Tag: Money Transfer

Paysafe to Acquire Merchants’ Choice Payment Solutions for USD 470 mln

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Paysafe Group has announced plans to acquire Merchants’ Choice Payment Solutions (MCPS), a US-based payment processor.

MCPS is a data-focused full service payment processor for merchants and high-volume Independent Sales Organisations (“ISOs”) in North America. The company provides payments services to approximately 60,000 merchants in 50 states and processes over USD 14 billion in sales volume annually.

This acquisition will help Paysafe to get a foothold in North America. The company will add MCPS’s point-of-sale (POS) infrastructure to its Paysafe Processing division increasing its ability to process POS, online and order ahead payments.
MCPS reported revenue of $446 million and earnings before tax of USD 18.4 million in the year ended 31 December 2016. At that date, MCPS had gross assets with a value of USD 90.4 million.

Paysafe is a global provider of payment solutions. Merchants can, through their websites, use their services and gateway platforms, and innovative prepaid products and solutions, to simplify how they accept credit and debit card, direct-from-bank, and alternative and local payments.

Source: The Paypers

Why India’s Hike Messaging App Adding Payment Services Matters

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Hike messenger, a popular phone messaging service app in India, has recently decided to introduce payment services on its platform.

The payment service includes both peer to peer payments that do not require bank accounts and use in-app wallets, and bank to bank payments using the UPI platform introduced by the National Payments Corporation of India (NPCI). In doing this, Hike has emulated the services provided by WeChat, a Chinese messaging app owned by Tencent. The latter is also an investor in Hike. Such payments cater to both ad hoc requirements between app users, and special occasions such as birthdays or anniversaries on which people often send cash if they are not able to give a present.

See the full article here.

Western Union Updates Online Payments Platform for International Students

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The Western Union Company has updated the WU GlobalPay for students platform, which enables academic institutions to manage payments from international students.

Western Union made the announcement at Money 2020 Europe in Copenhagen where three of its leading executives are speaking this week on WU’s role in fintech movement and innovation in the international payments digital world.

The platform was developed with the involvement of international students who gave insight for improving the overall payer experience. The mobile-first user interface offers real-time payment tracking for online bank transfers and credit card payments.

Furthermore, the solution supports different online payment options in over 30 countries, including Geoswift (Unionpay, Tenpay & AliPay), POLIpayments, India Net Banking, Trustly and SOFORT.

Wirecard and Western Union Streamline Money Transfer In India

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Wirecard has announced an agreement with Weizmann Forex, Western Union`s agent in India, to provide money transfers in India.

The service will be released to thousands of locations across all major cities and districts in India, as a part of the 150,000-strong SmartShop agent network of Wirecard in India. These agents provide access to financial services and retail-assisted ecommerce to people who do not have internet access, smartphones or bank accounts.

Through the SmartShop agent network, people will be able to receive remittances from Western Union even in rural areas of India, immediately after the money has been wired by the sender. Locations that the company is adding Western Union Money Transfer services to will also include travel agencies, foreign exchange houses and locations that currently focus on domestic remittances.

According to PR Newswire, India’s digital payments market is expected to more than double to reach USD 470 billion by 2020, making India the world’s largest recipient of remittances (World Bank estimates approximately USD 62.7 billion had been sent to India in 2016).