Until just a few years ago, lenders would only take “traditional” credit data into account when assessing people’s solvency and making loan decisions. However, this approach is far from perfect, as it doesn’t take a large share of the population into account. As a result, millions of individuals overlooked by the old scoring system remain virtually invisible to finance companies.
The holiday season is finally here! As people actively shop for gifts for their loved ones, stores, businesses, and PSPs are busier than ever. So, while the celebrations are certainly an exciting time of year, they also come with pressure to provide the best experiences to consumers, from creating the best offers to ensuring the checkout goes smoothly.
Modern vehicles continue advancing at an impressive pace and are becoming increasingly more connected. Just a few decades ago, it was unimaginable that a car would be not only a convenient means of transportation but also a wallet on wheels, featuring embedded payments and enabling consumers to buy services on the go.
Open banking continues forging ahead globally, and more and more consumers and businesses start noticing its powerful impact. While the open banking concept has been around since 1983, it is the Second Payment Services Directive (PSD2), introduced in 2018, that has defined it the way we know it today.
From a consumer’s perspective, card payments are quick and simple transactions that only take seconds to complete. However, there are many processes that take place behind the scenes after a purchase is initiated. Understanding these ins and outs of a payment’s lifecycle is extremely important for merchants to deliver impeccable service and retain customers.
The advancement of open banking and Application Programming Interfaces (APIs) has catalyzed the appearance of multiple new access and connectivity opportunities. This innovation course, in turn, has played a critical role in strengthening the links between FinTechs, banks, and payment platforms and streamlined the rise of account-to-account (A2A) payments.
On October 26, 2022, the European Commission published the proposal for a Regulation on Instant Payments (IPs), thus fulfilling its commitment to the 2020 EU Retail Payments Strategy. This initiative suggests important changes to the 2012 SEPA Regulation and has the potential to redefine the way IPs in euros operate.
As economies across the globe go digital, Southeast Asia (SEA) is surpassing the US, China, and Europe and taking the lead. Over the past few years, SEA’s digital economy has achieved astounding success and reached $143 billion in 2021. What’s more, this number is forecast to increase by more than 17% and hit $314 billion by 20261.
The past two decades in India’s history are known as the national economic renaissance, made possible by the continuous technology-centric innovations driven by local visionary policymakers, ambitious businesses, and open-minded individuals. Due to the progress made throughout these years, the country’s GDP per capita has soared and its digital economy is booming.
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