Search Results for: Tenoretic Cheap For Sale 🥀 WWW.IPILL.STORE 🥀 - Secure

Scott Galloway: Red Friday

Scott Galloway | Nov 26, 2021

millennials biggest fears - Scott Galloway:  Red Friday

BNPL is one of the hottest trends in finance: 1 in 5 Americans used one of these services in the past year, with U.S. spending on BNPL increasing 230% since 2020. By 2025 global BNPL spending is projected to double to $680 billion. In August, Square acquired BNPL pioneer Afterpay for $29 billion in the largest-ever acquisition of an Australian firm. (We had the Founder/CEO of Afterpay on the Prof G Pod, and he’s an impressive young man.) Swedish BNPL giant Klarna is getting ready for a $50-billion-plus IPO, with a current valuation on par with ING or Lloyds Banking Group.

The target market is young people. Klarna’s frontman is rapper A$AP Rocky (who was paid in equity, not debt) — many BNPL brands rely on social media influencer campaigns. In the U.S., three-quarters of users are Gen Zers or millennials; it’s projected that nearly half of Gen Z will be using BNPL services by 2022. Their attraction to BNPL coincides with an aversion to banks and the credit they offer. This is a generation that came of age just before or in the wake of the Great Recession, a global economic crisis precipitated by … way too much credit. Young people love BNPL because, according to the former director of Afterpay, the vast majority of them “don’t want to be on credit.”

He’s not wrong. As Klarna reported in an investor factsheet, 1 in 3 millennials’ biggest fear is credit card debt. That’s more than name death or war. Deployment to Afghanistan is bad, but an unpaid balance on your Discover Card is (apparently) worse.

There’s one problem: Buy Now Pay Later is (wait for it) credit.

Hiding in Plain Sight

By most measures, BNPL services aren’t even good credit offerings. With a traditional credit card, you pay nothing up front, then you’ve got, on average, five weeks to pay without incurring any fees or interest. Closer to two months if you manage your billing cycles carefully. Carrying a balance will cost you, though, 1%-2% in interest per month. Miss a payment, and you get a late fee, about $30 — on which you’ll also pay interest.

See:  Financial Consumer Agency of Canada publishes BNPL pilot study

In the short term at least, BNPL terms are worse. Take Afterpay. When you buy your new jeans, you have to come up with 25% of the money at purchase, then the lender gives you six weeks to pay off the remainder, in three installments. Miss an installment, and Afterpay hits you with a late fee. Continue in arrears, and the late fees increase, up to a cap of 25% of the purchase price. Also, you need a debit or credit card to make payments to Afterpay. Other providers have different fee and interest structures, but the basic model is the same. It’s credit.

Money Machine yet Vulnerable

So what’s the harm? Why not have a credit card with training wheels to ease young people into their journey toward a lifetime of debt? Especially as some of the costs are borne by the retailer in exchange for the consumer buying more sooner. Might Buy Now Pay Later even be training consumers to develop better purchase habits?  Here’s a good reason to be skeptical.

See:  Take home now, pay later with no interest fees

Buy Now Pay Later firms are quick to tell you that this is where they make most of their money — off merchants, not millennials. That’s true. But the business model only works by capitalizing on the instinct for immediate gratification. And younger neurons are more vulnerable to this marketing than older ones.

BNPL fees - Scott Galloway:  Red Friday

 

Continue to the full article --> here


NCFA Jan 2018 resize - Scott Galloway:  Red Friday The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Scott Galloway:  Red FridayFF Logo 400 v3 - Scott Galloway:  Red Fridaycommunity social impact - Scott Galloway:  Red Friday

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Scott Galloway:  Red Friday



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

State of Challenger Banking in Canada

FGS | Surinderjit Kaur Bhatti | Nov 25, 2021

State of challenger banking in Canada - State of Challenger Banking in Canada

Challenger Banks are the players that offer digital-only alternatives to traditional financial institutions’ banking products and services. As per FGS database, there are 40 such players in Canada, and we categorize them into the following 4 categories based on the status of their banking license. Top players under each category include:

  • Beta (using parent FI’s banking licence) - EQ Bank, Simplli, Tangerine, Brightside by ATB
  • New (secured a new banking licence) - PC Financial, Motusbank, Canadian Tire Bank, Rogers Bank
  • Neo (don’t have their own banking licence but have a partner who does) - Neo Financial, Koho, STACK, Mogo
  • Non (don’t have a traditional banking license but meet the conditions to offer financial products in non-traditional ways, like getting a e-money license) - Brim

Over the years, these players have seen tremendous growth in their adoption through launch of innovative value propositions for Canadian consumers. Following are some of the recent trends seen in space:

SME Challenger Banks finally enter the picture

While challenger bank for small and medium businesses was a white space for a very long time in Canada, this year we have seen four players enter the space - Carry, Float, Benji, Jeeves. While most of these solutions are in beta stage right now, they have amazing value propositions for Canadian SMEs like no fee, no personal guarantee corporate cards,  unlimited one-time use virtual cards,  one-click accounting sync and spend management.

See:  KABN North America and Liquid Avatar Unveils New Challenger Banking Program for Verified Self Sovereign Identity Users

While these are the solutions for small businesses, Moves is a player that has recently launched Moves Spending Account, a banking solution for gig workers. Uber, Lyft and DoorDash  have also partnered with Payfare to offer instant payments to their gig workers through a prepaid card. Apart from these, there are expected launches of SME banking solutions in Canada from Shopify (Shopify Balance) and Quickbooks (Quickbooks Cash), which are live south  of the border.

Kids/Teen banking gaining traction in Canada

In the past couple of years, we have seen a new niche of challenger banks  appear on the Canadian landscape - Challenger Bank for Kids/Teens. Treasure, Walo and Wingocard are some of the players in this space. RBC Ventures has also launched a kid banking app called Mydoh. These solutions not only enable parents to digitally give money to their children, they also help them to track children's spending, set tasks  that need to be completed for earning allowance, and help kids learn about  savings. While most of these apps  are meant for kids and teens for earning allowance from their parents, we have seen a new player, SideKick, which is meant for international students in Canada. SideKick helps international students to receive money from their family in different currencies and enables spending in Canada through a prepaid card.

Challenger Banks are enabling  innovation in the rewards and PFM space

Challengers are innovating the rewards space which is no longer limited to the traditional loyalty programs. The new players are offering a range of reward options from cashbacks that are immediately accessible for spending to personalized discounts at a curated list of retailers. Mogo has given the rewards a completely different twist by offering a cashback in bitcoins. For every purchase through a Mogo account, you earn 1-2% bitcoin cashback which is accessible through Mogo’s bitcoin account (Mogo also has a bitcoin investing product). STACK has created a community called World Stream where STACK users can share their purchases and STACKHacks to earn best rewards and save money.

See:  Fintech Card Space is Growing: Brim Financial, Float, Caary Capital, Jeeves, Neo Financial

PC Financial, on the other hand, is staying strong  on its loyalty program game through its PC Optimum points program. The program has more than 18 million members and is in fact the layer behind most of the Loblaw offerings - PC Money, Credit Cards, PC Health and beyond.

Additionally, challenger banks  are enabling Canadians to better manage their finances by offering tools like automated savings, spending limits, sub-accounts for saving goals, transaction round-up savings and spending insights. Some of the players also offer credit score monitoring and building solutions. These use-cases will further grow with the advent of Open Banking in Canada as users would then be able to link all their accounts to a single app and get a full view of their financial standing which will enable informed financial decisions.

Prepaid is enabling  non-banks to enter challenger banking space

Non-banks are entering the financial space through the launch of ‘bank like’ solutions which are mainly enabled by a prepaid card. The categories of these non-bank players launching challenger banking solutions for their customers range from tech giants to e-commerce players to major retailers.

See:  Financial Consumer Agency of Canada publishes BNPL pilot study

Prepaid enables these players to quickly enter the financial industry and start capturing the banking relationship of their customers with minimal regulatory requirements and skipping the need for getting a bank license. The non-bank players are thus able to not just offer an end-to-end experience to their customers but also capture their spending data  which helps them to learn more about  the consumer and further innovate to offer predictive services.

Authored by:

Surinderjit Kaur Bhatti Headshot 1 - State of Challenger Banking in CanadaSurinderjit Kaur Bhatti, Co-CEO at FGS, is a FinTech expert with experience ranging from the venture capital world to leading an innovation lab of a financial institution to innovation consulting. At present, she is a leader at FinTech Growth Syndicate and helping Canadian Financial Institutions build their FinTech strategies through market intelligence services.

 


NCFA Fintech Confidential Issue 4 250 - State of Challenger Banking in Canada

This article is featured in NCFA's digital magazine, Fintech Confidential (Issue 4 Oct 2021). Click to read the latest thought leadership, insights and trends about Fintech in Canada:

Checkout NCFA's digital magazine, Fintech Confidential (Issue 4) --> here

 


NCFA Jan 2018 resize - State of Challenger Banking in Canada The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - State of Challenger Banking in CanadaFF Logo 400 v3 - State of Challenger Banking in Canadacommunity social impact - State of Challenger Banking in Canada

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - State of Challenger Banking in Canada



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

3 Ways to Get People Talking About Your Business

Guest Post | Nov 25, 2021

Growing business by word of mouth 1 - 3 Ways to Get People Talking About Your Business

Attracting new customers and generating new forms of revenue should consistently be two of your top priorities. Performing these crucial tasks will not only help you to stabilize your profit turnover, but it will also aid you in your attempt to solidify your company’s authoritative reputation. 

If you’re to stand a chance at reaching and engaging fresh prospects, getting people talking about your business is highly advised. Fortunately, advice on how to achieve this critical feat can be found below. 

See:  Fintech Card Space is Growing: Brim Financial, Float, Caary Capital, Jeeves, Neo Financial

For advice on how to effectively spread the word about your company, read on.

Enhance your credibility

If you want to get people talking about your business for all the right reasons, enhancing your credibility is very much advised. This will show you to be a reliable service provider within your niche field. Subsequently, consumers will find it much easier to place their trust in you.

There are a number of different routes that you can take in this day and age to enhance your company’s credibility, one of the most effective being to take part in a blogger outreach program. This will entail you strategically communicating with your consumers and, in turn, forging deeper relationships with them via your own blog platform. As a result of succeeding with your blogger outreach venture, you will be sure to enhance your authority and meet modern Google ranking criteria.

Don’t want to leave any stones unturned when it comes to blogger outreach? If not, you should consider enlisting the assistance of Click Intelligence. This leading digital marketing agency will help you generate unique articles of the highest possible quality, and they will provide you a fully scalable outreach solution.

Request testimonials

When utilized correctly, satisfied customers could very well play a major role in your attempt to get people talking about your business. Once your past clients begin to sing your praises to their friends, family members, and co-workers, more and more people will be made aware of your organization and the quality service that you provide.

In order to tap into this form of word-of-mouth marketing, you’re going to need to request testimonials. Advice on how to attain this type of endorsement can be found here.

Do an amazing job

No matter which pieces of the above advice you choose to heed, all of your efforts will go to waste if you fail to do an amazing job day in, day out. Above all else, you need to provide your consumers with a quality level of service. This will give them a reason to return to your company time and time again in the future, which in turn will help you to set up your own customer loyalty initiative.

Are you determined to market your company in a highly effective and diligent fashion? If so, getting people talking about your business is critical. This will drum up a distinct sense of interest in the services that you provide and ultimately help you to appeal to a much wider audience base going forward.

 


NCFA Jan 2018 resize - 3 Ways to Get People Talking About Your Business The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - 3 Ways to Get People Talking About Your BusinessFF Logo 400 v3 - 3 Ways to Get People Talking About Your Businesscommunity social impact - 3 Ways to Get People Talking About Your Business

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - 3 Ways to Get People Talking About Your Business



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

The bright new age of VC is booming—and is itself being disrupted

The Economist | Nov 22, 2021

Venture capital - The bright new age of VC is booming—and is itself being disruptedThe market capitalisation of venture-capital-backed firms that went public last year amounted to a record $200bn; it is on course to reach $500bn in 2021.  With their pockets full, investors are now looking to bet on a new generation of firms. Global venture investment—which ranges from early “seed” funding for target firms that have not yet developed a product to funding for more established startups—is on track to hit an all-time high of $580bn this year, according to PitchBook, a data provider. That is nearly 50% more than was invested in 2020, and about 20 times that in 2002 (see chart).

The type of investor piling into venture activity has changed just as dramatically. It was once the preserve of niche venture-capital firms run in Silicon Valley. These raised funds from and invested on behalf of pension funds and other end-investors, often relying on vast networks of connections with founders. So far this year, however, only three of the ten biggest venture investors by assets under management have been traditional VC firms.

See:  How to Revolutionize the Private Capital Markets

Instead, deals led or solely struck by private-equity shops, hedge funds and others that used to conduct little venture activity are on track to nearly double from $144bn in 2020 to $260bn this year. That accounts for a staggering 44% of global VC activity, up from 20% in 2002. “Crossover” funds like Tiger Global Management, which straddle public and private markets, are deploying capital at a breakneck pace. Behemoth pension funds are increasingly directly investing in startups.

The flood of money from deep-pocketed investors has helped swell valuations. But it is also flowing to once-neglected corners and new opportunities. Venture activity now extends well beyond Silicon Valley and America more broadly, and is financing enterprises working on everything from blockchains to biotech.

The wave of capital is also transforming how VC works. VC firms are adopting new strategies as they seek to differentiate themselves in some respects, and to mimic their Wall Street competitors in others. That comes with both benefits and drawbacks for the business of innovation.

See:  Why is venture capital still ignoring women? The case for investing is clear.

End-investors who previously avoided VC are now getting involved. In addition to alluring returns, picking out the best-performing funds may be easier for VC than for other types of investment: good venture performance tends to be more persistent, according to a paper in the Journal of Financial Economics published last year.

The rush of capital has pushed up company valuations. Seed-stage valuations today are close to where series A valuations (of companies that are typically already generating revenue) were a decade ago. The average seed valuation for an American startup in 2021 is $3.3m, more than five times the level in 2010.

The line between VC and other investors is also blurring further, and not just because Wall Street is encroaching onto Sand Hill Road. Big VC firms are becoming more like other asset managers. Sequoia is expanding its presence in public markets. In October it said that its American and European venture funds will sit within a larger, timeless fund. When portfolio firms go public, their shares will flow to the superfund instead of to end-investors.

See:  Tiger vs. SoftBank: Inside the investing playbooks that upended Silicon Valley

The time taken to strike a deal has shrunk from several weeks to days, if not hours. Zoom has changed the nature of fundraising.

Continue to the full article --> here

 


NCFA Jan 2018 resize - The bright new age of VC is booming—and is itself being disrupted The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - The bright new age of VC is booming—and is itself being disruptedFF Logo 400 v3 - The bright new age of VC is booming—and is itself being disruptedcommunity social impact - The bright new age of VC is booming—and is itself being disrupted

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - The bright new age of VC is booming—and is itself being disrupted



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Decentraland: Metaverse Group Closes Largest Public Virtual Real Estate Deal for $2.4 million

Crowdfund Insider | | Nov 24, 2021

metaverse real estate - Decentraland:  Metaverse Group Closes Largest Public Virtual Real Estate Deal for $2.4 millionIf you think you’re getting priced out of physical real estate, you’d likely be doing even worse online. This week, Canadian company Tokens.com announced its subsidiary Metaverse Group acquired a 116-parcel, 6,090 square-foot estate in the heart of Decentraland’s Fashion Street district for $2.4 million. Decentraland deemed it the largest metaverse land acquisition so far.

The estate will be developed to facilitate fashion shows and commerce within the digital fashion industry. Metaverse Group also plans to establish partnerships with several existing fashion brands that are looking to connect with new audiences and expand their e-commerce offerings within the metaverse. The company will collaborate with Decentraland to curate fashion projects and events on the estate.

See:  Non-Fungible Tokens in the media and entertainment industry

“Fashion is the next massive area for growth in the metaverse,” said Sam Hamilton, head of content at the Decentraland Foundation. “So it’s timely, and very exciting, that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct.”

The plot was purchased with 618,000 MANA, which is Decentraland’s Ethereum-based house cryptocurrency.

“We are happy to make history by closing the largest public metaverse land acquisition to date. These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group. We are excited to have our subsidiary successfully close this landmark digital real estate transaction,” said CEO Andrew Kiguel.

See:  Kraken Report: Non-Fungible Tokens (NFTs): Redefining Digital Scarcity

Clothing and fashion brands are starting to make their plays for online prominence. Many are developing virtual presences where clothing can be purchased for avatars. They are also considering the digital realm as the next frontier for physical commerce as more people gravitate online. For that reason, high-traffic spots in popular virtual game sites are coveted in the same way they are in physical malls.

Continue to the full article --> here


NCFA Jan 2018 resize - Decentraland:  Metaverse Group Closes Largest Public Virtual Real Estate Deal for $2.4 million The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Decentraland:  Metaverse Group Closes Largest Public Virtual Real Estate Deal for $2.4 millionFF Logo 400 v3 - Decentraland:  Metaverse Group Closes Largest Public Virtual Real Estate Deal for $2.4 millioncommunity social impact - Decentraland:  Metaverse Group Closes Largest Public Virtual Real Estate Deal for $2.4 million

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Decentraland:  Metaverse Group Closes Largest Public Virtual Real Estate Deal for $2.4 million



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Crowdcube raises £10 million from crypto giant Circle and eyes European expansion

Evening Standard | Oscar Williams-Grut | Nov 23, 2021

Crowdcube Darren Westlake - Crowdcube raises £10 million from crypto giant Circle and eyes European expansionBritain’s biggest crowdfunding platform Crowdcube is eyeing major expansion to Europe and could one day put company stock on the blockchain after raising £10 million from a US cryptocurrency business.

US business Circle is backing the crowdfunding platform, which has helped the likes of BrewDog, Revolut and Mindful Chef raise money from small time investors. Existing investors Balderton and Molten also took part in the funding round.

Circle owns SeedInvest, a similar startup funding platform in the US. Crowdcube boss Darren Westlake told the Standard the investment extended a partnership between his business and SeedInvest. The pair have in the past partnered up to offer dual listings for startups looking to raise cash in both the UK and US.

“We’ve known SeedInvest for a longtime,” Westlake said.

See:  Crowdcube partners with Seccl to shake up IPO market

The investment from Circle follows the collapse of merger talks with rival UK platform Seeders earlier this year. The deal was blocked by the competition watchdog, a decision that raised questions about the future of both businesses.

Westlake said Crowdcube had done “incredibly well” since then and became operationally profitable earlier this year. He decided to raise money to fund expansion to Europe after a rule change meant companies could raise up to €13 million from retail investors in Europe.

Crowdcube “spoke to all the usual suspects” about investment before being approached by Circle.

While Circle operates SeedInvest, it is best known for cryptocurrency. Founded in 2013, the Goldman Sachs-backed startup originally worked on crypto payment products but has found success with a ‘stablecoin’ -- a cryptocurrency pegged to the dollar. Its USDC stablecoin has a circulation of $33 billion

Continue to the full article --> here


NCFA Jan 2018 resize - Crowdcube raises £10 million from crypto giant Circle and eyes European expansion The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Crowdcube raises £10 million from crypto giant Circle and eyes European expansionFF Logo 400 v3 - Crowdcube raises £10 million from crypto giant Circle and eyes European expansioncommunity social impact - Crowdcube raises £10 million from crypto giant Circle and eyes European expansion

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Crowdcube raises £10 million from crypto giant Circle and eyes European expansion



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Fee Dispute: Amazon to stop accepting Visa cards in the UK

Global News |

Amazon.comVisa clashes with Amazon over fees - Fee Dispute:  Amazon to stop accepting Visa cards in the UK Inc’s latest spat with Visa shows big retailers, armed with a growing array of payment options, are gaining the upper hand in their power struggle with card providers, but it’s not a crisis for the payment company.70c8fc80 - Fee Dispute:  Amazon to stop accepting Visa cards in the UK

Amazon said last week that it would stop accepting Visa credit cards issued in the United Kingdom from Jan. 19, 2022, saying that despite technology advancements the fees on such transactions remained high or in some cases were rising.

While Amazon may yet back down on the UK front, where the company accounts for less than one per cent of Visa’s credit card volume, according to an estimate by Piper Sandler analysts, the dispute is a bad sign for the card industry. Some analysts said it could presage a fight in the much bigger U.S. market.

See:  The dream of a low-friction financial system is just the beginning

“Amazon is treating this dispute with Visa as an experiment,” said Piper Sandler analyst Christopher Donat. “Our biggest concern is that Amazon seeks concessions from Visa in other geographies.”

Visa Chief Financial Officer Vasant Prabhu told Reuters in an interview on Friday that he expected a resolution. “We’ve resolved these things in the past and I believe we’ll resolve them in the future,” he said. Amazon declined to comment.

Credit cards dominated a third of North American e-commerce spending in 2020, according to payments giant WorldPay, but mobile payment options like Venmo and ‘buy now, pay later’ (BNPL) financing plans are chipping away at their market share.

While alternative payments have been growing for years, the pandemic accelerated a downward trend in credit card applications boosting the popularity of BNPL financing, especially among younger consumers.

See:  Ontarians will be able to use their digital ID cards to open bank accounts, apply for government programs, access vaccination records and more

Credit cards’ share of North American e-commerce spending declined seven per cent last year, according to WorldPay, while BNPL’s share increased 78 per cent, making it the fastest-growing form of payment.

In August, Amazon partnered with BNPL provider Affirm to offer installment financing option on U.S. Amazon purchases.

Continue to the full article --> here


NCFA Jan 2018 resize - Fee Dispute:  Amazon to stop accepting Visa cards in the UK The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Fee Dispute:  Amazon to stop accepting Visa cards in the UKFF Logo 400 v3 - Fee Dispute:  Amazon to stop accepting Visa cards in the UKcommunity social impact - Fee Dispute:  Amazon to stop accepting Visa cards in the UK

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Fee Dispute:  Amazon to stop accepting Visa cards in the UK



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate