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Digital bank GXS has launched the GXS FlexiCard , a creditcard that charges flat fees on outstanding balances rather than traditional revolving interest. With the GXS FlexiCard, these consumers now have the opportunity to start building their credit history.
It is a new feature embedded in the company’s virtual creditcard solution. JULO, which has been in the fintech industry for seven years, aims to promote financialinclusion in Indonesia through its virtual creditcard. The entire process can be managed through the JULO app.
According to Orloff, LendUp and Beneficial State came up with the idea to offer a socially responsible creditcard product several years ago, but it only came to market this spring. It has a higher interest rate – 19.99 percent to 29.99
HSBC UK recently became the first major bank to enable international customers to leverage their international credit history to apply for a UK mortgage application. While this represents a significant step forward, should financialinclusivity have moved further ahead by now? Then we’ll make real progress.”
Embrace FinancialInclusion One of the key drivers behind the success of Nubank has been its unwavering commitment to financialinclusion — a major focal area for APAC digital banks as well. This presents a massive untapped market for digital banks willing to prioritise financialinclusion.
FICO was an ideal fit for the FCRA world, and has been the dominant credit scoring model in the United States for over four-and-a-half decades as a result. Without a reasonable FICO score, home buying (with mortgages) auto-loans, creditcards and even simple checking accounts all become out of reach for consumers.
In a significant move towards modernising business-to-business (B2B) payment processes, PayMate India SPC, a leading B2B digital payments company, has signed a Memoranda of Understanding (MoU) with the National Bank of Oman (NBO) to digitise, automate, and streamline B2B payments using Visa Business CreditCards.
Many operations can now be automated, such as remote account opening, requesting creditlimits, deposits, and brokerage accounts. This comprehensive approach is what we refer to as financialinclusion.” After all, as the saying goes: knowledge is power. .
Access to credit and the path to homeownership are important parts of the American way of life. That’s why it’s critical to understand what can be done to improve financialinclusion — and what won’t work. New to Credit : consumers with 1+ recently active/updated accounts, but with less than 6 months of credit history.
As businesses and consumers become more comfortable using creditcards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. In 2000, PayPal launched business accounts, allowing businesses to accept unlimited creditcard payments with a standard 2.9% + $0.30
For the 47 percent of Americans with prime credit scores, getting and using a creditcard isn’t much of a problem. The problem, Petal co-founder and CEO Jason Gross told Karen Webster, is that it leaves around half of all Americans with only a few options: a creditcard with expensive strings or no credit at all.
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