Latest news with #digitaltransactions
Arab News
6 days ago
- Business
- Arab News
Pakistan sees $16 million in online animal sales during Eid — central bank
KARACHI: Pakistanis spent more than 4.7 billion rupees (approximately $16.3 million) on sacrificial animals through digital transactions during Eid-ul-Azha this year, the State Bank of Pakistan (SBP) said on Tuesday, highlighting a growing shift toward cashless commerce in one of the country's most traditional and informal markets. The digital sales were part of the central bank's 'Go Cashless in Cattle Markets Campaign 2025,' launched to promote financial inclusion and reduce cash handling during the three-day religious festival that began on June 7. The annual holiday, also known as Eid Al-Adha, marks the Islamic ritual of animal sacrifice, during which millions of Pakistanis buy goats, cows, and camels, often in large, informal marketplaces. The SBP said the campaign was implemented in collaboration with 24 commercial banks and covered 54 major cattle markets across the country. 'The campaign was successfully implemented in 54 major cattle markets across Pakistan, resulting in 64,553 transactions valued at Rs 4.656 billion,' the central bank said in a statement. Eid-related animal trade represents a significant part of Pakistan's informal economy. By introducing digital payment options in livestock markets, the central bank aims to improve financial transparency and support the government's broader goal of documenting the cash-based economy. Pakistan is currently under a $7 billion loan program with the International Monetary Fund (IMF), which encourages reforms including digitization of financial services to boost tax collection and economic stability. 'Digital payment systems play a vital role in modern economies by offering transparency, reducing fraud risks, and providing secure, convenient, and inclusive access to financial services,' the SBP said. It added that such initiatives were crucial for building trust and driving adoption of digital platforms, especially among underserved groups like livestock traders. The central bank said feedback from buyers and sellers in the cattle markets was positive, with participants appreciating the reduced reliance on physical cash. 'This campaign was highly appreciated by the buyers and sellers in the cattle markets, as it reduced their reliance on cash,' the bank noted. Najeeb Ahmed Warsi, head of online trading at Foundation Securities Ltd, called the initiative a meaningful step toward modernizing Pakistan's financial landscape. 'This campaign is more than just numbers, it's a clear step forward in Pakistan's journey toward a digitally-driven, cashless economy,' he said. 'By digitizing traditional markets, we're building trust, increasing financial inclusion, and setting the stage for a safer, smarter financial ecosystem.' Warsi noted that the partnership between 24 commercial banks and the central bank allowed the initiative to scale effectively across the country. 'This groundbreaking initiative earned widespread praise from both buyers and sellers, who welcomed the shift from cash to digital payments, and transparency during one of the busiest market seasons,' he added. The SBP said it would continue fostering collaborations across the financial sector to further Pakistan's transition to a digitally inclusive economy.
Globe and Mail
15-07-2025
- Business
- Globe and Mail
Top Mobile Payments Stocks to Buy to Ride the Cashless Wave
An updated edition of the May 29, 2025 article. Mobile payments encompass a wide range of financial transactions carried out using smartphones, tablets, or wearable devices, eliminating the reliance on physical cash or cards. These transactions are facilitated through tools or wallets like Apple Pay, Google Pay, and PayPal, along with technologies such as Near Field Communication (NFC), QR codes, and in-app payment systems. What started as a convenient alternative has evolved into a powerful financial ecosystem thanks to rapid fintech advancements and the widespread availability of smartphones. Innovations like blockchain and artificial intelligence are now enhancing transaction security, improving speed and reducing fraud. Meanwhile, super apps such as WeChat Pay, Alipay, and PhonePe are transforming user behavior by integrating messaging, shopping, banking, and payments into a seamless experience. The rapid expansion of mobile payments is driven by the fast-growing e-commerce and improvements in digital infrastructure. Payment platforms have matured to offer unified interfaces that connect multiple cards and accounts, maximizing user convenience. Leading companies, including Visa Inc. V, Mastercard Incorporated MA, Capital One Financial Corporation COF and Marqeta, Inc. MQ, are pushing boundaries to capture market share through innovation and deeper integration with banks and online retailers. Our Mobile Payments Screen helps uncover the most promising opportunities in this rapidly advancing industry. The COVID-19 pandemic significantly accelerated consumer demand for touch-free, secure payment options. In response to the rapid pace of innovation, global regulators are introducing new frameworks designed to enhance data privacy, facilitate cross-border transactions, and promote financial inclusion. Notable examples include the FedNow initiative in the United States, India's UPI-driven policies and PSD2 in Europe. According to Fortune Business Insights, the global mobile payments market stood at $3.84 trillion in 2024 and is forecasted to hit $4.97 trillion in 2025 and $26.53 trillion by 2032, registering a 27% CAGR. Loyalty programs, seamless experiences, and technological breakthroughs are key forces driving this shift. Explore 30 cutting-edge investment themes with Zacks Thematic Screens and discover your next big opportunity. 4 Mobile Payments Stocks to Buy Now Marqeta delivers mobile payment capabilities through its modern card issuing platform, enabling businesses to embed digital payment solutions directly into mobile apps and digital wallets. In 2024, the company launched Marqeta Flex, a BNPL (Buy Now, Pay Later) offering developed in partnership with Klarna, Affirm, and Branch. This solution allows for seamless integration of personalized BNPL options into consumers' preferred payment platforms. Built on an open API architecture, Marqeta's platform empowers developers to create customized, flexible payment experiences. It supports a broad range of features, including real-time transaction processing, tokenization, contactless payments, and peer-to-peer (P2P) transactions. This modular design helps partner businesses to quickly adapt to changing consumer expectations while offering a highly tailored user experience. Marqeta's momentum is reflected in its financial performance. The company processed $84 billion in total volume in first-quarter 2025, marking a 27% year-over-year increase. It continues to expand globally through the modernization of its infrastructure and strategic product rollouts. One such example is the Bitpanda Card, launched across 26 European countries, which allows customers to spend both crypto and fiat currencies in everyday transactions, bridging the gap between digital assets and real-world use. Marqeta currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Visa offers a comprehensive suite of mobile payment solutions through its global payments network, enabling secure, fast and convenient transactions across digital channels. Its mobile payment capabilities are integrated into major digital wallets such as Apple Pay, Google Pay, and Samsung Wallet, allowing consumers to make contactless payments using smartphones, wearables, and tablets. Visa's tokenization technology secures card details during mobile transactions, replacing sensitive information with unique digital identifiers. Visa expanded its mobile payments ecosystem through partnerships with fintechs and super apps, including Paytm, GCash, and Toss, enabling in-app and QR code-based payments in key international markets. The company also introduced enhanced features for its Visa Installments platform, allowing issuers and merchants to offer BNPL options at checkout, both online and in mobile apps. Visa Direct, its real-time push payments platform, powers mobile P2P transfers and gig economy payouts globally. It has also integrated biometric authentication and AI-driven fraud detection into mobile payment flows to improve security and user trust. Through a focus on interoperability, developer APIs, and global scalability, Visa continues to strengthen its position as a mobile payment enabler across consumer, business and government segments. Visa currently carries a Zacks Rank #2 (Buy). Mastercard delivers robust mobile payment capabilities through its global payment network, enabling secure, real-time transactions. Just like Visa, MA's technology powers mobile payments for Apple Pay, Google Pay, Samsung Wallet, and other regional platforms, with advanced tokenization and biometric authentication built into every transaction for enhanced security. Mastercard deepened its presence in mobile-first markets through expanded partnerships with super apps and fintechs, including collaborations with MTN in Africa and Grab in Southeast Asia. Its Mastercard Installments platform supports BNPL services through mobile channels, giving consumers flexible payment options at checkout. The company's Click to Pay service simplifies online and in-app purchases, while Mastercard Send enables real-time P2P payments and payouts directly to mobile wallets and bank accounts globally. Its open banking APIs allow fintechs to build seamless, mobile-native payment experiences integrated with Mastercard's network. In the first quarter of 2025, it reported gross dollar volume of $2.4 trillion, up 9% year over year, and cross-border volume growth of 15%, reflecting continued momentum in digital and mobile spending. With a growing focus on embedded finance and mobile-first commerce, Mastercard remains a key driver of mobile payment innovation. It currently holds a Zacks Rank #2. Capital One provides flexible mobile payment services through its modern consumer banking platform and credit card network. The Capital One Mobile app supports digital wallet integration, enabling users to add their Capital One cards easily and make secure contactless and in-app purchases. It also offers the same rewards and cash-backs as physical cards to consumers using its mobile payment methods, which helps in customer retention. The app also features capabilities like mobile check deposit, account management tools, real-time transaction alerts, biometric login, card lock/unlock, subscription tracking and Zelle P2P transfers, all automated with AI assistant Eno for fraud alerts and seamless user experience. Capital One facilitates digital wallet payments and P2P transfers while building loyalty and user engagement through its unified mobile platform. Digital wallet-enabled card spend and interchange revenue continue to grow, supporting overall credit card revenue, which rose 6% year over year in the first quarter of 2025. Capital One's digital-first strategy, further supported by the recent Discover Financial acquisition and AI-driven support tools, positions it as a leading player in the U.S. mobile payments landscape. The company currently carries a Zacks Rank #2. Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Mastercard Incorporated (MA): Free Stock Analysis Report Visa Inc. (V): Free Stock Analysis Report Capital One Financial Corporation (COF): Free Stock Analysis Report Marqeta, Inc. (MQ): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Finextra
14-07-2025
- Business
- Finextra
Behind the Vault: How Custodial Infrastructure Powers Crypto and Stablecoin Payments: By Milko Filipov
As cryptocurrency and stablecoin payments continue to gain popularity in the world of digital transactions, many businesses are beginning to explore the potential benefits of accepting cryptocurrency payments. However, while the advantages of integrating cryptocurrencies into business models are well-understood by most small business owners and treasury departments in larger enterprises, there remains a key area of uncertainty: how to manage and secure the cryptocurrency once it is received. This aspect of cryptocurrency payments is referred to as custodial infrastructure, which addresses the safekeeping and management of crypto assets. Since stablecoins are crypto tokens that operate on blockchain networks, their custody follows the same fundamental principles as other cryptocurrencies. What is Custody in the Cryptocurrency Industry? In traditional finance, custody refers to the services provided by institutions, such as banks, that manage and safeguard assets like cash or securities. In the cryptocurrency world, custody similarly refers to the various methods used to protect and secure digital assets. Since cryptocurrencies exist on decentralized and distributed blockchain networks, custody in this context focuses on securing the private keys that grant access to these assets. Let's explore the different types of crypto custody and how each impacts the transaction cycle. Self-Managed Custody: Full Control but High Responsibility The first type of crypto custody is self-managed custody, where the business takes direct control over the storage, security, and management of its cryptocurrency assets. In this arrangement, the merchant owns the cryptocurrency and has the ability to exchange or trade it at will. Managing self-custody involves the creation and secure storage of private keys and wallets, requiring the business to handle the entire security process independently. A major advantage of self-managed custody is the autonomy it provides. The business retains full control over its assets, offering flexibility and the opportunity to implement its own security protocols. Additionally, self-managed custody eliminates the need for third-party custodians, potentially saving on custodial fees. This model also aligns with the core principles of decentralization that underlie the philosophy of cryptocurrencies, which is especially appealing for businesses that prioritize transparency and independence. However, the responsibility of managing the assets also comes with challenges. The technical complexity of safeguarding private keys and wallets requires specialized knowledge and expertise. If not properly secured, assets are at risk of theft or loss. There is also no recourse for recovering lost keys, which can result in irreversible access loss to the crypto assets. Businesses must also be mindful of varying cryptocurrency regulations across jurisdictions, which may add an extra layer of complexity to self-managed custody. Third-Party Custody: Professional Security with Trade-Offs The second type of custody is third-party custody, where businesses entrust their cryptocurrency assets to an independent, qualified custodian. These custodians specialize in the secure management of digital assets, providing enhanced security and professional management for their clients. Third-party custodians can include centralized cryptocurrency platforms or specialized custodial banks, which may be regulated in certain jurisdictions. One of the most significant advantages of third-party custody is advanced security. Custodians are dedicated to safeguarding their clients' assets and employ cutting-edge security measures such as multi-signature wallets, cold storage, and encryption. Many custodians also offer insurance to protect clients from theft or hacking incidents, further enhancing the protection of digital assets. Third-party custody also provides convenience. By outsourcing the responsibility of managing crypto assets, businesses can focus on their core operations without the burden of managing security measures. Additionally, many custodians offer a range of additional services, including trading, staking, and lending, which could further benefit businesses looking for more comprehensive financial solutions. However, third-party custody comes with its own set of challenges. The most obvious disadvantage is the cost of the service. Third-party custodians charge fees for their services, which can add up, particularly for businesses with smaller cryptocurrency holdings. Furthermore, businesses relying on a third party also face counterparty risk: if the custodian is compromised or fails, there is a risk of losing the assets. This loss of control is another downside, as businesses may experience delays or restrictions on withdrawing their assets, especially during market volatility. Lastly, the reliance on a few major custodians creates centralization risks, where a breach in the security of one custodian can affect many clients in the cryptocurrency ecosystem. Hybrid Custody: A Balanced Approach For businesses that find themselves torn between the benefits and drawbacks of self-managed and third-party custody, hybrid custody offers a balanced approach. Hybrid custody divides control over the assets between the business and a service provider, often through technologies like multisignature wallets and secure multiparty computation (SMPC). Multisignature technology allows multiple parties to control a cryptocurrency wallet. For example, a wallet may require at least two out of three private keys to approve a transaction. This approach reduces the risk of a single point of failure, as no single entity has full control over the assets. Hybrid multisig custody solutions are often used by centralized platforms or businesses with multiple stakeholders. Alternatively, secure multiparty computation operates entirely off-chain and enables multiple parties to securely contribute to the signing of a transaction without revealing their private inputs. This method enhances privacy and security by preventing any party from gaining knowledge of the others' contributions. Hybrid custody solutions combine the benefits of both self-managed and third-party custodians, ensuring robust security while retaining a degree of control over the assets. What's Next: Major Payment Providers Drive Innovation in Stablecoin Custody The custodial landscape is also being reshaped by increased involvement from major financial and payment companies, signaling growing confidence in the stablecoin and crypto ecosystem. Industry leaders like Stripe, Visa, and Mastercard have recently made strategic acquisitions and formed partnerships with companies focused on stablecoin infrastructure. Stripe acquired Bridge, a startup specializing in stablecoin orchestration, while Visa partnered with the same company and BVNK to explore stablecoin-based settlement and card issuance. Mastercard has also entered the space by collaborating with MoonPay, following MoonPay's acquisition of stablecoin-focused infrastructure firm Iron. These moves are expected to introduce new custody models and integrated solutions, offering businesses more seamless and secure ways to manage digital assets within familiar financial platforms. Conclusion: Choosing the Right Custody Solution The decision to choose self-managed, third-party, or hybrid custody largely depends on a business's resources, expertise, and risk tolerance. While self-managed custody offers control and potential savings, it also demands a high level of technical expertise and carries the risk of loss or theft. Third-party custody provides professional security and convenience but comes with fees and counterparty risks. Hybrid custody offers a middle ground, combining some of the advantages of both approaches while mitigating certain risks. If you are a business still unsure about the most suitable custody solution or how to implement and manage it, a quick and effective way to gain the necessary knowledge is by enrolling in the eLearning course Cryptocurrency Payments for Businesses from reMonetary. This course offers an end-to-end perspective, covering topics such as the benefits of cryptocurrencies and stablecoins, the conversion process and settlement options, the role of exchanges, a comprehensive overview of the transaction cycle, and the business model and cost structure of a crypto PSP. By the end, you'll have a solid understanding of the crypto PSP landscape, enabling you to make informed, strategic decisions for your organization. For businesses with more complex use cases or those seeking personalized guidance from a leading consulting firm in the digital transformation space, please feel free to contact me. In the next article, we will explore another important aspect of cryptocurrency acceptance: the various settlement options available to businesses integrating cryptocurrency payments into their operations.
Gulf Business
03-07-2025
- Business
- Gulf Business
UAE sees 25% rise in digital transactions during Dubai's summer shopping festival: Checkout.com
Image: Supplied As Dubai gears up for its annual According to the payment solutions provider, daily digital transactions in the UAE rose by 25 per cent year-on-year during DSS 2024. Consumers also spent more per transaction, with average ticket sizes increasing by 16 per cent. own UAE processing volumes surged 44 per cent year-on-year, reflecting greater consumer trust in digital payments and a shift toward online-first retail behaviour during key seasonal campaigns. Deals A deeper look at the transaction data shows significant changes in consumer buying patterns. Categories such as interior furnishings, recreation, and education saw marked increases, as residents took advantage of DSS deals to renovate homes, invest in local family activities, and prepare for the academic year. Toys and sporting goods also spiked as parents sought ways to keep children engaged over the summer. The automotive sector benefited from summer-specific promotions, driving up digital activity for vehicle purchases and services. These findings align with State of Digital Commerce in MENA 2025 report, which found that 62 per cent of UAE consumers plan to increase their online shopping in the year ahead. Furthermore, 44 per cent of shoppers said they now browse in physical stores while comparing options online. Read more: 'Dubai Summer Surprises continues to act as a key catalyst for digital commerce in the region,' said Remo Giovanni Abbondandolo, general manager for MENA at 'From household upgrades to family recreation and back-to-school prep, the data shows UAE consumers turning to digital channels to meet both everyday needs and high-value purchases. With the growth we've seen year over year, we expect 2025 to break even more records.' As the UAE continues to lead the region in digital commerce adoption, the summer season is emerging as a critical engagement window for merchants aiming to reach a digitally savvy, convenience-driven consumer base.
FF News
03-07-2025
- Business
- FF News
Why Stablecoins Are Becoming the Future
Stablecoins are making waves in the financial services industry by offering a stable, secure, and efficient method for digital transactions. In this video, experts discuss how the introduction of stablecoins is transforming the payments landscape, particularly in emerging markets like India and Brazil. These markets have leapfrogged traditional payment systems by adopting mobile-based, decentralized solutions that allow consumers to make secure transactions without relying on volatile cryptocurrencies. This shift is now expanding into developed countries, where demand for faster, more flexible payment methods continues to rise. What makes stablecoins attractive is their stability. While traditional cryptocurrencies like Bitcoin are subject to extreme fluctuations, stablecoins are pegged to a stable asset, such as a fiat currency, making them less volatile. This stability provides businesses and consumers with a predictable and reliable means of conducting transactions, especially in cross-border payments, where exchange rate volatility can pose significant risks. As more companies adopt stablecoins, we are seeing an increase in their usage for remittances, e-commerce, and even savings in regions where access to traditional banking is limited. Additionally, the low transaction fees and speed associated with stablecoins have made them a go-to choice for businesses looking to streamline payments. With faster processing times compared to traditional methods and reduced transaction costs, stablecoins offer a competitive advantage for businesses that operate in multiple regions or need to process large volumes of transactions. Furthermore, their use is not limited to just businesses; individuals are also embracing stablecoins as a means to store value or transfer money without the high fees typically associated with international money transfers. As stablecoins continue to gain traction, the future of payments is becoming increasingly digital and decentralized. However, there are challenges to be addressed, such as regulatory compliance and security concerns. Governments and financial institutions must work together to establish clear guidelines for the use of stablecoins, ensuring they are safe and compliant with anti-money laundering regulations. Despite these challenges, stablecoins have the potential to reshape the future of finance, offering a more secure, efficient, and inclusive payment solution for businesses and consumers alike.
