November 29, 2022

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Today in FinTech: Facebook’s Split Payments

In today’s FinTech news, split payments in the U.S. are as easy as sending a message Facebook Messenger — so no matter who’re you’re lunching, wining or dining with, the check can easily be divided using the Messenger app, which most people already have right on their smartphones.

On the other side of the globe in Africa, mobile technology is changing lives for small businesses in Nigeria and other parts of sub-Saharan Africa, where mobile penetration is high, and Egypt’s Kashat is partnering with Mastercard to reach the 67% of Egyptians who do not have a bank account.

Facebook Unveils Split Payments For Messenger

After 60 days of extensive beta testing, Facebook is now offering split payments in its mobile messaging app Messenger.

The money splitting feature is available to iOS and Android users in the U.S., and easily enables users to divide tickets, bills or other expenditures among friends, family and co-workers.

Mobile FinTech Products Offer Path to Financial Inclusion in Nigeria

Digital savviness in Africa may not be the first thing people think of when considering payments on much of the continent, but Nigeria in particular is just one of the many regions there that has an impressive rate of mobile penetration.

With that openness to embracing technology, many regions have mobile payment capabilities that predate the likes of CashApp and Venmo.

Small businesses in Nigeria and other regions of sub-Saharan Africa are finding themselves in the unique position of being able to reach these mobile users to form a customer base eager for tech solutions, information and funding.

FinTech Kashat, Mastercard Partner to Expand Financial Services to Egypt’s Underserved

Northeast of Nigeria, there is Egypt, feeling its own technology roots with FinTech Kashat and Mastercard partnering to change the fact that some 67% of Egypt’s residents don’t have a bank account.

The two companies are collaborating as part of a five-year agreement to digitize the onboarding, disbursement and collections for the Middle East and North Africa. The move has the potential to affect some 65 million people over the age of 15 who largely rely on cash.

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NEW PYMNTS DATA: 70% OF BNPL USERS WOULD USE BANK INSTALLMENT OPTIONS, IF AVAILABLE

About: Seventy percent of BNPL users say they’d rather use installment plans offered by their banks — if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments And FIs’ Untapped Opportunity, surveyed more than 2,200 U.S. consumers to better understand how consumers view banks as BNPL providers in a sea of BNPL pure-plays.