Visa Fintech Partner Connect helps to transform payments
The company will include a “suite of enhanced capabilities” that combine its own with those of 13 carefully selected partners in the European fintech sector. These include:
“The popularity and need for digital payments and online banking have never been greater with the global pandemic accelerating this shift in behaviour,” said Mark Nelsen, Senior Vice President, Europe Product, Visa.
“This means that financial institutions and businesses of all sizes are looking for ways to rapidly develop their offerings. Visa Fintech Partner Connect enables them to do just that, combining Visa expertise with some of Europe’s most innovative fintechs to develop next generation digital solutions.
“We’re already working on a number of exciting projects and look forward to collaborating closely with our clients on new projects over the coming months, which we are confident will enhance the digital payments experiences available to consumers across Europe.”
Payments solutions: accelerated growth
Calculating the market’s size in excess of US$60bn in 2019 and estimating an 11% CAGR between over the next six years, GMI believes that the payments industry will be worth $140bn by 2026.
Among the report’s findings were the following:
- There appears to be a positive correlation between QR code technology and contactless payment trends.
- A prolonged surge in internet penetration is feeding ecommerce models.
- The ease and lack of restrictions relating to debit cards are fueling their use.
- North American digital payments adoption is expected to remain particularly healthy, with GMI estimating that the region will hold a 40% market share in 2026.
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG