Jul 8, 2021

Google is set to buy payment startup Pring, Nikkei reports

Fintech
Google
Pring
Payments
2 min
Google is to expand fintech services in Japan by purchasing Japanese smartphone payment startup Pring, Nikkei reports

Google is in talks to acquire Tokyo-based cashless payment provider pring according to Nikkei. The deal could enable Google to offer financial services of its own rather than being reliant on partner banks and credit card companies.

Pring is currently owned by Mizuho Bank, along with a number of investors and Google is reportedly set to pay between $180m and $270m for all of the company's shares. 

The cashless payment market in Japan is in a relatively immature state compared to other countries where there has been wider adoption of alternative payment methods. Japanese consumers have been slow to embrace cashless payments, which suggests that the market has plenty of room for expansion. The entry of Google will intensify competition in the sector, where other technology players have already seen opportunities.

Japan's share of cashless payment in retail transactions was just under 30% in 2020, compared with 70-90% in South Korea and China.

 

Google Pay partnerships

 

Pring currently provides payments, cash transfers, and withdrawals via smartphones and computers to its clients. It also has over 400 corporate customers who use the service to make small payments to other business owners or offer reimbursements to customers. 

Google Pay has operated in Japan since 2015, but it operates in partnership with major credit and prepaid card brands. By having pring and its network, Google will be able to operate financial services on its own, rather than on behalf of those partners.

Google is expected to roll out banking services within Google Pay in the US later this year, in partnership with Citigroup and other financial institutions. After the "Plex" banking feature rolls out, you'll be able to create a digital-only bank account from Android phones within minutes. Once your account has been set up, you will be able to send money to your friends and family from your new account through the Google Pay app. 

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Jul 28, 2021

Nymbus enters strategic partnership with Plaid

Fintech
NYMBUS
Plaid
Digitalpayments
2 min
Nymbus has partnered with Plaid to help meet customer demand for connecting to digital finance apps

Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions. 

This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.

 

What are the benefits of the integration?

 

Benefits of the Nymbus and Plaid integration for financial institution customers include:

  • Improve user identity verification and reduce fraud.
  • Instantly authenticate and link members’ bank accounts.
  • Streamline ACH transfers between any bank or credit union in the US.
  • Access and analyse comprehensive transaction data.
  • Validate real-time account balances to protect against overdraft and enable account pre-funding.

“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”


 

Continuous growth and expanding partnerships

 

Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.

Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.

Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”


Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.

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