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Duetsche Bank and Airlines Industry joining hands to roll out their own payment systems

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Thanks to the EU directives on payments, soon International Airlines Association and Deutsche bank is coming up with their own mode of payments to purchase online ticket. The open banking directives in Europe allows companies to share their customer information with the third parties who are using this information to create new and lucrative financial solutions for their customers.

The move is trying to challenge credit card companies with this new digital payment system which is a real time payment system and is assumed to save airline carriers billions of euros in transaction fees. The payment systems will enable travelers to purchase web-based tickets and is being rolled out in Europe starting toward the end of this year most probably starting with Germany.

“We are developing an industry-wide payment solution that is an alternative to credit cards,” Javier Orejas of the International Air Transport Association quoted in a daily. The International Air Transport Association says the airline industry combined pays $8 billion a year in payment processing fees as the payment processors typically charge 1 percent to 3 percent in fees. The new system might have fixed fees and will be rather in cents..

Is it time for the card companies to worry ?

posted May 7, 2018 by Anna Benn

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Pizza Hut Restaurants will roll out MasterCard's Qkr! with Masterpass into its U.K. restaurants as of March 19, according to a press release.

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"Rolling out Qkr is a fantastic opportunity for us to continue the innovation journey we are on as a brand," Keith Frimley, IT director at Pizza Hut Restaurants, said in the release. "Over the last six years we have invested over 60 million pounds (US$83.4 million) in transforming our restaurants and menu, and this allows us to continue to improve the service and experience we offer our guests as well as embracing technology, which has become so central to modern culture."

Pizza Hut joins a growing band of U.K. leading fast casual restaurants offering customers the chance to pay with Qkr.  Amongst others, they include wagamama, ASK Italian, Young's Pubs, Zizzi, Byron, Bird, and gastropub chain New World Trading.

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BFC Bank, owned by BFC Group, is the latest bank to launch in the UK promising to act as a new, specialist bank that offers reliable, safe banking services to Small and Medium Enterprises (SME’s), Payments Service Providers (PSP’s) and Money Service Providers (MSP’s) that trade internationally.

BFC Bank

BFC Bank launches in UK as specialist provider to PSP’s and MSP’s

BFC Bank makes it clear that it has a 100-year history and is not a so-called Challenger Bank. Rather they have entered the market to service the 60% of SME businesses that make up the back bone of the UK market. The purpose of this entry is to advantage of the “De-risking” that many of the UK’s High Street banks implemented over the last few years.

In the process of De-risking the banks left many SME’s, PSP’s and MSP’s without accounts to provide their services from. Essentially these companies were notified that they had 3 months before their accounts were closed.

BFC Bank sees a massive opportunity to services these clients whom remain underserved by the banking industry through De-risking. “Banking is full of rules and regulations. It’s become too easy when banks have to deal with customers to hide behind these regulations rather than actually solving problems,” explains David Price, CEO, BFC Bank.

“We help small businesses find ways to solve problems. We’re a small business ourselves – we think like they do, and in many ways, we are one of them. We make it clear that we want people working for us who don’t just deal in platitudes, who don’t only speak about putting the customer first – we want to actually do that, to think about how I’d want things to go if it were my business. We don’t hide behind regulations. We are a human-centric, values-driven company.”

Working with SME’s – BFC Banks international payments services complement the existing banking arrangements. SME’s can enjoy an online services and support from experienced relation managers and expert payments teams

Working with PSP’s – BFC Bank knows how important it is for PSP’s to have access to UK domestic payments and cash management services. Fewer banks now provide current accounts and financial services to PSP’s.

Transparent FX – BFC Bank knows about FX charges. It provides clear information on tariffs. This transparency gives the confidence the client needs from a corporate bank and a benchmark against other providers. International payments and FX are BFC’s core competencies.

“We’ve grown from a small business and therefore we have empathy with the small business sector. The UK is a trading nation where SMEs play a vital role and they needs banks that can understand them, made up of staff that can deliver,” says Robert Greene, General Manager, Corporate Banking Division, BFC Bank.

“We are secondary bankers – we have a dedicated relationship management team that can understand businesses and can appreciate the problems they face. The relationships management and customer service mechanisms are vital. Our people will come to visit you and get to understand your business. If we don’t deliver then people won’t use us, and we understand therefore that we always have to deliver.”

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As of February 20, CoinDesk's Bitcoin Price Index (BPI) highlights a peak up to $ 11,279.18 (£8,068.54) at the time of writing - the first time the currency has broken through the $11,000 mark since January 29.

Ethereum is up at $949.19 with Ripple up 0.73 percent at $1.15. While LiteCoin Cash, a Litecoin fork that occurred on Sunday night, is currently $ 7.33 (a rise of some 141 percent).

The total market cap for all cryptocurrencies stands at $484,989,000,000.

The rises come after a damaging month for cryptocurrencies as a whole. After peaking at about $834billion on January 7, the market plunged an eye-watering 66 percent, wiping out some $553billion, according to CoinMarketCap.

But with Bitcoin, Ripple and Ethereum all back in the green today, many Crypto experts are confident that the market can reach new heights this year.

Thomas Glucksmann of GateCoin told CNBC: “Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market's rebound and push cryptocurrency prices to all new highs this year.”

He added bitcoin, the biggest and best-known cryptocurrency, could be “pushing $50,000 by December”.

Jamie Burke, CEO at Outlier Ventures, is bullish about the cryptocurrency market, insisting it has the potential to reach $1trillion.

He told CNBC: “We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”

And Panos Mourdoukoutas, writing for Forbes, suggested that after “ being in a deep correction for a few weeks, Bitcoin, Ethereum, Ripple, and Litecoin have been coming back nicely over the last week, gaining 19.87%, 10.48%, 30.57%, and 53.90% respectively”.

He added the crypto turnaround after the recent crash comes as equity markets rebounded from the sell-off early in the month.

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Dennis de Jong, managing director of UFX, says he believes cryptocurrencies remain strong and will not plummet for good in 2018.

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“Many industries are already live with, or in the process of testing, blockchain use cases that have potentially huge knock-ons for data management and security advancements.

“The relationship between crypto usage and investment in the space underpins bitcoin’s value to an extent, and for this reason I can’t see it going anywhere soon."

But as central banks attempt to kickstart regulation - Citibank India being the latest financial authority this week to ban cryptocurrency payments on debit or credit card - some investors believe the market slump could be an indicator of an overall crash in all financial markets.

Bleakley Financial Group CIO Peter Boockvar said: “If bitcoin resumes its decline here, I think that equity investors should pay attention.”

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Our CEO, Mr. Niranj Sangal talks about how important are payments while creating a seamless experience and the disruptors of the payment industry

https://www.youtube.com/watch?v=yffQ4_t3SHw&feature=youtu.be

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