Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, PayPal relaunches in the UK with three core offerings to help customers gain added flexibility at the checkout.
Also this week, Revolut allows its customers to make USDC and USDT conversions with fiat currencies, FintechOS is helping companies launch in markets faster, and Banking Circle secures a license in a key Southeast Asian market.
PayPal relaunches in the UK with new offerings
PayPal announced on November 12 it is relaunching its unified payments platform in the UK to provide customers with its PayPal+, PayPal Debit Card and Buy Now, Pay Later (BNPL) offerings.
PayPal+ will enable British customers to earn loyalty points when making online or in-store purchases with PayPal. They can be redeemed to spend at the merchant checkout as every 1,000 points equals £10.
The PayPal Debit Card will also become available in the UK for the first time. The card can link to PayPal+ accounts to maximise loyalty points and also connects to the PayPal wallet, offering added flexibility when choosing a preferred payment method at the checkout.
The BNPL offering, under PayPal Credit, will also look to provide flexibility as customers can choose to Pay in 3 online.
Revolut to enable fiat-to-stablecoin conversions
Revolut has enabled in-app stablecoin conversions for USDT and USDC from customers’ preferred fiat currencies.
The UK fintech revealed on November 10 that stablecoin conversions will be 1:1 backed with the fiat currency of their choosing, and come with no hidden costs or service fees, but will be charged if fees exceed the volume limit.
Revolut intends to allow customers “full price transparency and better control” when buying or selling digital currencies. Payments with stablecoins also come with biometric security and are possible anywhere Visa and Mastercard are accepted.
This comes following Revolut’s Markets in Crypto Assets (MiCA) licence approval, now able to offer its crypto and digital asset services to 30 European Union countries.
FintechOS and Finastra to make digital market launches faster
FintechOS and Finastra are aiming to make the account opening process easier and more secure through the latter’s Finastra Phoenix Core and MalauzAI Digital Banking services.
The partnership, announced on November 10, intends to bridge the gap between traditional and online account opening as FintechOS will integrate the aforementioned services for its customers to configure pricing, tiers, bundles, etc., as well as a faster digital market launch.
“Our collaboration with Finastra is a direct response to the market’s demand for faster innovation,” said Ash Govindia, SVP of Growth at FintechOS.
“By integrating our low-code digital onboarding and origination platform with Finastra’s core system, we are empowering financial institutions to launch sophisticated, customer-centric products in weeks, not months.”
Banking Circle seeks Singapore growth after licence approval
Banking Circle confirmed its subsidiary, BC Payments Pte, was granted a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) on November 12.
The company hailed this as a “significant milestone” in its ability to scale its cross-border payment services to global payment providers in Singapore. BC Payments Singapore leverages Banking Circle’s clearing rails to expand its local presence in the country recently.
“Singapore’s progressive regulatory framework and status as a leading global financial centre make it the natural base for our regional expansion and a strategic hub for our Asia Pacific operations,” said Mishal Ruparel, Chief Commercial Officer of Banking Circle.
PPRO to enable greater access to BNPL services
Local payment firm PPRO has launched its new Buy Now, Pay Later (BNPL) service intended for merchants via a single integration.
With the BNPL market expected to grow to 70% by 2030, and installment payments representing 5% of all global e-commerce transactions, PPRO is aiming to make BNPL services more accessible for European merchants to help scale their businesses and retain customer loyalty.
“For merchants and PSPs, the ability to offer trusted local payment experiences is no longer optional, and with BNPL being one of the fastest growing payment types, it’s a growth imperative,” said Motie Bring, CEO at PPRO.
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