In many ways, technology makes the world go round, not money. It’s hard to imagine life without cars, planes, instant messaging, video streaming, and even social media. As we have seen in history, new inventions and technologies are powerful growth multipliers for societies and set some apart from others. Times have changed and in the modern age of the internet, there is no reason anyone should be left behind when it comes to accessing new digital innovations.

Why is access to financial services so low?

Financial needs are both global and local. While major financial institutions are globally interoperable through systems such as SWIFT, Visa, Mastercard and others, local systems have evolved independently in different regions due to varying regulations, economic activity and of consumer behavior. Unfortunately, unequal access to technology and complex regulations work against equitable financial access.

Even though access to bank accounts has changed to 76% of the world’s adult population according to the World Bank, there is a clear inequality in the availability, cost and quality of financial services around the world. A report published by the African Development Bank shows that less than half of the African countries covered have access to bank accounts, let alone other financial services such as loans, insurance, investments and savings products. In our own team at Rehive, it is interesting to observe the varying access to financial services for team members in different regions. For example, our team in Amsterdam has access to Revolut which allows them to easily invest in US stocks like Apple, Tesla or Facebook and easily exchange stocks for fiat to make purchases on the fly. While our team in South Africa has limited options with less convenience, higher fees and longer waiting times.

What is the solution?

The inclusion of innovation is a key element of financial inclusion. The The World Bank accepts, stating that financial inclusion can be accelerated through the use of innovative technologies and the entry of non-traditional technology-driven institutions. Traditional financial institutions have failed to improve financial inclusion, it is time for technology to step in.

The open source software movement has leveled the playing field in many industries, but it remains somewhat intact in banking and financial services. Banks are really good at keeping a grip on their strategic moats: regulation and technology. As a result, innovation becomes somewhat stagnant in some areas and people are underserved.

Bitcoin introduced the idea of ​​a decentralized unified global financial system as an alternative to a globally decoupled system controlled by countries and governments. This means that it is possible to build a monetary system that can operate anywhere in the world without asking permission from a central authority. These decentralized principles gave hope that access to financial services would become more equitable. However, the sad news is that it is expensive to create production-ready fintech or banking solutions from scratch. It easily costs over $250,000 to create an MVP for an app like Cash App or Revolut. This is especially true in smaller countries where the market opportunity does not justify the cost of building a modern banking product. There are not enough resources, engineering talent and capital available to do so.

What does it take to enable local entrepreneurs in under-resourced countries to build “Cash Apps” that meet local needs? The global underlying financial software and networks are there, what is missing is a low cost solution on the application layer of the fintech and crypto stack, making it easier to launch financial and banking products without requiring software development . It should be inexpensive and easy to deploy a new product that is interoperable with global and open payment networks like Bitcoin, Stellar, or Ethereum, while branding is configurable to target a specific market segment. It’s silly for every new neobank to build their own apps in-house, costing millions of dollars, especially when the feature sets are pretty standard for each one.

Shopify is a great example of how they’ve leveled the playing field for e-commerce regardless of geography. Shopify has even reached the tipping point where it’s so comprehensive and flexible that big brands like RedBull use their services, instead of building in-house.

In short, what we need is a platform like Shopify, but for banking and financial services.

Revolution, the most valuable in Europe fintech, is a place that demands a lot from its employees. He is also the one who gives a lot, especially to his young staff. This youth-focused approach has existed since its inception. One of his most notable alumni, Alan Changjoined at age 21 and left a millionaire at age 28.

If you’re a new grad looking to get ahead, Revolut still seems to be the place to do it. In a weekend article, the FinancialTimes reported that a number of twenty-somethings from the app-based bank have been promoted to “founding partners” by CEO Nik Storonsky. Their role is “to observe the professions and report directly to them”. Revolut has reportedly referred to these young people as “COOs” for a year.

Some of those COOs spent a few years in the industry, like Amantay Nurgaliyev who graduated in 2014 and left a job at Uber for Revolut in February. Similarly, another manager – Alena Rybalko, spent over two years working for Revolut before moving to rival Paysend. Rybalko returned to Revolut and worked in the business for another two years before becoming chief operating officer last summer.

However, other operating managers reporting directly to Storonsky at Revolut had much less experience. For example, Viktor Bondestam and Alessandro Giarré only graduated in 2019 and 2018 respectively. The newest addition to the cadre, Eduardo Maric from the COO’s office, only graduated in 2020 before joining in October.

Storonsky’s appeal for youth caused a stir among senior Revolut executives who suddenly found relatively junior people in positions of power. Also on weekends The temperature reported that an executive who resigned ahead of an FCA review last year left “in part because he couldn’t persuade Storonsky to change the culture” in a meaningful way. geven the youth culture of FTX before its collapse, the experience suddenly seems more important.

Revolut’s cultural idiosyncrasies are well documented and apparently caught the attention of regulators. An FCA review “raised the alarm” about an “undesirable culture and operational issues” within fintech according to the Financial Times, which quotes a former executive who describes the culture as “relentless”.

It’s not all bad though. While the culture is led by Storonksy, he is also fair and unbiased. The Times praises Revolut’s CEO for being “very generous” in giving people equity and enabling a secondary sale of shares every funding round. Former colleague, Nutmeg founder Nick Hungerford says Storonksly, “is incredibly focused and determined and makes no excuses for who he is.”

And yet, Hungerford acknowledges that Storonksly can also be “really hard to digest” for “a lot of people.” It’s not that he’s “a bad person” or “toxic,” said the executive who resigned. It’s just that the CEO of Revolut is a so-called ‘machine’ without an ‘equalizer’, and that this ‘leads to a culture of high friction’.

Revolut responded to the Financial Times by stressing that its “high performance culture” is “diverse, supportive and encourages people to be the best”. During an investor call last week, Storonsky saw himself as a “coach” for his team of “elite athletes.”

Revolut is not for everyone. Blind reviews on the Blind forum website give the fintech an average rating of 2.9 stars. There are far more 1-star reviews than 5-stars, and the lowest-rated category within the company is its management. A review of a current employee this month describes it as “chaos” and warns of a “lack of psychological safety.” Reviews on Glassdoor fare a little better with an average of 3.6 stars. Although only 66% would recommend working there, 74% approve of the CEO.

And yet, there are advantages to working there. Storonsky, in that call for investors, said “no one will be on the team forever” and that “everyone understands and accepts that.” With examples like Alan Chang proving how much working for Revolut can pay you, a short burst of intense work can be quite worthwhile.

The latest research study published by AMA “Worldwide Crypto Card Market” with more than 100 pages of analysis on the business strategy adopted by key and emerging players in the industry and provides know-how on the current development of the market, the landscape, technologies, drivers, opportunities, market view and status. Understanding the segments helps to identify the importance of different factors contributing to market growth. Some of the top companies covered in this research are TenX (Singapore), Bitpay (US), Bitwala (Germany), Coinbase (US), Cryptopay (UK), Wirex (UK), Revolut (UK) UK), Spectro Finance (UK), Crypto.com (China), Monolith (Italy).

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Brief summary of the crypto card: Crypto cards are the crypto debit cards that perform the same function as regular credit or debit cards. However, instead of only using fiat currency, the user can use their crypto to pay for goods and services to vendors who accept them. In other words, it’s a great way to get instant Bitcoin purchasing power, but they’re not credited equally. Additionally, some service providers offer the ability to instantly convert crypto to fiat to use the physical card for any transaction. Users do not need a Bitcoin ATM to convert cryptocurrency into actual banknotes. With encrypted debit cards, users can use any ATM to withdraw cash.

In February 2020, CoinDeal is launching the Crypto Debit Card with various benefits. It will allow crypto holders payments anywhere in the world, as well as cash withdrawals from ATMs in local currencies.

Market opportunities:
• Increase in the popularity of Bitcoins
• Growing Popularity of Crypto Cards in Asia-Pacific

Market trends:
• Transition to cashless society
• Increase cryptocurrency acceptance in real-world stores

Market factors:
• Increased investment in cryptocurrency
• Growing adoption of decentralized finance

Market challenges:
• Lack of consumer awareness of crypto cards

The Global Crypto Card Market Segments and Market Data Breakdown are illustrated below:
by type (virtual card, physical card), application (personal, business), cryptocurrency type (Bitcoin, Litecoin, Ripple, Ethereum, others), card type (EFTPOS, VISA, Mastercard)

This research report represents a 360-degree overview of the competitive landscape of the global Crypto Cards Market. Also, it offers massive data related to recent trends, technological advancements, tools, and methodologies. The research report analyzes the Global Crypto Card Market in a detailed and concise manner for better understanding of the businesses.

Regions Covered in Global Crypto Card Market:
• The Middle East and Africa (South Africa, Saudi Arabia, United Arab Emirates, Israel, Egypt, etc.)
• North America (United States, Mexico and Canada)
• South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
• Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia United Kingdom, Italy, France, etc.)
• Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia).

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The research study relied on graphical presentation techniques such as infographics, charts, tables, and images. It provides guidelines for established players and new entrants in the global Crypto Card market.

The detailed elaboration of the Global Crypto Card Market has been provided by applying industry analysis techniques such as SWOT and Porter’s Five Technique. Collectively, this research report offers a reliable assessment of the global market to present the overall business framework.

Attractions of Global Crypto Cards Market Report:
• The report provides detailed information about market size, regional market share, historical market (2016-2021) and forecast (2022-2027)
• The report covers detailed information about competitor overview, company share analysis, key market developments and their key strategies
• The report describes the drivers, restraints, unmet needs and trends currently affecting the market
• The report tracks recent innovations, key developments, and details of the start-up companies actively working in the market
• The report provides a plethora of information on market entry strategies, regulatory framework and reimbursement scenario

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Strategic Points Covered in Crypto Card Market TOC:
Chapter 1 to explain the introduction, market review, market risks and opportunities, market driving force, product scope of the global Crypto Cards Market;
Chapter 2 to inspect the Major Manufacturers (Cost Structure, Raw Materials) with Sales Analysis, Revenue Analysis, and Price Analysis of Global Crypto Card Market;
Chapter 3 to show the targeted situation among top producers, with deals, revenue and global Crypto Card market share 2021;
Chapter 4 to display the regional analysis of Global Crypto Card Market with revenue and sales of an industry, from 2021 to 2023;
Chapter 5, 6, 7 to analyze key countries (United States, China, Europe, Japan, Korea & Taiwan), with sales, revenue and market share in key regions;
Chapter 8 and 9 to expound the international and regional marketing type analysis, supply chain analysis, trade type analysis;
Chapter 10 and 11 to analyze the market by product type and application/end users (sales, share and industry growth rate) from 2021 to 2027
Chapter 12 to show the global Crypto Cards Market forecast by regions, forecast by type and forecast by application with revenue and sales, from 2021 to 2027;
Chapter 13, 14 and 15 to specify Research Findings and Conclusion, Appendix, methodology and data source of buyers, merchants, dealers, sales channels of Global Cryptographic Cards Market.

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Crypto Card Market Research provides answers to the following key questions:
 What is the expected growth rate of the crypto cards market?
 What will be the size of the crypto cards market for the forecast period, 2021-2027?
 What are the major driving forces responsible for changing the trajectory of the Crypto Card market?
 Who are the major vendors dominating the crypto cards market across different regions? What are their victories to stay ahead of the competition?
 What are the crypto card market trends that business owners can rely on in the coming years?
 What are the threats and challenges expected to limit the progress of the Crypto Card Market across different countries?

Thank you for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.

Contact us:
Craig Francis (Public Relations and Marketing Manager)
AMA Research & Media LLP
Unit #429, Parsonage Road Edison, NJ
New Jersey United States – 08837
Telephone: +1 (551) 333 1547
sales@advancemarketanalytics.com

About the Author:
Advance Market Analytics is a global market research industry leader that provides quantified B2B research to Fortune 500 companies on emerging, high-growth opportunities that will impact over 80% of global business revenue.
Our analyst tracks high growth study with detailed and in-depth statistical analysis of market trends and dynamics that provides a comprehensive overview of the industry. We follow a thorough research methodology coupled with critical insights related to industry factors and market forces to generate the best value for our clients. We provide reliable primary and secondary data sources, our analysts and consultants obtain informative and usable data tailored to the business needs of our clients. The research study enables clients to achieve varied market objectives ranging from global footprint expansion to supply chain optimization and competitor profiling to mergers and acquisitions.

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Latest Industrial Growth Study of Alternative Finance Market 2022-2027. A detailed study accumulated to offer the latest information about the acute characteristics of the alternative finance market. The report contains different market forecasts related to revenue size, production, CAGR, consumption, gross margin, price, and other important factors. While emphasizing the major driving and restraining forces of this market, the report also offers a comprehensive study of the future market trends and developments. It also examines the role of major market players involved in the industry, including their company overview, financial summary, and SWOT analysis.

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Key players in this report include:
Revolut (UK), Mintos (Latvia), Funding circle (UK), Coinbase (US), Prodigy finance (UK), Thinknum (US), Equity Zen (US), Tradeshift (US), Workday (US), Trulioo (Canada)

Definition:
Alternative finance is the product that excludes traditional banks such as banks, stocks and bonds. This includes fundraising from online platforms and other sources. Various business-related reasons prevent them from opting for traditional banking options. Therefore, these companies have to find other sources such as crowdfunding, grants, Mezzanine leaders, private equity and others. This type of financing offers benefits such as mentoring, client validation, advice and membership.

Market factors:
Improved access to finance through a technology-driven approach
Additional benefits such as advice, membership and mentorship fuel growth

Market trends:
Growing number of tech startups
Emergence of a large number of alternative financing models

Market opportunities:
Growing popularity of alternative funding sources such as crowdfunding and community actions

Challenges:
Lack of individuals on the individuals and companies they would fund

The global alternative finance market segments and market data breakdown are illustrated below:
by type (crowdfunding, grants, mezzanine leaders, private equity, peer-to-peer lending, other), type of instrument (cryptocurrency, SME mini bond, community equity, social impact bond, other), vertical sector (manufacturing , professional and business services, retail, construction, finance, healthcare, other), size of organization (SME, large enterprise)

The Global Alternative Finance Market report highlights insights regarding current and future industry trends, growth patterns, as well as offers business strategies to help stakeholders make sound decisions that can help ensure the trajectory of earnings over the forecast years.

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Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions:

The Middle East and Africa (South Africa, Saudi Arabia, United Arab Emirates, Israel, Egypt, etc.)
North America (United States, Mexico and Canada)
South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia).

Report objectives
– Carefully analyze and forecast the Alternative Finance market size by value and volume.
-Estimating the market shares of the major segments of Alternative Finance
– To present the Alternative Finance market development in different parts of the world.
-Analyze and study the micro markets in terms of their contributions to the alternative finance market, their prospects, and individual growth trends.
-To offer accurate and helpful details about factors affecting the growth of Alternative Finance
-To provide a meticulous assessment of crucial business strategies employed by leading companies operating in the Alternative Finance market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments and product launches.

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Main highlights of the table of contents:

Alternative Finance Market Research Coverage:
It includes major manufacturers, emerging player’s growth story and major business segments of Alternative Finance market, years considered and research objectives. Further, segmentation based on product type, application, and technology.
Executive Summary of Alternative Finance Market: It provides a summary of global studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, along with macroscopic pointers.
Alternative Finance Market Production by Region Alternative Finance Market profile of manufacturers-players is studied based on SWOT, their products, production, value, financials and other vital factors .

Key points covered in the Alternative Finance market report:
Overview, Definition and Classification of Alternative Finance Market Drivers and Barriers
Alternative Finance Market Competition by Manufacturers
Impact analysis of COVID-19 on the alternative finance market
Alternative Finance Capacity, Production, Revenue (Value) by Region (2021-2027)
Alternative Finance Supply (Production), Consumption, Export, Import by Region (2021-2027)
Alternative finance production, revenue (value), price trend by type {crowdfunding, grants, mezzanine leaders, private equity, peer-to-peer lending, others,}
Alternative Finance Market Analysis by Application {}
Alternative Finance Manufacturers Profiles/Analysis Alternative Finance Manufacturing Cost Analysis, Industry/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
Strategy by major manufacturers/players, standardization of connected distributors/traders, regulatory and collaborative initiatives, industry roadmap and analysis of value chain market effect factors.

Browse Full Abstract & Table of Contents @ https://www.advancemarketanalytics.com/reports/16342-global-alternative-finance-market#utm_source=OpenPR/Suraj

Answers to key questions
How feasible is the alternative finance market for long-term investments?
What are the factors influencing the demand for alternative financing in the near future?
What is the impact analysis of various factors on the growth of the Global Alternative Finance Market?
What are the recent regional market trends and how successful are they?

Thank you for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.

Contact us:
Craig Francis (Public Relations and Marketing Manager)
AMA Research & Media LLP
Unit #429, Parsonage Road Edison, NJ
New Jersey United States – 08837
Telephone: +1 (551) 333 1547
sales@advancemarketanalytics.com

About the Author:
Advance Market Analytics is a global market research industry leader that provides quantified B2B research to Fortune 500 companies on emerging, high-growth opportunities that will impact over 80% of global business revenue.
Our analyst tracks high growth study with detailed and in-depth statistical analysis of market trends and dynamics that provides a comprehensive overview of the industry. We follow a thorough research methodology coupled with critical insights related to industry factors and market forces to generate the best value for our clients. We provide reliable primary and secondary data sources, our analysts and consultants obtain informative and usable data tailored to the business needs of our clients. The research study enables clients to achieve varied market objectives ranging from global footprint expansion to supply chain optimization and competitor profiling to mergers and acquisitions.

This press release was published on openPR.

When Elon Musk took over Twitter, he insisted on making the microblogging site “the most accurate source of information on the planet”. During his short tenure, he made many changes, but everything seems to go diametrically to the stated goals.

One of the major changes – the Blue tick paid subscription – was touted as the only way to fight bots and trolls, and to “authenticate all real humans”, became a tool to spread fake information. Previously, the blue tick meant the account was thoroughly verified by Twitter. But now many have purchased the now-discontinued Blue tick subscription to impersonate people, causing a lot of chaos on the platform. Sometimes the imitation is not just for parody, but there are several cases where it caused the original user to lose character and money.

READ ALSO : Elon Musk’s first email to Twitter staff ending remote work: ‘Hard times’

Here are some tips you can follow to spot an impostor account and be careful with their tweets.

1) Check the nickname of the account, its creation date and the number of followers it has and also note who follows it.

For example, one account claimed to show NBA star Lebron James asking his team for a trade. James’ original handle – @KingJames – was created in 2009 and has over 52 million followers. These include other NBA players and the Los Angeles Lakers, his team.

But the account impersonating him used the handle @KINGJamez, and according to archived screenshots, it was created in November 2022 and had less than 200 followers.

2) Since the $7.99 subscription also gave a blue tick, users can check whether the blue tick is paid or the one obtained after verification. The pop-up window on paid accounts says, “This account is verified because they follow Twitter Blue.”

For accounts that have been verified for notoriety, it reads: “This account is verified because it is notable in the government, news, entertainment, or other designated category.”

3) Double check with government agencies and other public figure websites and platforms as they often list the Twitter profile on this.

4) Perform a logic check and become suspicious if an account starts posting overtly inflammatory messages.

Creation of fake accounts have become easy. “I renamed an old account in less than five minutes, got verification immediately using a Revolut card in my name, and then was able to use the account for two hours,” said Whelan, head of video and social media at the London-based Times. Radio, told AFP.

This demand for media literacy has become more crucial than ever, as the altered system could open the door to misinformation from accounts posing as government leaders and agencies, health officials, weather stations, financial advisers, etc.

(AFP input)

LONDON, November 10, 2022 /PRNewswire/ — Migrations to cashless societies exacerbate the need for mobile wallets with enhanced functionality and access to various end markets, including identity and ticketing. According to a global technology watch company ABI Searchthe global mobile wallet market will grow from a circulation of 3.5 billion in 2022 to over 5.6 billion in 2027.

“Ecosystem players in the mobile wallet market need to prepare for the constant migration of many economies away from cash. Compelling mobile wallet solutions will cover the need for improved functionality and user experience,” says Sam Gazley, digital payment technology analyst at ABI Research. “Underbanked regions like the Middle East, Africaand Latin America will experience the strongest growth in mobile wallets. These regions provide an opportunity to access banking services through wallet or mobile money services, further due to the availability of mobile infrastructure rather than banking infrastructure. »

The global mobile wallet market is showing strong growth in the post-pandemic era. With the largest proportion of underbanked and unbanked populations, the Middle East and Africa are fundamentally transforming their digital payment ecosystem. This growth in recent years is due to the development and increased use of monetary services such as M-Pesa and MoMo MTN for e-commerce. The consumers in Africa continue to benefit from the proliferation of alternative payment solutions developed by neo-international banks, challenger banks and telcos. The region as a whole will show robust growth during the forecast period, slightly lower than that of Latin Americawith a CAGR of 17.7% between 2022 and 2027.

Latin America is also experiencing a boom in mobile wallet usage. As the second fastest growing e-commerce market after the Asia Pacificmany consumers are shopping and banking for the first time in a digital ecosystem. Latin America effectively echoes the market observed in the Asia Pacific in recent years, in which access to better connectivity and digital services has caused a surge in the mobile wallet market. ABI Research sees Latin America as the fastest growing region during the forecast period, showing a CAGR of 18% between 2022 and 2027

Regarding the market ecosystem, the OEM wallets in place, such as Apple Pay, Samsung pay, and Google to pay, see increased pressure from Revolution, Monzoand Curve on the side of neo/challenger banks and payment companies such as PayPal and Venmo. Each seeks to outperform traditional banking solutions through digital approaches. “In addition, smart card vendors who have primarily focused on the physical payment card market, such as Thales, L+R also have a key role to play in the adoption of mobile wallets, either by offering their own wallet solution, providing cloud-based or decentralized solutions for card digitization, or helping central banks launch currencies digital,” concludes Gazeley.

These results come from the ABI Research study Mobile Payments Market: Innovation Strategies for Future Success application analysis report. This report is part of the company report Digital payment technologies research service, which includes research, data and ABI Insights. Based on in-depth primary interviews, Application analysis the reports present an in-depth analysis of key market trends and drivers for a specific technology.

About ABI Research

ABI Research is a global technology intelligence firm that provides actionable research and strategic advice to technology leaders, innovators and decision makers around the world. Our research focuses on transformative technologies that are dramatically reshaping industries, economies and the workforce today.

ABI research 是 一 家 国际 科技 情报 公司 ， 为 全球 领袖 、 、 创新 和 和 决策者 实用 的 市场 研究 战略性 指导 指导。 密切 密切 关注 各 行 行 业 、 全球 全球 和 和 劳动 劳动 市场 各 行 行 业 、 、 、 、 、 、 、 、 、 、 、 、 、 、 、 、 、 、全球和劳动市场带来颠覆性的的创新创新创新与技术。

For more information on ABI Research services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe+65.6592.0290 en Asia Pacificor visit www.abiresearch.com.

Contact information:

Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]

SOURCE ABI Research

Consumers are spending more and more time on their smartphones. From socializing to buying groceries, entertainment and shopping, everything is done via mobile phones. To build brand loyalty and loyalty among consumers, companies are introducing new services that provide more value to users. WeChat, in China, is a great example of this strategy. The platform which started as a social messaging app has expanded into new services to drive its revenue growth and create a complete ecosystem for its users, thereby creating brand loyalty.

Notably, many companies have opted for a super app strategy to drive their business growth in the past, and the trend continues in 2022 as brands look to generate more revenue per customer by introducing new services. For instance,

In October 2022, Revolut, one of Europe’s leading neo-banks and prepaid card providers, announced the launch of a new service called Shops for its users in Ireland. Notably, Shops is part of the company’s strategy to create a super app, through which it can generate additional revenue per user. The challenger bank, which provides prepaid card services worldwide, has made a foray into the e-commerce sector with the launch of Shops.
Using the service, Irish users can purchase products from over 1,000 brands without leaving the Revolut mobile app. Some of the major retailers that have partnered with Revolut include IKEA, Harvey Norman, JD Sports, and TK Maxx, among several others.

To make the new service appealing to its 1.9 million users in Ireland, Revolut is also offering 3% instant cash back on every purchase made through its mobile app as long as users purchase products using the Revolut prepaid card. Currently, there are no restrictions on the amount of cashback received. In addition to the 3% cashback, the company also offers discounts on products from various brands. Notably, Irish users can also opt for Revolut’s recently launched buy now pay later service at checkout.

As part of its super app strategy, the company rolled out its Pay Later service to a select group of users in Ireland in June 2022. Notably, the BNPL option allows users to fund their purchases up to €499 and spread the cost over three monthly installments. However, unlike the fee-free, interest-free BNPL service offered by many players, Revolut charges a fee of 1.65% per purchase, which is refunded in the last two installments.

The BNPL payment method is also integrated into the Revolut app, allowing consumers to choose the appropriate payment method at checkout. Users can select the Pay Later option through any of their Revolut prepaid cards, including the Revolut Disposable Virtual Card.

Apart from stores, the company also introduced a vacation home rental service in its mobile app in October 2022. This feature allows users to book vacation homes across the world and receive cash back. The launch of the holiday home rental service is part of the company’s accommodation booking service, Revolut Stays, which has provided over £1.5m in cash back, in October 2022. Currently, the Revolut Stays service is available to users in the UK. and Europa.

Launching all of these services means Revolut is creating an ecosystem where users receive everything in one place, delivering more value to users and generating additional revenue for the business. As of October 2022, the fintech company had over 20 million users worldwide and processed over 250 million transactions per month.

In Ireland, where the company has 1.9 million users, around 40% of the total population has a Revolut account. Having achieved such a high penetration rate in the country is probably why Revolut initially launched its Shops service in Ireland. If the service gains traction and generates revenue for Revolut, the company should roll out shopping capabilities for its global user base over the next three to four years.

Many fintech companies are considering the strategy of super apps to generate additional revenue per user. Klarna, one of the world’s leading players in the BNPL category, is another great example of a company betting on the super app game. For instance,

Over the past few quarters, Klarna has continued to broaden the reach of its supper app strategy. From launching new features allowing users to track their online purchases to introducing a search tool, Klarna is betting big on the super app game to drive revenue growth. In October 2022, the firm also launched a price comparison tool, allowing users to find the products more easily and at the best prices.

One of the main drivers for Klarna to embrace a super app strategy is the potential for increased market share. As BNPL businesses face strong headwinds amid rising inflation, interest rates and cost of living, Klarna is betting on offering more services, giving its platform a way to have alternative sources of income. Notably, offering more and more services on the platform also makes Klarna a lucrative partner for retailers and advertisers.

From a short to medium term perspective, PayNXT360 expects more fintech companies to adopt a super app strategy. Additionally, Revolut and Klarna are expected to further enhance their product and service offerings by launching more value-added services for their users globally.

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A Clement mother has warned others to be vigilant after she was scammed for €500 by fraudsters claiming to sell Shania Twain tickets online.

Michelle Powell was one of many people trying to get their hands on hard-to-get tickets for one of the pop legend’s two shows in Dublin next September.

With virtually all non-VIP tickets for the events sold out, Ms Powell did her best to find tickets elsewhere. That’s when she turned to Facebook.

A Belfast ‘Patricia Lee’ was selling five tickets, however, since getting information from payment app Revolut, Ms Powell realized it was a man named Mykola Shyshko with whom she had had dealings.

“This person had created a fake profile on Facebook under the name of Patricia Lee from Belfast. They said they had four – then five tickets – for sale for Shania Twain,’ Ms Powell explained.

“I asked for proof of purchase, which they sent, and then they wanted payment through Revolut.”

She added: “I sent the money and then asked for the tickets to be transferred through Ticketmaster. They messed around for about half an hour and then I started messaging them and calling them That’s when they blocked me.

Ms Powell said a friend at her workplace went on and verified the same profile.

“They tried to sell her six tickets but when she asked to meet in person they blocked her.”

Ms Powell said she got the man’s name from the Revoult report when she contacted customer service.

“I went to see them to see if there was anything they could do, which seems unlikely. They don’t object because it’s up to them to return the money themselves. Revolut has just confirmed that within half an hour of sending the money, they were transferring it directly to their bank account. Once they got it moved, they blocked me.

“It’s so disheartening to approach Christmas.

“I just want to warn others, especially around Christmas, to be careful on social media. Hopefully my misfortune will allow someone to take a little extra precaution to prevent something like this from happening. happens to him.

Nov 2 (Reuters) – Online banking firm Chime has laid off 12% of its employees, a spokesman said on Wednesday, blaming “current market dynamics” as this year’s tech rout slams once-high valuations growing startups.

The San Francisco-based company has cut about 160 jobs, joining a series of fintechs such as Swedish payments firm Klarna that are looking for ways to cut costs as runaway inflation and the Ukraine crisis worsen the business climate.

Klarna, once Europe’s most valuable startup, saw its valuation plummet to $6.7 billion in July from $46 billion earlier. Buy-it-now and pay-later company Affirm Holdings has also lost more than 80% of its value so far this year.

The slowdown comes after payment companies saw robust growth during the pandemic as consumers embraced digital banking.

The Information was first to report on Chime’s job cuts on Wednesday.

Chime makes money by collecting fees from payment processors such as Visa Inc each time a customer uses a Chime debit or credit card. It was valued at $25 billion in a funding round led by Sequoia Capital Global Equities in August last year.

Launched in 2012 by former Visa Inc executive Chris Britt and former Comcast Corp Ryan King, Chime’s competitors include digital banks Revolut, Current and Varo.

Earlier this year, Reuters reported that Chime could target a valuation of nearly $40 billion for an initial public offering in New York. (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath)

Revolut’s chief executive has renounced his Russian citizenship as he continues his long pursuit of a UK banking license and his father is sanctioned by Ukraine for his role at Gazprom.

Nikolay Storonsky Jnr, co-founder of the $33bn (£28.5bn) fintech company, previously held British and Russian passports but renounced his Russian citizenship after Ukraine was invaded by Vladimir Putin, The Telegraph can reveal.

It comes as his father, Nikolay Storonsky Snr, was sanctioned earlier this month by the Ukrainian government for his role as chief executive of Gazprom Promgaz, the engineering and research arm of the Kremlin-controlled energy company. .

Mr Storonsky Snr was included in a new Ukraine sanctions list on October 19 which was proposed by the country’s National Security and Defense Council (NSDC) and approved by President Zelensky.

The NSDC said that due to his position at Gazprom Promgaz, Mr. Storonsky Snr “is responsible for the material and financial support of actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine”.

As a result of the sanctions, Mr. Storonsky Snr’s Ukrainian assets will be frozen and he will be banned from entering Ukraine, his country of birth. He has not been sanctioned in any other jurisdiction.

The revelation that his father was sanctioned for the war and his decision to revoke his Russian citizenship highlights the difficult position the Revolut chief executive found himself in after Mr Putin invaded Ukraine in February .

Mr Storonsky Jnr publicly criticized the invasion of Russia from the start of the war, calling it “totally abhorrent” and suspending Revolut’s operations in Russia and Belarus.

The company has also established a new hub in Dubai to relocate its Ukrainian and Russian staff and their families after the invasion.

This follows a turbulent few months for Revolut, with the company enduring a series of high-profile resignations and facing questions over its audit and a cyberattack that affected around 50,000 customers.

The company is also still awaiting a decision on its application for a UK banking license.which it applied to the Financial Conduct Authority in January 2021. Although he has a Lithuanian banking licensethe UK bid is seen as a key step in Revolut’s development that could help unlock additional funding in a tougher market for tech companies.

A Revolut spokesperson said: “Nik is a British citizen. Earlier this year, he renounced his birth citizenship in Russia. His position on the war is known to the public: the war is totally odious and he remains determined to call for an immediate end to the fighting.

“As the crisis escalated, we offered relocation assistance to all of our Ukraine-based employees, should they wish to relocate. These supports were made available to them whether they wished to relocate to another country. or elsewhere in Ukraine.We have also closed our offices in Russia, offering the same relocation assistance to our employees who worked there.

This month it was also revealed that billionaire Facebook investor Yuri Milner had renounced his Russian citizenship.