Today In Payments Around The World: Paytm Collaborates With SBI Card On Contactless Cards; Nium Names Chief Revenue Officer
In today’s top payments news around the world, payments firm Paytm is collaborating with card issuer SBI Card, while Nium has named a new chief revenue officer. Plus, WhatsApp has gotten approval to expand its payment service in India.
Paytm, the biggest payments firm in India, is teaming with pure-play credit card issuer SBI Card to roll out two kinds of contactless cards on the Visa platform. The Paytm SBI Card and Paytm SBI Card SELECT both have smart one-tap app functionalities, rewards and other user benefits. Users have the ability to block and unblock the cards immediately with a single touch.
Singapore FinTech platform Nium has named Frederick Crosby as its new chief revenue officer. The executive brings nearly two decades of experience in business-to-business (B2B), consumer-to-consumer (C2C) and business-to-consumer (B2C) payments, with the inclusion of knowledge in international transactions. In addition, Nium hired Dana Nino to serve as global senior vice president for growth, customer success and partnership.
WhatsApp has received a go-ahead to grow its payment service in India following a two-year experimental effort by the service, which its owned by Facebook. National Payments Corporation of India (NPCI) said in a release that it was providing permission for WhatsApp to grow its payment services in a “graded manner.” The decision is a landmark for WhatsApp, which first launched an experimental run of its new Indian payment service in 2018.
Britain’s version of the Paycheck Protection Program is also being hit up by scammers, but bankers in the country seem to be a step ahead in short-circuiting the scams. British Business Bank Chief Executive Catherine Lewis La Torre claims that U.K. banks have turned down almost 27,000 “bounce-back” loans as of the program’s rollout in May.