Number crunching is a key component of the payment industry, with digits being scattered across the sector’s key stories.
Each week Payment Expert digests these digits and brings an overview of the past payments week in numbers.
Paysera and Ria Money Transfer open up 500,000 new cash transfer locations
In a new initiative to help people in need with frictionless cash transfers, Paysera has teamed up with Ria Money Transfer to unlock more than 500,000 physical locations in 152 countries where people can either pick up or send money to friends and family, circumventing the need to have a bank account.
Gintautas Mezetis, CEO of Paysera, said: “This amounts to 17 million people. It is quite common not to have an account in other parts of the world. Sometimes it’s not possible to transfer money to a bank account because the recipient doesn’t have a local bank account.”
Brite Payments expands European presence to a total of 24 markets
Fintech Brite Payments has expanded further into Central and Eastern Europe by launching its instant account-to-account payments offering for customers in Croatia, Romania and Hungary, bringing the total European markets where the firm is contributing to an Open Banking infrastructure to 24.
Lena Hackelöer, Founder & CEO of Brite Payments, commented on the move: “Croatia, Romania, and Hungary represent some of Europe’s most dynamic and fast-growing markets, as well as being popular markets for expansion for established international businesses.
“By adding these countries to our network of coverage, we take another step forward on our mission to bring fast, easy and secure payments to merchants and consumers across Europe.”
Xapo Bank customers unlock up to £1m in crypto transfers through a new UK FPS deal
In a new development for the crypto market, bitcoin custodian Xapo Bank has tapped into the UK’s Faster Payment System (FPS) as it moves into the country and deploys worldwide support for GBP transactions.
Through FPS, Xapo members will be able to transfer up to £1m between accounts in real-time, with the bank guaranteeing top-notch security for each transaction made.
Seamus Rocca, CEO of Xapo Bank, said: “At Xapo, we understand the importance of providing our members with choices, and by integrating with Faster Payments, our members will now be able to make direct payments to UK-based wallets and banks.
“By expanding our currency offering, we are furthering our mission to provide our members with flexibility, convenience, and security when depositing and withdrawing from their accounts.”
Flutterwave taps into Rwanda’s population of 13.46 million
After receiving two new licences from the National Bank of Rwanda, payments tech firm Flutterwave is now capable of distributing its money deposit and withdrawal, electronic funds transfer, and remittance services to the country’s population of 13.46 million looking towards a better financial inclusion.
The fintech is also focusing on providing support for micro, small and medium enterprises in Rwanda, which make up 97% of the businesses there.
Leah Uwiroheye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said: “The licences will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.
HSBC buys off SVB’s UK arm for just £1
A period of concern for global banking has settled in after Silicon Valley Bank (SVB) announced that it is no longer capable of continuing operations.
This came in as a shock for UK fintech due to the close relationship between the sector and the bank, with countless local businesses choosing to trust SVB with their finances.
In order to prevent an irreversible ripple effect that would almost certainly doom the UK fintech industry, HSBC has stepped in to secure the stability of deposits within the bank’s UK arm, with the purchasing deal valued at a mere £1 – less than a Greggs sausage roll.