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 looks at the latest developments in cross-border payments and the drivers behind them.
Juni puts an emphasis on two major markets for its cross-border payments tool
As the global B2B cross-border payments market is expected to reach $56.1tn by 2030, Juni is preparing to tap into this shift by expanding its international transactions offering to the two regions it sees as key for this growth – China and the US.
With a new update to its Send Money offering, Juni has enabled its European customers to make payments both in the West and the East from their USD account – a step towards future-proofing the company’s role as a banking alternative for digital commerce.
Shelley Havemman, Senior Director of Product at Juni, said: “By facilitating USD to USD international transfers simply and efficiently, we strengthen our banking proposition while laying the foundation for expanding our invoice management offering to include inventory payments. We will look to add additional jurisdictions in the coming months.”
Mastercard and Remitly to help 41% of customers with payments abroad
Mastercard has partnered with remittances firm Remitly to make cross-border transactions more accessible amid a surge in international payments.
A study by Mastercard has revealed that 41% of all customers who have sent money abroad in the last year are thinking of further increasing their financial support for friends and family over the coming months due to economic pressures.
Various options have been made available for Remitly customers looking to send money, who can now do so through their Mastercard debit card, while recipients can also now collect the funds either through bank accounts or cash pick–ups.
Ecospend looks to bolster Open Banking as card spending reaches £76bn
In a new study by UK Finance, debit and credit card spending has been shown to climb amid UK shoppers, reaching a total of £76bn in July 2023.
According to Trustly-owned open finance firm Ecospend, this represents an opportunity to highlight the benefits of Open Banking in a seemingly worsening financial landscape for many UK households who are looking more into consumer credit.
James Hickman, CCO of Ecospend, said that Open Banking could alleviate the current credit lending epidemic by shifting the consumer’s focus towards options that are safer for the family budget, boosting responsible banking practices.
AU10TIX: North America sees a 44% surge in ID fraud attacks
Digital security specialist AU10TIX has underlined the increasing threat of ID fraud for US businesses and their customers.
In its latest report, the company warned that there has been a rise in organised ID fraud in North America, with 44% more attacks compared to previous periods.
However, the most dangerous region remains the Asia-Pacific with more than 4% of its transactions being flagged down as ID fraud attacks – a problem that has been historically linked to the region’s relatively weak anti-fraud defences.
Commenting on the study, Dan Yerushalmi, CEO of AU10TIX, said: “This data reveals which markets fraudsters consider the most vulnerable with the most potentially lucrative return.”
NHS to lead £100m gambling harm initiative
The Department for Culture, Media & Sport (DCMS) has launched consultations into the Research, Education and Treatment (RET) levy as part of the Gambling Act white paper.
Led by the NHS, the levy is expected to syphon around £100m into the healthcare system in the form of mandatory operator contributions that will be used to prevent and treat gambling harm across the UK.
Explored in detail by the iGaming Daily podcast, the topic highlights the potential outcomes of the levy for operators and trade bodies such as GambleAware and GamCare.