798. News: JP Morgan's former fintech lead launches TodayPay and Airwallex target LATAM
Oct 30, 2023
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Former J.P. Morgan fintech lead launches TodayPay, Airwallex expands into LATAM, Marqeta launches a credit card platform, CFPB issues open-banking proposal, FCA lifts ban on banker's bonuses, Central Bank of UAE launches payments platform, and a WhatsApp scammer goes viral.
Today Pay aims to enhance customer loyalty and increase checkout conversion rates by offering instant refunds and different payment options.
Airwallex's acquisition of MEX Pargo expands its presence in Latin America, providing businesses with cross-border payment solutions in a growing market.
Marqeta's credit card issuing platform allows brands to offer customized credit cards, enabling a complete embedded finance solution.
Deep dives
JP Morgan's former head of Fintech launches Today Pay to solve refund delays
Today Pay, launched by JP Morgan's former head of Fintech, aims to provide instant refunds to customers, addressing the problem of lengthy refund processes. By offering different payment options, Today Pay aims to enhance customer loyalty, reduce disputes and fraud, and increase checkout conversion rates. The platform already has the support of backers like Visa and Amazon Web Services.
Airwallex acquires MEX Pargo for Latin American expansion
Airwallex, a global payment and financial platform, has acquired MEX Pargo, a payment service provider based in Mexico. Airwallex aims to expand its footprint in Latin America and provide businesses with cross-border payment solutions. The acquisition will allow Airwallex to serve the Mexican market, which is a significant recipient of remittances and a growing hub for e-commerce. The deal is subject to regulatory approval.
Marchetta launches credit card platform for embedded finance
Marchetta has launched a credit card issuing platform that enables brands to offer their own credit cards within their digital experiences. The platform supports different card types and allows brands to customize credit offerings based on customer needs. With real-time data and low-code UI templates, brands can generate new cards instantly and embed the entire credit card experience within their existing apps. Marchetta aims to establish itself as a complete embedded finance solution with this offering.
Expansion of Mexico's Economy and Importance of Cross-Border Payments
Mexico's economy is poised for significant growth in the coming years, making it an economic force to be reckoned with. Tourism serves as a key driver of the Mexican economy, emphasizing the need for seamless payment solutions for foreign guests. The rise of digital payments and innovation in Mexico's economy is supporting this growth. Additionally, Mexico's status as a manufacturing hub and its shared border with the United States presents further opportunities for economic development and cross-border payment services.
Launch of UAE's Instant Payments Platform
The UAE's central bank has launched Aani, an instant payments platform that allows customers to make secure and real-time transactions using a mobile app. With a QR code feature and integration with multiple banks, Aani has the potential to offer convenient and widespread access to instant payments. Its launch with eight participating banks and plans to expand to numerous merchants demonstrates the UAE's commitment to accelerating financial transactions and enhancing its economy.
Our expert hosts, Benjamin Ensor and Kate Moody, are joined by some great guests to talk about the most notable fintech, financial services and banking news from the past week.
This week's guests include:
Pranav Sood, Executive GM, EMEA at Airwallex
Jeremy Balkin, Founder of TodayPay
Randy Fernando, VP of Product at Marqeta
We cover the following stories from the fintech and financial services space:
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