SUNRATE, a Singapore-based payment and treasury management platform, is bringing Apple Pay to its customers, offering a safer, more secure and private way to pay, and using the iPhone’s power to protect each transaction.

Now, SUNRATE customers can use an iPhone or Apple Watch at payment terminals to make contactless payments. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or a device passcode, as well as a one-time unique dynamic security code.

Customers can also use Apple Pay on iPhone, iPad, and Mac to make faster and more convenient purchases in apps or on the web in Safari without having to create accounts or repeatedly type in shipping and billing information.

Qincheng Wang, head of product at SUNRATE, commented: “More and more businesses seek out the same degree of convenience and security that they enjoy in their everyday personal transactions – therefore, even though we are known to be a global B2B payment platform, we’re thrilled to bring Apple Pay to our customers.

“Ever since SUNRATE started issuing commercial cards, it has been all hands on deck to expand our offerings and bring even more features to our customers – the support of Apple Pay is part of SUNRATE’s global vision to drive B2B digitalisation for businesses worldwide.”

Maximising payment security

SUNRATE commercial cards enable customers to settle card spends in more than 15 currencies, as well as customise key parameters such as card limits and expiration dates.

SUNRATE explained that it chose Apple Pay due to its security and privacy benefits. When customers use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device or Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device.

Customers can also generate real-time transaction statements, and cater to various reconciliation needs. SUNRATE is certified to the international financial data security standard: Payment Card Industry Data Security Standard (PCI DSS) Level 1.

Payop, an international payment processor and a payment aggregator, has partnered with Tink, a market-leading payment services and data enrichment platform, enabling it to add ‘Pay by Bank’ to its checkout options.

Payop is now live with the Tink Pay by Bank solution for merchant checkouts, which has already enjoyed noteworthy growth. The amount of executed payments more than doubled between January and December 2023.

Anastasiia Semenkova, CEO at Payop, explained the decision to implement the open banking solution: “When we decided to test open banking technology for e-commerce payments, our choice fell on Tink. We considered many providers but were impressed by Tink’s product offering and consumer-centric approach.

“Going into this, we were already positive about the future partnership, but in practice, it turned out to be much more than we expected. Tink showed us the potential of an open banking technology, providing secure payments that can be done in three clicks.”

Payop works with a variety of merchants from small e-commerce stores to large enterprises, offering a unique checkout solution with numerous payment solutions.

Payop and Tink hope to promote and grow the adoption of this payment method across Europe through this collaboration. Pay by Bank is available for Payop merchants across Europe including France, Germany, Netherlands, Spain and the UK.

Semenkova added: “The European market is very competitive. There are many payment options available in each country. But once consumers try Pay by Bank, we find that they don’t go back to other methods. The increase in adoption of Pay by Bank that we are seeing at Payop would be impossible without a stable and reliable partner. For us, it’s Tink. Tink maintains a high-quality API and keeps adding new banks and countries to its coverage.”

Pay by Bank

Pay by Bank is an online payment method that lets consumers purchase goods and services by initiating payments directly from their bank account to the seller’s account.

This account-to-account payment method provides a secure and streamlined experience, at a low cost, enabling merchants to differentiate themselves from the competition.

Ian Morrin, head of payments and platforms at Tink, also added: “We’ve already seen impressive volume growth in our collaboration with Payop, and we are proud to support them in their Pay by Bank solution. Pay by Bank complements the current payments ecosystem.

“It’s not just about creating another choice of payment at checkout, but offering consumers a payment method that has everything they may want and have come to expect – familiarity, speed, reliability and convenience.”

Qonto, the European business finance solution, has launched a new in-house financing solution, ‘Pay later’, extending its product offering and strengthening its market leadership as the most advanced business banking offer.

Leveraging its existing payment service licence, Qonto is providing short-term financing in the form of ‘Pay later’, which gives eligible customers instant access to funds of up to €10,000, directly from the Qonto app.

Once approved, the funds are instantly available on the customer’s Qonto account, via the buy now, pay later solution, paid back alongside a 1.17 per cent per month interest rate. The repayment period begins 30 days after the invoice purchase, repaid in three automatic instalments over 90 days.

This launch signposts a new milestone for the company, which has so far relied on strategic partnerships to provide financing to its customers. The launch of Pay later marks another step in Qonto’s ambition to become the business finance solution of choice for one million European SMEs and freelancers by the end of 2025.

Alexandre Prot, CEO and co-founder of Qonto, commented: “Offering our first in-house financing solution is a big milestone for Qonto – and our customers. Our goal is to offer European SMEs and freelancers everything they need to seamlessly manage their business finances, from an online business account to invoicing, bookkeeping, spend management and, of course, financing.

“There is a real need for financing among European businesses, and we’re proud to offer a comprehensive solution with Pay later and our financing platform. The launch of Pay later brings us one significant step closer to our goal of becoming the business finance solution of choice for one million European SMEs and freelancers by the end of 2025.”

The new solution is accessible from Qonto’s mobile and web apps and complements the financing platform Qonto launched in 2023 through strategic partnerships, giving customers access to a comprehensive range of financing solutions that dispense amounts up to €10million.

Improving access to finance across Europe

In 2023, Qonto launched the Qonto financing platform across all four of its markets (France, Germany, Italy and Spain). Over the past year, almost 8,000 projects have already been financed for a total amount of almost €60million.

By launching this short-term financing offer, Qonto aims to provide businesses with increased financing options that respond to the very different needs of its customers. Its new Pay later offer complements existing offers from partners (Defacto, Silvr, Karmen, Edebex, and Riverbank in France; Faicredit and Viceversa in Italy; and Defacto, Kintai and Bankable in Spain) on the financing platform.

According to the European Commission, ensuring access to finance is one of the major challenges faced by European SMEs. In 2023, 21 per cent of SMEs reported ‘problems with financing’ as a main challenge for their business.

A Qonto report on the state of European SMEs, published at the end of 2023, shows similar results: 23 per cent of surveyed SMEs felt ‘pessimistic’ or ‘very pessimistic’ about their access to financing in 2024. Qonto’s ambition is to always meet its customers’ evolving needs and demands. With the launch of Pay later, Qonto aims to address the increasing need for SME financing in France, Italy and Spain.

New research from Swedish fintech Brite Payments and YouGov has found that the way consumers pay is changing, with Pay by Bank ranking a top three payment method in the UK, Netherlands, Finland, Spain and Germany.

The inaugural report, Instant Economy Payment Insights, found a growing appetite for new payment methods that cater to consumer demand for secure, convenient, and instant payments. It highlights similarities and differences across the markets surveyed, which illustrate the diversity of payment behaviours that pose a challenge for businesses that are increasingly international in nature.

“Immediacy and convenience are at the core of today’s instant economy, with consumers now expecting real-time interactions across all digital touchpoints and in all facets of their lives,” said Lena Hackelöer, founder & CEO, Brite Payments.

“However, the promise of a true instant economy remains unfulfilled, in part, because it requires an entire ecosystem of digital payment technologies that have struggled to keep up with changing consumer needs.”

Consumers choice

Based on fieldwork conducted in January 2024 that surveyed more than 8000 consumers across six key European markets, the report found needing to create an account (22 per cent) and needing to use an app (17 per cent) were the most frequently encountered issues when making online payments.

The prevalence of these issues indicates an opportunity for easy-to-use payment methods that only require consumers’ top-of-mind information. However, despite a clear desire for convenience, security ranks as the most important factor when considering a new payment method.

Speed also emerges as a key consideration in consumers’ choice of payment method. More than a third of respondents placed high importance on immediately seeing transactions reflected on their accounts,  rising to nearly half for the Netherlands (44 per cent) and Spain (46 per cent).

Consumers also expect rapid settlement of payments they receive, whether in the form of refunds or payouts. Over half (50.1 per cent) agreeing that it is unreasonable to wait for more than an hour to receive a payment from a business.

“Account-to-account payment methods are not entirely new – in fact, they are well established in many European markets. What is noteworthy is that a new generation of Pay by Bank or A2A solutions based on open banking is emerging, which not only address merchant pain points but also clearly converge with consumer demands for more convenient and secure payments,” concluded Hackelöer.

Dubai-based crypto exchange Bybit has successfully integrated Google Pay into its card service, enabling users in the European Economic Area (EEA) to spend their assets more easily and securely. 

Google Pay integration marks a major enhancement to the Bybit card experience, enabling users to manage their finances and payments more easily. Effective immediately, Bybit cardholders can link their cards to Google Pay, empowering them to conduct secure, fast, and hassle-free transactions online, in-app, as well as in physical stores wherever Google Pay is accepted.

Bybit cardholders can now also link their existing cards to Google Pay for quick access to their assets. Google Pay’s advanced security features provide an additional layer of protection for Bybit Card transactions, giving users peace of mind.

Bybit explained that it remains committed to delivering innovative solutions that empower individuals to harness the full potential of cryptocurrencies in their everyday lives. The integration of Google Pay exemplifies Bybit’s dedication to enhancing user experience and expanding the utility of its products.

The news comes just days after Bybit hit $71.5billion in trading volume, just seven per cent under the exchange’s record $77billion daily trading volume, set during the 2021 crypto bull run.

Ben Zhou, CEO of Bybit, also commented on the achievement: “We at the Crypto Ark are on a mission to make this new asset class as widely available as possible through our intuitive platform.

“Now, we’re seeing large inflows and smart money is moving fast. With the Bitcoin halving just around the corner, Bitcoin is proving itself as an institutional asset, a hedge against economic uncertainty, and a vote for financial freedom.”

American Express, the bank holding company and multinational financial service provider, has launched ‘Plan It’, a new BNPL-esque offering for the UK market enabling its credit cardmembers to pay off purchases on their statement, or a portion of their monthly bill, in instalments.

Cardmembers with an American Express credit card will be able to use Plan It to select a transaction, or an amount from their most recent statement, to put into an instalment plan for three, six or 12 months.

Users will be charged a fixed monthly fee for their instalment plan, which will be displayed up front when they set it up, but no interest will be charged on the balance in an instalment plan. Cardmembers will still earn rewards, while using the offering, on any purchase in their plan, as usual.

Cardholders can set up the instalment plans via the American Express app, or in their online account. Once set up, the instalment plan is automatically included in the ‘minimum due’ payment each month.

Ricky Bonham, vice president of American Express, explained how the new offering could support its cardmembers across the UK: “We know our cardmembers value flexibility including in how they pay. With Plan It, our credit card customers can now pay at their own pace, continuing to earn rewards as they do so on everything from a new vacuum cleaner to their next big holiday.

“As a business regulated by the FCA, we’re also delighted to be launching an instalment plan that offers transparent fees and no hidden charges.”

Not all cardholders will be eligible for Plan It. They may not be eligible to create an instalment plan if they have recently withdrawn cash using their American Express credit card; if they are enrolled in a financial support programme with American Express; if they don’t have an eligible purchase or balance amount (that are the minimum £100); or if they hold a product not eligible for Plan It, such as an AMEX Charge card.

Despite many organisations putting forward a defensive stance that they will never pay out a ransomware attack, research from Cohesity, the AI-powered data and security firm, has revealed that over 97 per cent of UK firms have paid a ransom in the last two years.

The research is especially concerning given that many experts expect cyberattacks to increase in 2024. Cohesity polled over 900 IT and Security decision-makers, 301 from the UK, and found that companies operate in a ‘when’, not ‘if’, the reality of cyberattacks.

Alarmingly, eight in 10 (83 per cent) respondents said their company had been the ‘victim of a ransomware attack’ between June and December. The cyber threat landscape is expected to get even worse in 2024, with 95 per cent of respondents saying the threat of cyberattacks to their industry will increase this year. A further seven in 10 predict it will increase by more than 50 per cent.

Organisations’ attack surfaces are defined by the size and scope of their data environments. However, 74 per cent of respondents said their data security risk has now increased faster than the growth in the data they manage. Respondents also believe organisations’ cyber resilience and data security strategies are not keeping up with the current threat landscape. Only 25 per cent have full confidence in their company’s cyber resilience strategy and its ability to ‘address today’s escalating cyber challenges and threats’.

Slow data recovery

Cyber resilience is a technology backbone for business continuity. It defines companies’ ability to recover their data and restore business processes when they suffer a cyberattack or adverse IT event. However, according to respondents, every company has cyber resilience and business continuity challenges.

• All respondents said they need over 24 hours to recover data and restore business processes
• Just 10 per cent said their company could recover data and restore business processes within one to three days
• Thirty-eight per cent said they could recover in four to six days, and 34 per cent need one to two weeks to recover
• Alarmingly, almost one in four (24 per cent) need over three weeks to recover data and restore business processes

Further demonstrating cyber resilience gaps, just 12 per cent said their company had stress-tested their data security, data management, and data recovery processes or solutions in the six months before being surveyed. Additionally, 46 per cent had not tested their processes or solutions in over 12 months.

A lack of cyber resilience results in ransom payments

A huge 97 per cent of respondents said their company would pay a ransom to recover data and restore business processes, while five per cent said ‘maybe, depending on the ransom amount.’ Almost three quarters (73 per cent) said their company would be willing to pay over £2.4million to recover data and restore business processes. A further 39 per cent of respondents said their company would be willing to pay over £4million.

The research also showed the importance of being able to respond and recover. Nine in 10 (97 per cent) said their organisation had paid a ransom in the prior two years. This was despite 94 per cent saying their company had a ‘do not pay’ policy.

“The figures in the survey show huge deficiencies in an organisation’s ability to achieve the required recovery times to avoid significant disruption”, said James Blake, global head of cyber resiliency GTM Strategy, Cohesity. “Many organisations also said they would pay a ransom to reduce disruption. Paying the ransom almost certainly results in a loss of some of the data.

“Not to mention we’ve seen the UK sanction ransomware operators, the last thing senior management need after dealing with a ransomware attack is the prospect of a huge fine or custodial sentence for breaching sanctions.”

Executive management should be accountable for data security risks and attacks

Respondents identified executive awareness and responsibility for data security as two areas for companies to improve, with just 31 per cent saying their senior and executive management fully understands the ‘serious risks and daily challenges of protecting, securing, managing, backing up, and recovering data.’

Four in five said executive management (C-Level) and boards should share the responsibility for their company’s data security strategy, while 64 per cent said their company’s CIO and CISO, in particular, could be better aligned.

Prioritising their biggest concerns about a successful data breach or cyberattack, respondents selected brand and reputational damage (33 per cent), long-term operational outcomes and projects (31 per cent), a direct hit to revenue (31 per cent), and a loss of stakeholder trust (30 per cent).

When asked who is most impacted by a data breach or cyberattack, respondents said existing customers (31 per cent), the Security team (28 per cent), the IT team (28 per cent), employees (28 per cent), and their third-party partners (28 per cent) were most impacted.

“Cyber resilience and data security should be a holistic organisational priority because the use of data and technology occurs in every function by every employee. The severe impact of a successful cyberattack or data breach on business continuity, revenue, brand reputation, and trust is enough to keep all business, IT, and Security leaders awake at night,” said Sanjay Poonen, CEO and president of Cohesity.

“To rapidly respond to cyberattacks, organisations need modern AI-powered data security and management solutions that protect their data, detect when it is under attack, and recover it as fast as possible to restore their business processes.”

Regulation isn’t driving companies’ cyber resilience and data security best practices

Despite consistent efforts from governments and public institutions to encourage cybersecurity and data management best practices, only 46 per cent of respondents said their initiatives, legislation, and regulations are driving their companies’ data security, data management, or data recovery initiatives.

Amongst the respondents who said government initiatives, legislation, and regulations are driving their data security, management, and recovery approaches, two in three specifically named these as the most influential:

United Kingdom:

1. National Data Strategy (NDS)
2. Consumer Data Right (CDR)
3. Data Protection Act 2018
4. UK Cloud Security Principles

Asia-based digital payment and digital banking solutions provider, FOMO Pay, is strategically partnering with Klasha, the global cross-border payment company, to power cross-border payments between Africa and Asia.

FOMO Pay links up with Klasha, now that Asia has firmly established itself as Africa’s predominant trading ally. Recent studies reveal that Asia accounts for over 40 per cent of Africa’s exports and imports; drastically increasing the importance of facilitating cross-border transactions between the two regions.

Recognising this, the new partnership between Klasha and FOMO Pay aims to provide a platform that enhances cross-border payment capabilities for merchants and businesses across Africa and Asia.

Thanks to the collaboration, FOMO Pay plans to enhance collections for its corporate clients through Klasha’s platform, empowering businesses to receive payments in local African currencies and money methods while they get payouts in their preferred currencies.

Jess Anuna, CEO of Klasha, said: “We are excited about our new partnership with FOMO Pay and what this unlocks for merchants in Africa and Asia.

“With combined efforts, we will continue to enable merchants in Asia to collect payments from the continent more seamlessly through our payment rails and our unique ability to terminate payments in greater Asia. We also look forward to widening our services to more merchants with this partnership.”

Ultimately, the collaboration will look to open new avenues for African and Asian merchants and businesses, by facilitating market expansion and significantly easing entry into new territories.

Supporting market expansion

FOMO Pay explained that it expects the partnership to empower businesses based in both continents to thrive in an increasingly interconnected global economy by providing essential cross-border payment solutions.

Zack Yang, co-founder of FOMO Pay, also commented: “In this era of globalisation, the synergy between FOMO Pay and Klasha marks a significant milestone in increasing financial connectivity between Africa and Asia.

“Our partnership is more than just a business collaboration; it’s a commitment to fostering seamless payments and economic growth across continents. By partnering with Klasha, we enhance our service offerings, expand payment corridors, and empower our institutional clients to grow in the global market.”

Asian businesses will keep a keen eye on the move as they look to expand into new markets in Africa and broaden their customer base.

‘Pay by Bank’ is catching on across the globe. The payment method which enables consumers to pay merchants directly through their own bank account, without the need for a debit or credit card, continues to enjoy increasing levels of success. Continuing its growth, ‘Pay with Bank’ transfer, powered by American Express, has partnered with one of the UK’s largest energy suppliers, OVO.

By partnering with American Express, up to four million OVO customers can now pay their energy bills seamlessly from their bank accounts without having to enter card details online or complete additional authentication checks.

Pay with Bank transfer is initially available to all OVO pay monthly customers and those purchasing renewable products, who currently make debit payments by card, cheque or faster payments.

Using Pay with Bank transfer to make online payments reduces errors, as the customer doesn’t have to enter any card details or reference numbers. Customers are redirected to their bank’s webpage or app to authenticate the payment as they normally would for online banking.

The payment itself is protected by bank-level security and is made in just a few clicks. Customers also get visibility of their bank account before payment is processed, giving them greater control.

Helping consumers manage bill payments

Holly Coventry, vice president of international open banking payments at American Express, said: “We’re delighted to announce OVO as our first partner in the utilities sector. Pay with Bank transfer lends itself very well to bill payments as it’s seamless, secure and easy to use.

“We know that missed and unallocated payments cause problems for both customers and utilities providers, and we hope that this partnership helps to address these pain points, giving customers greater visibility and control when paying their utility bills.”

Mark Robson, VP of commercial development at OVO, also added: “We want to ensure that our customers have access to a range of payment options. We’re delighted to be working with American Express to bring these benefits to our growing customer base.”

In addition to OVO, Pay with Bank transfer is continuing its growth momentum by expanding into new sectors and agreeing new merchant partnerships. Recent signings also include leading bus operator Go Ahead, and football clubs Fulham FC, Watford FC and Stoke City FC, where supporters can use the product for online purchases from the clubs’ shops.

Careem, a multi-service app in the Middle East and North Africa (MENA) region, has partnered with iPiD, a technology provider, to enhance the international remittance feature of Careem Pay.

As part of this collaboration, Careem Pay customers will need to provide only the account number of their recipient. The ‘Breeze’ feature automatically validates the account number and retrieves the recipient’s name for customer confirmation.

“Customers need to be reassured that they’re sending money to the right person, and Breeze, powered by iPiD will give them that reassurance,” said Mo El Saadi, VP of Careem Pay. “Careem Pay was launched to simplify payments experiences for customers, and we’re excited to streamline our remittance service even more to provide customers with simple, fast, and secure transactions.”

Damien Dugauquier, co-founder and CEO of iPiD, also added: “We believe that user experience and security are the two biggest differentiators for cross border transfers. Our collaboration with Careem Pay reflects our commitment to delivering innovative solutions in the digital payments space. Together, we strive to redefine the remittance experience for users.”

International expansion

Initially launched for UAE customers with transfers to Pakistan, Careem Pay’s international remittance service has recently expanded to India. This expansion allows both customers and Captains to make instant transfers to one of the region’s largest remittance corridors.

In 2022, India received $90billion in remittances, with the UAE being its second-largest source. Given that the UAE is home to a significant population of Indian expatriates, with over 3.554 million residing and working in the country as of August 2023, this expansion is of great significance. Careem Pay plans to further extend this service to include transfers to other vital remittance corridors, including the Philippines and Egypt, in the upcoming months.

Since its launch, Careem Pay’s remittance service has maintained a healthy user retention rate of 77 per cent, with an average transaction time of 15 minutes. Notably, it has experienced remarkable month-over-month growth in remittances, with a 40 per cent increase.