In today’s FinTech news, PayPal is adding new payment options in Germany that give eligible shoppers 30 days to pay, while Brazil could be gaining another digital bank due to interest from Dubai’s ICICB Group. Meanwhile, E2open and PayCargo are collaborating to digitize freight payments in an effort to free cargo from clogged supply chains.
PayPal Launches Extended Pay Later Option in Germany
PayPal users in Germany are getting an extended option to Pay Later that enables shoppers to pay in 30 days without incurring additional fees. Payments are automatically debited, and details are clearly stated in users’ PayPal accounts regarding amounts and due dates. Customers also have the option of changing their due dates for a small fee and can always pay anytime before the 30 days is up.
ICICB Group Plans Digital Bank for Brazil
Another digital bank could be heading to Brazil, as Dubai’s ICICB Group eyes entering the country’s growing sector as soon as the second half of this year. The group plans to initially offer services that include conversions of balances from one fiat currency to another, a crypto exchange and a decentralized crypto wallet. Digital banking is being rapidly adopted across Latin America, prompting Brazil’s five biggest banks — Banco do Brasil, Bradesco, Caixa Economica Federal, Itau and Santander Bank — to expand digital offerings to compete with FinTechs.
E2open Teams With PayCargo to Drive Freight Payments
Supply chain management platform E2open and global logistics payment firm PayCargo are partnering to digitize freight payments to carriers, forwarders and shippers. The collaboration is intended to help move cargo from ports faster by providing an efficient system for booking, confirming, tracking and settling. The move is also expected to improve sustainability and efficiency in the industry by easing port congestion and pollution, which both companies are working toward.
Paying the World Should Be as Easy as Sending a WhatsApp Message
Thunes Collections CEO Christophe Bourbier told PYMNTS that sending payments anywhere in the world should be as easy as sending a text message. Money transfers between developed and emerging markets, and even within emerging markets, pose a particular challenge due to unconnected platforms and various regulations. Bourbier said most of the issues happen in cross-border peer-to-peer (P2P) transfers and between a business sending less than $30,00 to an individual in another country. He added that one of the company’s goals is to make cross-border payments simple, fast and cost-effective.
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