Number crunching is a key component of the payment industry, with digits 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. This edition explores Klarna’s Q1 financial and some of the latest developments in digital payments.
Klarna achieves market value bump thanks to AI
With its latest Q1 financial update, BNPL and payment service provider Klarna has managed to cut its net losses by 52% thanks to implementing artificial intelligence throughout its operations.
In a statement commenting on the results, company CEO Sebastian Siemiatkowski has maintained that Klarna is now positioned to successfully pursue profitability in H2 2023 as well.
“We are on track to achieve profitability this year all while revolutionising shopping and payments through our AI-powered approach.”
ISO 20022 to complete widespread adoption by 2025
The Pay360 Crystal Ball conference brought together some of the biggest experts in payments to discuss the implications of adopting ISO 20022 to advance payments globally.
Victoria Cleland, Executive Director of Payments at the Bank of England, was one of the panellists on stage to raise the point that the majority of payments in the world, from cards to blockchain, will be made through the new messaging format by 2025.
Monoova marks Australia-first with AUD $25,000 CBDC transaction
Monoova has managed to successfully complete the first Australian CBDC transaction. In partnership with NexPay, a total of AUD $25,000 in CBDC were transferred from an account in Japan into NexPay’s test CBDC wallet – a process fully overseen by the Reserve Bank of Australia.
Tim Stanley, Head of Product at Monoova, said: “We have been running our use case on a pilot ecosystem blockchain to demonstrate the value we can deliver to our clients.”
The European Central Bank registers record low card fraud rates
The European Central Bank has identified a drop in the number of card fraud cases throughout the Old Continent.
According to data shared by the bank, the most recent card fraud levels stood the lowest in years, constituting 0.028% of all SEPA card payments – or €1.87bnfrom the total value of €5.16trn.
The European financial institution has contributed the drop to the developing regulatory environment in the Union, such as the widespread adoption of PSD2.
NomuPay raises $56.6m to drive local payment acceptance globally
Fintech firm NomuPay has managed to secure a total of $53.6m in funding led by Finch Capital and Outpost Ventures in order to improve the local payment acceptance functionality of its partnership network across Southeast Asia, Turkey and Europe.
On the news, Peter Burridge, CEO of NomuPay, commented: “Companies have to maintain countless technical integrations and vendor relationships, while reconciling global payments.
“In the face of continued technological, market, method and data fragmentation, we provide companies with an ‘all access pass’ to global payments’, enabling enterprises to continue to expand globally, and to future-proof payment strategies.”