Qualified residents to begin receiving Hawaii Restaurant Card

… Development and Tourism (DBEDT), Chamber of Commerce Hawaii, Hawaii Restaurant Association and the Hawaii Agricultural Foundation.

The Hawaii Restaurant Card (HRC) will begin arriving in mailboxes of qualified residents this week, beginning Friday.

The HRC Program, funded via $75 million from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides residents who filed an initial claim for Unemployment Insurance benefits beginning March 1 or thereafter and continue to meet additional CARES Act fund eligibility requirements with a preloaded, prepaid debit Mastercard with $500 for use at restaurants, eating establishments, bakeries and food caterers throughout Hawaii.

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Qualified individuals will automatically receive the card and have through Dec. 15 to expend the funds. There is no sign up required. The use of the Hawaii Restaurant Card will not impact SNAP and Medicaid benefits or eligibility.

The HRC Program is a public-private partnership between the state Department of Business, Economic Development and Tourism (DBEDT), Chamber of Commerce Hawaii, Hawaii Restaurant Association and the Hawaii Agricultural Foundation. The state says the program will result in far reaching economic benefits beyond restaurants, including the restaurant industry supply chain, farmers, ranchers, fisherman, produce suppliers, supply companies and more.

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The card can be used statewide at restaurants, eateries, bakeries and food caterers that accept Debit Mastercard. The card can only be used for food and nonalcoholic beverage purchases and it will not be accepted at grocery or convenience stores or for grab-and-go prepared meals.

For more information, visit www.hawaiirestaurantcard.com.

1st Africa Data Protection Conclave set to hold October 15th and 16th

… has since January 2019 seen a meteoric rise in data protection compliance and active citizen participation in the protection of their personal data.

Standard Chartered in collaboration with Visa, has today launched a new ‘Safe is Smart’ campaign, aimed at encouraging the adoption of eCommerce solutions, as Nigeria journeys onto economic recovery.

This campaign will promote and educate consumers on smart ideas and e-payments solutions that will drive sustainability, survival and business recovery in the e-payments ecosystem.

Following the impact of the Covid-19 pandemic, the campaign also seeks to provide convenient and secure cashless payment alternatives through the Standard Chartered Visa Debit card, QR payment solutions and the Standard Chartered digital banking mobile app.

Commenting on the partnership, David Idoru Head of Retail Banking at Standard Chartered West Africa, noted that it is important to increase consumer awareness on the safety of cashless payments solutions. “eCcommerce transactions make a large percentage of consumer spend and we want to be able to support consumers through our digital solutions to help them make smart financial decisions especially during the Covid-19 period. Our retail banking business is heavily focused on championing a digitized payments revolution to provide convenience and access to our customers especially through our fully digital mobile app.

This partnership with Visa also further emphasizes our commitment to the financial wellbeing of our clients, as Standard Chartered Visa Card holders, will enjoy numerous benefits including points earned using our 360 rewards program and zero surcharges at the point of sales through the ‘Safe is Smart’ initiative, he added.

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“The reality of the Covid-19 pandemic has presented a new shift in consumer behavior and through our network, we want to ensure that consumers are embracing the most secure payment solutions. Data from our Covid-19 impact tracker reveal that digital payments are on the rise, as more people now choose digital payments over cash transactions. The survey revealed that 39% of consumers in Nigeria started purchasing groceries online, 42% started purchasing food delivery online, while 43% of consumers started purchasing from pharmacies online for the first time” says Kemi Okusanya, Vice President Visa West Africa.

“The next evolution of payments is going to be driven by collaborations with financial institutions like Standard Chartered Bank. In a time as critical as this, our goal is to continuously foster innovation driven by technology to meet consumers’ every day needs, while driving the economy to recovery through accelerated eCommerce transactions,” she added.

Standard Chartered and Visa has since the pandemic continued to roll out initiatives that will help consumers and merchants mitigate and drive progression towards economic recovery.

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About Standard Chartered

We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, https://www.visa.com.ng/ and @VisaAfrica.

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Corporate Communications Contact

Dayo Aderugbo

Head, Corporate Affairs, Brand and Marketing Standard Chartered Bank Nigeria

+ 234 802 931 4012

[email protected]

OR

Niyi Adebiyi

Corporate Communications

appapp

Visa Sub-Saharan Africa

Mob: +2348166109761

E-mail: [email protected]

Online payment is becoming a necessity, says BPI

… brand ahead of others, creating great value and opportunity for businesses when it comes to sales, reputation, and customer experience,” she said.

Bank of Philippines Islands (BPI), the country’s leading commercial bank, said more businesses need to digitalize on increasing demand for cashless and cash lite transactions.

BPI Transaction Services Head Ana Sison noted that many traditional businesses are ill-prepared to adjust to the “new normal” and to cater to their clients, partners, and suppliers.

“Setting up online payment system is becoming more of a necessity in business operations these days in order to enhance cash management, improve customer-centric functionalities, and refine app and website-integrated payment systems.

This is evidenced by the sharp increase in the usage of PESONet and PayBPI via BizLink, BPI’s cash management platform. Unique active users increased by 146 percent from February to August 2020.

“There are certain advantages in having a digital payment system that put a brand ahead of others, creating great value and opportunity for businesses when it comes to sales, reputation, and customer experience,” she said.

For her part, BPI Head of Corporate Banking John-C Syquia added that BPI has already been giving many business clients secure integrated payment system for their apps and websites to boost their branding and customer experience, in addition to BizLink.

“Businesses that have online sales channels with an integrated payment system have certain advantages as it allows them to recover sales lost from physical stores,” said Syquia. “These companies are able to mitigate the impact of no or limited in-store activity; some are actually experiencing a boom during these times when everyone is encouraged to minimize physical contact with others.”

Aside from streamlining the process of selling of goods and services among the four major market segments — business to business, business to consumer, consumer to consumer, consumer to business — Syquia said, based on a report by the Bangko Sentral ng Pilipinas (BSP), having an integrated payment system can reduce operational costs, minimize pilferage risks, expand payment modes, and maximize fund flows. It also helps bring in more sales, as company branded in-app wallets and rewards systems have been shown to contribute to customer loyalty.

Optimize cash Management

Digitalizing and transforming certain functions, processes, and activities into digital assets have also proven to help businesses ramp up and optimize cash management.

It is for this reason that BPI has been helping its corporate clients to boost their operational capabilities and bridge their payments for suppliers and employees’ salaries through its BizLink, a one-stop shop online platform for digital collections, account management, and disbursement.

“Many companies have adjusted their work arrangements to curb the spread of the disease, and many have taken advantage of digital solutions and assets to accelerate their financial reporting, enhance cash management, and innovate customer-centric functionalities,” Ms. Sison said. “Companies now have the opportunity to replace their cash and check collection systems with a more digital process. Companies need solutions that would let them work remotely and still be able to process their payments and collections.”

Since BPI embarked on a digital transformation journey a few years ago, banking was made more accessible to many Filipinos and digital banking has become part of everyday life for many of its clients.

“In this new normal, we understand that many businesses operate using traditional payment systems. But a digital shift will enable businesses to have a sustained level of recovery as more customers would appreciate an omni-channel experience during these uncertain times,” said Syquia. “With this omni-channel experience, they can start their transaction on one channel and finish it off on another while providing the same level of quality, safety, and convenience for them.”

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Mizuho Initiates Coverage of Fiserv and Fidelity National Information with Buy Ratings

Since the 1950s, financial technology has evolved, from the development of a credit card to the mobile cashless payment apps that we use today.

Since the 1950s, financial technology has evolved, from the development of a credit card to the mobile cashless payment apps that we use today. The prevalence of “FinTech” in today’s society cannot be understated. Yesterday, Mizuho published a report in which they initiated coverage for nine companies within the Financial Payments & Technology sector.

Mizuho initiated Buy ratings for both Fiserv (FISV) and Fidelity National Information (FIS) with price targets at $145 and $165, respectively. FISV and FIS are both market leaders within the payments and processing sector of FinTech. These companies work behind the scenes to act as the middle-men for P2P transactions involving banks, merchants, and consumers.

In the past decade, approximately 3-5% of banks have closed each year. Given that FISV and FIS rely heavily on banks in order to facilitate transactions, this could have had a negative impact on their overall growth. However, In recent years, both companies have experienced exceptional growth as the increase in total assets under management per bank positively counteracts the loss of business from bank closure.

Over the last few years, FISV has experienced organic growth of ~3% per year while FIS has grown at ~3% and ~5% in 2018 to 2019 respectively. FIS has invested heavily in technology in order to improve the payment processing efficiency which is largely responsible for the growth mentioned above.

The future outlook for both companies seems to follow a similar trend. FISV is expected to continue to have medium to high growth in revenue and EBIT while the acquisition of Worldpay (WP) by FISlast year is expected to create synergies accumulating to over $500 million along with continued growth. Mizuho analysts expect that growth to continue in the near and distant future.

Disclosure: At the time of publication, I have no positions in any of the securities mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for creating this article (other than from TheStreet) and have no business relationship with any company whose stock is mentioned in this article.

Global Digital Commerce Applications Market (2020-2026) | Latest COVID19 Impact Analysis …

… Brand Players: Tata Consultancy Services, International Business Machines, Infosys, Salesforce, Cognizant Technology Solution, etc. | InForGrowth.

The Digital Commerce Applications Market reports gives a far reaching review of the worldwide market size and global trends with values. Digital Commerce Applications Market reports additionally give a multi-year pre-memorable for the segment and remember information for financial information of worldwide. Key partners can think about measurements, tables and figures referenced in this report for vital arranging which lead to achievement of the association.

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    The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; emergency declared in many countries; massive slowing of the supply chain; stock market unpredictability; falling business assurance, growing panic among the population, and uncertainty about future.

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