Visa extends FIFA pact, Canadian firms build tech for open banking

January 31, 2024 10:22 AM

Visa will be the payment partner for the 2026 World Cup and other events, companies in Canada are teaming up to promote open banking for credit unions, and more.

Here's what's happening around the world:

Visa signage at a vendor stall ahead of the opening match of the FIFA World Cup between host Qatar and Ecuador in 2022.

Christopher Pike/Bloomberg

Visa reups marketing pact with FIFA

The International Federation of Association Football (FIFA) has expanded its partnership with Visa through 2026, a span that includes the next World Cup in 2026, other FIFA events, youth programs and beach soccer. Visa will be the official payment technology partner, with Visa cardholders receiving exclusive access for tournaments, pre-sale and promotions at FIFA stores and FIFAstore.com. Visa for years has used sporting events, such as the World Cup and the Olympics, to showcase and test new payment technology. For example, Visa tested early uses for NFC technology and wearable payments at the 2016 Olympics as well as similar events globally. Mastercard is also active in providing payment technology to sports, including electronic sports and other gaming events. "Although competitive sports is considered entertainment, it is also a thriving business. This allows Visa to operate at the intersection of culture and commerce, fulfilling the high expectations of our cardholders on match day," said Frank Cooper, Visa's CMO, in a release. —John Adams

Brent Lewin/Bloomberg

Tech firms look at open banking for credit unions in Canada

[Toronto image]Central 1, a Vancouver-based firm that provides financial services to credit unions and other financial institutions, is collaborating with data-sharing firm Flinks to offer open banking for Canadian credit unions. Flinks' product enables application programming interface connections to hundreds of fintechs and third-party apps. Open banking refers to using API connections or similar tools to enable a consumer to access services from multiple providers through a single bank account via permissioned data sharing. The Canadian government is pushing legislation that would govern open banking, with the government contributing to a roadmap for transparency for consumers and collaboration with Payments Canada, which oversees the country's payment, clearing and settlement systems. —John Adams

Amazon expands BNPL in Mexico

Amazon is offering buy now/pay later lender Kueski as a payment option in Mexico, enabling purchases to be financed for up to 12 biweekly installments. The partnership will provide greater access to Amazon among underbanked consumers in Mexico. The service, called Pago en Quincenas with Kueski Pay, does not require a credit card, and can choose to pay via a linked bank account, debit card or cash via Kueski Pay affiliated networks. Kueski Pay is available at about 25% of Mexico's merchants. Amazon's BNPL options also include Affirm, which is part of the e-commerce giant's broader expansion into financial services in competition with banks and other large technology companies. —John Adams

Ingenico partners with Cybersource to upgrade point of sale

Paris-based payment technology company Ingenico has partnered with Cybersource in an effort to make it easier for merchants to add new in-store technology. Ingenico and Cybersource, a Visa subsidiary, will operate a hub that enables merchant acquirers, independent software vendors and merchants to access building blocks that can incrementally add features at checkout. The companies hope that will replace a common practice among merchant acquirers to maintain an in-house platform to certify POS devices. This would help merchants scale POS systems in stores by adding technology faster. As Ingenico diversifies from its traditional core business of supplying checkout systems, it has stacked technology to make it easier for merchants to upgrade to digital payments and offer other products at checkout, such as installment lending. —John Adams

Revolut upgrades remittances

London-based challenger bank Revolut has launched Mobile Wallets, which enables users to send money internationally by using recipients' names accompanied by phone number or email address. The product is designed to reduce errors, such as money being sent to the wrong account. The product is initially launching in the U.K. and EU, with destination markets at launch including Bangladesh and Kenya. Other markets will be added shortly, according to Revolut. "Sending money home is a problem many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers," said Akshat Mittal, general manager for Revolut Payments, in a release. Revolut has added dozens of products over the past few years as it attempts to build a financial superapp in competition with banks and other large fintechs. —John Adams

Alipay teams with other Asian mobile wallets to expand cross-border reach

Alipay+, the mobile payment service of Alibaba affiliate Ant Group, this month expanded its availability across Asia and Europe as China and other countries pull levers to encourage post-pandemic travel, Electronic Payments International reports. Alipay+ now operates in 57 global markets, connecting 88 million merchants to 1.5 billion consumer accounts across 25 e-wallets and payments apps, including the Philippines' GCash; Thailand's TrueMoney; Malaysia's Touch 'n Go and Singapore's OCBC Digital. Travelers from key destinations in Europe may now visit China for up to 15 days without a visa, as the Chinese government relaxes requirements in a sluggish economy. —Kate Fitzgerald