The Briefing on Payments

The latest news, trends and data in Payments

In Data:

Payments News in Numbers

Top Stories

The Key Moments in
Payments This Month

 Airtel and MoneyGram Partner to enhance money transfer in Africa

MoneyGram International has announced a new partnership with Airtel Africa, which provides telecommunications and mobile money services in 14 countries across Africa.

The partnership enables Airtel Money’s 19 million customers to receive MoneyGram transfers directly into their mobile wallets from around the world.

Once Airtel Money customers receive the money, it can be accessed immediately and used to pay for goods and services or settle utility bill.

Source: Verdict

 Marqeta launches 3D Secure solution to meet SCA regulations

Card issuing platform Marqeta has launched a new 3D Secure solution to meet Strong Customer Authentication (SCA) requirements.

SCA is part of the EU’s Payment Services Directive 2 (PSD2) and requires merchants to undergo multi-factor authentication to mitigate online fraud risks. The announcement comes as Covid-19 has accelerated online payments.

 Open banking fintech Yapily partners with American Express

Open banking infrastructure provider Yapily has partnered with American Express to assist in delivering Amex’s payment initiation service across Europe.

The service, Pay with Bank Transfer, will use Yapily’s open API to gain bank coverage across selected European markets over the coming months.

In addition, the two companies hope the alliance will enable Amex to reach new markets with its open banking product.

Source: Verdict

 VibePay adds more UK banks to platform and launches business accounts

Fintech VibePay has added more UK banks and payment providers to its platform, meanwhile it has launched a new business account function via its app.

The fintech now has 24 banks integrated with the app, including new additions Starling, Capital One and Tesco. Through this, VibePay aims to boost engagement with its users and drive more sign-ups amongst its Gen Z audience.

Source: Verdict

Bottomline launches Pay Direct to help businesses receive payments 

Bottomline has launched a new open banking payment initiation service Pay Direct, designed to enable companies to receive online payments more efficiently.

Pay Direct enables online businesses to receive funds directly from the payer’s bank account via Faster Payments.

In addition, through Pay Direct, the payer initiates the payment from their bank app whilst remaining in the business’ online journey. The aim is to ensure consistent brand and user experience.

Source: Verdict

Automation in Action

The latest companies to use AI to streamline their workforce

Pandora Automates 5% of Workforce

Music streaming service and Spotify rival Pandora has announced that it is laying off about 5% of its workforce in a bid to save around $45m a year. Jobs across several departments are being automated, including advertising, marketing and investment, as part of a wider restructuring to the company in a bid to maintain its presence in the streaming market.

Source: TechCrunch

Amazon Restructuring Sees Key Tasks Automated

Online retail giant Amazon has cut hundreds of jobs at its Seattle headquarters as the company reorganises to remove older departments and shift a growing number of tasks onto AI-based software. The company, which is enjoying strong growth, is reportedly restructuring to support future ventures, cutting some operating costs in the process.

Source: Time

Driverless Trucks Replace Oil Sands Jobs

Canada-based Suncor Energy has announced the layoff of several hundred workers as the company introduces autonomous haul trucks into its Alberta-based oil sands operations. The layoffs, which have prompted strong reactions from unions, are likely to be only the start, with Suncor planning to build a fleet of over 150 driverless trucks over the next six years. 

Source: Global News

India Sees IT Layoffs in Tens of Thousands

Once one of the biggest employment sources in the country, India’s IT industry saw layoffs totalling over 56,000 in 2017, and is expecting to see further job cuts in the coming year. The layoffs have been largely due to digitisation and automation, which have dramatically reduced the number of workers required to maintain current operational levels.

Source: Quartz