SMEs are leading South Africa’s digital commerce revolution. Digital payments are increasingly underpinning merchant growth in SA, with small and medium enterprises (SMEs) using them to unlock new revenue streams, expand their reach and build more resilient businesses. These are among key findings highlighted in the fifth edition of Payfast by Network’s State of Pay…
Visa is working to integrate stablecoins into existing payment systems, seeing an opportunity to maintain its market leadership as these tokens gain traction, Visa’s head of crypto, Cuy Sheffield, said in an interview. Stablecoins, cryptocurrencies typically pegged to the US dollar, allow funds to be moved outside traditional banking systems. While their circulation has surged,…
The Department of Health and Human Services said Tuesday that it is freezing all federal child care payments to the state of Minnesota in the wake of a viral video that alleged widespread fraud at child care facilities across the state. In a statement and accompanying video on X, Deputy Secretary Jim O’Neill and Assistant…
The Mojaloop Foundation and the Central Bank of Liberia (CBL), in collaboration with Singapore-based ThitsaWorks and The AfricaNenda Foundation, today announces the launch of the Liberian Inclusive Instant Payments System (IIPS), a modern real-time interoperable payments platform powered by Mojaloop, the open-source payments infrastructure built to advance digital financial inclusion. IIPS will principally enable mobile…
Johannesburg, S. Africa — With cross-border payments still facing obstacles in sub-Saharan Africa, experts and industry practitioners have voiced hope that the attention the issue received at the G20 summit in South Africa will translate into practical reforms. “We need simplified and harmonized regulations that keep up with technology. That would make transactions faster, cheaper…
Sopa Images | Lightrocket | Getty Images PayPal has signed a deal with OpenAI to have its digital wallet embedded into ChatGPT so users can pay for items found through the leading consumer AI tool, the company told CNBC exclusively. Shares of the company jumped as much as 13% on the news. The agreement, sealed…
Convera, a global leader in commercial payments, is on site at Money 20/20 USA this week as industry leaders gather to power the future of payments, fintech and financial services. From sessions on the global stage to the unveiling of dynamic data, Convera spotlights its mission to reimagine the future of business payments on a…
PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables instant, low-cost payments in local currencies between African countries. FirstBank, the premier bank in West Africa and a leading financial inclusion service provider, is thrilled to announce the successful integration of the Pan-African Payment and Settlement…
FNB and RMB Private Bank customers using Huawei or Android devices now have access to contactless payments through Swoo Pay. Customers with NFC-enabled Huawei devices running HMS AndroidOS without Google Services can link their FNB virtual or physical cards to Swoo Pay and make ‘tap to pay’ transactions at contactless ATMs and points of sale….
South Africa’s payments ecosystem is evolving at a rapid pace. PayInc – previously BankservAfrica – sits at the core of the country’s payments infrastructure. As the builder and manager of the PayShap instant payment rails, PayInc is central to the Reserve Bank’s plans to drive digital inclusion through payment modernisation. In this episode of the…
