Latest global payments news

June 21, 2023 9:46 AM

This week in global news, Mastercard teams with SimpliFi in the Middle East, Venezuela and Russia collaborate on payments, Alipay backs Asian Games and more.

Here's what's happening around the world.

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Mastercard, SimpliFi team up to digitize B2B payments in Middle East

Mastercard has formed a partnership with Dubai-based fintech SimpliFi to speed up adoption of digital payments across Pakistan and other countries in the Middle East and North Africa region, the card network said in a June 20 press release. SimpliFi, founded in 2020, connects to fintechs, telcos, retailers and merchants using an application programming interface to deliver its Cards as a Service platform. Mastercard will provide SimpliFi with access to a wide range of payment services in a region where demand for digital commerce is rising as financial inclusion expands, the release said. —Kate Fitzgerald

Nicolas Maduro, Venezuela's president.

Gaby Oraa/Bloomberg

Venezuela to adopt Russia’s cross-border payments scheme

Venezuelan President Nicolas Maduro this week said that Venezuela will soon begin using Russia's MIR cross-border payments system in a reaction to sanctions imposed by the U.S. and other countries in the wake of Russia's invasion of Ukraine. According to Caracas-based TV network Telesur, Venezuela's central bank is in the process of completing integrations that will connect local banks to Russian banks to facilitate export and import transactions in bolivars and rubles, the countries' respective national currencies. —Kate Fitzgerald

Poland reverses plan to restrict cash payments

Lawmakers in Poland are abandoning a plan that would have cramped the size of cash transactions allowed for businesses and consumers. The plan, which was set to go into effect early next year, called for limiting cash payments between businesses to 8,000 zloty (US$2,000) and consumer payments to business would be capped at 20,000 zloty (US$5,000). Currently cash transactions between businesses are limited to 15,000 zloty (US$3,700) and there is no ceiling for cash payments consumers make. Officials who opposed the cash transaction limits said the restrictions would cause hardships for more than 18% of Polish consumers who lack electronic payment cards. —Kate Fitzgerald

Mastercard launches global card recycling program

Mastercard, which has already committed to requiring the use of sustainable materials in any payment cards issued as of 2028, has launched a complementary initiative to recycle older cards. The program, which is launching at some U.K. HSBC branches, allows cardholders to dispose of their expired cards in a container that immediately shreds the materials, which are then shipped to a recycling partner. "We see a future where all plastic cards can be recycled easily — at your bank, your corner store or your municipal recycling center — to make a small but meaningful dent in the plastic pollution crisis," Ajay Bhalla, Mastercard's president of cyber and intelligence, said in a blog post Wednesday. —Daniel Wolfe

Asian Games' virtual torch-bearer activity draws 21 million e-wallet users

More than 21 million users of Alipay and other Asian digital wallets have signed up for a digital torch-bearer promotion leading up to the Hangzhou Asian Games, set for Sept. 23-Oct. 8, 2023 in China, following last year's postponement due to the pandemic, Alipay said in a press release. Participants sign up by playing an in-app game to pass the virtual "torch flame" across 45 Asian countries, through connections to Alipay's partnerships with other digital wallet providers including Indonesia's DANA; the Philippines' GCash, South Korea's Kakao Pay; Malaysia's Touch 'n Go, Thailand's TrueMoney, Hong Kong's Alipay HK and Macao's MPay. Alipay supports cross-border payments through these partnerships, with opportunities for those visiting Hangzhou to win gifts and travel benefits. —Kate Fitzgerald

JCB touts 50% cash-back promotion for tourists who tap to pay

Tokyo-based JCB is offering 50% cash back to JCB cardholders visiting Japan from other countries this summer who use contactless cards or devices to pay on popular train, bus and ferry routes. Users of JCB credit cards issued outside of Japan can earn up to 1,000 yen (US$7.00) through Sept. 30 in the first such promotion in collaboration with local transit agencies serving popular Japanese destinations including Mount Koya, Tokushima and Osaka's Namba area. —Kate Fitzgerald

AstroPay launches debit card with Chilean soccer club

Global digital wallet provider AstroPay, based in London, is launching a debit card for fans of Santiago, Chile-based soccer team Club Universidad de Chile as part of a broad sponsorship deal, according to a press release. The Passion Card, available in both physical and virtual formats, will enable users who link a bank account to earn points for every transaction, including tickets, that will be redeemable for exclusive benefits and experiences related to the soccer team and its events. AstroPay will be the featured payment method of U. de Chile's website and mobile app and it will be promoted at booths during home games. Players' shorts will also feature the AstroPay logo, the release said. —Kate Fitzgerald

U.K. BNPL provider Zilch opens tech hub in Poland

Zilch, the buy now/pay later firm launched in the U.K. in 2020, has opened a new technology hub in Krakow, Poland, according to a press release. Leaders at the new facility, which already houses more than 30% of the company's engineers, will work closely with Zilch's core engineering center in London as the firm expands its global reach. Zilch, which has 3 million consumers using its online credit services, also operates an office in Miami, the company said. —Kate Fitzgerald