The Singapore-based fintech, which enables cross-border payments in more than 170 markets, announced today that it has raised $16.9 million in Series A funding led by Sequoia Capital Southeast Asia. Other participants included EscapeVelocity, PayPal Alumni Fund and angel investor Gokul Rajaram. Existing investors Foundamental, January Capital, RTP Global and Saison Capital also returned for the round.

Read more: TechCrunch

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According to Lightnet, it will have the option to double the investment to US$100 million over the next three years.

This investment will allow the Lightnet Group to expand its operating corridors and opportunities and obtain licenses.

Read more: Fintech News Singapore

The post Lightnet Raises US$50 Million to Bolster Blockchain-Powered Remittances appeared first on FinTech Ranking.

To execute on that vision, Pomelo has raised a $20 million seed round led by Keith Rabois at Founders Fund and Kevin Hartz at A* Capital, with participation from Afore Capital, Xfund, Josh Buckley and The Chainsmokers. The round also included a $50 million warehouse facility, which will allow Pomelo to give upfront cash to people who want to make transfers.

Read more: TechCrunch

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Nium Crypto Accept enables merchants to broaden their customer base and enhance their online payment experiences, while staying protected from the price volatility of cryptocurrency markets. Merchants will begin rolling out Nium-powered solutions later this year.

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Terms of the acquisition are not officially being disclosed, but a source close to companies tells me that the deal was between $150 million and $200 million.

Read more: TechCrunch

The post Papaya Global to buy Azimo for $150M-$200M appeared first on FinTech Ranking.

Contactless Credit Cards

Contactless credit cards are becoming increasingly popular, and it’s no surprise as they are fast, easy to use, and secure. Many retailers are now incorporating these efficient payment options in their electronic point of sale systems.

You can install the latest software for scanning ID at these points of sale so customers can have their payment data taken by a single credit card scan and receive their purchase. In 2022, we can expect to see even more retailers adopt contactless payment technologies, which is also a boost in the fight against the spread of the novel coronavirus.

Biometric Payments

With the growth of biometric technologies like facial recognition and fingerprint scanning, it’s no surprise that biometric payments are on the rise. Instead of using a credit card or cash, this evolving technology allows customers to pay for items with their unique biological features.

Though this type of payment is still relatively new, it’s becoming more popular as people become more comfortable with the idea of using their body as an identifier. In 2022, we can expect to see even more retailers adopt this technology to streamline and secure their payment processes.

Virtual Reality Payments

Another payment trend that is likely to take off in 2022 is virtual reality payments. This technology allows customers to pay for items by scanning a QR code or NFC tags. This type of payment is beneficial for online retailers as it eliminates the need for customers to enter their credit card information manually.

Customers can scan their credit cards at checkout without manually typing in their information by using virtual reality payments. With the help of managed IT services in Charlotte, this technology will be beneficial for retailers who sell products that are not available locally, such as electronics or clothing brands.

Wearable Payment Technology

While still in its early stages, wearable payments technology has the potential to change the way we pay for things ultimately; both when shopping in-store or online from a distant location.

Wearable technology payments allow customers to make payments using devices such as watches, jackets, or rings. These devices use NFC tags and Bluetooth LE to process transactions. Some of the trending wearable payment technology options to consider include:

• Smartwatches: Apple Watch, Samsung Gear S, and Android Wear
• Fitness Trackers: Fitbit, Garmin, and Jawbone
• Jewelry: Gemalto has developed a payment ring that uses NFC technology.

Cryptocurrency

Bitcoin, Ethereum, and Litecoin are popular cryptocurrency options that many retailers are now turning to as reliable payment options. As of March 2021, the U.S. alone had over 5,900 stores that either offered cryptocurrency as an in-store payment method or had a crypto ATM.

The best thing about these payment technologies is that they offer customers a more convenient shopping experience. As a business owner, you can benefit from increased security and reduced processing times.

While many payment options are available, you must choose a technology that works for your business and customers. The key to choosing the right payment option for your company is considering how each unique opportunity integrates with your existing POS system. With these five options, we believe that you will find the right payment trend for your retail business in 2022.

Photo by Clay Banks on Unsplash

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The seed round is coming almost three years after NALA secured a seven-figure pre-seed round led by Accel in 2019. In that time, NALA built a mobile money service in East Africa and scaled it to more than 250,000 users. But in 2021, NALA started testing international money transfers after some users expressed interest in moving money from the U.K. to East African countries (Kenya, Uganda and Tanzania), thus ushering the Tanzanian fintech into the remittance business.

Read more: TechCrunch

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Read more: Salt Edge

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Leading mobile wallet GCash has partnered with leading fintech Ayannah to launch GCash Padala, a new remittance service that allows GCash’s more than 40 million users to send money to non-app users.

GCash Padala is a faster, easier and more affordable way for GCash users to send money to their loved ones straight from their mobile phone even if the recipients do not have an e-wallet or mobile bank account. To reduce travels and keep activities to only the essentials, GCash Padala allows senders to save time and effort from physically going to remittance centers, providing them the convenience of doing  this through their mobile phones. The recipients can claim their cash through thousands of remittance agents belonging to Ayannah’s large and growing network of remittance partners. GCash Padala recipients can claim their cash at over 2,000 participating Tambunting, Panalo Express and VIP Center branches, with Ayannah adding thousands more across the country in the coming weeks.

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Revolut’s timely launch of this remittance corridor will enable customers to easily make cross-border payments between the US and Mexico at a time when cross-border peer-to-peer payments are reaching peak levels. 

Read more: PRNewswire

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