This month, we decipher what goes behind the screens when you initiate a transaction or avail credit. Furthermore, we decrypt RBI's Data Localization policy and the surprising upsurge of the remittance graph. Along with that, you also get to know about one of our teammates and interesting fintech facts in tow.
A credit card is our most trusted companion for most of our transactions. But what goes on behind the scenes? Read on to know the mechanics of credit card processing. Read more.
Embedded lending saves our time by providing credit at the point of sale with simplified digital processes. Read our Embedded Lending 101 article to know more. Know more.
RBI's recent stand targeting the data privacy of the payment ecosystem made us revisit the guidelines issued a few years back. Our detailed article entails RBI's guidelines on Data Localization. Read more.
The 2020 covid pandemic made the World Bank and other agencies predict a substantial fall in global remittance. But the opposite happened. And here is what we uncovered. Read more.
Our teammate Naren loves coding, chess, video games, table tennis, Game of Thrones, and whatnot. He recollects how he developed a passion for coding and many more interesting tidbits about him. Read on to know more about Naren.Read more.
46% of fintech companies in the world agree that AI is among the most relevant technologies for investment.
82% of traditional financial companies plan to increase their fintech engagement in the next 3-5 years.
The mobile payment market will reach $6,685,102 million by the end of 2021.
One of the biggest fintech products is digital payment, as it holds more than 25% of the fintech market share.
96% of global consumers are aware of at least one fintech service or company.
INDIA
Pine Labs has raised $285 Million in funding from Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital, and Sunley House Capital also participated in this funding round.
UK
Fly Now Pay Later, an alternative payments provider developed exclusively for the travel sector, has secured $10 Million in funding, defying the Covid hit travel industry. It enables their customer to spread the cost of their travel over 8-12 months and are associated with many travel companies and airlines worldwide.
USA
San Francisco-based Stripe acquires Oakland startup Bouncer for an undisclosed amount. Bouncer's card authentication and verification technology will be integrated into Stripe's Radar, a machine learning-based fraud prevention tool.
CHINA
The employees of Changsha Municipal Public Security Bureau at Kaifu Branch were the first to receive salaries in the form of Digital RMB. This is the first time that digital RMB's have been used by a government agency in China.
MENA
Founded by former Google Employees, Dubai- based digital payments apps Mamo has raised $8 Million in funding. The Mamo app allows users to quickly send money to other users without the need for lengthy registration processes or the use of IBAN.
That's it for now. See you again soon with all the need-to-know fintech updates!
Stay tuned. Stay curious.
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