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Payment solutions for a new world: biometric payment cards

Biometric payment cards are finally poised to become a commercial reality, with Norwegian company Zwipe leading the way. According to Zwipe CEO Andre Lovestam, the company plans on small-scale commercial launches of the 1st generation of biometric payment cards by the end of the year and expects demand to increase …

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2020: the great QR code renaissance

QR codes have been around for years, seemingly a marginal tech solution for a problem that didn’t exist. But as with so many things in the world after the appearance of COVID-19, this much-maligned tech solution has been given a purpose as an elegant enabler of touchless commerce. Although much …

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Digital payment solutions: from possible future to inevitability

There has been a significant shift toward digital and cashless payment solutions in recent years. In fact, investments in payment-related FinTechs have doubled investments in other technologies across the financial services space. And now that the COVID-19 pandemic has revealed the significant benefits of digital and cashless payment solutions, this …

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3 projections for COVID-19’s impact on payments in Europe

The COVID-19 pandemic has put a spotlight on consumer spending habits in times of crisis, and rightfully so. But it’s also important to consider its impact on the payments industry. Here are 3 projections for how the pandemic will shape payments in Europe going forward: Cash usage will continue to …

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Will Uzbekistan ever go cashless?

At the outset of the COVID-19 pandemic, the Central Bank of Uzbekistan recommended that residents switch from paying for goods and services in cash to paying for them using cards (preferably with contactless options, if possible). Transitioning a massive amount of people away from cash, however, proved to be more …

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Telecoms may come to dominant the Kazakh payments industry

With many companies expanding their product and service offering, it’s no surprise that we are seeing new and interesting combinations for what companies offer. For example, we have seen the Chinese messenger company WeChat become a major player in Chinese FinTech sector, offering services traditionally offered by financial institutions. In …

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The delusion of rapid digital transformation in banking

The banking world appears to be convinced that the COVID-19 pandemic has accelerated digital transformation in the financial services industry. While this may be true in some senses, it is important to temper expectations of a quick and radical shift toward personalized digital solutions that can be seamlessly integrated into …

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BFC FinTech Monitor 13th – 27th July

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor. Around the World: The Office of the Comptroller of the United States Currency has authorized financial institutions to provide custody services for cryptocurrencies as they are able to “offer more secure …

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Digitization an inevitability in Kazakhstan

Kazakhstan began its journey toward digitization in 2006. Since that time, digitization has gained much traction in the country in both the public and commercial sectors. Our friends at Terrasoft sat down with Nurlan Akshanov, deputy chairman of Construction Savings Bank (one of the largest banks in Kazakhstan) to discuss …

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BFC FinTech Monitor 26th June – 3rd July

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: 16 major financial institutions operating in the European Union (EU) have begun working on a pan-European payment system that will provide an alternative to Visa and Mastercard as …

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National Bank of Ukraine updating financial sector development strategy

The National Bank of Ukraine is updating its development strategy for the financial sector, taking into account the COVID-19 pandemic. Specifically, they plan to: Consider the possibility of transferring the functions of the Social Insurance Fund to insurers as a way to improve service quality Increase efforts to boost cybersecurity, …

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4 ways COVID-19 is improving the banking sector of Uzbekistan

The banking system of Uzbekistan has adapted well to the COVID-19 crisis, particularly in matters that allow consumers to conduct banking transactions easily and safely. Here are 4 ways Uzbek financial institutions have adapted to the COVID-19 situation to help consumers: Increased mobile app functionality –these apps allow for quick, …

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BFC FinTech Monitor 22nd – 29th May

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: Swiss financial holding UBS Group is planning to create a venture fund of USD 10-20 million for investments in FinTechs. According to a study by Swedish …

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COVID-19 likely to accelerate the push for digital payments

Although the COVID-19 pandemic has brought about difficult times for many businesses, many FinTech startups are starting to see a possible silver lining in its aftermath. The pandemic has pushed consumers to increase their use of contactless payment methods as well as their use of online platforms for making purchases. …

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Startups’ thoughts on the impact of COVID-19

As with most businesses, startups are preparing to deal with the long-term impact of the COVID-19 pandemic and associated measures to reduce its spread. During the recent How are Startups Gearing Up for the Post-COVID World online conference, entrepreneurs shared their thoughts on what the pandemic will ultimately mean for …

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4 ways FinTechs are dealing with the effects of COVID-19

The COVID-19 pandemic is impacting nearly every type of financial service provider, and FinTechs are no exception. Most FinTechs, independent of what types of products and services they offer, are being hit on two fronts. On the one hand, revenues are plummeting as consumers tighten their own belts and face …

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BFC FinTech Monitor 15th – 22nd May

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: Xiaomi has partnered with China UnionPay and GR Credit Card to introduce the Xiaomi GF payment card. The card allows users to accumulate bonus points that they can …

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Snapshot of biometrics across the world

Biometric identification has finally advanced to the point where it is starting to radically change the way we interact with the world, making life more convenient for users and helping businesses reduce costs, shorten customer service time, increase security, optimize business processes and, ultimately, increase profits. Here’s a quick look …

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