to develop branded virtual wallets, has secured $14 million in a Series A funding round led by Renegade Partners and supported by existing investors Bain Capital Ventures, BoxGroup, Wischoff Ventures, and new investor B37 Ventures. The investment brings Ansa’s total venture capital funding to approximately $20 million and significantly increases its valuation. Notably, female investors significantly contributed to the Series A round, representing 95.6% of the financing. Ansa aims to empower businesses to process small payments and lower credit card fees for smaller transactions by providing a white-labeled digital wallet infrastructure. This enables merchants to offer flexible payment instruments and create unique in-app payment experiences similar to well-known brands like Starbucks. Ansa’s focus on key verticals such as coffee, quick service restaurants, marketplaces, retail, and convenience stores aligns with its goal of helping merchants avoid high credit card fees, especially for low-value purchases. With plans to invest the funding in product development and engineering, Ansa aims to expand its customer base and further enhance its value-added services.
India’s Unified Payments Interface (UPI) has witnessed a significant surge in transactions, reaching approximately 131 billion in FY24, with a total value of 200 trillion. This remarkable growth reflects the widespread adoption of digital payments, even in rural areas, empowering ordinary citizens to participate in the digital economy. The UPI market landscape is dominated by PhonePe and Google Pay, which collectively hold an 86% share. As India embarks on its journey to become a developed nation, it is expected to become the third-largest economy in the coming years.
ANQ’s survey reveals significant changes in credit card spending patterns, with a notable increase in multiple card ownership and a growing preference for rewards programs. The survey also highlights the adoption of digital payment solutions, indicating a shift towards a more seamless and tech-savvy financial landscape.
