El Salvador’s President Nayib Bukele acknowledges that Bitcoin adoption has been slower than anticipated but maintains optimism about the long-term benefits of the experiment. He highlights the positive impact on branding, investment, and tourism, while acknowledging the challenges in achieving widespread acceptance.
The Pradhan Mantri Jan Dhan Yojana (PMJDY), a national mission for financial inclusion, has completed 10 years, bringing banking services to millions of Indians, particularly women, youth, and marginalized communities. The scheme has facilitated access to bank accounts, savings, insurance, and credit, transforming the financial landscape and empowering individuals.
Mastercard is transforming the lending landscape with its Open Banking for Lending initiative, offering innovative solutions that simplify the process and empower consumers with greater control over their finances. By leveraging consumer-permissioned data, including income verification, cash flow analysis, and rent history, Mastercard is creating more inclusive pathways for individuals to access credit and participate fully in the digital economy.
Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, will attend the Pacific Banking Forum in Brisbane, Australia, to discuss de-risking and financial inclusion in the Pacific region. The forum, co-hosted by the US and Australian governments, aims to address the decline in correspondent banking relationships in the Pacific, which hinders access to financial services for local populations.
India’s rural and semi-urban areas continue to face significant underpenetration of financial services, primarily due to limited awareness of digital technology and financial inclusion. MD and CEO of PayNearby, Anand Kumar Bajaj, highlights the challenges faced by these regions, including lack of infrastructure, unreliable internet connectivity, and absence of physical branches. He emphasizes the need for assisted digital banking to enhance accessibility for underserved populations.
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.
In a strategic move to expand its presence in the United Arab Emirates (UAE), Mint, a leading payment solutions provider, has partnered with S2M, a global provider of modular core banking platforms. This partnership aims to introduce advanced financial services to the region, with a focus on digital transformation and financial inclusion. Commenting on the partnership, Abdulrazzaq Al Abdullah, Chairman & CEO of Mint Group, emphasized the company’s commitment to enhancing the lives of underserved individuals and Micro Small and Medium Enterprises (MSMEs) through innovative Digital Banking Services. The collaboration between Mint and S2M aims to address the challenges faced by the SME sector, including limited access to credit facilities, inconsistent processes, and high operational costs for banks.
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.
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.
