BNP Paribas has announced the upcoming launch of Tap to Pay on iPhone. This feature will enable merchants to accept various payment methods, including physical debit and credit cards, Apple Pay, and other digital wallets, solely through their iPhone and the AXEPTA BNP Paribas app.

New Payment Feature from BNP Paribas for Transactions

The development eliminates the necessity for traditional card readers or additional hardware, streamlining the payment process for businesses and customers alike. Tap to Pay on iPhone is slated to be rolled out by BNP Paribas in the coming weeks and will be fully compatible with the primary payment schemes prevalent in France.

Notably, it will support Cartes Bancaires, the predominant payment scheme responsible for over half of the daily transactions in the French market. Additionally, compatibility with international schemes such as Visa and Mastercard will enhance the accessibility of Tap to Pay on iPhone.

BNP Paribas(@BNPP2S) to Bring Tap to Pay on iPhone to French Customers.

Read more: https://t.co/IteexnARUk#payments #softpos #iphone #finserv #fintech #finance #FinancialIT

— Financial IT (@financialit_net) March 28, 2024

Embracing Solutions for Driving Efficiency in Financial Transactions

BNP Paribas and NatWest have recently adopted CobaltFX's Dynamic Credit, a state-of-the-art solution aimed at enhancing credit allocation for foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) transactions. Developed by United Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term's CobaltFX, this technology simplifies processes and provides improved market access and control. Both BNP Paribas and NatWest, longstanding partners of CobaltFX, have significantly escalated their engagement by implementing Dynamic Credit, the latest innovation from CobaltFX.

This move reflects broader industry trends where financial institutions are increasingly recognizing the importance of optimizing credit allocation for FX trades. By embracing innovative digital solutions like Dynamic Credit, institutions seek to improve market stability and manage credit exposure more efficiently.

Earlier, BNP Paribas expanded its partnership with Worldline to combat IBAN fraud in SEPA Direct Debits (SDD) transactions. Utilizing Worldline's open banking-based account validation technology, the collaboration aims to reduce fraudulent use of IBANs during the SDD mandate signature process, which accounts for over 60% of fraud in direct debits according to a report by the Bank of France.