Global losses from payment fraud have tripled from $9.84 billion in 2011 to $32.39 billion in 2020, according to Deutsche Bank’s 2021 report on the future of payments. And financial professionals are saying COVID-19 hasn’t helped matters, with 65% believing that the global pandemic is to blame for some...
As economic circumstances continue to put pressure on disposable income, one of the easiest ways that consumers can stretch their budgets is by taking advantage of digital and electronic banking channels to reduce banking charges. Ryan Prozesky, FNB Consumer Core Banking CEO, says small and gradual changes in banking behaviour...
On Monday 30 October 2017, the Slide app was officially launched in South Africa. The app works as South Africa very own version of Venmo, one of the US’s most successful payment platforms owned by PayPal that processes $25 billion in person to person payments annually. The Slide app,...
The financial services industry is under increased threat from cybercriminals who use ingenious methods to attack institutions and consumers. Cybercriminals are employing ever more sophisticated means to intercept online transactions and commit fraud. Banks, financial services companies and consumers are permanent targets in this online battleground, while countermeasures have to...
The distributed ledger system behind blockchain, the technology used to secure cryptocurrencies, ensures that all transactions are validated and, importantly, that an immutable record is kept of these transactions. This is essential for securing a digital currency, but it has many applications beyond this, particularly for organisations that are innovative...
Kenya is reportedly planning to impose double tax on giant tech companies like Amazon, Google, Apple, and Facebook which use the internet to market and sell products. According to Business Daily, the country's Treasury has proposed to increase digital tax service (DST) to three percent of the gross value of...
The world seems to have gone ‘crypto-mad’. Digital currencies like bitcoin, Monero, Ethereum, and even Dogecoin, are all over the internet. Their soaring value promises big wins for investors (if you’re “buying the dip”, that is). And the ‘fortunes’ to be made by mining for virtual money have echoes...
COVID-19 has propelled the adoption of digital payment platforms for millions of people across the African continent. The need for contactless methods of making transactions, transformed what was once a nice-to-have into a necessity. Indeed, whereas the pandemic has bolstered the adoption of digital payments across industries, demographics and payment...
LG Electronics has announced record full-year revenues of KRW 61.3 trillion (USD 54.4 billion) in 2018, exceeding sales of 60 trillion for the second year in a row. Full-year profit of KRW 2.70 trillion (USD 2.40 billion) increased nearly 10 percent from 2017, reflecting record profitability from appliances and...
Airtel Zambia has revealed that it has partnered with Standard Chartered Bank Zambia to launch a new mobile money wallet platform dubbed "Straight2Bank." This newly launched mobile money wallet will, according to the firm, give its customers the chance to instantly send money directly from their Standard Chartered Bank account to...
Orange Money has partnered with Barclays Bank of Botswana to introduce money transfer services. The partnership will allow the bank’s customers to transfer money from their bank accounts to Orange Money wallets. The new "Bank to Wallet" service allows customers to transfer funds from a Barclays Bank of Botswana...
A home-grown fintech start-up, Float, has brought South Africa’s first interest-free Buy Now, Pay Later (BNPL) product that uses a customer’s existing credit, to market. This novel product enables consumers to get their purchases upfront and use existing credit to pay in up to 24 interest-free, fee-free equal monthly instalments....
Kasisto is a leading digital experience platform, providing solutions to the finance industry worldwide. The company was founded in 2013 to give financial institutions the power to humanise digital experiences that build valuable relationships. The company provides solutions to facilitate your company's operations, from simple retail transactions to the complex...
Economic powerhouse China has been South Africa's biggest trade partner for the past nine years – and the potential for growth is unbounded. The second annual International Consumer Electronics Expo South Africa (ICEE•SA 2018) will be taking place in Sandton this week, showcasing cutting-edge technology and electronics and providing opportunities...
United Bank Africa (UBA) has introduced its first merchant-focused app in Africa with the aim of creating a SMART (secure, mobile, accessible, reliable, transparent) network of 100,000 micro merchants and driving financial inclusion. The announcement follows the Pan African commitment made by UBA and Mastercard to introduce safer and more...
On August 1 2019, FNB announced that its eBucks Rewards programme for businesses will be changing from 1 September 2019. This change has come as a result of FNB aiming to simplify the way FNB Business and RMB Private Bank Business customers qualify, get rewarded and move up the...
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