Paymentwall, a global payment provider, and Tencent have teamed up to make WeChat Pay available around the world.
WeChat Pay has over 600 million active users and processes USD 1.5 trillion in Chinese digital payments, which accounts for 30% of all online transactions made in 2016. Through the integration with Paymentwall, merchants in Europe, the US, Latin America, Southeast Asia and the Middle East will be able to process WeChat payments.
The payment provider supports over 150 payment methods around the world, and merchants can gain access to all of them through an API integration. Similarly, business owners do not have to establish an entity in China to accept payments through the Tencent app.
Paymentwall supports worldwide payments with credit and debit cards, mobile payments, e-wallets, bank transfers, prepaid cards and connects global transactions from 190 countries.
The Unified Payments Interface (UPI) has grown by 100 times in usage since the network was launched in April 2016.
Although transactions on BHIM (Bharat Interface for Money), the government-funded app, have decreased, use of private UPI-linked apps such as PhonePe and Chillr has surged. Banks and private institutions have taken the lead in demonetizing India’s economy through integration with the UPI network, reports The Economic Times.
Data from the National Payments Corporation of India (NPCI) shows that UPI transactions have increased to 9.2 million in May from 6.9 million in April 2017 and 92,000 in August 2016.
UPI transactions made through the BHIM app have dropped to 42% in May from 44% in April 2017, but it saw an increase to 46% in the value of the transactions. The app has been downloaded 20 million times since launch, but use has slowed down in recent months, mainly due to the expanding UPI network which links together 50 banks.
Another factor that slowed down BHIM use is the entrance of new competitors, such as Samsung Pay, on the market, who adopted the payments platform and integrated their services with it. Other companies like Android Pay and Stripe are also planning to launch their mobile payments services in India through the UPI network.
Fiserv has announced that several banks and credit unions will join Zelle, a P2P payments network from Early Warning.
Citizens Bank, Dollar Bank, First National Bank of Pennsylvania and SchoolsFirst Federal Credit Union will join the P2P network through Turnkey Service provided by Fiserv. Previously announced clients include Ally Bank, Bank of the West and BECU.
The Zelle payments network allows customers to send funds from one bank to another using only a recipient’s email address of mobile number. The Turnkey solution by Fiserv centralizes all the P2P services into a single platform.
The Digital Person-to-Person Payments in the U.S.: The Competitive Landscape report by Aite Group shows that financial institutions held 83% of the digital P2P market share in 2016, while alternative payment providers had 17%. The report has also revealed that in 2015 cash and checks were the preferred method of American consumers for P2P payments, highlight that there is room for online payments expansion.
AT Kearney, the management consulting company, has just released its 2017 Global Retail Development Index in which it expects the Malaysian ecommerce market to grow by 23% year on year until 2021. The company also ranks Malaysia in 3rd place among the top 30 developing countries for retail investment, behind China and India.
Figures from on a government-backed investment plan of USD 280 million to roll out high speed broadband infrastructure to rural areas have been used as the basis of the report. The plan was initiated in 2016 and is expected to be a core for the ecommerce expansion in Malaysia.
Malaysia’s increasing higher disposable income, as well as the government’s investment in infrastructure (growing retail growth in the tourism sector) is another set of key factors. In 2016, the country’s retail industry grew by 3.8% thanks to a 6.1% increase in private consumption.
The company also highlighted Malaysia’s plan to become a cross-border ecommerce hub with the opening of the first Digital Free Trade Zone in partnership with Alibaba, which will allow SMEs to process their online transactions through the Chinese group.