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IndustryUpdate

2022, 28 percent are already using discounts and promo- scanning for customers receiving packages from BEST
tions; 31 percent are waiting for events like Black Friday. Express. This is facilitated through Techcombank's
In addition, 40 percent of shoppers have already made Virtual Account solution. Devin Fan, deputy general
purchases, a 25 percent increase from 2022; 43 percent director of BEST Vietnam, said the move aligns with the
prefer holiday-themed gift cards; and 66 percent are trend of smart payments in the 4.0 era and will reduce
interested in gift cards featuring partnerships from mul- risks associated with cash handling. Phan Thanh Son,
tiple companies. deputy general director of Techcombank, mentioned
plans for future collaboration on liquidity management
J.D. Power finds mounting credit card debt and cash flow solutions. BEST Vietnam had previously
collaborated with VNPAY on cashless payments.
U.S. credit card debt grew by $45 billion between April
and June 2023, surpassing the $1 trillion mark, per the GoCardless, Kolleno launch AI-enabled platform
New York Federal Reserve. The J.D. Power 2023 U.S.
Credit Card Satisfaction Study revealed that 51 percent of GoCardless, a global leader in direct bank payments,
U.S. credit cardholders have revolving debt, averaging a and financial operations platform Kolleno partnered to
14.8 percent interest rate, and cardholders' deteriorating enable automation of invoice collection for CFOs and
financial health is impacting satisfaction with rewards financial and credit controllers. The partnership allows
programs. While 51 percent maintain revolving debt, Kolleno customers to proactively collect payments using
this rises to 69 percent among those deemed financially GoCardless' direct debit functionality and Success+
unhealthy. According to the study, fintech credit card feature, which is designed to use machine learning to
providers are increasingly popular, often surpassing identify and schedule optimal times to retry failed pay-
traditional bank-branded cards in customer satisfaction. ments. The integration aims to reduce overdue invoices
and late payments, eliminate manual invoice processing
Super-app popularity on the rise and free up valuable time. The features are available to
Kolleno customers in the UK, Europe, Canada and the
The surge in development of Super-apps, such as WeChat United States through the GoCardless global bank pay-
and Gojek, that provide multiple services on a single ment network.
platform is expected to lead to 50 percent of the popula-
tion using more than one Super-app by 2027, according Solana Pay integrates with Shopify
to Gartner, which found that despite their popularity
in Asia, Europe is lagging in Super-app development Solana Pay, a decentralized, peer-to-peer payments pro-
due to regulatory and security challenges. Lanistar, a tocol by Solana Labs, integrated with Shopify to enable
UK-based fintech, is working on a solution that provides businesses to manage working capital, liquidity and
all financial products, including cryptocurrency, in one liability protection while eliminating bank fees, charge-
place. Despite the risks, Jeremy Baber, CEO of Lanistar, backs and holding times. It allows real-time access to
urged UK and European businesses to develop or part- funds and immediate payment settlement in USD stable-
ner with existing providers to offer their services and coins, Solana stated, adding that it opens up dynamic
avoid being left behind in the rapidly evolving market. payment choices for merchants and convenience for
consumers while enabling web3-enabled commerce
Verizon issues 2023 Payment Security Report experiences, including token-gated offers, cross-border
payments, and NFT-based loyalty programs. Solana also
Verizon Business released the 2023 Payment Security noted that several Solana-active brands have already
Report (PSR) ahead of the PCI DSS version 4.0 compli- committed to making Solana Pay a payment option in
ance deadline, March 31, 2024, deadline. The new ver- their Shopify storefronts.
sion includes numerous updates and 64 new require-
ments affecting all organizations dealing with cardhold- VizyPay, Clear Lake Bank & Trust team up
er data. The PSR provides tools for security management
program design to facilitate long-term success and VizyPay, a fintech serving rural American small busi-
integration of PCI security into larger corporate initia- nesses, said it partnered with Clear Lake Bank & Trust
tives. Kris Philipsen, managing director of Cybersecurity to provide its customers access to affordable and user-
Consulting at Verizon, noted that the PSR helps in friendly payment technologies. This partnership, the
achieving predictable PCI DSS v4.0 outcomes and break- company added, connects the bank's small business
through performance enhancements. customers with VizyPay’s team and innovative technolo-
gies, helping them reduce processing fees and enhance
PARTNERSHIPS their businesses. VizyPay CEO Austin Mac Nab noted
that pairing the bank’s financial services knowledge
with VizyPay’s technology and support will provide the
BEST Vietnam, Techcombank best options for Northern Iowa’s small business owners.
tackle cashless payments

BEST Vietnam, part of BEST Inc., partnered with
Techcombank to enable cashless payments via QR code

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