Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, Mastercard launched a new product to help firms across Europe manage tail spend. Meanwhile, SumUp is finding new ways to accept payments at the point-of-sale by tapping into AI to automate the process.
Mastercard to recover lost payments
Mastercard launched a new tail spend management solution in partnership with Pay4You on July 7 for businesses across Europe.
Mastercard will leverage its Virtual Card Network and card acceptance technology to help businesses to manage their tail spend – a portion of company expenditure not actively managed – by integrating Pay4You’s platform to reduce costs, increase process efficiencies and maintain compliance.
Tail spend accounts for 20% of a company’s total spend, according to Mastercard, which includes high-volume and low transactions that are some aspects that are overlooked.
“This partnership with Pay4You is a significant step in our commitment to empowering businesses with frictionless and compliant tail spend management solutions,”
said Johanna Waara, SVP of Corporate Solutions, Europe, Mastercard.
“By leveraging our virtual card technology within the Pay4You platform, we are enabling corporations to better manage their expenditures and drive greater financial efficiency.”
SumUp harnesses AI for new POS device
SumUp, a UK-based fintech company, launched a new AI-enabled point-of-sale (POS) payment terminal on July 9 to help serve more than 4 million merchant customers globally.
The new SumUp Terminal has an integrated camera device which scans a single photo of a menu , for example, and creates an editable digital catalogue to allow merchants to create and edit new products or images, reducing manual labour time.
The new POS device also enables businesses to take orders at tables, manage staff, inventory and reporting, designed to allow staff members to leave the sales counter and make payments directly face-to-face with customers.
“We see countless merchants hit a growth ceiling where a simple card reader is no longer enough, but a traditional POS system feels too expensive and complex,” said Tomer Sabag, Chief Hardware Officer at SumUp.
“Terminal was built to be that perfect next step. It delivers the core operational power a growing business needs with the speed, ease-of-use, and affordability that are hallmarks of the SumUp ecosystem. It’s designed to help our merchants scale in an easy and seamless fashion.”
Zap launches new Pay by Bank method
Pay-by-Bank continues to grow across the finance industry as Zap becomes the latest to integrate the payment method within its latest launch on July 7.
Zap Cashier provides a pay-in pay-out payment service that eliminates the manual process for bank transfers, seeking to cut down on time and costs. The payment method was launched in partnership with Pay by Bank provider TrueLayer and card payment firm DNA Payments.
“This is the culmination of over a year’s worth of development to deliver our customers a better player experience,” said Steven Sefton, Digital Director at Zap.
“It’s a pleasure to be working with DNA Payments and TrueLayer to deliver better services to platforms and their users alike.”
Mangopay to simplify payments for Debenhams
On July 9, Mangopay announced it had been selected by UK retailer Debenhams to help bolster its digital payment infrastructure by providing its in-app wallets.
The multi-year partnership will see Mangopay embed its digital wallet services to Debenhams stores across the UK to simplify its payment processing and provide support for multi-vendor commerce.
“We’re always proud to offer our wallet-based services to leading platforms such as Debenhams,” said Jonathan Greenland, Sales Director at Mangopay.
“When we’re working with innovative clients, it pushes us to be even more ambitious in how we evolve and deliver our infrastructure. We’re looking forward to seeing our joined forces thrive in this dynamic platform ecosystem.”
Paysafe continues Peruvian push
Paysafe expanded its presence in Peru on July 9 by launching its eCash brand and its Latin America digital wallet PagoEfectivo.
The PagoEfectivo wallet enables users to instantly load funds, make online purchases, receive immediate payouts from participating merchants, transfer money to others, and pay using a code.
“Consumers in Peru already trust PagoEfectivo for everything from iGaming and digital goods to travel and eCommerce,” said Bruce Lowthers, CEO of Paysafe. “With the launch of our new digital wallet, we’re giving them a more convenient way to pay – one that reflects Paysafe’s commitment to powering the experiential economy.”
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