Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, Alipay will integrate its payment services to enable transactions on Rokid glasses, powered by augmented reality. Elsewhere in Europe, Mastercard is focusing on fostering greater relationships with governments with its latest appointment.
Alipay taps into AR for payment glasses
In a potentially groundbreaking partnership for wearable payment technology, Alipay teamed up with Rokid Glasses on June 17 to enable digital payments.
The glasses are powered by augmented reality (AR) and allows customers to use the glasses to link their Alipay accounts via the Rokid app to enable voice verification to perform transactions, as well as scan Alipay QR codes to complete transactions.
Alipay revealed the Rokid AR glasses have already seen 250,000 units ordered as it began its roll out this month. The China-based payment provider believes the AR glasses will “point to a future of more seamless commerce”.
“Equipping Rokid Glasses with payment capabilities brings users a smoother and more intuitive experience, while also ushering the AI glasses industry into the era of payment,” said Zhu Mingming, Founder and CEO of Rokid.
“We believe this will set a new benchmark for the industry. Behind this innovation is close collaboration with Alipay on both payment and risk technologies. Looking ahead, we will continue to explore new experiences together.”
Mastercard to focus on EU relations with new hire
As the European market continues to face developing economic pressures, Mastercard appointed Hendrik Bourgeois on June 16 to lead Government Affairs in Europe.
As part of the company’s Government Affairs and Policy team, Bourgeois will head Mastercard’s engagement with governments and institutions across Europe in a bid to strengthen the company’s voice on key issues, such as regulation.
“Hendrik has spent his career navigating the complex space where government and business come together,” said Tucker Foote, Chief Government Affairs & Policy Officer. “He understands how policy shapes markets and how strong partnerships can drive meaningful change. We’re thrilled to have him leading our work in Europe.”
Lunar enters the cloud
Nordic challenger bank Lunar announced on June 18 it will leverage Pismo’s cloud-native platform to develop new payment products and solutions for its customers in Denmark, Norway and Sweden.
Lunar will also tap into Visa’s – Pismo’s parent company – Value-Added Services to combat against AI-related fraud as well as modernise its digital banking interface to create a new, smoother user experience for its customers.
“Switching to Pismo means we can move faster and deliver better experiences to our users across the Nordics,” said Ken Villlum Klausen, CEO and Founder of Lunar.
“It allows us to accelerate service delivery, enhance the way our users interact with payments, and reduce our dependency on legacy systems. This partnership gives us the flexibility to build and launch new products independently, driven by the speed, simplicity, and control we believe modern banking should offer.”
Ebury turns to embedded finance
On June 19, Ebury launched Ebury Connect to help businesses integrate the cross-border payment firm’s full range of financial capabilities and APIs.
The new digital solution will enable corporates and fintechs to manage cross-border payments. Ebury’s core products can be embedded in white-label solutions by other fintechs or used within companies’ ERP/TMS systems, to ensure accounting reconciliation.
“The digitalisation of global cash management is a priority for companies that want to grow all over the world. Ebury Connect is not just a technological solution, but a strategic enabler that supports companies in digital transformation and the efficient management of international payments,” said Tomaso Papetti, Global Head of Ebury Connect at Ebury.
Merge unlocks new cross-border capabilities for DHgate
London-based fintech company Merge announced a new strategic partnership with DHgate on June 18, with the latter integrating Merge’s API for cross-border payments into its platform.
In a bid to make international transactions smoother and more cost-effective for DHgate’s customers, they will be able to perform a simpler payment process, with reduced transaction and more payment options.
“By removing the payment friction that often slows international trade, we’re helping platforms like DHgate unlock new markets and better serve their global customers. It’s a strong validation of our infrastructure and a step forward in our mission to modernise how money moves across borders,” said Kebbie Sebastian, CEO of Merge.
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