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’s main focus is Visa and Mastercard raising credit card fees on the backend of uncertainty in retail.
Liberis: 91% of SMEs want sustainability
While 91% of SMEs agree that a sustainable business model is the way forward, almost half of them are struggling to adopt this approach due to a lack of guidance.
Bella Renney, Product Director of Liberis, went through some of the main points of why cash flow is the key pain point for many business owners, and what is Liberis doing to support them with a green embedded finance alternative.
Liberis: Why green embedded finance is ‘crucial for the future’
Credit card fees to be raised despite 80% unsatisfactory rate
Visa and Mastercard are reportedly preparing to introduce a raise in fees for businesses that process customer payments from credit cards.
Amid a wave of dissatisfaction with 80% of British retailers wanting lower fees from card payment companies, the Wall Street Journal has reported that the two biggest card issuers in the world are planning to do the opposite.
The report further specifies that the fee increase will mainly be targeted at online payments, with experts revealing that it may speed up the adoption of alternative payment methods.
Report: Visa and Mastercard set to increase credit card fees
African fintech ‘in its prime’ after raising $2.7b in VC funding
According to a report by market research company Disrupt Africa, the local African fintech scene is in its prime thanks to an influx of foreign investments in the last few years.
Since 2021, African fintech has managed to raise a combined total of $2.7b in VC funding from investors like Amazon, leading to a 17.7% rise in emerging startup businesses across the continent.
Disrupt Africa Co-Founder Gabriella Mulligan commented: “It is clear that African fintech is in its prime, driving forward financial inclusion and powering the commercial revolution occurring on the continent. And investors agree.”
Disrupt Africa: African fintech is ‘in its prime’
Paymentlogy: Fintechs can build up the economy by helping 65% of the unbanked
As the global economy slows down due to a diminished trade activity, many markets are being hit by financial uncertainty.
However, fintechs could prove useful in the road to recovery, especially in low-income markets where only 35% of the population has a bank account.
For LatAm, Paymentology’s Regional Director, Alejandro Del Rio, believes that the region’s sustainable growth can be placed back on track if more efforts are made towards tackling financial inclusion.
From disruption to inclusion: fintech’s role in LATAM’s economic future
Clear Junction gets approved for ISO 27001 certification
In a push to further innovate in the cross-border payments space, Clear Junction has managed to secure an ISO 27001 certification.
Thanks to the development, Clear Junction will receive the tools necessary to implement a higher standard of information security when dealing with international payments.
On the company’s milestone, Dima Kats, CEO of Clear Junction, explained: “This is especially important for the regulated institutions that we serve, including banks, payment service providers, and digital assets traders. All of them value service stability and resilience and we are determined to deliver on that.”
Clear Junction lands key milestone in cross border payments growth
