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IndustryUpdate

ANNOUNCEMENTS ThetaRay raises $57M for expansion

ThetaRay, a provider of AI-driven secure global pay-
Barclays explores sale of ments, secured a $57 million investment led by Portage,
stake in UK payments unit alongside other existing investors. This funding will
facilitate ThetaRay's aim to replace older tools with mod-
Barclays Plc is considering selling a stake in its UK ern financial crime detection tech globally. ThetaRay
merchant payment processing unit, aiming to partner CEO Peter Reynolds emphasized the company's com-
with an entity that can help expand the business. While mitment to differentiating genuine transactions from
the exact size of the stake remains undecided, the unit's malicious ones. ThetaRay noted that it offers advanced
potential valuation is around £2 billion ($2.5 billion). AI technology that efficiently monitors transactions,
Barclays stated that this move is part of its broader aiding financial institutions like Santander and Travelex
review of its global payment operations. Although while also promoting financial inclusivity amid a decline
Barclays recently shared details about this unit with in global interbank corridors.
potential bidders, plans may still change. Meanwhile,
Barclays emphasized that growing its global payments RESEARCH
business remains a priority.
Provenir honored in Tearsheet Data Awards J.D. Power: Debit cards reign supreme

Provenir, a provider of AI-driven risk decisioning soft- According to the inaugural J.D. Power U.S. Consumer
ware, was named Data Company of the Year at the POS Payment Program, consumers have used no fewer
Tearsheet Data Awards 2023. Provenir stated its Risk than four different types of payment methods, including
Decisioning Platform, adopted by fintechs and financial debit cards, cash, credit cards, digital wallets and buy
entities in over 50 nations, handles over 4 billion trans- now/pay later (BNPL), diversifying their payment meth-
actions yearly. The Tearsheet Awards celebrates premier ods based on various needs. Comprising four detailed
data products vital for the evolving financial system. studies, the program offers insights into consumer
Provenir's cloud-based solution centralizes risk deci- preferences and behaviors across 30 major payment
sions, streamlining development and launch processes, brands and 11 payment methods. Key findings include
the company stated, adding that it pioneers in promot- 78 percent of consumers use debit cards, followed by
ing smart credit risk decisions, processing billions of cash (74 percent) and credit cards (66 percent). On aver-
transactions globally. age, consumers utilize 4.1 different payment methods,
and 55 percent have tried newer digital payment forms.
Jeff Shavitz praises the power of residual income J.D. Power also identified six consumer personas to help

Jeff Shavitz, a member of The Green Sheet Advisory brands tailor their offerings.
Board for 25 years, a past author of the Street SmartsSM i2c, PYMTs study consumer travel financing
column, and a serial entrepreneur who has started and
sold three payment processing companies, is doing a A newly released study, How Consumers Financed Their
new release of The Power of Residual Income – You Can Summer Travel, from i2c Inc. and PYMNTs shares find-
Bank On It. In this book, Shavitz shares 140 thoughts ings on changing consumer behavior having to do
on the world of residual income and offers sales and with credit, specifically how consumers financed their
marketing strategies to help professionals increase their summer travel this year. Researchers analyzed 3,389
earning power. "It comes down to one word: freedom," responses across generations. Key findings include: 44
he stated, adding that he wants it, has structured his per- percent of baby boomers using credit cards cite rewards
sonal life and professional career around it, and wants as the main reason to choose this payment method,
others to have it, too. but BNPL is becoming increasingly popular among
younger generations; 30 percent of millennials and Gen
Tala Wallet growth soars in Philippines Z consumers are planning to use BNPL to finance their

Tala, a money app for the underbanked, revealed that travel purchases, while 16 percent of consumers will use
nearly 1 million Filipinos have adopted Tala Wallet financing provided by the merchant; and around 70 per-
since its April launch in the Philippines. The app allows cent of consumers who traveled or are planning to do so
users to manage finances effortlessly via their mobiles, have spent or anticipate spending less than $2,000. For
offering instant borrowing, bill payments and money more details, visit http://tinyurl.com/yp6mk5as.
transfers, Tala stated, adding that it plans to introduce Cardholder loyalty
more features soon, as well as expand to other markets.
With 8 million users globally across Kenya, India, the hinges on rewards
Philippines and Mexico, Tala reported that it saw a 114 A new study by Valuedynamx highlights the signifi-
percent growth in new customers in the first half of this cance of debit and credit card rewards in optimiz-
year, with $200 million in monthly transactions. ing business-consumer financial relationships. Research

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