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.
COVID-19 is driving a need for fintech companies to reprioritize. Fintech has been a hot space for investor interest in recent years, but general uncertainty is having an impact. Globally, deals are falling after achieving record levels over the past couple of years, signaling a possible shift away from the focus on aggressive growth. So where does the space go from here? From CB Insights.
Or is funding continuing to flow in Southeast Asia? In a somewhat contradictory view, IBS Intelligence reports that the amount of funding that flowed into Indian fintech during January-March was up 40% despite a decrease in number of deals. The numbers were similar across Southeast Asia. Analysts suggest that an interest in companies that are increasing access to digital financial services may account for the positive numbers. From IBS Intelligence.
UPI payment growth slows in India. For the first time after almost a year of ongoing growth, the Indian government-backed unified payments interface (UPI) has seen a decline in transactions. The payment method fell to 1.25 billion transactions in March after hitting 1.33 billion in February. The slowdown can be attributed to a lack of activity as the country locks down to mitigate the spread of the coronavirus. From Inc42.
Another central bank has decided to tip the scales in favor of digital payments. This time it’s in Ethiopia, where a new directive from the National Bank of Ethiopia has laid out a framework for regulating the electronic payments space. The ability to obtain a license to offer digital payments will not be limited to financial institutions. From 2merkato.com.
Phos gets funds. A U.K.-based fintech startup, Phos, has announced €1.3 million in new funding. The company enables merchants to accept payments directly on their phones through its POS software. With this round, the company’s total fundraising so far is €2.5 million. Phos works with acquiring partners to distribute its product, calling merchant end customers “notoriously difficult to reach in a cost-effective way.” From TechCrunch.
Monetary Authority of Singapore: MAS Launches S$125 Million Package for Financial Institutions and FinTech Firms to Strengthen Long-Term Capabilities