Fintech

Reaping the benefits of hyper-personalisation with AI and application modernisation

Thu, 28 Nov 2024 15:00:00 +0000

How can organisations effectively modernise to leverage hyper-personalisation?

Why real-time payments are a game-changer for corporate banking services

Thu, 07 Nov 2024 15:00:00 +0000

How can banks capitalise on real-time payments?

SaaS savvy: Preparing for embedded and data driven bank payments

Tue, 05 Nov 2024 15:00:00 +0000

How can banks re-imagine what can be done in payments?

Payment Orchestration: Remaining Relevant in Today’s Market

Tue, 29 Oct 2024 15:00:00 +0000

How can businesses offer a closed-loop, single vendor approach and an open-loop, multi-acquiring strategy at the same time?

Winning Payment Strategies for High-Opportunity Industries

Thu, 24 Oct 2024 15:00:00 +0000

What fintech trends are shaping the future of high opportunity industries?

Automated testing: The road to evergreen compliance

Tue, 22 Oct 2024 15:00:00 +0000

How can banks future-proof their compliance process with automated testing?

Microservice architecture: The answer to modern payments processing

Thu, 17 Oct 2024 15:00:00 +0000

How can banks future-proof their payments processing with microservices architecture?

The Automation Imperative in Asset Servicing

Tue, 15 Oct 2024 15:00:00 +0000

What are the core issues in the asset servicing sector?

Solving the KYC challenge with end-to-end processes

Thu, 10 Oct 2024 15:00:00 +0000

How can banks transform their customer lifecycle management?

SEPA Inst Mandate: Impacts on Day 1, Day 90 – and beyond?

Thu, 03 Oct 2024 15:00:00 +0000

EU Instant Payments – opportunities and challenges, out of the gate and down the road.

Global Trade Based Financial Crime: Where Trade and Payments Meet

Tue, 01 Oct 2024 15:00:00 +0000

How confident and mature are financial institutions in detecting and mitigating trade based financial crime?

Ensuring interoperability in the age of global, cross-border e-invoicing

Thu, 26 Sep 2024 15:00:00 +0000

Are European businesses prepared for the fundamental changes that directives such as ViDA will bring to e-invoicing?

Reimagine banking: How to effectively modernise your core and de-risk at the same time

Thu, 19 Sep 2024 15:00:00 +0000

How can banks adapt to modern industry and consumer demands?

Using modern technology platforms to create an AI-driven bank

Tue, 17 Sep 2024 15:00:00 +0000

Discover practical strategies to leverage the full potential of AI.

Ecofi chooses NeoXam for fund reporting

Mon, 16 Sep 2024 17:08:00 +0000

Ecofi, the Asset Manager of the French banking group Groupe Credit Cooperatif, member of BPCE, and NeoXam announced today the conclusion of an agreement in which its NeoXam Impress reporting platform will be the target solution to produce periodical reporting for Ecofi.

Finastra integrates with Prelim to streamline account opening

Mon, 16 Sep 2024 16:46:00 +0000

Finastra, a global provider of financial services software applications, today announced an integration with Prelim, an industry-leading fintech, for its Finastra Phoenix core solution, enhancing the retail and commercial deposit account opening experience.

BNY to launch Alts Bridge wealth platform for private markets

Mon, 16 Sep 2024 16:45:00 +0000

The Bank of New York Mellon Corporation (“BNY“) (NYSE: BK), a global financial services company, has today announced Alts BridgeSM (“Alts Bridge”), a comprehensive data, software, and services solution built to meet the growing demand from wealth intermediaries looking to access alternative and private market investment products, through a simplified end-to-end investment experience.

Barclays doubles private cloud estate with HPE Greenlake Cloud

Mon, 16 Sep 2024 16:42:00 +0000

Hewlett Packard Enterprise (HPE) today announced that Barclays has signed a new private cloud services deal, confirming HPE GreenLake Cloud as a core pillar to Barclays’ hybrid cloud strategy.

Fintech Rundown: A Rapid Review of Weekly News

Mon, 16 Sep 2024 15:06:40 +0000

Fresh from FinovateFall in New York, we’ve got a raft of fintech news to share and catch up on. Be sure to check Finovate’s Fintech Rundown all week long for the latest in industry news, announcements, and headlines.

Credit unions

Formerly PSCU/Co-op Solutions, Velera will provide card processing solutions for BrightStar Credit Union courtesy of a new partnership.

Open banking

International fintech Ebury teams up with Salt Edge to expand its open banking presence in the EU and U.K.

Payments

CloudPay announces integration with Workday to launch its Global Payroll Connect solution.

Revolut integrates with Spain-based digital payments platform, Bizum.

Boost Payment Solutions launches, Boost 100XB, its new cross-border payments solution for U.S.-issued commercial cards.

Regtech

Germany’s largest state bank, Landesbank Baden-Württemberg (LBBW), partners with Ireland’s Fenergo to upgrade its client onboarding operations.

Banking-as-a-Service

Banking-as-a-Service (BaaS) provider Intergiro launches its no-code, white label app development platform.

BaaS platform NymCard partners with Mastercard to enhance global money transfers from the UAE to 47 countries.

E-commerce

DNA Payments unveils Apple Pay Express Checkout to give merchants additional payment acceptance options.

KYC/AML

PwC Norway deploys Strise’s AML Automation Cloud to enhance its AML processes.

Photo by Jeremy Thomas on Unsplash

The post Fintech Rundown: A Rapid Review of Weekly News appeared first on Finovate.

DailyPay introduces financial wellness tool

Mon, 16 Sep 2024 14:57:00 +0000

DailyPay, a worktech company and leading provider of earned wage access (EWA), has launched “Credit Health,” a new addition to its award-winning worktech platform.

Finastra integrates with Prelim to streamline retail and commercial deposit account opening

Mon, 16 Sep 2024 14:55:00 +0000

Bullish taps Adaptive and Google Cloud to boost capacity of digital asset exchange

Mon, 16 Sep 2024 14:52:00 +0000

Adaptive Financial Consulting (Adaptive), the experts in custom trading technology solutions, today announced its collaboration with Bullish, one of the fastest-growing, regulated digital asset exchanges, to increase trading capacity and boost throughput as it looks to scale and meet growing business demand.

Broadridge rolls out modular platform

Mon, 16 Sep 2024 13:37:00 +0000

To redefine the financial industry's conventional approach to asset servicing (the range of administrative and operational functions that support the management and maintenance of investment assets), global Fintech leader Broadridge Financial Solutions Inc. (NYSE: BR) is introducing a ground-breaking integration of several asset servicing functions into a single, real-time, multi-currency platform across capital markets, wealth management, asset management and global custody.

Citi COO relieved of responsibility for data overhaul following $136 million fine

Mon, 16 Sep 2024 13:22:00 +0000

Citigroup is stripping chief operating officer Anand Selva of his responsibility for data compliance after the bank was hit with $136 million in fines for its failure to address long-standing deficiencies in risk management and data governance.

Barclays struggles to find buyer for UK merchants payments stake

Mon, 16 Sep 2024 13:13:00 +0000

Barclays is having a hard time selling off a stake in its UK merchant payments unit with potential buyers baulking at the bank's valuation of the business, according to Reuters.

Northmill bank appoints new CEO Julie Chatterjee

Mon, 16 Sep 2024 13:00:00 +0000

Swedish bank Northmill has announced the appointment of a new CEO Julie Chatterjee, previously deputy CEO and chief commercial officer of Multitude bank.

Moldova's Victoriabank taps Salt Edge for opne banking compliance

Mon, 16 Sep 2024 12:08:00 +0000

Victoriabank, one of Moldova’s leading banks and a member of Romania’s largest financial group–Banca Transilvania, partners with Salt Edge, a pioneer in open banking solutions, to ensure compliance with the national law transposing the European 2nd Payment Services Directive (PSD2) into Moldovan legislation.

Westpac reports steep rise in app uptake in H1

Mon, 16 Sep 2024 10:23:00 +0000

The number of customers using personal finance tools in Westpac’s mobile banking app has increased by 36% since the start of the year, with around 620,000 logging in each month to access features to help monitor cash flow, categorise spending and manage bills.

Sweden's central bank threatens banks with legislation to protect access to cash

Mon, 16 Sep 2024 10:03:00 +0000

Sweden's Riksbank is threatening banks with the propect of regulation to ensure business access to cash services.

Ecospend retains HMRC open banking contract

Mon, 16 Sep 2024 09:37:00 +0000

Ecospend, a Trustly Company and the UK leader in open banking payments, has retained the UK’s most significant open banking contract to date with HM Revenue and Customs (HMRC).

Tier 1 Canadian bank implments DL-based repo platform from Broadridge

Mon, 16 Sep 2024 09:28:00 +0000

Expanding its network across the global repo market, Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced that a Tier-1 Canadian Bank has implemented its Distributed Ledger Repo (DLR) platform for High-Quality Liquid Asset (HQLA) treasury securities management.

Regulator tells Wells Fargo to fix AML deficiencies

Fri, 13 Sep 2024 13:47:00 +0000

Shares in Wells Fargo fell on Thursday after the bank inked a formal agreement with the Office of the Comptroller pledging to fix deficiencies in its financial crimes risk management practices and anti-money laundering internal controls.

Revolut’s Storonsky sells $300 million in company stock

Fri, 13 Sep 2024 10:38:00 +0000

Founder and chief exec at fintech giant Revolut, Nik Storonsky, has reportedly sold shares worth up to $300 million (£230 million) in the company.

Lloyds Banking Group plans 292 branch closures in 2025

Fri, 13 Sep 2024 09:58:00 +0000

Lloyds Banking Group has confirmed that it will be closing 292 bank branches across the UK in 2025.

Sustainable Finance Live 2024: West Yorkshire Pension Fund invests in Rebalance Earth

Fri, 13 Sep 2024 09:00:00 +0000

The West Yorkshire Pension Fund (WYPF) has bought a 25% stake in Rebalance Earth, a water-related nature restoration organisation.

EToro USA to stop offering trading in most crypto following SEC settlement

Fri, 13 Sep 2024 00:01:00 +0000

Social investing platform eToro's US business has agreed to pay $1.5 million and stop trading activity in nearly all crypto assets to settle Securities and Exchange Commission charges.

Northern Trust launches blockchain-based carbon credit ecosystem

Fri, 13 Sep 2024 00:01:00 +0000

Asset servicer Northern Trust has launched a blockchain-based platform which enables institutional buyers to digitally access carbon credits.

Mastercard agrees $2.65bn deal to buy threat intelligence giant Recorded Future

Thu, 12 Sep 2024 13:35:00 +0000

Mastercard has struck a deal to buy threat intelligence specialist Recorded Future from private equity form Insight Partners for $2.65 billion

Google PaLM 2 AI model under scrutiny by Irish watchdog Data Protection Commission

Thu, 12 Sep 2024 11:05:00 +0000

As the national independent authority in Ireland, the Data Protection Commission (DPC) is responsible for protecting the personal data of individuals in the EU in accordance with GDPR, the EU's Law Enforcement Directive (LED) and Irish ePrivacy Regulations.

Growing competition in the liquid restaking scene: Ethereum versus Solana

Wed, 11 Sep 2024 13:20:47 +0000

Liquid staking and liquid restaking is becoming popular in the DeFi area. A lot already has been wri...

FinovateFall 2024 Best of Show Winners Announced

Wed, 11 Sep 2024 01:11:04 +0000

After two days of live demos from more than 65 fintech companies, the attendees of FinovateFall 2024 have made their decisions as to which of these innovators will take home Finovate’s coveted Best of Show awards. Featuring both Finovate newcomers and Finovate veterans alike, the winners of Best of Show for FinovateFall 2024 are listed below.

Bancography for its technology that predicates branch investments on sound market data, not intuition, preventing costly missteps and ensuring optimized investments.

CardLift for its solution that enables companies to build a co-branded browser extension for their partners that automatically finds and switches users’ card-on-file to their partners’ card.

Credit Mountain for its technology that helps organizations grow their businesses by retaining, nurturing, and cross-selling declined borrowers.

Delfi Labs for its technology that creates efficient risk management and hedging strategies in minutes, enabling clients to defend margins, enhance performance, and raise valuation.

Eko Investments for its platform that offers investments via a financial advisor to all clients–and not just the top 1%–starting from $10.

Illuma for its innovations in deepfake detection that enable community financial institutions to keep their members and customers connected with their funds in a convenient and secure manner.

Nest Bank & Efigence for their collaboration, N! Assistant, a virtual AI-powered assistant that revolutionizes finance.

Themis for its solution that enhances compliance efficiency, minimizes regulatory risk, and fosters seamless collaboration, empowering banks and fintechs to focus on growth and innovation in financial services.

Please join us in congratulating our eight, Best of Show-winning companies. Let’s also raise a glass to all of our demoing companies for their innovations in fields ranging from regtech and payments to lending, wealth management, and beyond. We are especially grateful for our attendees and sponsors, whose support continues make our Finovate conferences among the most anticipated events in our industry. We look forward to seeing you again next year!

Notes on methodology:

1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.

2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.

3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”

4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”

5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2024 conferences are below:

FinovateEurope 2015

FinovateSpring 2015

FinovateFall 2015

FinovateEurope 2016

FinovateSpring 2016

FinovateFall 2016

FinovateAsia 2016

FinovateEurope 2017

FinovateSpring 2017

FinovateFall 2017

FinovateAsia 2017

FinovateMiddleEast 2018

FinovateEurope 2018

FinovateSpring 2018

FinovateFall 2018

FinovateAsia 2018

FinovateAfrica 2018

FinovateEurope 2019

FinovateSpring 2019

FinovateFall 2019

FinovateAsia 2019

FinovateMiddleEast 2019

FinovateEurope 2020

FinovateFall 2020

FinovateWest 2020

FinovateEurope 2021

FinovateSpring 2021

FinovateFall 2021

FinovateEurope 2022

FinovateSpring 2022

FinovateFall 2022

FinovateEurope 2023

FinovateSpring 2023

FinovateFall 2023

FinovateEurope 2024

FinovateSpring 2024

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How Digital Payments are Driving Financial Inclusion in India

Tue, 10 Sep 2024 19:45:00 +0000

Financial inclusion is a critical enabler of economic development, ensuring that all individuals and...

Congrats to the 2024 Finovate Awards Winners!

Tue, 10 Sep 2024 15:00:00 +0000

Today is the day! We are unveiling the 24 winners of the 2024 Finovate Awards. Each winning company, organization, or individual has proved their worth through a rigerous application process, competing with dozens of other highly qualified candidates.

The Finovate Awards honor both established institutions and rising stars that have made significant strides in delivering cutting-edge products and services to the financial sector. Each winner was selected from the a group of finalists that have each demonstrated exceptional contributions to society and developed groundbreaking solutions that have reshaped the fintech landscape.

Without further ado, let’s celebrate the visionaries and innovators who have earned their place in the spotlight as this year’s Finovate Award winners!

Best Alternative Investment Solution	Frec
Best Anti-Fraud/AML Solution	JP Morgan AWM
Best Back-Office/Core Services Solution	MasterCard Cybersecurity
Best Banking as a Service Provider	Pathward, N.A.
Best Consumer Lending Solution	Axis Bank and Infosys Finacle
Best Consumer-Facing Payments Solution	Transact Campus
Best Corporate Payments Solution	BILL
Best Customer Experience Solution	Millennium BCP
Best Digital Bank	RCBC
Best Embedded Finance Solution	QuickFi
Best Enterprise Payments Solution	APEXX Global
Best Financial Mobile App	Industrial Bank of Korea
Best Fintech Partnership	American Heritage CU and Datava
Best Generative AI Solution	Socure
Best Insurtech Solution	Kakaopay Insurance
Best RegTech Solution	Winnow Solutions
Best SMB/SME Banking Solution	TD Bank
Best Wealth Management Solution	JP Morgan AWM
Excellence in Financial Inclusion	Omniscient
Excellence in Sustainability	MPOWER Financing
Executive of the Year	Roben Dunkin, PGIM
Innovator of the Year	Ken Moore, MasterCard
Most Impactful AI-Based Solution	Brex
Top Emerging Fintech	Lettuce Financial

Photo by Quan Nguyen on Unsplash

The post Congrats to the 2024 Finovate Awards Winners! appeared first on Finovate.

The GCC: A Hub for Innovation and Investment

Tue, 10 Sep 2024 12:52:05 +0000

Once primarily known for its oil reserves, the Gulf Cooperation Council (GCC) is witnessing a rem

Fighting Fraud with Form3: The Importance of Collaborative Intelligence

Tue, 10 Sep 2024 12:00:00 +0000

In Part 1 of this series, FinextraTV and Chris Oakley, Head of Fraud, Form3, points out why banks remain hesitant to share data, explores the misconceptions around regulations such as GDPR, and where levels of fraud would be if the standard was named GDSR, focusing on data sharing. While many financial institutions continue to be concerned about whether they are breaching rules and obligations, in certain situations, the fact that sharing data for fraud prevention can be useful and is a legitimate reason, is lost. To avoid this vicious circle, banks must take advantage of collaborative intelligence to mitigate rising financial crime cases such as APP fraud scams and share data where insights and intelligence can be exchanged between organisations in a secure environment, building a collaborative view.

Digital Transformation in Banking: Get Rid of Illusory Expectations to Avoid Failure

Tue, 10 Sep 2024 11:29:29 +0000

The term "digital transformation" has become a buzzword in the banking sector, its popula

The Rise of Digital Payments : UPI Leads the Way

Tue, 10 Sep 2024 10:32:14 +0000

Financial Inclusion and Digital Explosion During my recent visit to India, I noticed three significa...

Technology, the Catalyst for Banks to Evolve into Competitors

Tue, 10 Sep 2024 09:00:00 +0000

FinextraTV and Gabriela Giannattasio, VP of EMEA, Veritran, tap into how banks should be prioritising streamlining user experiences, enhancing seamless payment systems, making them secure, and ensuring compliance with upcoming regulations all at the same time. In this new age of financial polyamory, individuals and businesses are no longer married to just one bank, and banks should view collaboration as the silver bullet solution to these challenges and actively leverage available opportunities to connect with technology partners.

From AI Hype to Reality: Key Strategies for Financial Institutions to Achieve Business Value

Mon, 09 Sep 2024 17:51:30 +0000

In the financial services sector, artificial intelligence (AI) is often heralded as a transformative force capable of revolutionizing everything from customer engagement to fraud detection. However, as the excitement around AI continues to grow, so do the challenges associated with its implementation. According to the latest McKinsey Global Survey on AI, AI adoption is accelerating, with 72% of organizations using AI in at least one business function in 2024, up from 50% in previous years. However, the challenges of achieving tangible business value remain substantial. The survey highlights that organizations need to focus on aligning AI projects with strategic business goals to achieve success (McKinsey, “The State of AI in Early 2024”).

The journey to successful AI implementation in financial services is not about jumping on the latest technology bandwagon; it is about identifying core business challenges, choosing the right AI strategy, and following a robust engagement methodology. Here’s how financial institutions can move beyond the AI hype and achieve real, measurable business value.

1. Start with the business challenge, not the technology

The key to successful AI deployment begins with a comprehensive understanding of the specific business problems that need to be addressed. Too often, organizations are drawn to AI’s potential without a clear roadmap for its application, leading to projects that flounder in development or fail to deliver a return on investment (ROI). McKinsey notes that “the business goal must be paramount,” emphasizing the importance of identifying the most promising business opportunities and working backward to potential AI applications rather than pursuing tech for tech’s sake (McKinsey, “The State of AI in Early 2024”).

For financial institutions, this means asking critical questions: What are the pain points that, if resolved, would yield the most significant benefits? Whether it’s enhancing customer engagement, improving fraud detection, or optimizing operational efficiency, defining the challenge upfront ensures that AI initiatives are grounded in strategic business needs rather than technological fascination.

2. Evaluate: build, buy, or partner

Once the business challenge is identified, the next step is to determine the most effective strategy for deploying AI. This involves a critical decision: whether to build a custom solution, buy an existing one, or partner with an AI expert.

Build: Custom solutions offer the highest degree of specificity and alignment with unique business processes, but they require significant time, resources, and in-house expertise. For institutions with complex, industry-specific needs, building an AI solution may be the most effective approach, but it also carries the highest risk.
Buy: Off-the-shelf solutions provide a faster route to deployment and can be cost-effective for common challenges. However, they may not offer the flexibility needed to adapt to specific business environments. McKinsey’s latest research shows that while 50% of organizations are using off-the-shelf generative AI models, the high performers are increasingly moving toward significant customization or developing proprietary models to meet specific needs (McKinsey, “The State of AI in Early 2024″).
Partner: Partnering with a specialized AI consultancy, like Intelygenz, allows organizations to leverage deep technical expertise and experience while focusing on rapid implementation. A trusted partner can guide institutions through the complexities of AI deployment, ensuring that the solution is tailored to deliver the maximum business impact. This approach combines the benefits of both build and buy strategies, mitigating risks and accelerating time to value.

3. Implement with a proven engagement methodology

The pathway from AI concept to value realization is rarely linear. To navigate this complexity, financial institutions need a structured, end-to-end engagement methodology that enables rapid development and deployment while ensuring alignment with strategic objectives. Accenture’s “Tech Vision 2024” report emphasizes that adopting an agile, iterative approach to AI deployment enables organizations to see faster returns on investment and adjust quickly to evolving business needs (Accenture, “Tech Vision 2024″).

Intelygenz’s “Day Zero Promise” embodies this approach. Our methodology begins with a rigorous scoping session to align AI projects with strategic business outcomes from the very beginning. This is followed by:

Agile Development: An iterative approach that allows for continuous refinement and adaptation of AI solutions to evolving business needs.
Seamless Integration: Close collaboration with internal IT and business teams ensures that AI solutions integrate smoothly with existing systems and workflows.
Accelerated Deployment: Fast-tracking the time to value by deploying AI solutions in a matter of weeks, not months or years.

By maintaining a relentless focus on delivering measurable ROI, Intelygenz helps financial institutions avoid the common pitfalls of AI implementation and ensures that AI initiatives contribute directly to business growth.

4. Focus on flexibility and cost-efficiency

For many financial institutions, one of the barriers to AI adoption is the perceived cost and complexity. However, AI does not have to be prohibitively expensive or rigid. Intelygenz positions itself as a more flexible and cost-efficient alternative to top-tier AI companies. We deliver high-quality AI solutions without the overhead and rigidity often associated with larger providers, making us an ideal partner for organizations looking to innovate while managing costs.

5. A collaborative approach to AI success

AI projects are not just technical endeavors; they are fundamentally business transformations. A collaborative approach between the AI partner and the organization is crucial for success. At Intelygenz, we engage closely with our clients throughout the entire process, ensuring that every AI solution is not only technically robust but also aligned with the organization’s strategic goals. This partnership approach has led to real-world success stories where financial institutions have transformed AI from a buzzword into a business-critical capability.

Learn More at FinovateFall

For financial services leaders looking to leverage AI effectively, the path to success involves a thoughtful strategy that prioritizes business value over technology for technology’s sake. At FinovateFall, Chris Brown, President of Intelygenz USA, will delve deeper into these themes during his keynote session, ‘Beyond the Hype: Delivering Real Business Value with AI in Financial Services’. Attendees will learn how to identify the right business challenges, evaluate strategic options for AI deployment, and implement solutions that drive tangible ROI.

Join us on day two of FinovateFall to gain actionable insights and see how Intelygenz’s expert consultancy and implementation services can help your institution harness the true potential of AI.

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PayPal Unveils PayPal Everywhere

Fri, 06 Sep 2024 15:59:12 +0000

PayPal enhanced its rewards program to allow consumers to receive 5% cash back on a spending category of their choice.
Shoppers can receive up to $1,000 in cash back in their selected category.
PayPal also announced that customers can add their PayPal Debit Card to their Apple Wallet.

Payments pioneer PayPal has spent the year working to make it easier for customers to make transactions. Today, the California-based fintech announced it is expanding its rewards program to incentivize customers to choose PayPal at the point-of-sale.

Under the new, enhanced rewards program, consumers choose a monthly category of spending, such as groceries or clothing, that they want to receive 5% cash back on while using their PayPal Debit Mastercard. Shoppers can receive up to $1,000 in cash back in their selected category.

Users can also stack cash back offers. For example, if a DoorDash customer selected restaurant as their monthly category, they will receive the 5% cash back offer for using their PayPal Mastercard and another 10% cash back if they save the deal from DoorDash in the PayPal app. The 15% total rewards would be automatically applied when checking out with PayPal.

“We know that consumers are looking for smart, simple and safe ways to make their everyday purchases while also getting more value out of every transaction. That’s why millions of customers can now enjoy the trust and convenience they love about PayPal everywhere – both in-store and online, with access to rich rewards that put more money back in their pockets,” PayPal President and CEO Alex Chriss. “It’s a pivotal moment for PayPal and its customers and a significant first step as we bring the power of PayPal to everywhere they shop.”

PayPal also unveiled today that customers can add their PayPal Debit Card to their Apple Wallet, which will offer even more options at the point of sale.

“We’re excited to work with PayPal to bring Apple Pay to PayPal Debit Card cardholders and help deliver a seamless shopping experience to even more users,” said Eddy Cue, Senior Vice President of Services at Apple. “Whether in-store, online or in-apps, PayPal debit card cardholders will be able to enjoy the convenience and security that Apple Pay brings to their everyday lives.”

Photo by Nick Fewings on Unsplash

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