credit cards http://fimendurance.com/ Sun, 20 Mar 2022 01:01:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 https://fimendurance.com/wp-content/uploads/2021/10/icon-5-120x120.png credit cards http://fimendurance.com/ 32 32 Liz Weston: How buy now, pay later loans could alter credit https://fimendurance.com/liz-weston-how-buy-now-pay-later-loans-could-alter-credit/ Sat, 19 Mar 2022 17:30:16 +0000 https://fimendurance.com/liz-weston-how-buy-now-pay-later-loans-could-alter-credit/ Expanding access to credit is a laudable goal. Too many people can’t get a mortgage or an emergency loan at a reasonable rate because they can’t show a strong credit history. They may pay more for insurance or make large security deposits to obtain utilities or rent an apartment. Recently, the three major credit bureaus […]]]>

Expanding access to credit is a laudable goal. Too many people can’t get a mortgage or an emergency loan at a reasonable rate because they can’t show a strong credit history. They may pay more for insurance or make large security deposits to obtain utilities or rent an apartment.

Recently, the three major credit bureaus announced plans to incorporate “buy now, pay later” plans, a hugely popular type of point-of-sale financing that until now has mostly stayed outside the traditional credit ecosystem.

But no one should expect purchases now, paid later to instantly open the door to better credit. If you want reliable access to the greatest number of lenders, building credit through traditional means is still the best route.

Buy now, pay later loans are growing in popularity

If you’ve purchased something online recently, you’ve probably come across a “buy now, pay later” option that offered to split your purchase into a few installments. Retailers partner with lenders such as Affirm, Afterpay and Klarna to offer payment plans, which typically don’t require rigorous credit checks and may not charge interest. With the popular four installment option, for example, you pay off your balance in four equal, interest-free installments due every two weeks. Instead of charging interest, lenders get a percentage of what you spend from the retailer, similar to interchange fees charged by credit cards.

Buy now, pay later services have proliferated as the pandemic has moved much of shopping online, but plans are now available for travel and healthcare and optional at select physical retail stores. Nearly 100 million people have used the buy now, pay later option over the past year, says Liz Pagel, senior vice president of consumer lending for credit bureau TransUnion.

Like any easy credit, these plans can tempt people to overspend. Buy now, pay later loans are also largely unregulated and lack the consumer protections that cover credit and debit card purchases. Additionally, the Consumer Financial Protection Bureau is investigating how buy now, pay later lenders are using the payment and purchase data they collect from customers.

Credit bureaus are still working out the details

Credit bureaus want access to this payment data, hoping they can offer traditional lenders insight into how these borrowers might handle other types of credit.

Offices are not altruistic, of course. These are private companies that want to make a profit. But in doing so, the bureaus could help expand access to credit by identifying borrowers who can manage credit among the millions of “invisibles” – people with no credit history – as well as those who have too little information on file. files to generate credit scores. TransUnion’s Pagel called buy-it-now, pay-later data the biggest opportunity for financial inclusion in a generation.

How the offices will go about this is still in the works. Two of them, TransUnion and Experian, say that for now the information will not be included in regular credit reports, but lenders will be able to request it. The third bureau, Equifax, says it will feed the data into people’s credit reports.

But leading credit-reporting firm FICO is still studying buy-now-pay-later data to see how well it predicts how people might handle further credit. There’s not even agreement yet between the bureaus on whether the loans should be treated as revolving debt, like credit cards, or as installment loans, which typically last much longer.

“This is such an important question because how it’s reported makes a definite difference in its impact on the score,” says Ethan Dornhelm, vice president of scores and predictive analytics at FICO.

How You Can Build Better Credit Now

If you’re currently trying to build or rebuild your credit, you probably don’t want to wait for those details to be ironed out.

Consider asking someone responsible for credit to add you as an authorized user to their credit card. Other options include a credit builder loan or a secured credit card from a lender that falls under the Tri-Bureau.

Credit loans, offered by credit unions or online, put the money you borrow into a savings account or certificate of deposit that you can get back after you’ve made all the monthly payments. A secured credit card usually gives you a line of credit equal to the deposit you make with the issuing bank. These aren’t instant fixes for bad credit or no credit, of course, but they are proven ways to expand your own access to credit now.

FILE – This undated file photo provided by NerdWallet shows Liz Weston, a columnist for the personal finance website. (NerdWallet via AP, File) {Taken from column 7.12.21}

This column was provided to The Associated Press by the personal finance website NerdWallet. Contact Liz Weston, Certified Financial Planner and Columnist at NerdWallet, at [email protected] Where @lizweston.

]]>
Everywhere Apparel Announces New B2B Payment Platform for Wholesale Recycled Apparel https://fimendurance.com/everywhere-apparel-announces-new-b2b-payment-platform-for-wholesale-recycled-apparel/ Thu, 17 Mar 2022 13:00:00 +0000 https://fimendurance.com/everywhere-apparel-announces-new-b2b-payment-platform-for-wholesale-recycled-apparel/ LOS ANGELES–(BUSINESS WIRE)–Everywhere Apparel, a manufacturer of recycled textiles and closed-loop recyclable apparel, today announced that its B2B e-commerce payment solution will be powered by Balance, the leading B2B payment experience company that offers the first online payment designed for businesses. This partnership with Balance will allow Everywhere to offer a B2B payment experience that […]]]>

LOS ANGELES–(BUSINESS WIRE)–Everywhere Apparel, a manufacturer of recycled textiles and closed-loop recyclable apparel, today announced that its B2B e-commerce payment solution will be powered by Balance, the leading B2B payment experience company that offers the first online payment designed for businesses. This partnership with Balance will allow Everywhere to offer a B2B payment experience that compares to the simplicity and ease of B2C.

Everywhere is the first and only 100% recycled cotton, closed-loop, virgin garment line. The company manufactures its garments by turning recycled materials into sustainable garments without compromising fit, comfort or durability, saving hundreds of gallons of water per garment and significantly reducing carbon emissions. Everywhere products are ideal for screenprints, branding, artist products and employee uniforms, and each garment is fitted with a QR code that tells the story of the materials and can be used to recycle the garment back into the Everywhere supply chain. As wholesale distributors race to keep items in stock, Everywhere is in an excellent position to champion the future of sustainable apparel wholesale and help companies achieve their sustainability goals.

“There is currently a huge appetite for sustainable clothing, with shoppers struggling to find in-stock and reasonably priced options. We want to be the supplier of choice for fashion companies, events and designers looking low environmental impact apparel options and a closed-loop story,” said Nick Benavides, co-founder and co-CEO of Everywhere. “We are thrilled to partner with Balance to support our B2B growth and give our customers the opportunity to purchase our products on clear terms.”

Late payments are a huge problem for wholesale businesses, and paper-based methods only increase the likelihood of this financial stress. Everywhere’s payment solution powered by Balance gives B2B customers the ability to transact with the ease of everyday consumers. By partnering with Libra, Everywhere enables its customers to use any payment method, including credit cards, ACH, wire transfers or checks, and pay for their orders using payment terms sharp.

“There is a growing need for payment solutions with clear, real-time terms so customers can benefit from instant payments and zero risk. We are happy to partner with Everywhere Apparel to expand its reach and provide an easier payment method for wholesalers,” said Bar Geron, co-founder and CEO of Balance. “Balance is committed to owning the entire B2B payment experience, providing customers with a seamless payment experience.”

This partnership will play a crucial role in enabling Everywhere to expand its commercial offerings. By reducing friction in the B2B payment process, Everywhere will be able to provide more buyers with the most sustainable fabrics on the planet and improve the environmental impact of businesses.

About Everywhere Apparel

Everywhere Apparel is a materials science company dedicated to creating a more sustainable future, starting with the textile and apparel industries. Everywhere has created the first and only line of 100% recycled cotton, closed-loop virgin garments, allowing customers to enjoy low-cost clothing while diverting waste from landfill and reducing environmental impact. For more information, please visit https://everywhereapparel.com/ or follow @everywhere on Instagram.

About balance

Balance is the leading self-service digital payment experience company for B2B businesses. By leveraging payments and risk assessment technology, any B2B business that sells goods online can now offer their buyers a wide range of payment methods (ACH, card, wire transfer and checks) and terms. payment options, and get paid easily and instantly – all in one place. For more information, please visit https://www.getbalance.com/ or follow @GetBalanceHQ on Twitter.

]]>
Supply: consumer resilience threatened by inflationary pressures https://fimendurance.com/supply-consumer-resilience-threatened-by-inflationary-pressures/ Sat, 12 Mar 2022 15:45:32 +0000 https://fimendurance.com/supply-consumer-resilience-threatened-by-inflationary-pressures/ US consumers continue to spend despite the end of federal stimulus programs last year. According to the US Census Bureau, retail sales in January were up 7.5% from a year ago. Holiday sales rose a record 14.1% last year, far exceeding expectations. Part of the sales gain was due to higher prices in everything from […]]]>

US consumers continue to spend despite the end of federal stimulus programs last year. According to the US Census Bureau, retail sales in January were up 7.5% from a year ago. Holiday sales rose a record 14.1% last year, far exceeding expectations.

Part of the sales gain was due to higher prices in everything from breakfast cereals to steak and wood. Economists warn retail sales data has not been adjusted for inflation, which could artificially boost sales figures for months to come.

With prices rising faster than expected in January, the Federal Open Market Committee has become more hawkish on interest rate hikes by March. St. Louis Federal Reserve Chairman James Bullard said he believed the first interest rate hike would be more aggressive than expected.

Randall Waldron, professor of economics at John Brown University, said consumers and businesses have so far managed inflationary pressures. That said, Waldron expects inflation to get worse before it gets better, which should weigh on consumer purchasing power in the first half of this year.

While savings rates have increased amid the pandemic, a recent Bankrate.com survey found that only 44% of consumers had enough savings to cover an unexpected $1,000 expense. While 20% would put payment on a credit card, 15% said they would cut costs elsewhere to cover the cost. One in 10 people would ask friends and family for help, and 4% would take out a personal loan.

Greg McBride, CFA, chief financial analyst for Bankrate, said the survey found borrowing remains high, with the majority of households needing help to cover a $1,000 expense.

Growing household debt is also a concern. Wells Fargo Securities economists reported household debt balances rose $333 million in the fourth quarter, marking the largest quarterly rise in nearly 15 years. Mortgage and credit card balances also saw the largest increases in the fourth quarter since before the pandemic. Consumer debt jumped in the fourth quarter to nearly $15.6 trillion.

Wells Fargo Securities chief economist Jay Bryson expects some inflationary prices to slow in the coming months as more spending shifts from goods to services.

“While the most immediate price distortions caused by the pandemic and the initial policy response dissipate, wage pressures continue to build and point to a more consistent source of inflation. The result is that inflation is likely to remain uncomfortably high. for consumers, businesses and the Fed,” Bryson said.

February consumer sentiment, according to the University of Michigan survey, indicates that consumer worries about inflation have risen to their highest level since 2008 and have weighed on consumers’ views on their household finances. housework.

Wells Fargo economists said the highest inflation in more than 40 years is challenging consumers’ disposable income, likely making them more cost-conscious. Wells Fargo also reported that consumer credit card debt rose $52 billion in the fourth quarter, the largest quarterly increase in the 22-year history of published data. Use of revolving credit cards rose just $2.1 billion in December, the smallest gain since April 2021, as consumers cut back on year-end spending.

“Inflationary headwinds on consumer activity are expected to accelerate through 2022, as evidenced by the recent deterioration in consumer sentiment,” Bryson said.

The University of Michigan’s preliminary consumer sentiment index for the first half of February fell to 61.7, its lowest level since October 2011. The decline in sentiment was entirely among households with incomes of 100,000 $ or more. The survey found that nearly half of consumers expect disposable income to decline over the year, as prices rise faster than wages. February’s sentiment reading also included fewer households citing savings wealth, which could result from falling stock prices this year and eroding incomes from rising prices of goods and services.

“Recent declines have been driven by weakening personal financial outlooks, largely due to higher inflation, lower confidence in government economic policies and the worst long-term economic outlook since. a decade,” said Richard Curtin, chief economist at the University. from Michigan.

Curtain said the decline in sentiment signaled the start of a sustained slowdown in consumer spending. However, the depth of the crisis is subject to several caveats that were not present in previous downturns, including the impact of unspent stimulus funds and the disruption to spending and work situations caused by the pandemic. He said households had amassed substantial savings from stimulus funds and limited consumption choices amid the pandemic. But rising interest rates and price inflation will erode savings.

The National Retail Federation (NRF) said there were near-term challenges with inflationary pressures, labor shortages, the impacts of COVID-19 and uncertainty related to international tensions in Russia and China.

Through January, retail spending held up, indicating consumers are resisting near-term inflationary pressures, according to NRF CEO Matthew Shay. The trade group is bullish on consumer spending as economic forces are expected to moderate later this year.

This sentiment contrasts with consumer data released by Deloitte in January. Deloitte found that consumers felt more prudent about their spending, not because of Omicron, but because of higher prices. The proportion of consumers who also expressed concerns about savings has intensified compared to last fall. Deloitte reports that 68% of survey respondents said they faced rising grocery prices in January and their intentions to buy new vehicles dropped to 16%.

Another report from Resonate found that 34% of consumers have less discretionary income, and nearly four in five cite best prices as the criteria for selecting the #1 retailer. Although they have a long list of wish list, they need to keep it affordable.

Editor’s note: The side section offers of Talk Business & Politics focuses on the businesses, organizations, issues and individuals engaged in providing products and services to retailers. The Supply Side is managed by Talk Business & Politics and sponsored by Propak logistics.

]]>
3 ways to increase your credit limit https://fimendurance.com/3-ways-to-increase-your-credit-limit/ Mon, 07 Mar 2022 20:05:44 +0000 https://fimendurance.com/3-ways-to-increase-your-credit-limit/ NEW YORK – March 7, 2022 – (Newswire.com) iQuanti: Your credit limit is the maximum balance you can put on a credit card. This can affect your spending habits – if your income has increased, your credit cards may no longer have a high enough limit for your spending. In addition, your credit limit has […]]]>

NEW YORK – March 7, 2022 – (Newswire.com)

iQuanti: Your credit limit is the maximum balance you can put on a credit card. This can affect your spending habits – if your income has increased, your credit cards may no longer have a high enough limit for your spending.

In addition, your credit limit has an impact on your credit score. Increasing your credit limit relative to your spending can lower your credit usage and increase your score.

Wondering how to increase your credit limit? Read below to learn three strategies.

1. Get a new credit card

Getting a new credit card will immediately increase your total credit limit. Plus, it could broaden your credit mix — another factor that impacts your credit score. Plus, new credit cards often come with great cardholder offers, which can be another benefit of having multiple cards in your wallet.

However, don’t ask for new credit cards too often. Each request triggers a thorough investigation (a formal credit check). This temporarily lowers your score. If you have too many in a short period of time, a lender may deny your application for a new card.

2. Ask for a raise

If you don’t want a brand new credit card, you can ask your lender to increase your current credit limit. You can either apply online or call the number on the back of your card and ask for a raise.

This method may work best if you want to minimize the number of cards you need to manage. Likewise, you may want to ask for a raise instead of getting a new card if you use a particular card for most of your spending.

Now asking for a raise triggers a thorough investigation, just like asking for a credit card. Therefore, you should only ask for increases sparingly, even between different card companies. They will see your previous difficult requests and may deny you if there are too many in too short a time.

Also, be sure to update your earnings with your issuer before applying. A higher income can improve your chances of approval.

3. Wait for an automatic increase

Your credit card company may review your account from time to time, usually semi-annually or annually. They may give an automatic raise if you have a good payment history and your credit score has gone up.

Either way, there is no risk of a difficult investigation or denial. Instead, the lender conducts a soft investigation (they can’t do an in-depth investigation without your consent) and will automatically increase your score if you meet their criteria. This makes waiting the safest method.

Again, be sure to regularly update your income and other financial information with your card company. If your earnings have increased since opening the account, your chances of getting an automatic increase may improve.

Increase your credit limit and improve your score

Getting a credit limit increase is an important step in your financial journey. This indicates that you have used your cards responsibly and can manage your debts well.

These positive habits also directly impact your credit score. Each time your limit increases, your score can increase along with it, helping you climb the financial ladder and achieve your goals.

press release department
by
Newswire.com

Primary source:

3 ways to increase your credit limit

]]>
Differences between debit, credit and “pay later” cards https://fimendurance.com/differences-between-debit-credit-and-pay-later-cards/ Sun, 06 Mar 2022 20:06:13 +0000 https://fimendurance.com/differences-between-debit-credit-and-pay-later-cards/ Adhil Shetty, CEO of BankBazar.com, says, “While debit cards let you access your existing funds in a savings bank account, credit cards let you access credit. Line of credit cards or “pay later” cards are the ones that let you make purchases and then split the bill into three or more installments.” For example, “pay […]]]>

Adhil Shetty, CEO of BankBazar.com, says, “While debit cards let you access your existing funds in a savings bank account, credit cards let you access credit. Line of credit cards or “pay later” cards are the ones that let you make purchases and then split the bill into three or more installments.”

For example, “pay later” cards allow you to spread your monthly expenses evenly over three months at no additional cost. On the other hand, Uni “pay later” cards go beyond the transaction level. In the case of Uni, you can choose which transactions you want to pay in full and pay the rest over the next three months. “Pay later” cards issued by fintech companies often focus on millennials who are digitally active but lack a credit history. Fintech companies give them these cards with a credit limit as low as 2,000. However, the card limit increases dynamically over a period as they spend more and pay off the bill on time.

Show full picture

Paras Jain/Mint

Credit cards vs “pay later”

Pay later cards are an emerging form of small loans bundled into a card, aimed at millennials and Gen Z customers. In contrast, credit card issuers have specific predefined eligibility criteria. This way, consumers with no credit history or those with very meager incomes can get a “pay later” card. However, obtaining a credit card depends on the individual’s creditworthiness, repayment behavior and income stability.

Raj Khosla, founder and managing director of MyMoneyMantra.com, says the extended credit limit on a “pay later” card is usually relatively lower than that offered on a credit card. On a “pay later” card, the credit limit starts from 2,000 and can go up to a maximum of 10 lakh, while credit limits on a credit card usually start from 20,000. There is no upper cap on credit card limits because the lender can increase your credit limit based on your usage, income, and frequency of spending.

“Currently, ‘pay later’ cards only offer the option of splitting the transaction amount into three equal installments, while credit cards offer the option of longer equivalent monthly installments (EMIs) that can be s ‘extend up to 36 months,’ Khosla added.

Also, with “pay later” cards, you don’t have to pay recurring interest, i.e. there are no interest charges applied on new purchases during that you make a partial refund of the invoice. However, in the case of credit cards, if you make late or partial payments, interest is charged from the date of the transaction. Sachin Vasudeva, Associate Director and Head of Credit Cards, Paisbaazaar.com, says the biggest drawback of a credit card is the high interest rate on revolving credit. This means that even a few missed payments can send you into a spiral of debt. “Credit cards with revolving credit interest rate finance charges are significantly high at 30% to 45% per year, while “pay later” cards charge 20% to 30% (non-renewable) in case of non-payment,” says Vasudeva. .

Yet, the benefits and rewards offered on a credit card are generally higher and more diverse than the benefits available on a “pay later” card. Pay later cards offer approximately 1% cash back on timely bill payment; Credit cards offer several other benefits such as cash back, rewards points, discounts and airline miles. says Khosla, “Users can choose the type of credit card based on their spending habits to get maximum benefits, while the benefits of ‘pay later’ cards are similar across the board.”

Debit Cards vs Credit Cards/Pay Later

Debit cards, credit cards, and “pay later” cards are all different payment options. “Comparing debit cards with credit or pay-after cards is completely unfair, as the former represent your money in bank accounts, while credit and pay-after cards are a form of unsecured lending. which is grouped in a plastic (card). “In addition, after transactions made with credit cards and “pay later” cards, you are still obligated to honor future bills. In contrast, debit card payments mean that you settle the transaction immediately after have spent.

Vasudeva says, “Because debit cards are directly linked to your savings or checking account, they are best used for small expenses and ATM withdrawals, usually those you can prepay without deplete your savings. Debit cards allow you to withdraw cash from ATMs for free. But withdrawing money using a credit card or “pay later” card will incur high interest rates because these transactions are treated as cash advances.”

take mint

You can use these cards at online and offline stores, ATMs, and point-of-sale (PoS) terminals. The benefits and rewards associated with these cards are purely subjective to the nature of the transaction. To get the maximum benefits, you should use these cards interchangeably depending on the nature of the transactions you make.

To subscribe to Mint Bulletins

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now!!

]]>
Digital wallets will overtake cash as the leading point-of-sale payment method in India by 2023 https://fimendurance.com/digital-wallets-will-overtake-cash-as-the-leading-point-of-sale-payment-method-in-india-by-2023/ Fri, 04 Mar 2022 06:11:00 +0000 https://fimendurance.com/digital-wallets-will-overtake-cash-as-the-leading-point-of-sale-payment-method-in-india-by-2023/ NEW DELHI: Digital wallets are expected to overtake cash as the leading point-of-sale payment method in India by 2023 and account for almost half of the value of e-commerce transactions in the country, according to the “2022 Global Payments Report” by fintech company FIS. In 2021, digital wallets (45.4%) followed by debit cards (14.6%) and […]]]>
NEW DELHI: Digital wallets are expected to overtake cash as the leading point-of-sale payment method in India by 2023 and account for almost half of the value of e-commerce transactions in the country, according to the “2022 Global Payments Report” by fintech company FIS.
In 2021, digital wallets (45.4%) followed by debit cards (14.6%) and credit/charge cards (13.3%) were the top e-commerce payment methods in 2021. In fact , digital wallets are expected to extend their lead over other e-commerce payment methods until 2025, when they are expected to account for 52.9% of transaction value.

“Digital wallets are the leading e-com payment method and are expected to retain a majority share through 2025; Paytm and PhonePe local wallets compete with Google Pay, Amazon Pay and others in this growing market. that in decline, bank transfers, cash on delivery and credit cards still retain a significant share of e-commerce, while debit cards are on an upward trajectory.While the long-term trend of digital payments to replace continues, cash remains a core component of point-of-sale payments; the Indian rupee is expected to maintain its share of POS until 2023, when it will be overtaken by mobile wallets,” the report said.
Buy now, pay later is the fastest growing online payment method in India. It is expected to reach 8.6% of e-commerce market value by 2025, up from just 3% in 2021.
The market shares of prepaid cards, bank transfers and cash on delivery are declining and are collectively expected to represent only 8.8% of the value of e-commerce transactions by 2025.
FIS’ Worldpay Global Payments Report 2022 examines current and future payment trends in 41 countries across 5 regions.

India continues to show strong growth in real-time payments.

Looking to 2021, the report found that the shift to e-commerce continued with 13.9% growth in global e-commerce, while 13.4% growth in point transaction value (POS) reflects the steady recovery from the impacts of the COVID-19 pandemic. .
India’s booming e-commerce market is expected to grow by 96% between 2021 and 2025, when it will surpass $120 billion in transaction value.
Point-of-sale (POS) payment trends
Cash was the top in-store payment method in 2021 with 37.1% of transaction value, followed by digital wallets (24.8%) and credit/payment cards (18.1%).
Digital wallets are expected to overtake cash as the most popular in-store payment method by 2023, when they are expected to account for 30.8% of POS transaction value.
India’s POS market is expected to grow by 28.8% between 2021 and 2025, when it tops $1.08 trillion.
“The COVID-19 pandemic has brought fundamental changes in the way people shop and make purchase decisions across India, and it is now vital for merchants to provide customers with a seamless experience. “convenient and hassle-free shopping. Those who offer a compelling value proposition to consumers are well positioned to thrive as India’s e-commerce market continues its dramatic growth,” said Phil Pomford, Managing Director APAC, Worldpay Merchant Solutions at FIS .

]]>
DBS: Mastercard, DBS Bank and Pine Labs offer consumers a new payment option in several Asian cities | Bahasa https://fimendurance.com/dbs-mastercard-dbs-bank-and-pine-labs-offer-consumers-a-new-payment-option-in-several-asian-cities-bahasa/ Wed, 02 Mar 2022 09:07:23 +0000 https://fimendurance.com/dbs-mastercard-dbs-bank-and-pine-labs-offer-consumers-a-new-payment-option-in-several-asian-cities-bahasa/ Indonesia, March 01, 2022 – Mastercard, DBS Bank and Pine Labs have partnered to launch ‘Mastercard Installments with Pine Labs’ – a new program that allows DBS/POSB credit cardholders to pay via interest-free installments at merchants with the ‘Pay Later’ identifier, on simple presentation of his DBS/POSB card at the cash desk. Launched in March, […]]]>

Indonesia, March 01, 2022 – Mastercard, DBS Bank and Pine Labs have partnered to launch ‘Mastercard Installments with Pine Labs’ – a new program that allows DBS/POSB credit cardholders to pay via interest-free installments at merchants with the ‘Pay Later’ identifier, on simple presentation of his DBS/POSB card at the cash desk.

Launched in March, the program will be available to all DBS/POSB credit card holders initially in Singapore, followed by Indonesia and Hong Kong in the coming months. Consumers will benefit from a seamless and secure experience to access Buy Now, Pay Later (BNPL) offers at checkout at a variety of merchants. DBS is the first regional issuer in Asia to offer this program to its clients, and key program highlights include:

  • Instant payout approval at checkout (up to a cardholder’s pre-approved credit limit)

  • Flexible repayment periods with no interest charges

  • Available exclusively on all DBS Mastercard, Visa and American Express credit cards

  • Peace of mind with Mastercard’s network of trusted merchants

Commenting on the ad, Ananya Sen, Group Product Manager, Digital Consumer Finance and Card Payments at DBS Bank, said: “We are delighted to be the first regional issuer in Asia to partner with Mastercard on this innovative BNPL solution. This will significantly expand our BNPL touchpoints, enabling two million customers to take advantage of our BNPL offering across a wide range of physical stores, e-commerce platforms and through our apps.”

“This new partnership with Mastercard is particularly significant for us, given that our BNPL-related sales in Singapore reached record growth in 2021,” added Anthony Seow, Head of Payments and Platforms, DBS Bank. “Combined with growing consumer demand for installment payment options and a superior shopping experience, we believe this collaboration will further accelerate our growth in the BNPL space as more customers can benefit from responsible management of their credit while enjoying payment flexibility.”

The partnership leverages the expertise and technology assets of Mastercard and Pine Labs, a leading merchant commerce platform, as well as DBS’s strong regional presence in Asia. The “Mastercard Installments with Pine Labs” program will be available for use with DBS/POSB credit cards for local transactions, while cross-border transactions are planned in later phases. A launch in Indonesia and Hong Kong SAR will take place in the first half of 2022.

“Pine Labs has been active in the ‘pay later’ space for some time now, helping to foster this growing consumer finance trend,” said Dheeraj Chowdhry, Commercial Director and Head – Pay Later, Southeast Asia, Pine Labs. “The ‘Mastercard Payouts with Pine Labs’ program allows merchants to potentially capture sales they might not otherwise have. With Mastercard’s extensive payments network, DBS’s vast customer base and deep knowledge of regional trade, we look forward to a partnership that I believe will rapidly accelerate the growth of this financing option.”

Noted Sharon Chew, Senior Vice President, Client Solutions, Southeast Asia, Mastercard“Shoppers are increasingly demanding flexible payment options that meet their ever-changing needs. The ‘Mastercard Installment Payments with Pine Labs’ program gives consumers in Asia greater control over their spending while giving them options The partnership leverages the expertise of three industry leaders, and aims to create a more universal and simplified way to implement installment payments that benefits both consumers and businesses.

[END]

About DBS
DBS is a leading financial services group in Asia, present in 18 markets. Headquartered and listed in Singapore, DBS is present in all three major Asian growth areas: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognized for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of using digital technology to shape the future of banking, having been named ‘World’s Best Digital Bank’ by Euromoney and ‘Most Innovative in Digital Banking’ in the world by The Banker. Additionally, DBS has received the “Safest Bank in Asia” award from Global Finance for 13 consecutive years from 2009 to 2021.

DBS offers a full range of services in the area of ​​personal, SME and corporate banking. As a bank born and raised in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with its customers and positively impacting communities by supporting social enterprises, as it does its banking the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and a focus on engaging and empowering its people, DBS presents exciting career opportunities. For more information, visit www.dbs.com.

]]>
How payments orchestration gets more players into games by opening up payment options https://fimendurance.com/how-payments-orchestration-gets-more-players-into-games-by-opening-up-payment-options/ Tue, 01 Mar 2022 12:53:48 +0000 https://fimendurance.com/how-payments-orchestration-gets-more-players-into-games-by-opening-up-payment-options/ Over the past two years, registrations for online gambling websites and programs have increased dramatically. Due to the effects of the lockdown forcing casinos and arcades to close, online poker and online sports betting, among several other forms of iGaming, have become increasingly popular. Digital payments have also seen an increase over the past two […]]]>

Over the past two years, registrations for online gambling websites and programs have increased dramatically. Due to the effects of the lockdown forcing casinos and arcades to close, online poker and online sports betting, among several other forms of iGaming, have become increasingly popular.

Digital payments have also seen an increase over the past two years. While alternative payment methods (APM) were already increasingly used before the pandemic, forcing online gamers to phase out cash and tap payments, many were looking to embrace new payment methods to play. Add to this that the use of credit cards for online gambling has been capped, or in some countries completely banned, and it becomes clear that APMs are a very popular form of payment for the online gambling industry and sports betting.

Armed and accustomed to a range of APMs, consumers can spend their money to gamble from almost anywhere in the world, from card or cash wallets to mobile payments and prepaid cards.

Gaming operators unable to accept these APMs risk creating friction points for customers that interfere with their growth ambitions and prevent them from scaling their businesses to serve a global customer base and reach new markets.

The Rise and Rise of APMs

Consumer adoption of APMs is growing exponentially and is estimated to account for more than half of all global e-commerce payments in 2019 – the latest year for which results are available. At a more regional level, it is reported that in Europe, when they reach the point of sale (POS), 80% of consumers expect to pay for their goods and services with a digital payment method rather than a conventional debit or credit card. .

Meanwhile, in the Asia-Pacific (APAC) region, almost all consumers (94%) say they would consider using an APM in 2022 and within Middle East and North Africa experts (MENA), digital wallets are on their way to becoming the region’s preferred means of payment. Thanks in large part to the pandemic and the need for online, digital and contactless payments, Latin America is also catching up with 55% of the population now banked and the use of APMs steadily increasing.

As we can see, consumers are increasingly turning to APMs. For gaming operators with cross-border growth ambitions, this means developing an APM strategy is now crucial to breaking into global markets and generating revenue.

Prevent play

As more gaming operators face international growth ambitions, the inability to accept a customer’s preferred payment method is one of the most reliable ways to turn players away. Indeed, a recent study in the United States found that 42% of American consumers would interrupt a purchase if their preferred payment method was unavailable.

The problem for gambling operators is that with all these different payment methods, some more popular in specific regions than others, and with a gauntlet of contrasting international regulations to navigate, implement and manage all these methods can be incredibly difficult.

It is in part because of their ability to deal with these frictions that payment orchestration platforms are gaining popularity.

Enter the payment orchestration provider

According to PYMNTs, the global market for payment orchestration platforms is also expected to grow by 20% annually between 2021 and 2026. With each new merchant implementing the technology, consumers around the world have a new place to spend their money from the way that suits them. better.

The platforms provide gaming operators with a single interface through which all transactions between them, their customers and their payment providers are initiated, directed and validated. The agility this gives gaming operators who would otherwise need to manually onboard new APM options – resulting in extended time to market and reduced competitiveness – is significant.

Additionally, the complexity of monitoring the performance of multiple manually integrated and siled payment methods would add to these hurdles and delays. Here, payment orchestration intercepts by automatically aggregating and processing these crucial data streams and providing gaming operators with valuable real-time analytics that save time, prevent human error, and help decision making.

This speed to market, coupled with comprehensive real-time reporting, allows gaming operators to begin increasing their short-term revenue and make better decisions to facilitate long-term growth. However, the opportunities to improve cash flow don’t stop there.

When a gaming operator relies on a single acquirer/PSP, they are the ones who ultimately control the flow of transactions. For example, if the PSP succumbs to a breakdown, the game operator is then directly impacted. Similarly, if the PSP routes transactions to a specific acquirer, there is little the gaming operator can do if the costs it incurs from that acquirer are unfavorable to it. A payment orchestration provider corrects this imbalance by transferring control of transaction flow to the gaming operator by allowing them to create real-time rules to switch transactions and offer APMs to consumers. This dynamic routing improves successful processing rates, gives customers more payment options, and means failed transactions can be re-routed to the next acquirer, reducing lost sales.

Collectively, these various payment orchestration features and functionalities unlock the potential of APMs and provide gaming operators with the speed and flexibility to generate revenue at levels beyond ambition.

Partnering with the payment orchestration platform provider is key

By connecting directly to existing core or e-commerce systems, payment orchestration platform providers enable gaming operators to develop a growing payment ecosystem where the most suitable partners are easily selected and added. With online transactions optimized to support a full suite of APMs, opportunities for growth quickly begin to multiply.

Gaming operators can display their games or services across multiple digital channels knowing that consumers can pay using the APM they prefer. This allows more gamers to have fun with the games they want to play and allows game operators to target specific regions by demonstrating their ability to accept the most popular APM consumers in that region.

Payments orchestration-enabled APMs add agility and dynamism to today’s gaming operators that allow them – for the first time – to offer consumers the payment method they want, wherever they want. they find themselves. As APM adoption continues its strong upward trend, this capability will only become more critical for gaming operators looking to thrive globally.

]]>
Coming soon: Apple Tap to Pay will let you accept payments on your iPhone https://fimendurance.com/coming-soon-apple-tap-to-pay-will-let-you-accept-payments-on-your-iphone/ Fri, 25 Feb 2022 13:00:53 +0000 https://fimendurance.com/coming-soon-apple-tap-to-pay-will-let-you-accept-payments-on-your-iphone/ Apple has announced exciting plans to bring Tap to Pay to iPhone, which it will roll out in the US later this year. The new feature will allow small and large businesses to use their iPhone to securely accept Apple Pay, contactless credit and debit cards, and other digital wallets with a single click on […]]]>

Apple has announced exciting plans to bring Tap to Pay to iPhone, which it will roll out in the US later this year. The new feature will allow small and large businesses to use their iPhone to securely accept Apple Pay, contactless credit and debit cards, and other digital wallets with a single click on their iPhone. The best piece? No additional hardware or payment terminals are required, eliminating the need for merchants to invest in a Square device or SumUp terminal.

Tap to Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer as a payment option to their business customers. Stripe will be the first payment platform to offer Tap to Pay on iPhone to its business customers, including the Shopify Point of Sale app this spring. Apple says additional payment platforms and apps will follow later this year.

Tap to Pay means you can get paid on your iPhone, as well as pay with it (Image credit: Apple)

“Providing businesses with a secure, private and simple way to accept contactless payments and unlock new payment experiences”

Jennifer Bailey, Apple
]]>
Continued popularity of cash-reducing payment apps and online shopping https://fimendurance.com/continued-popularity-of-cash-reducing-payment-apps-and-online-shopping/ Fri, 25 Feb 2022 04:25:00 +0000 https://fimendurance.com/continued-popularity-of-cash-reducing-payment-apps-and-online-shopping/ In recent years, we have witnessed a strong growth in the use of payment applications and online purchases via smartphones. This increased preference is broken down in PWC’s Global Consumer Insights Pulse Survey, which found that smartphone shopping is at an all-time high, with 41% of global respondents saying they shop daily or weekly via […]]]>

In recent years, we have witnessed a strong growth in the use of payment applications and online purchases via smartphones.

This increased preference is broken down in PWC’s Global Consumer Insights Pulse Survey, which found that smartphone shopping is at an all-time high, with 41% of global respondents saying they shop daily or weekly via their mobile or smartphone.

Australia follows the same trend, with 43% of Australians also saying they make daily/weekly purchases via their smartphone.

In addition to the increase in smartphone purchases, significant investments have also been made in online payment technologies over the past year. KPMG’s 2021 FinTech Trends report says the past year has seen “widespread adoption and use of digital and contactless payments,” with many market platforms partnering with financial institutions and financial technologies to provide them.

One example is installment funding apps such as Afterpay. An investment bank like JP Morgan that partners with Volkswagen’s payment platform is another.

In line with the rise of new payment technologies, KPMG also reports “increasing demand for alternative payment models such as buy-it-now and pay-later.”

Apps that cut money and change the way we shop

The large sums of money invested in online payment methods continue to make it easier for online shoppers by providing them with more options. Various payment platforms such as Afterpay as well as Apple, Samsung and Google Pay have made a big difference in the way people even think about shopping.

Online shopping is not only very convenient and time-saving, it has also become very fashionable recently, with apps like Apple Pay or buy-it-now options like Afterpay seeming to get so much attention from media than customers.

Along with these trends, it has been reported that the use of cash is declining. According to Reserve Bank research, cash accounted for 69% of retail payments in 2007 and that percentage fell to just 27% in 2019 and those numbers have continued to decline, especially since the pandemic.

It is clear that over time, consumers are prioritizing new ways of buying and paying and abandoning traditional methods that are less convenient and time-consuming.

Digital payment technology is high on the radar with the Government and the Reserve Bank clearly seeing it as the future of shopping and payment in Australia. Reserve Bank Governor Philip Lowe concluded a recent speech on the subject by saying, “Regulators and government understand this and seek to put in place provisions that encourage innovation and competition and ensure that we have a safe and effective system”.

If you want to learn more about the different ways to pay or the differences between credit cards and buy now pay later, check out this guide.

Or if you’re ready to start paying for things, you can compare these BNPL services.

]]>