This month in Fintalk, we have uncovered the mystery behind the cross-border payment transactions and highlighted the industry trends shaping the future of payments. Read further to understand how the card industry is prepping for the migration to 8-digit BIN from the standard 6- Digit BIN. Also, you get to know about our Solution Architect and his quirks.
Tracing international payments has always been a blind spot in cross-border payments. But Fintechs today are moving the needle with innovative techniques. Our latest article captures the essence of cross-border payments and its evolution. Read more.
Anxious about turbulent payment processing systems and poor customer experience (CX)? Read our latest blog article for actionable insights on futureproofing and accelerating your payment ecosystem to enhance CX and profitability while cutting costs. Know more.
Migration of card BIN from six-digit to eight-digit is the recent talk of the industry! How are the card networks setting the scene for this change? What triggered this sudden migration? Read here to know more about the BIN migration and its impact on the industry. Read more.
Our VP Architecture, Maathavan, lives by the mantra - 'Never Stop Learning.' With varied interests ranging from agriculture to technology, Maathavan is admired by his colleagues for his analytical thinking and humble nature. Read on to know more about him and what drives him to be his best at work every day. Read more.
Blockchain Capital announces $300m investment fund backed by PayPal and Visa.
Stripe launches AI-based identity verification tool for online businesses to reduce payment fraud.
Global annual sales in the fintech insurance market are set to reach $15,343.3 million by 2023.
According to Goldman Sachs, Fintech's worth is estimated to be $4.7 trillion.
The fintech sector attracts about $50 billion in investments every year.
Total digital payment transaction value projected to surpass $10.50 trillion by 2025.
INDIA
Slice, an Indian FinTech startup, has raised $20 million in a new financing round and is adding new features to change how people engage with their credit cards. LocoNav, an Indian- based fleet software startup has raised $37 million in a new financing round to expand in developing markets.
UK
According to the 2021 Global Payments Report by Worldpay UK is expected to go cashless by 2024 as the pandemic further fueled the touchless payments.
Brazil
The biggest fintech fundraising round of the week was secured by Brazilian cross-border payments company Ebanx, raising $430 million as continues to the hottest fintech region on the planet.
CHINA
Bitcoin tumbles down below $37000 this week for the first time since February as China bans cryptocurrency services. Ethereum and Dogecoin were down more than 16%, while XRP fell more than 11%.
MENA
MENA's fintech industry is predicted to enter a new growth era with Accenture and Fintech Hive projecting that by 2022, companies in the space will make up 8% of financial services revenue.
That's it for now. See you again soon with all the need-to-know fintech updates!
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