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IndustryUpdate

The report discusses the potential of fintech and pay- efficient fare payment system, allowing riders to use
ments innovations, such as AI and open banking, to contactless payments through Umo smartcards or the
support these groups and calls for collaboration between Umo Mobility app. The Umo system includes smart
the public, private, and third sectors to provide more card bus passes and digital transfers for passenger con-
inclusive, accessible and affordable financial services. venience, while also integrating mechanical fareboxes
for cash payments. This collaboration aims to stream-
MFA market to exceed $40 billion by 2030 line boarding processes and enhance the overall transit
experience in Sault Ste. Marie. It is supported by funding
The global multifactor authentication (MFA) market from the Investing in Canada Infrastructure Program.
is projected to grow at a CAGR of 15.20 percent from
2023 to 2030, reaching US $40.01 billion by 2030, accord- Ingenico, Diggecard unveil gift card solution
ing to Verified Market Research. Key drivers include
increasing security threats, industry expansion, emerg- Ingenico and Diggecard joined forces to offer gift card
ing trends, and digital transformation. services on Ingenico's cloud Payments Platform as a
Service (PPaaS). Diggecard's white-label technology
Small and midsize businesses are adopting MFA to will enable merchants to access a range of self-managed
combat security breaches and cyberattacks. Sectors like gift card services, simplifying the integration process,
healthcare, retail, and banking are driving demand for the partners stated. Smaller merchants can now use
authentication systems, while IoT and cloud-based ser- Diggecard-operated gift cards in innovative ways, such
vices are opening new growth avenues. as reimbursing customers instead of providing cash,
creating new revenue opportunities; for Ingenico's cli-
PARTNERSHIPS ents, including banks and acquirers, this collaboration
helps boost merchant loyalty and revenue growth, the
partners added.
AFSOL, Fime promote digitization, open standards
WHSNA, Blackhawk expand
Payment software provider AFSOL chose Fime as a stra- reach of Gift Card Malls
tegic partner for payment digitalization. The five-year
partnership will see Fime offer consultancy and test- WH Smith North America is partnering with Blackhawk
ing services to ensure compliance with nexo standards Network to introduce Gift Card Malls in airports, casino
and major global payment scheme requirements. Fime resorts and shopping centers across the United States.
will test AFSOL's payment terminal solution to align Over 300 unique-banner airport stores will offer Gift
with nexo Implementation Specifications (NIS) v4.0, Card Malls, making WHSNA one of the first U.S. airport
increasing user trust in payment acceptance solutions by retailers to provide third-party gift cards.
ensuring interoperability. AFSOL aims to provide open,
universal, cost-effective payment solutions, emphasiz- The centralized Gift Card Malls offer shoppers hundreds
ing the adoption of open standards. The collaboration of gifting and shopping options, including prepaid cards
is geared toward creating forward-looking solutions like Visa and Mastercard, BHN's exclusive Original
adaptable to emerging payment methods. Content, and more, the partners noted. The partnership
aims to enhance the shopping experience for travelers
Bluefin adds Mastercard's Click to Pay and shoppers while expanding BHN's network of retail-
Bluefin, a provider of encryption and tokenization tech- ers.
nologies, integrated Mastercard Click to Pay to offer
seamless checkout options. The integration allows mer- ACQUISITIONS
chants to provide a frictionless shopping experience by
eliminating the need for customers to manually enter Actionstep acquires Soluno platform
card details, Bluefin stated, adding that merchants can
securely store payment information using encrypted vir- Actionstep, a cloud practice management platform for
tual card numbers. Bluefin's first integrated partner for midsize law firms, acquired Soluno, a legal accounting
this functionality is MyChart powered by Epic, address- software company, from AffiniPay. This acquisition will
ing payment collection use cases in healthcare. The integrate Soluno's accounting software with Actionstep's
solution stores card details via tokenization, simplifying practice management platform with the goal of creating
payments while maintaining security, Bluefin said. a unified solution for midsize law firms in the United
States and Canada. Customers can use both products
Cubic, Sault Ste. Marie Transit separately or access the integrated platform.
launch Umo in Canada
Actionstep aims to enhance its offerings and modern-
Cubic Transportation Systems partnered with Sault Ste. ize midsize law firms by combining innovative prac-
Marie Transit to launch the Umo platform in Ontario, tice management technology with advanced accounting
Canada. Umo, the partners stated, offers a convenient, capabilities.

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