Tabby’s Post

🎉 We’ve hit 1 million transactions! 🎉 Stay tuned for more exciting updates as we continue to revolutionize digital payments in Pakistan. 💳💡 #PaySa #1MillionTransactions #DigitalPayments #FintechPakistan

mutilated naira note from Access Bank plc atm in Opebi, Lagos state. Has the CBN dropped its banking oversight functions? There was a time in this country that atm gives you mint notes I guess that era is gone. please someone should ensure that the quality of naira notes we get when we use atm are clean and worth keeping. if banks give mutilated notes through their machines what do you expect from POS operators? They are more reliable than banks now. At least you see what they are giving you. Someone do something okay?

An interesting piece of development caught my eye earlier this week - Ethiopia’s Central Bank has launched a unified Quick Response (QR) Code standard to facilitate digital merchant payment services. Why does this matter? Ethiopia 🇪🇹 is home to more than 129 million people. Only about 45% of the adult population have a bank account. However, the country is on the cusp of a transformative shift in the financial landscape with the below initiatives - 1. Safaricom became the first private telecom provider in Ethiopia after the government in 2019 liberalised a sector that had long been dominated by the state-controlled Ethio Telecom. M-Pesa(Safaricom's mobile money service) now has 3.1million customers. 2. Preparations for the launch of the Ethiopian Securities Exchange (ESX) the first and sole organized securities exchange in Ethiopia are in the final stages. 3. With the revised National Financial Inclusion Strategy (NFIS 2021–2025) aiming to increase financial inclusion from 46% to 70% of all adults by 2025, mobile money services are set to play a key role 4. Adoption of mobile money by government departments and its growing use by private sector players such as mid-sized brands like supermarkets, petrol stations, and SMEs A National QR code standard will be pivotal in this journey as the country looks to leverage mobile money and boost digital payments to bring financial access to the masses. According to the GSMA, mobile money services “could lift 700,000 people out of poverty, add US$5.3 billion to Ethiopia’s GDP, increase tax revenue by US$300 million and provide a cushion for the economic shocks experienced by almost 40% of Ethiopian households.” Having worked extensively with mobile wallet providers, regulators and clients globally to curate and drive adoption of mobile money solutions, financial inclusion is a topic close to my heart. It’s encouraging to see the power of mobile money as a disruptive innovation and a force for good, across emerging markets 👍 #payments #mobilemoney #mobilepayments #financialinclusion #QRcode #ForceForGood https://lnkd.in/gqX2Q-Fi

For detailed information on Payment Services and Issuance of Electronic Money and Payment Service Providers, please see our newsletter prepared by our Partner Eren Üçok and our Associate Eren Kutadgu. #BenerLawOffice #electronicmoney #paymentservices

In Morocco, MT Cash stands as a prominent player among mobile wallets, simplifying transactions and fostering financial inclusion. Amidst a digital evolution, mobile wallets like MT Cash are becoming indispensable for daily transactions. As the country witnesses a shift towards digital methods, the landscape of financial transactions evolves. Interested in incorporating advanced payment solutions like MT Cash into your operations? See how PayAmigo can assist you in navigating Morocco's digital payment landscape effectively. #MTCash #DigitalWalletsMorocco #PayAmigoSupport #FinancialInclusion #DigitalPayments

Pakistan's digital payment ecosystem is thriving, with the Raast instant payment system processing Rs1 trillion in just 16 days—a marked improvement from two years ago when it took 336 days to achieve the same. This rapid growth reflects the increasing adoption of digital transactions across the country. Since its launch, Raast has processed 892 million transactions worth Rs20 trillion, with the average payment size of Rs22,421. The surge is primarily due to the Person-to-Person (P2P) module, introduced in 2022, simplifying payments and boosting financial services access. Additionally, the new Person-to-Merchant (P2M) module allows businesses to accept payments via QR codes and Raast IDs, further promoting financial inclusion, especially for small enterprises. The State Bank of Pakistan (SBP) efforts, alongside a rise in financial accounts and savings, signal a transformative shift towards a cashless economy, positioning the country for sustained digital growth. #DigitalPakistan #TechUpdate

There has been strong growth in the total volume of payment transactions settled in the SAMOS system that is owned by the South African Reserve Bank and facilitates the settlement of domestic payment transactions. Growth in transaction values has been much more modest however. Electronic funds transactions represent the majority of transaction values, followed by credit and debit card transactions. The volume of transactions utilizing South Africa’s instant retail payment offering, known as the real-time clearing (RTC) system and PayShap, which is a low-value, real-time (instant) interbank payment offering have increased dramatically, although they still only represents a small share of total transaction values. See all the charts here: https://lnkd.in/dqUPC7KB

The payments ecosystem is rapidly changing the way we do business and one of the biggest catalysts for change has been groundbreaking legislation.⁣ ⁣ On February 7, 2024, the European Parliament adopted the Instant Payments Regulation (IPR), heralding a new era of swift and seamless transactions. With IPR, funds will reach recipients' accounts within 10 seconds, making instant credit transfers a reality. Also the payer will receive confirmation within the same timeframe providing transparency and peace of mind reducing the risk of errors.⁣ ⁣ So what does this mean for your business? IPR will enable businesses to leverage the speed and efficiency of instant payments to streamline operations and deliver the ultimate frictionless customer experience. ⁣ ⁣ To find out how AIB Merchant Services can support your business in 2024 contact our Sales Team today https://lnkd.in/eKkXW4fm #poweredbyaibms #backedbyaib First Merchant Processing (Ireland) DAC, trading as AIB Merchant Services, is regulated by the Central Bank of Ireland.⁣⁣

Have you read our e-zine? 📰 Key content includes: 🔑 How we make payments easy. 🔑 What could you do with an extra £750,000? A success story with Walsall Housing Group (whg). 🔑 Cash is far from dead: The importance of collaborting with Over-The-Counter networks and how allpay is bridging the gap. 🔑 How well do you know your customers? An article from our Money Laundering Officer, Victoria Preece, about the importance of knowing your customer in the battle against financial crime. Dive into the first edition of the Future of payments, to keep informed and inspired in the world of payments and technology: https://lnkd.in/eQCyy8wd #ezine #TheFutureOfPayments

QR code transactions in Russian payment card system over 1.5 mln in two months According to the report, twenty banks take part in open testing of the new service, with fifteen of them already transacting payments with the use of the unified QR code MOSCOW, August 19/ The number of transactions made using the all-purpose QR code of the Russian National System of Payment Cards (NSPC) was over 1.5 mln during two months of tests, NSPC’s press service informed. "It is possible now to pay by the all-purpose QR code in more than 74,000 of trade and service businesses - either in regional points of sale or in federal chain stores. Purchases were paid more than 1.5 mln times during the first two months of testing," the press service informed. According to its data, twenty banks take part in open testing of the new service, with fifteen of them already transacting payments with the use of the unified QR code. NSPC announced the launch of the pilot project on the all-purpose QR code this June. #business #finance #financialservices