Latest news with #digitalwallet
Irish Times
18 hours ago
- Business
- Irish Times
Elon Musk's X to offer investment and trading in ‘super app' push
X chief executive Linda Yaccarino has said that users will 'soon' be able to make investments or trades on the social media platform, as she outlined a push into financial services in owner Elon Musk's quest to build an 'everything app'. 'You'll be able to come to X and be able to transact your whole financial life on the platform,' Yaccarino said in an interview at the Cannes Lions advertising festival. 'And that's whether I can pay you for the pizza that we shared last night or make an investment or a trade. So that's the future.' She added that the company was also exploring the introduction of an X credit or debit card, which could come as soon as this year. The proposed foray into financial services comes as Musk seeks to model the platform, which he bought in 2022, after China's WeChat – a one-stop shop for messaging, payments and shopping. READ MORE X has already said it will be introducing X Money, a digital wallet and peer-to-peer payment service, with Visa as its first partner later this year. Yaccarino on Tuesday added that X Money would launch in the US first before being rolled out elsewhere, and said that the service would allow users to buy merchandise, store value or tip creators on the platform. [ Labour Court to hear Musk's X appeal against WRC ruling Opens in new window ] 'A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today,' she said. A big push into financial services would, however, open X up to burdensome regulatory challenges, such as compliance with licensing and money laundering regulations. X has struggled to return to financial health after advertisers, which account for the majority of its revenues, left in droves following Musk's $44 billion (€38 billion) acquisition of the platform then known as Twitter. Many cited concerns about his hands-off approach to moderation, meaning their ads could be placed near objectionable content, as well as the billionaire entrepreneur's own provocative use of the platform. Bobby Healy on why Manna drone delivery could be the 'biggest technology company in the world for its space' Listen | 67:08 Tensions between X's leadership and advertisers have flared. In the interview, Ms Yaccarino pushed back against allegations that the social media company recently threatened brands with lawsuits if they failed to buy advertising on X. She dismissed as 'hearsay' a Wall Street Journal report last week, which said that half a dozen brands, including Verizon and Ralph Lauren, had struck deals to buy ads after receiving the threats. 'It's unnamed sources, random third-party commenters,' Ms Yaccarino said. [ Challenge by X to Irish media regulator's online safety rules set to begin this week Opens in new window ] + X filed a federal antitrust lawsuit last summer against the Global Alliance for Responsible Media, a coalition of brands and ad agencies, as well as several other brands. The social media company accused the group of violating competition law by co-ordinating an 'illegal boycott' under the guise of an online safety initiative. Over time, X has added or removed several brands from the complaint. It dropped Unilever from the lawsuit after it restarted advertising on the social media platform in October. Ms Yaccarino said that 96 per cent of the company's advertising clients before acquisition had now come back to the platform, and that the company would reach its target of returning to its 2022 advertising levels 'super soon'. Some advertisers and agencies at Cannes said that they were still cautious about running ads on X and sceptical that it would hit its targets in the near future – pointing to the toxicity of content on the platform. Others had felt pressured to advertise, according to people familiar with the discussions, with one alleging that they were told to spend a specific amount or face a lawsuit. Mr Musk's close relationship with US President Donald Trump had made advertisers feel more anxious to comply with the demands, the person said. Research firm Emarketer projects that X's revenue will increase to $2.3 billion this year, compared with $1.9 billion a year ago. However, global sales in 2022, when Musk took over, were $4.1 billion. Ms Yaccarino also touted plans to bolster X's artificial intelligence capabilities after it was bought by xAI, Musk's artificial intelligence start-up, for $45 billion in March. She argued that the tie-up would help better deliver advertising against trending content in real time, adding that she now had 'double the amount of engineers' working to improve the platform. – Copyright The Financial Times Limited 2025
Finextra
2 days ago
- Business
- Finextra
Fiserv collaborates with Early Warning Services on roll out of digital wallet Paze
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced a new collaboration with Early Warning Services to offer the digital wallet, PazeSM to financial institutions, providing their customers and members with a convenient online checkout experience via the banks and credit unions those consumers already trust with their money. 0 Banks and credit unions can now enable the Paze wallet with added security provided by payment tokens. Card account numbers are replaced with a unique number through tokenization, and card numbers are not shared with merchants. Providing a fast, easy, and convenient online checkout experience just like other digital wallets, the Paze solution has a built-in advantage within the thousands of financial institutions powered by Fiserv. 'This strategic offering of Paze provides our clients a new digital checkout solution, one in which their consumers can have full confidence when they check out online,' said Matt Wilcox, Deputy Head, Financial Solutions and President of Digital Payments at Fiserv. 'We are excited to enable our clients with a future-forward approach to commerce and with Paze, a convenient online checkout experience for their customers.' Additionally, Fiserv will enable merchants to accept Paze at checkout, enhancing the payment options available to their customers. Paze will be supported across the Fiserv ecommerce payments suite. Fiserv and Early Warning Services have forged a long-standing strategic alliance, with Fiserv offering a turnkey service for Zelle®, meeting consumer expectations for fast and reliable person-to-person (P2P) payments. The expanded relationship enables the two companies to explore ways to enhance payment solutions for consumers and streamline the checkout experience for merchants. 'Our collaboration with Fiserv marks a significant step in expanding the reach of Paze. Together, we're making it easy for merchants of all sizes to deliver a fast, convenient, and seamless online checkout experience, unlocking access to our solution for thousands of financial institutions and merchants nationwide,' said Eric Hoffman, Chief Partnerships Officer, Early Warning Services.
Yahoo
2 days ago
- Business
- Yahoo
Fiserv and Early Warning Services Collaborate on Paze to Provide Financial Institutions and Merchants of All Sizes with a Convenient Digital Checkout Solution for Consumers
Integration with Paze checkout provides additional security through a tokenized payment experience within trusted financial institutions MILWAUKEE, June 17, 2025--(BUSINESS WIRE)--Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced a new collaboration with Early Warning Services to offer the digital wallet, PazeSM to financial institutions, providing their customers and members with a convenient online checkout experience via the banks and credit unions those consumers already trust with their money. Banks and credit unions can now enable the Paze wallet with added security provided by payment tokens. Card account numbers are replaced with a unique number through tokenization, and card numbers are not shared with merchants. Providing a fast, easy, and convenient online checkout experience just like other digital wallets, the Paze solution has a built-in advantage within the thousands of financial institutions powered by Fiserv. "This strategic offering of Paze provides our clients a new digital checkout solution, one in which their consumers can have full confidence when they check out online," said Matt Wilcox, Deputy Head, Financial Solutions and President of Digital Payments at Fiserv. "We are excited to enable our clients with a future-forward approach to commerce and with Paze, a convenient online checkout experience for their customers." Additionally, Fiserv will enable merchants to accept Paze at checkout, enhancing the payment options available to their customers. Paze will be supported across the Fiserv ecommerce payments suite. Fiserv and Early Warning Services have forged a long-standing strategic alliance, with Fiserv offering a turnkey service for Zelle®, meeting consumer expectations for fast and reliable person-to-person (P2P) payments. The expanded relationship enables the two companies to explore ways to enhance payment solutions for consumers and streamline the checkout experience for merchants. "Our collaboration with Fiserv marks a significant step in expanding the reach of Paze. Together, we're making it easy for merchants of all sizes to deliver a fast, convenient, and seamless online checkout experience, unlocking access to our solution for thousands of financial institutions and merchants nationwide," said Eric Hoffman, Chief Partnerships Officer, Early Warning Services. About Paze Paze is a reimagined online checkout solution that banks and credit unions offer to consumers and merchants, combining all eligible credit and debit cards into a single wallet and eliminating manual card entry. Solving long-standing challenges in e-commerce, Paze provides an easy experience for consumers and merchants alike. More than 150 million credit and debit cards have been added to the Paze checkout solution. To learn more about Paze, visit Paze is operated by Early Warning Services, LLC, an innovator in financial and risk management solutions. About Fiserv, Inc. Fiserv, Inc. (NYSE: FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World's Most Admired Companies™. FI-G View source version on Contacts For more information contact:Media Relations: Mark JelfsSenior Manager, CommunicationsFiserv, Inc.+ Additional Contact: Jim SiasVP, CommunicationsFiserv, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
3 days ago
- Business
- Zawya
Octane raises $5.2mln to transform MENA's fleet payments
Egypt's leading digital platform for fleet and on-road expense management Octane has closed a $5.20 million funding round led by Shorooq, Algebra Ventures, and Elsewedy Capital Holding. Octane will use the new capital to expand its network, boost its technology stack, and support the company's growth across Egypt and the wider MENA region, according to a press release. It secures a single closed-loop digital wallet that consolidates fuel, maintenance, spare parts, petty cash, and more into one platform. The solution backs diesel, gasoline, and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. Amr Gamal, Co-Founder and CEO of Octane, commented: 'This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Established in September 2022, Octane has built Egypt's largest fleet-payment coverage, currently spanning 2,400 petrol stations and 400 CNG outlets nationwide. Laila Hassan, General Partner at Algebra Ventures, indicated: 'In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt's logistics and mobility sectors.' All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Wamda
3 days ago
- Business
- Wamda
Egypt's Octane raises $5.2 million to digitize fleet payments across MENA
Egyptian fintech Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and SC Holding. The Cairo-based startup, co-founded by Amr Gamal and Ziad Eladawy in 2022, provides a digital platform that consolidates all fleet-related expenses—including fuel, maintenance, and petty cash—into a single closed-loop wallet. The new funding will be used to expand Octane's regional footprint, acceptance network, and AI capabilities, including fraud detection and route optimisation. Press release: Octane, Egypt's leading digital platform for fleet and on-road expense management, has raised $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding. The new capital will accelerate the expansion of Octane's acceptance network, deepen its technology stack and support the company's growth across Egypt and the wider Middle East and North Africa (MENA) region. Unlike traditional fuel cards, Octane delivers a single closed-loop digital wallet that consolidates every on-road expense—fuel, maintenance, spare parts, petty cash and more into one platform. Real-time controls and analytics give fleet operators clear visibility, typically trimming avoidable fuel and mileage costs by double-digit percentages. The solution already supports diesel, gasoline and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. 'At Octane, we're focused on giving fleets the rails they need to manage day-to-day payments with precision,' said Amr Gamal, Co-Founder and CEO of Octane. 'This funding lets us broaden our acceptance network, expand AI-powered fraud detection and route optimisation features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Since its founding in September 2022, Octane has rapidly built Egypt's largest fleet-payment coverage, now spanning 2,400 petrol stations and 400 CNG outlets nationwide. More than 1,600 corporate clients with a total fleet of ~250,000 vehicles rely on the platform to streamline fleet spending, and the company's headcount has grown to 200 employees. Octane's innovative approach earned an EEA Award for Rising Entrepreneurs of the Year. 'What drew us to Octane wasn't just the size of the problem they're tackling – it was the clarity and precision of their solution,' said Laila Hassan, General Partner at Algebra Ventures. 'In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt's logistics and mobility sectors. We're proud to back a team that's solving today's pain points while setting the foundation for a more efficient, transparent future.' With fuel prices volatile and logistics costs rising, fleet owners need smarter expense-management tools to protect margins. 'The first wave of digitisation of mobility companies moved people; the second wave moved goods. But unlike the consumer space, the enterprise space lacked the payments and expense-management infrastructure to enable it. Octane is building that infrastructure,' said Tamer Azer, Partner at Shorooq. 'Octane is redefining financial technology and access products for fleet managers, and we're excited to support them as they scale their world-class technology to every company that operates a fleet across the MENA region.' Integrated fleet-expense platforms are gaining momentum worldwide. Established players such as Corpay and WEX prove the demand for centralised fuel and maintenance payments, while newer fintechs like Coast and Fleetio are introducing modern, digital-first tools. Octane is bringing this proven model to Egypt and the MENA region, pairing a broad local acceptance network with controls and analytics tailored to regional tax and compliance requirements, giving operators automation and insight previously available only in mature markets. With its robust network, proprietary technology and growing customer base, Octane is well poised to scale as more fleets seek data-driven solutions to control costs and improve operational efficiency.
