JPMorgan Chase has made history as the first big US bank to offer crypto funds to retail customers beyond the very wealthy, per Insider. The banking giant told wealth-management advisors that, beginning July 19, they could receive trading orders for five funds invested in the asset class: Four are offered by Grayscale Investments and one is available from Osprey Funds. 

More on this: The funds give investors indirect exposure to Bitcoin, Bitcoin Cash, Ethereum, and Ethereum Classic. The investment vehicles are available to JPMorgan clients who use a variety of wealth-management products: self-directed customers that use the bank’s Chase trading app, mass-affluent JPMorgan Advisors users, and ultrarich private bank customers.

The bank is limiting trades to “unsolicited” ones, meaning that advisors can only execute transactions at the client’s request. 

JPMorgan’s move marks a 180-degree turnaround from the dim view of crypto assets that it formerly took: In 2017, CEO Jamie Dimon threatened to sack employees who were trading Bitcoin. Since then, Dimon has relaxed his stance on crypto, but he recently remarked that he’s still not a fan. Despite the views of JPMorgan’s top boss, its clients have been clamoring for crypto as an investment, wealth-management division leader Mary Callahan Erdoes said to Bloomberg.

The big takeaway: By hopping onboard the crypto bandwagon, JPMorgan can discourage outflows of its wealth-management clients who are interested in dabbling in cryptocurrency to fintechs like Robinhood and Coinbase, and keep those clients inside of its ecosystem. The move may also help the bank retain the deposits of Chase retail banking customers who may be pulling them to buy crypto.

A decision by the biggest banking player in the US to offer broad retail access to crypto will help legitimize the handling of these assets by incumbents. Watch for other established US banks to take action on retail crypto investing. If JPMorgan’s move starts a trend, crypto trading could quickly transition from a nice-to-have to a need-to-have.

Global eTrade Services (GeTS), a global trade platform company, announced today the launch of CALISTA inventory financing (CIF) – one of the first platforms to be integrated with the Singapore Trade Data Exchange (SGTraDex) to simplify information flows through the global supply chain ecosystem via a shared data stream.

SGTraDex is a new exchange recently launched by the Singapore Government that was conceptualised by the Alliance for Action (AfA) to address Supply Chain Digitalisation.  AfA for Supply Chain Digitalisation is one of the seven Singapore Together Alliances for Action (AfA) set up in June 2020 under the Singapore Government's Emerging Stronger Taskforce (EST).  The initial use cases of the exchange (SGTraDex) are to strengthen financing integrity of trade flows, enhance end-to-end visibility of container logistics flows, and digitalise the bunkering industry.  GeTS developed CIF through the AfA for Supply Chain Digitalisation.

Created to simplify and optimise business processes for oil storage financing, CIF is an end-to-end platform that collaborates with various commodity trading companies, banks, and terminals. CIF enables secure and transparent transfer of real-time trade finance data and provides an auditable log of records for users to easily track changes made to a trade.  The integration with SGTraDex facilitates the sharing of case data from CIF amongst multiple stakeholders in a more efficient and streamlined manner. Users can also easily provide or use data on SGTraDex via the SGTraDex API integration or SGTraDex Pitstop web portal, where the data exchange is consent-driven.

Andy Loh, Head of Commercial at Oiltanking Asia Pacific said: "The implementation of the CIF platform adds significant value to the storage and terminalling industry.  The platform provides more transparency and efficiency in the digitalised workflow, by tracking trade financing approvals of all parties in the supply chain. As an international storage logistics provider with a strong footprint in Singapore and founding partner of SGTraDex, we are proud to partner with GeTS in taking this collaboration to the next level."

The ability to get direct access to trade data enables banks to have increased visibility on goods movement, easily verify trade legitimacy, and mitigate trade-related frauds.  Simplified trade procedures and data harmonization allow traders to plan their operations efficiently to better save costs. 

John Chen, Head of Commodity Sales, ASEAN at Standard Chartered said: "As one of the advisers in the development of CALISTA inventory financing, we are excited about the value-add this new digital platform will bring to the commodity-trade financing ecosystem.  The increased access to data about inventories will enhance transparency throughout the supply chain, and enable banks to extend financing more securely and more efficiently, facilitating greater access of funds for a bigger pool of traders."

So Lay Hua, Managing Director and Head of Group Transaction Banking of UOB said: "Our clients will benefit greatly from the launch of CIF with SGTraDex.  With digitalisation and infrastructure interoperability, our clients will also have greater confidence in their supply chains through increased transparency and access to real-time information of goods held in storage. As UOB continues to open doors to Asia for businesses, we believe that this digitalised approach to supply chain finance will be a game changer in how we connect with our clients and support their cross-border needs."

Chong Kok Keong, CEO of GeTS said: "We are proud to be working alongside industry stakeholders to develop CIF and delighted to integrate our CIF platform with SGTraDex for a more seamless, secure and transparent document exchange process for our users.  This integration is also in line with SGTraDex's roadmap to address and alleviate fraud risks in Singapore's commodity trading sector."

- New service enables businesses and consumers to send payments in seconds with full transparency and strong security

- SWIFT Go is a key building block in the co-operative’s strategy  to enable instant and frictionless cross-border transactions - Seven leading global banks already live with the service 

SWIFT today announces the launch of SWIFT Go, a transformative new service that enables small businesses and consumers to send fast, predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world, direct from their bank accounts. Seven global banks, which collectively handle 33 million low-value cross-border payments per year, are already live with the service. 

SWIFT Go enables financial institutions to offer a seamless payments experience for low value transactions often initiated by small- and medium-sized enterprises (SMEs) to pay suppliers overseas and by consumers sending money to friends and family internationally. Using tighter  service level agreements between institutions and pre-validation of data, SWIFT Go enables 

banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs. 

The SWIFT Go service builds on the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value payments. The service marks another milestone in  SWIFT’s strategy to enable instant and frictionless transactions from one account to another,  across SWIFT’s network that connects more than 11,000 institutions, and 4 billion accounts across 200 countries worldwide. It will further strengthen the capabilities of banks to serve their customers in the high-growth small business and consumer payments segments. 

Stephen Gilderdale, Chief Product Officer, at SWIFT said: “SWIFT Go is a further step  towards achieving our vision of enabling anybody, anywhere, to send money instantly and  securely around the world. The new service is a direct response to the needs of small  businesses and consumers for fast, easy, predictable, secure and competitively priced cross 

border payments. Our new service will allow banks to compete effectively in one of the fastest  growing segments of the payments market, delivering a seamless experience for their  customers.” 

SWIFT Go was developed in close collaboration with the global SWIFT community and is  underpinned by several key pillars: 

• Speed: Tighter service levels between banks increase speed. A single payment format  increases straight-through processing, while services such as pre-validation remove frictions that cause delays. 

• Predictability: The amount, time, fees and FX rate of a payment are known in advance. The sender and receiver of payment can track the status in real-time. • Easy to use: The user experience is simple and streamlined, with data requirements  known upfront. Strict network validation provides for easy initiation and processing of  SWIFT Go payments 

• Competitive prices: Processing fees are agreed between financial institutions upfront  so they can provide their customers with full transparency; increased straight-through processing further reduces processing costs. 

• Security: Senders and receivers have peace of mind that payments are underpinned  by the strong security of the SWIFT network.

Seven leading global banks are now using SWIFT Go live: BBVA; Bank of New York Mellon;  DNB; MYBank; Sberbank; Société Générale, and UniCredit. 

Raouf Soussi, Head of Enterprise Payments Strategy of Client Solutions, BBVA said:  “BBVA is very excited to be one of the first banks to sign up to SWIFT Go and we recognise  the potential of this solution to revolutionise the way SMEs and consumers move money around  the world. We have listened closely to our customers and we know how much they value a  secure service that ensures payments reach their destination quickly and seamlessly." 

Isabel Schmidt, Head of Direct Clearing and Asset Account Services Products, Bank of  New York Mellon said: “It’s no secret that for many years consumers and small businesses  have been running into varying pain points when transacting international payments. These  challenges have included opaque costs and lack of certainty on how quickly funds are delivered  to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with 

SWIFT Go, a new service that overcomes all of these challenges and assists financial  institutions in delivering a competitive, seamless, fast and predictable payments experience to  their customers.” 

Feng Liang, Deputy CEO, MYBank said: “SWIFT gpi has become the benchmark for high value cross-border transactions and we are confident that SWIFT Go will be equally as  transformative for SME payments. By providing for instant, seamless transactions within one of  the highest growth areas of our industry, we expect that adoption of SWIFT Go will be  widespread and that it will quickly be established as the industry standard for lower value  transactions.” 

Jean-François Mazure, Head of Cash Clearing and Correspondent Banking, Société  Générale said: “As customer expectations for faster payments evolve, the correspondent  banking industry requires a solution to more competitively process SME and consumer  payments. SWIFT Go fits perfectly with it, allowing us to provide an outstanding experience to  our customers with predictable, seamless, and frictionless low-value cross-border transactions  reaching beneficiaries accounts quicker than ever.” 

Raphael Barisaac, Global Head of Cash Management, Global Co-Head of Trade,  UniCredit said: “UniCredit has long been a keen supporter of innovations within payments that  deliver excellent outcomes for end-customers, and as such we are very proud of our  involvement in SWIFT Go. This is a service that will lead to real benefits for SMEs and  consumers, allowing them to enjoy the speed, predictability and transparency that SWIFT gpi  has brought to high-value transactions.” 

Comment from David Donovan, Executive Vice President, Financial Services, North America at digital transformation consultancy Publicis Sapient:

“I have a Robinhood account, but I would be both cautious and hesitant on Robinhood’s IPO as an investor. Robinhood is operating on a risky business model underpinned by pay-for-order-flow which is banned in other key markets such as Canada, UK, and more. The lion's share of Robinhood’s revenue is driven by pay-for-order-flow, as high as 81% in recent reports, which means the overwhelming majority of Robinhood’s revenue stream could be placed under review at any moment. The recent news that Robinhood have been handed the largest ever FINRA fine - $70million, for weak policies, platform outages, and not performing proper due diligence of risky options trading accounts for consumers who don’t understand the risk of option trading, compounds my cautious stance on its IPO.

Robinhood has seen enormous customer and revenue growth due to the recent market uprise of meme stocks and crypto, which are both volatile markets. When investing, I’m looking for predictability, not unpredictability, especially when considering revenue stream risks. Pricing for Robinhood’s IPO is set between $38-$42 Billion, with a goal of hitting $35 Billion market cap which is very expensive in general for any stock, but even pricier when considering all the factors contributing to its volatility; frankly, that’s a pretty penny for uncertainty.”

Fast-growing European trading platform received top ratings in three different categories; notable global rise in traders and trading volume in Q2.

Capital.com, the high-growth European trading and investing platform, has achieved the highest overall client satisfaction levels among leverage trading providers in the UK, according to the latest Investment Trends Report.

In the online survey, where traders were asked to rate their main trading platform across a wide range of key service areas, Capital.com received the top ratings for client satisfaction in three different categories: Mobile Platform/App, Education Materials/Programmes and Overall Client Satisfaction.

The results were published in the 13th annual edition of the Investment Trends 2021 UK Leverage Trading Report^[1] and based on a quantitative online survey of 13,626 current and prospective online investors and traders in the UK, between April-May 2021.

This industry win coincides with wider growth reported across the Capital.com platform globally. In Q2 2021, the platform reported a 20 per cent lift in new verified traders compared to Q1 2021. Over the same period, Capital.com saw a global pick-up in trading activity, with total client trading volumes across all markets growing by more than 33 per cent. These results reflect Capital.com’s growing reputation as a platform of choice among retail traders globally.^[2]

Jonathan Squires, Chief Executive Officer at Capital.com said the industry recognition coupled with the platform’s continued growth is testament to the customer-centric culture of the company: “Putting the client first always pays off. We are delighted that our cutting-edge trading platform has become a staple for investors and we will continue to improve and add new functionalities in line with what our clients want.”

In a bid to diversify and grow its product range, Capital.com recently launched a zero-commission stock dealing account for clients in the UK , Germany and France. The service enables clients to invest their own capital in global stocks without leverage. To make it simple and accessible, clients are not charged a commission fee when they make an investment, or when they deposit and withdraw funds from their stock dealing account. Stock prices are quoted directly from the exchange, further ensuring clients are not charged any additional price spreads or mark-ups.

The launch of the Capital.com stocks dealing account is further evidence of the company’s commitment to lower the barriers of entry to financial markets and to provide its clients with a secure, low-friction solution that is transparently priced and responsive to customer needs. To further support clients, Capital.com provides a wide range of educational resources on its platform, at no extra cost.

“The last few years have been an exciting journey of growth and expansion. Capital.com is proud to offer commission-free stock trading and free trading education on its platform, helping people develop their knowledge of financial markets and diversify their investments. We will continue to support traders of all levels and all walks of life, providing them with the technology and the tools they need to become confident investors,” added Squires.

Bitcoin bolstered as Amazon appears to dip its toe into crypto world.

Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown

‘’When a simple job ad appears to spark resurgence in the value of Bitcoin, it shows how the crypto world is salivating for every nugget of news about the future use case for digital currencies.

Although Amazon has scores of openings for blockchain specialists, it was the listing for a digital currency and blockchain product lead that has led to heightened speculation that crypto currency payments could be integrated on its platforms.

Given the might of Amazon Web Services, it isn’t surprising that the tech giant wants to be at the cutting edge of new payments technology and establishing a new digital currency is likely to be on the agenda. But the expectation that payment may also be accepted from  the current crypto kids on the block has also led to a spike in their value.  Over the past 24 hours Bitcoin has risen by 11%, Ethereum by 8% and Dogecoin by 11%.

Crypto fans are also hanging on every word of Elon Musk and his hint that Tesla could start accepting Bitcoin again is also behind the crypto bounce. The suspension of Bitcoin as a means of payment for Tesla cars sent the crypto world reeling in May, but in a debate with Twitter CEO Jack Dorsey, Mr Musk indicated that could change given mining has reached a tipping point, with much more renewable energy used instead of fossil fuels.

Crypto assets are also largely following sentiment in financial markets. The sharp fall in stock markets around the world a week ago, was mirrored in the crypto world, and the rebound came as fears  receded about the impact of new variants on economic recovery.

The sensitivity of crypto coins and tokens remains stark, and given the uncertain landscape ahead, with central banks looking to develop their own digital coins, investors should be wary of speculating with money they can’t afford to lose.’’

Lightspin, the next-generation cloud security platform, announced today that CRN®, a brand of The Channel Company, has included Lightspin in its 2021 Emerging Vendors List in the Security Category. This annual list honors up-and-coming technology vendors—all six years old or younger—that have proven their commitment to innovation and growth within the larger IT channel by enabling solution providers to tackle complex IT market challenges, increase bottom-line revenue across the board, and deliver customer-facing solutions that ensure the channel’s ongoing success.

Founded in 2020, Lightspin provides a contextual cloud security platform for cloud-native and Kubernetes environments that includes a full contextual view of all cloud assets and relationships, maps the potential attack paths and prioritizes and remediates the most critical security issues from build to runtime.

“Our solution has an immediate impact with the ability to leverage sophisticated inputs from multiple sources to detect and prioritize risk early on in the development cycle, to significantly reduce the number of threats reported.  The result is effective protection with instant security fatigue relief,” said Amber Katz, Head of Business Development. “Lightspin is financially rewarding for partners as it is quick and easy to deploy and integrate, and incorporates intuitive visualization tools that boost user experience and make it easy for customers to study their cloud environment and take insightful actions.”

Deployed in companies ranging from startups to Fortune 500 corporations, Lightspin has been experiencing exceptional market growth.  Recently completing a $16 million Series A funding round Lightspin was awarded the CDM Global Infosec Award for Hot Company in SaaS/Cloud Security at RSA 2021, and Gold for Security Cloud/Saas Start up of the Year award as part of the 13^th 2021 annual Golden Bridge Business and Innovation awards.

The distributed, complex management of paper-based invoice processing is a burden that weighs down many businesses, leading to large time delays and huge risks of error. This was proven to be the case in a recently commissioned independent research project that showed 23% of businesses took more than 10 working days to process invoices, and 29% of these were unable to process them in less than 20 days.

Coastline Housing rectified this issue by implementing Invu Document Management and Workflow, which has now streamlined their entire process and freed up staff time to do more productive and valuable work.

Zoe Field, Head of Finance at Coastline Housing, noted that, The feel-good factor we get from the Invu system is amazing. You would not believe the messages I have had from users saying how much easier the system has made their job.

Invu Document Management brings increased visibility, control and efficiency to business documents. Combined with Workflow, which automates business processes, Invu Document Management enables businesses to process, share and store documents, like supplier invoices.

Ian Smith, GM and Finance Director at Invu, said: Businesses of a certain scale frequently find that those responsible for the approval of invoices are spread across a wide range of different locations. Such distributed approval slows down supplier invoice processing. This puts pressure on finance teams who are often criticised for making late supplier payments and failing to respond to supplier queries promptly. Digitising the process can enable swift approval across many locations and ease the pressure on finance teams.

Before implementing Invu Document Management, Coastline Housing’s invoice processing was a manual, paper-based and time-consuming process, susceptible to human error. It also created frequent stress for the finance team who were overrun with paper. With invoice volumes reaching 24,000 invoices each year, the move to remote working, driven by the COVID-19 pandemic, created many challenges. In this new environment, the Coastline Housing finance team recognised that their paper-driven invoice approval process was no longer fit for purpose. Invoices could no longer be passed around the office to staff in-trays.

Field continues, Moving away from our Excel-based system was a massive driver for the project. Regardless of what you can do, human error always kicks in and it only takes one person to type something wrong and we have an issue.

Finance departments are coiled like springs waiting for this digital transition, and  44% of finance workers think that automating processes would make them more productive, with one in five (22%) claiming they would welcome automation in their business.

Smith concludes, With Invu Document Management, those responsible for approving invoices can be certain they are being fed invoices they should be approving, see the related documents, and take ownership of the coding. They no longer have to manage the documents in their in-tray or work out whether they should be the one to approve it. Nor do they have to feel they do not truly own the budgets for the departments or projects they are responsible for because Finance allocates everything.

• Barclaycard Visa credit cardholders can earn up to 15 per cent cashback at their favourite retailers online and in-store with the new Barclaycard Cashback Rewards
• The new rewards programme provides personalised offers at brands across retail, hospitality and leisure
• Cashback can be redeemed towards a credit card balance, traded up for an e-voucher, or donated to a customer’s preferred charity
• The new benefit is available to all new and existing Barclaycard Visa credit cardholders, who can find out more information at https://cashbackrewards.uk.barclaycard/

Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has announced a new Cashback Rewards programme with Visa giving shoppers automatic cashback when spending at a range of high street and digital retailers.

The programme provides customers with personalised offers towards their favourite brands, based on their previous shopping habits, when spending on their Barclaycard Visa credit card. Once signed-up, customers can start earning up to 15 per cent cashback when making purchases at a variety of well-known retailers including Uber Eats, Costa and Holiday Inn Express.

Customers can sign-up effortlessly by clicking through to the new Barclaycard Cashback Rewards site: https://cashbackrewards.uk.barclaycard/. Once registered, they then have access to personalised offers from their favourite UK retailers, both in-store and online.

The Barclaycard Cashback Rewards offers cardholders the opportunity to save money, as the easing of lockdown sees the return of more normal spending patterns, with Barclaycard data showing spending on non-essential items increasing by 9.4 per cent* in June 2021 compared to the same period in 2019.

In addition, complementary consumer research shows consumers continue to have value front of mind, with 40 per cent** shopping around for the best deals to make their money go further. Moreover, spending looks set to continue, as 20 per cent suggest they will be taking a staycation in the upcoming weeks.

Whether dining and drinking at a favourite eatery, taking a break in the UK or shopping at a much-loved retailer this summer online or in-store, the new Barclaycard Cashback Rewards will help Barclaycard customers make the most of their spending.

Cardholders can also have their cashback redeemed back to their Barclaycard, trade up for an e-voucher, or donate to a chosen charity. Those already earning cashback with an existing Barclaycard Rewards card could earn additional cashback of up to 15 per cent by signing up to the new Barclaycard Cashback Rewards.

José Carvalho, Head of Unsecured Lending said:” Our spending data shows that consumers’ shopping habits are changing. Not only do we all want more flexibility about where we shop, but we are also looking for better value for money in the purchases we make.

“Knowing how important this is to our customers, we are delighted to announce the new Barclaycard Cashback Rewards with Visa, helping cardholders get more out of their everyday spending on their Barclaycard. We have designed the rewards programme to provide tailored offers based on where our customers like to shop and most often, while also ensuring signing up is as seamless as possible with easy access to the rewards.”

Cathy Dargue, Client Director at Visa said: “We’re delighted to partner with Barclaycard for the new Barclaycard Cashback Rewards. Providing cardholders with the latest and best products has always been a crucial part of our longstanding partnership with Barclaycard, and the new programme will give cardholders access to better deals, and the opportunity to earn cashback - at a time when all of us are more conscious about how and where we spend.

“This has been a truly collaborative effort by both Barclaycard and Visa and we’re excited to give something back to customers though such a substantial rewards programme - providing better value when shopping at their favourite stores.”

To learn more and sign up today, visit: https://cashbackrewards.uk.barclaycard/

• Experience designed around the customer – offering simplicity and control
• Complete transparency: one, simple APR and no fees
• UK’s first truly virtual credit offering with no plastic card. CVV and full functionality delivered from within the app and digital wallet of the customer’s mobile phone
• Launched to waiting list of 30,000 with an estimated 14 million people in the UK having operated on a cashless basis last year

Available now via App Store and Google Play

NewDay, a leading UK provider of accessible credit, has launched Bip – the first completely cardless consumer credit proposition in the UK. Bip has been designed around the customer, offering a fully digital credit experience that is simple to use, fully transparent on costs and with the customer in complete control.

With no physical card, Bip customers can apply and have access to appropriate credit within minutes. Bip (https://www.Bip.credit/) is available via the App Store and Google Play – and can be added to the digital wallet of the user’s mobile phone. Just like a traditional card, it can be used anywhere Mastercard® is accepted when making contactless or online payments.

Bip offers a transparent and seamless customer experience:

• No hidden fees – no annual, foreign exchange or late payment fees.  Just one interest rate – typically 29.9% APR.
• Easy application process via the app. If eligible, users can be up and running in minutes.  No need to wait for a card and PIN to be despatched by post.
• Paperless (and plastic-less) apart from regulatory required communications – for example letters regarding changes to credit limit.
• The full credit card experience (including secure access to CVV) via the app.

In addition, Bip has been designed to ensure the customer stays in complete control:

• Customers can set two kinds of spending caps to give them control – including a warning and a freeze cap within the app.
• Customers can also set spending alerts to ensure they remain in control.
• Customers can see how much they could save on interest with the Payment Calculator, allowing them to understand the impact on the interest they will pay by increasing their repayments.
• Everything is accessed through the Bip app – including a chat function to help customers service their account.

NewDay has involved its customers in the design of Bip from the start, producing a solution that truly meets their needs, which is evident from customer demand and initial feedback from the testing phase. The firm has successfully recruited a waiting list of over 30,000 customers through the development and testing of Bip. The product is rated ‘Excellent’ on Trustpilot, with a score of 4.5, with customers especially positive on aspects such as the ease of applying, simplicity of use and ability to track and cap spending (https://uk.trustpilot.com/review/www.Bip.credit).

Sharvan Selvam – Commercial Director at NewDay said: “We worked with our customers all the way through the design, testing and launch of Bip.  It is a proposition designed to make credit easy to access, simple to use and, importantly, puts the customer in full control.”

Bip will be backed by a full consumer launch including mass market advertising later this year. Bip is the latest product from NewDay – one of the UK’s leading credit providers. NewDay offers credit to a broad spectrum of UK customers, providing accessible credit to close to 5 million people. This includes underserved sections of the market such as existing prime credit customers who may have seen their credit score reduced; and those new to credit who don’t have a full profile with the credit bureaux. At the heart of NewDay is its proprietary technology underpinned by two decades of underwriting experience and intelligence.

NewDay has seen digital wallet and contactless use of its other products more than double in the past year, from around 8% in August 2020 to 20% in June 2021 across customer retail spending. This is in line with wider trends, with 13.7 million people in the UK leading a “cashless life” last year (2020)¹ and this accelerating due to the pandemic, and with the UK predicted to be a cashless society by 2026.²

Ian Corfield, Chief Commercial Officer at NewDay, added: “We have seen a huge shift in the number of consumers who are swapping their physical wallet for a digital one. Consequently, we believe Bip will have a wide appeal, from early adopters and tech savvy individuals through to more mainstream consumers who are now more comfortable using their digital wallets for payment. This is even more relevant today as changes in spending habits have been dramatically accelerated by the coronavirus pandemic, with cash use falling dramatically from 60% to just 15% of transactions, highlighting our acceleration towards becoming a cashless society.

“Bip is a manifestation of everything we are at NewDay: responsible, transparent and accessible.  We want to help our customers – whether they are retailers or consumers – move forward with credit.”