In a statement Visa Inc said, it has agreed to acquire privately held fintech startup Plaid Inc for $5.3 billion. The deal will increase Visa’s footprint in the booming fintech space. The deal underscores how traditional financial companies are willing to pay top dollar to acquire businesses which have established strong positions in the cashless…
The Indian government’s so-called demonetisation drive in November of 2016 was a polarising, radical undertaking. Modi and his ministers would have people believe that it was a success. However, the sudden overnight cancellation of all 500- and 1000-rupee bank notes sewed chaos across the nation of 1.3 billion people. The damage to the Indian economy…
Despite keeping the matter under radio silence, banks are steadily pushing against cash. Why would banks seek to destroy the very stuff they live off? Banking institutions, it turns out, have found new forms of money which yield far more profit, create less hassle, and secure their central positions within economies. With the appearance of…
It seems that life is pretty good in Australia. The country’s GDP rate is growing slowly but steadily, and The World Happiness Report ranked Australia tenth in the list of the happiest nations. Also, Australia comes seventh in the ranking of the most cashless countries in the world, behind only Canada, Sweden, the UK, France,…
The very existence of cash seems jeopardized in the world. Each country, at its own pace, has its opponents to hard currency and would like to see it go away for good. While some countries are just toying with the idea, others have already gone to great length to root out what they see as…
Britain is likely to see an increase in the number of Payment Service Providers in 2018. In a move designed to boost the growth of fintech companies, Britain’s central bank, the Bank of England has widened access to Britain’s interbank payments system to new fintech firms, an area that was previously dominated by the “Big…
This merger assumes significance midst the growing global clamour for going cashless. In a significant development, French payments processing company Worldline has agreed to acquire Digital River World Payments (DRWP), its Swedish peer. The move marks a pickup in the merger activity in the payments sector. Although Worldline did not disclose the quantum it had…
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