Domestic payment card schemes create unique ecosystem

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Cards only carrying domestic payment card schemes branding accounted for 12% of all payment cards worldwide in 2018. This sector has strong growth potential, with products tailored to local market requirements.

Several of the world’s largest payment cards markets are seeing a rapid increase in the numbers of domestic scheme‑branded cards, according to Global Payment Cards Data and Forecasts to 2024.

India, Russia and Brazil stand out in particular, with significant growth, driven by their respective schemes RuPay, Mir and Elo. In Russia, domestic payment card scheme growth is largely attributable to public sector workers receiving their salary payments

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Ripple tries to diversify as it faces headwinds from the banks

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Ripple has created one of the most valuable cryptocurrencies. Its digital tokens, known as XRP, have a total value of almost $30 billion, behind only bitcoin and Ether.

Ripple tries to diversify as it faces headwinds from the banks

But, eight years after launch, Ripple is still trying to find compelling uses for the blockchain technology underpinning its currency that would justify such a high figure.

Now, in an effort to draw more users, it has struck out in a new direction: to try to become the Amazon of the cryptocurrency world, using its platform to support activities far beyond

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Revolut losses continue to grow

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Revolut losses tripled in 2019 as the FinTech blamed rising staff costs more than offset revenue growth, however it argues that it is on track to break even this year despite the impact of COVID-19.

Revolut losses continue to grow

Revolut reported a pre-tax loss of £107 million, more than triple the £33 million loss in 2018, driven largely by a massive hiring spree. Staff numbers increased from 633 to 2,261 over the year, including hundreds of appointments to strengthen its customer service and compliance functions.

Despite the deepening losses, Revolut stuck to a previously announced aim of being profitable

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PCM Feature: Neobanks – hot trend or missed opportunity

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Digital-only banks, or neobanks, have been a major focus for investors, and are gathering new customers by the boatload. But are they really banking’s future – or just a sophisticated fad for tech-savvy millennials?

Go to any advertising billboard or bus-shelter in the UK urban centres and you’ll see it: wave after wave of advertisements for neobanks, from Revolut to Monzo, Starling, OakNorth and, until recently, Germany’s N26. A similar consumer blitz is underway in the US and major European markets.

Data from these new digital-only players suggests consumers are liking their pitch: Monzo recently announced it had acquired 3.8

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