EMEA Daily: BofA Extends ‘Pay by Bank’ to Euro Payments

In today’s Europe, the Middle East and Africa (EMEA) news, Bank of America extended its “Pay by Bank” offering in Europe and Majid Al Futtaim launched a new rewards solution with help from i2c.

BofA Extends ‘Pay by Bank’ to Euro Payments

Bank of America has made its Pay by Bank payment solution, which lets shoppers pay directly from their bank accounts, available for euro currency payments.

Offered in conjunction with Banked Ltd., the service is based on the concept of open banking, as Pay by Bank transactions take place in real time without requiring credit or debit card details. BofA said this leads to a “fast and secure online checkout process that benefits consumers as well as merchants.”

i2c, Retailer Majid Al Futtaim Launch Payment, Rewards Solution 

Majid Al Futtaim and i2c, a digital payment and banking technology provider, have expanded their partnership to launch a new payment solution that complements the retailer’s rewards program.

Majid Al Futtaim owns and operates shopping malls, communities and retail and leisure businesses across the Middle East, Africa and Asia. Through the partnership, customers can pay, earn rewards and redeem points with a single tap using the SHAREPay solution, which is part of the retailer’s SHARE rewards program.

Report: Fewer Shoppers Spending More in London’s West End

The New West End Company (NWEC) has said domestic spending on London’s West End will likely see a downturn in the future, even amid solid spending in recent months.

NWEC, which represents over 600 businesses in the West End, said spending in the capital’s main shopping areas will be further squeezed because of the global economic slowdown. NWEC has members including retail, restaurant, hotel and property owners across the area, and said the spending in the West End is about a fifth lower than before the pandemic.

UAE’s Commercial Bank International Enters the Metaverse

Dubai-based Commercial Bank International (CBI) has rolled out a metaverse location in Decentraland.

The virtual location is part of CBI’s participation at the XVERSE event taking place at the Dubai World Trade Centre, where the company will be an Activision partner and will partner with United Arab Emirates (UAE) burger brand Pickl on a digital economy project to show how the metaverse can enable a digital economy.

BankiFi, Axiom Bank Team to Improve SMB Banking

Manchester, England-based embedded finance company BankiFi has partnered with Axiom Bank to improve banking for small- to medium-sized businesses (SMBs).

Through the partnership, Axiom Bank’s SMB customers will be able to better track and manage their finances with BankiFi’s embedded banking services. The collaboration also solidifies Axiom as BankiFi’s first North American client, as the company launched in the U.S. in July.

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