Welcome to this week’s weekly news roundup, where we bring you a quick overview of the latest developments in finance, payments, retail, e-commerce and more across the Middle East and Europe regions.
In the Middle East…
- This week, Ajman Transport Authority partnered with BPC Banking Technologies to digitalise Ajman public transport payments through O-CITY, a solution for smart cities and mobility. The deal makes it the first authority in the UAE to implement modern payments technology on public transport buses It means commuters can now use the O-CITY mobile app to link bank cards, pay fares, monitor their card balances, locate and track public transport vehicles, view previous trips and payments, and purchase electronic tickets online.
- QNB Group (Qatar National Bank) inked a deal with NPCI International Payments Limited (NIPL)to facilitate UPI payment acceptance across Qatar. The QR code-based initiative, available across its merchant network, will target Indian travelers visiting and transiting through the country, giving them the option to use their preferred payment method across retail stores, duty-free shops and more.
- The Saudi Central Bank – SAMA (SAMA) has launched “Naqd,” a government banking services platform designed to reduce the time required to complete government-banking procedures.The platform enables government entities to easily access their accounts at SAMA so they can conduct financial transactions. The initiative is part of SAMA’s strategy to deliver banking services to government entities, as well as supporting digital development
- Etihad Guest has extended its partnership with Pointspayto enhance benefits for online shoppers in a move that will see a new incentive-based solution launched in the Middle East region later this year. It means members will be able to earn and redeem Etihad Guest miles via online retailers, enabling them to save money, expand their options for earning and redeeming miles, and accelerate their path to earning rewards such as flight upgrades.
- Jordan Kuwait Bank (JKB) has launched eliWallet, a new multicurrency payment as part of a collaboration with Mastercard and FOO . The prepaid wallet offers both virtual and physical cards for multicurrency transactions, including payment methids for customers so they can carry out transactions with ease, whether in store, using the app, or shopping online.
- On the funding front, Fintech start-up dopay has closed a $13.5 million Series A extension round supporting the expansion of its digital payroll and payments platform for unbanked and underbanked workers in emerging markets. Dopay, which is part of Hub71, Abu Dhabi’s global tech ecosystem, is a virtual banking platform that digitises cash payments from employers to workers and other beneficiaries, a potential game-changer in cash-based economies. Among other things, the funding will enable Dopay to accelerate its expansion in its initial market, Egypt.
In Europe…
- JCB.and Worldline have released a new whitepaper that offers European merchants insights into how to facilitate seamless payments for international consumers. In particular, the report outlines four prominent technologies that can help create a more frictionless and secure experience for both merchants and consumers. These include Tokenization, NFC tag payments, AI and machine learning, and biometrics. Among its findings, it reveals that contactless mobile transactions secured by biometrics are expected to increase by over 520% between 2020 and 2025.
- In Germany, Diebold Nixdorf installed its AI-based automatic age verification system at a self-service grocery story in Rhineland-Palatinate. Interestingly, when an item is scanned at the self-service checkout, the machine prompts customers for consent to enable automatic age recognition. Once this is given, the customer’s facial characteristics are analysed using a camera installed on the system and their age is determined using sophisticated AI algorithms.
- In the UK, digital bank Monzo Bank has unveiled plans to launch a new account for children aged under 16. The account will come with a brightly-coloured Monzo card in pink, yellow or blue, and will let youngsters set savings goals with in-app guidance for children on money topics. There will be no fees for signing up or spending abroad and the account can be held by children aged six to 15 years old.
- Among key partnerships this week, Mangopay has teamed up with European marketplace ManoMano in order to power new payment capabilities for marketplace businesses. Bitrefill has partnered with Estonia-based financial services infrastructure provider Striga to launch the Bitrefill crypto card in Europe. Web3 money app, Wirex, meanwhile has expanded its partnership with Visa in a bid to make digital currency use more seamless. By launching Wirex Pay, it is enabling the user to move between blockchain technology and traditional finance more easily resulting in simplified transactions.
- Finally, EE has opened its second ‘Experience’ store in London. The store will showcase some of the latest immersive technology and is aiming to attract shoppers through four specially-dedicated experience zones across home, work, learn and game.
There you have it! It’s been another eventful seven days of new launches, partnerships and innovations in the world of Seamless Xtra
Till next week!
