Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This edition sees crypto giant Bybit secure a UAE licence, Revolut launch name-checking tools amid ongoing fraud concerns and Microsoft team up with Checkout.com to boost enterprise payments. Meanwhile, PayPal leans into holiday spending with a 5% BNPL cashback offer and Google partners with Yapily to scale account verification across Europe.
Bybit becomes first crypto exchange fully licensed by UAE regulator
Bybit has secured the full Virtual Asset Platform Operator Licence from the United Arab Emirates’ Securities and Commodities Authority (SCA).
The announcement on October 9 marks a major milestone in the UAE’s goal to become a global digital asset hub.
The licence allows Bybit to offer its full suite of products and services in the UAE under a compliance framework. Bybit initially received In-Principle Approval in February 2025 and has since passed assessments of its security and transparency.
“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” sad Ben Zhou, Co-founder and CEO of Bybit.
“The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.
Revolut launches beneficiary name verification service in Romania
Revolut has introduced its Beneficiary Name Display (BND) service to Romanian users, aiming to add an extra layer of security by allowing customers to verify recipient names when making payments to IBAN accounts.
The feature alerts users if the entered beneficiary name doesn’t match the registered account holder’s name, helping reduce payment errors and combat fraud. Users can then decide to proceed or cancel the transaction based on the warning.
The rollout began on October 4, with Revolut working closely with local financial institutions to ensure data accuracy and smooth integration.
This launch comes amid ongoing scrutiny of Revolut’s fraud record. Despite implementing new protections, Revolut led all UK firms in Authorised Push Payment (APP) fraud complaints in 2024 and 2025.
Microsoft and Checkout.com team up to boost enterprise payments
Checkout.com has announced a strategic partnership with Microsoft to improve digital payments for enterprise customers by integrating Microsoft Azure’s global cloud infrastructure.
Under the multi-year deal, announced October 7, Checkout.com will leverage Azure’s platform to accelerate payment processing and improve performance for merchants such as eBay, ASOS, Pinterest, Vinted and Klarna.
The collaboration also uses Checkout.com’s AI-powered Intelligent Acceptance engine, which aims to optimise payment success rates in real time across its network.
“The Azure platform has leading machine learning capabilities – and Microsoft has long been a pioneer of embedding trust into every layer of cloud innovation so that organisations can build, run and scale critical workloads with absolute confidence,” said Mariano Albera, CTO at Checkout.com
PayPal boosts holiday spending with 5% cash back on BNPL purchases
PayPal has launched a new 5% cash back incentive on all Buy Now Pay Later (BNPL) purchases in the US through the end of 2025, confirmed on October 6.
The offer applies to both in-store and online PayPal BNPL transactions, seeking to give customers more flexibility and rewards when splitting payments.
Additionally, PayPal is rolling out Pay Monthly for in-store purchases, allowing users to apply for a loan via the PayPal app and pay over time with a virtual card.
Michelle Gill, General Manager of Small Business and Financial Services at PayPal, said: “With cash back on BNPL products, we’re giving them a smarter way to pay and more flexibility to shop the way they want. And for merchants, PayPal BNPL is a proven way to attract more shoppers and increase conversion during the busiest season of the year.”
Google partners with Yapily for bank verification
London-based open banking provider Yapily announced on October 9 its strategic partnership with Google to support the launch of Google’s bank account verification service across Europe.
This move comes amid open banking growth across the continent, with over 63 million users in Europe and the UK’s open banking payments reaching nearly 30 million per month.
Yapily provides connectivity to more than 2,000 banks in 19 European markets. The platform enables instant payments, real-time cash flow tools, VRPs and personalised financial services for retail and SME clients.
Stefano Vaccino, Yapily’s founder and CEO, said: “I’m extremely proud that Google is working with Yapily to help deliver Google’s bank account verification services for business customers in Europe. With open banking adoption predicted to grow significantly in the next few years, I’m excited to see what the future of this strategic collaboration holds.”
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