Global Payments

TransferWise Formally Rolls Out PayNow Payments; Klarna Unveils Open Banking Platform

global payments

Welcome to The Axis, your late look at payments news from around the world. Coverage includes the formal rollout of payments via PayNow with the U.K.’s TransferWise. In addition, European payment provider Klarna has unveiled an Open Banking Platform, and GM Cabs is offering to take payments via Alipay to help serve consumers in Australia.

TransferWise, a FinTech firm in the U.K., now formally allows payments via PayNow after experimenting with the service, The Business Times reported. Through TransferWise, users can scan a quick-response (QR) code or enter a unique entity number of a company. As it stands, the FinTech allows payments such as bank transfers, debit cards and credit cards. TransferWise Lead Product Engineer Timothee Ledure said, according to the report, “When our customers told us they like PayNow for its speed and convenience, we added the implementation of PayNow to our engineering plans and worked to launch the feature as quickly as possible.”

And, also in Europe, payment provider Klarna has unveiled the rollout of an Open Banking platform, according to reports. The company said that a single Access to Account (XS2A) application programming interface (API) would pave the way for access to over 4,300 European banks. FinTechs, along with newer and established banks, will be able to create personalized offerings to meet the needs of European customers. Klarna Chief Technology Officer Koen Köppen said, according to the report, “Now in the midst of further change and transformation from the PSD2 legislation and steps towards European Open Banking, we can enable other FinTechs, banks and others to develop, test and bring new services and products to the market at a faster pace, through our platform and by integrating with our single API.”

In Australia, GM Cabs is offering to take payments via Alipay to help serve consumers from China, ITNews reported. As it stands, the solution was said to be rolled out to a fleet of more than 250 branded taxis for GM Cabs. The company’s payments are said to “underpin” taxi networks in addition to booking app Rydo per the report. George Mikahel of GM Cabs said, according to the report, “GM Cabs has provided services to the tourist and hotel markets for many years and with the growth of Chinese tourism we recognise the value in service that Alipay offers.” And, in February, it was reported that Alipay and Tourism Australia were working together on an experimental Sydney City Card program to market the city’s attractions to visitors from China.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.