Twitter signals plan for payments, Barclays opens banking pods as a branch alternative, and more.
Here's what's happening around the world.
Latest global payments news
Published February 1, 2023 11:58 AM
1 Min Read
Marlena Sloss/Bloomberg
Twitter’s license applications affirm Musk’s payments ambitions
Elon Musk has reignited speculation that he hopes Twitter could generate revenue by becoming a global payments platform. The Financial Times reports Twitter has begun applying for U.S. state money-transmitter licenses. Although that process can take up to a year, Twitter already is a registered payments processor with the U.S. Treasury. Adding regulatory licenses in the U.S. could be a foundation for building an international payments platform, the FT said. Twitter initially signaled interest in becoming a payments platform in November 2022 when Twitter Payments LLC applied for a money transmitter license with the Financial Crimes Enforcement Network, laying the groundwork for services that could include peer-to-peer payments. —Kate Fitzgerald
Bloomberg News
ING signs outsourcing deal with Worldline
The Dutch bank ING has hired payments processor Worldline to manage debit and credit card issuing and payment processing across ING's international markets. ING and Worldline have a longstanding relationship, and this new deal adds more countries and services, particularly on the card-issuing side of the business. Worldline and other payment processors have added card issuing over the past three years in an attempt to reach both banks and merchants with a mix of payment acceptance and bank technology. Worldline recently closed on a 55% stake in softPOS to expand mobile payments for merchants, among other services. "By outsourcing card issuing processing services to us, ING can focus on creating value for their customers by re-inventing digital journeys," said Alessandro Baroni, deputy head of financial services at Worldline, in a release. —John Adams
Adrian Dennis/Photographer: Adrian Dennis/AFP/
Monzo expands credit reporting
London challenger bank Monzo has commenced reporting to Experian, and has added more information to its TransUnion reports. For accounts, Monzo will report data on overdrafts, type of products, status of payments for overdrafts and status of other recurring payments, among other information. For loans, Monzo will report balances, monthly repayments, and if loan payments are behind. Monzo, which reports account information to TransUnion, will also add loan information to TransUnion reports. Monzo is expanding its credit reporting as it adds new products and markets. Monzo in the past year has moved out of beta in the U.S. to a full public launch. It added new features such as a salary sorter, which allows users to divide their paychecks among spending, savings and bills upon receipt of their salary. —John Adams
Mastercard launches e-card in Morocco
Mastercard and digital payment company Cash Plus are collaborating to launch a virtual card in Morocco. The card, which links to Cash Plus' mobile wallet, enables payments at Mastercard merchants, and supports configurations such as setting payment limits, blocking and unblocking. Bank Al Maghrib, Morocco's central bank, in 2018 approved Cash Plus as an electronic payment provider in an effort to bring more people into the country's banking system. Mastercard is assembling an international network of payment technology companies as part of an effort to bring one billion new consumers into the digital economy over the next two years. "This latest launch will help diversify Cash Plus' offering further and will enable a more convenient, simple and rewarding customer experience," said Mohamed Benomar, country general manager for the western portion of Mastercard's operation in the MIddle East and North Africa, in a release. —John Adams
Barclays opens "pods" as U.K. branch alternatives
As bank branches decline, Barclays is introducing a new design to maintain a physical network while lowering its real estate overhead. The bank has plans to open about 70 banking pods as part of its Barclays Local alternative branch program. The pods are substantially larger than an ATM and include in-person service. The bank plans to open the pods in or near town halls, libraries, and shopping centers in consultation with local community groups. The pods, which join other alternative branch concepts such as banking vans, include instruction on how to use digital banking. Barclays has closed nearly 1,000 branches in the past eight years, and views Barclays Local as a way to maintain a local presence despite declining branch usage. —John Adams
Adobe Stock
FIS to power Singapore challenger bank’s real-time payments
Singapore's Trust Bank, a digitally native bank launched in September 2022, will use technology developed by FIS to power the bank's real-time payments, according to a press release. The cloud-based solution, based on the international payments standard ISO 20022, supports traditional and instant payments. Since its launch, Trust has signed up more than 400,000 customers. The bank is backed by Standard Chartered Group and FairPrice Group. —Kate Fitzgerald
Adobe Stock
Strike extends remittances to Philippines via Bitcoin network
Chicago-based financial app Strike has added the Philippines to its Send Globally service supporting cross-border transfers based on Bitcoin's Lightning Network, according to a press release. Through a partnership with Manila-based Pouch, Strike's Send Globally product supports transfers from U.S. dollars that are received in Philippine pesos in the recipient's bank or mobile money account. Strike launched Send Globally in December 2022, enabling U.S. users to send funds to recipients in Nigeria, Kenya and Africa. —Kate Fitzgerald
