PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
A pandemic-related decline for digital transactions means that they are integrated with the overall economy in India… This is according to the Reserve Bank of India’s annual report, which said that the cumulative value of digital payments during the first five months of the year declined by 25.5%. Digital transactions are likely to increase again as the economy recovers from the pandemic, the report said. From The Hindu Business Line.
…But they are still forecasted to rise dramatically over the next few years. A report from RedSeer Consulting predicts that digital payments in India will more than triple by 2025. The firm expects that the number of mobile payment users will grow from 160 million today to 800 million in five years, and that mobile payments will account for about 2.5% of digital payments, up from around 1% now. From Press Trust of India.
The Agricultural Bank of Egypt (ABE) is working with e-payment company Fawry as part of its initiative to install 25,000 POS terminals across the country. ABE is installing the POS terminals at businesses that operate in the agricultural sector as part of Egypt’s drive to increase financial inclusion. Fawry will help with bill collection through 240 terminals. Fawry also operates as a payment facilitator. From Zawya.
PF Checkout.com and Pakistan’s National Institutional Facilitation Technologies (NIFT) are partnering to help grow financial inclusion in Pakistan. The two companies have signed a memorandum of understanding to try to introduce better digital payment options there. The companies will rely on each other’s infrastructure to offer new payments services. From Crowdfund Insider.
Funding for APAC fintech companies grew 9% during the second quarter this year. According to a report from S&P Global Market Intelligence, Indian companies received nearly 43% of the total investment in the region during the first quarter, but that number fell during Q2. Companies in Southeast Asia and Australia made up the difference, tripling and doubling their investments respectively. From The Business Times.