Category: Finance

Human Capital Investment Essential to Lao National Development  

Paradise Erhuvwu

The Government of the Lao PDR has committed to improving the quality of basic education, enrolling all children and keeping them in school, and improving education financing. Prime Minister Sonexay Siphandone read the National Statement of Commitment to Accelerating Learning Recovery at the first Lao Human Capital Summit today.

Human capital is the knowledge, skills, and health that people accumulate throughout their lives, enabling them to reach their potential as productive members of society. Laos currently has a low human capital ranking, and this first Lao Human Capital Summit sought agreement on how the country can boost its opportunities by investing in its people early, investing efficiently and investing for all.

The summit brought together central and provincial government leaders, under the guidance of the prime minister and the Ministry of Planning and Investment, along with education experts, development partners, civil society and the private sector, to reassess how Laos can accelerate learning and allocate enough resources to bring its schools and learning outcomes up to the standard needed to build a strong economy.

Prime Minister Sonexay told the meeting, “Human capital is a decisive factor in our socio-economic strength and sustainability. The government of the Lao PDR is fully committed to ensuring quality education for all children as defined in the Ninth National Socio-Economic Development Programme. The goal is to ensure an education system that can develop human capital with knowledge, skills, health, and a love of lifelong learning, thereby creating people who can contribute significantly to the development of society”.

Ms Pia Britto, UNICEF Country Representative, explained that Laos currently has a very low human capital ranking relative to its neighbours and economic potential. “The Lao Human Capital Agenda champions investment in people as a growth strategy for the country. When a child born in the Lao PDR today grows up, she will be less than half as productive as if she enjoyed complete education and full health. This is something that must be addressed to ensure a prosperous future”.

Mariam Sherman, World Bank Country Director for Myanmar, Cambodia, and the Lao PDR, told the meeting that the COVID-19 pandemic hit education hard in Laos, with a World Bank survey showing that almost 42% of children stopped attending classes during lockdowns. “A critical challenge facing the country now,” she said, “is how to help children and students catch up with their learning at a time when the economy is struggling”.

At the summit, the government and its partners discussed a national Human Capital Agenda, which will promote investment in the formative years of life for every Lao citizen. By providing basic health care, adequate nutrition, clean water and sanitation, and access to quality education, the country can offer all its people the chance to develop to their highest capacity.

For more information,kindly visit www.worldbank.org/news

 

Dangote oil refinery launched in Nigeria

Paradise Erhuvwu

 Africa’s biggest oil refinery has been opened in Nigeria, where it is hoped it will alleviate chronic fuel shortages.

Nigeria is a major oil producer but most of this is sent abroad while it has to import the refined fuel used in vehicles and elsewhere. As a result the country often faces chronic fuel shortages. This is the problem that the $19bn (£15.2bn) refinery, owned by Africa’s richest man, Aliko Dangote, is intended to tackle. “This is a game-changer for the Nigerian people,” said President Muhammadu Buhari. The plant, which is not yet operational, has the capacity to produce about 650,000 barrels of petroleum products a day – more than enough to supply the country’s needs. It also includes a power station, deep seaport and fertiliser plant.

Nigeria’s existing refineries have been completely shut down for over three years owing to oil theft, pipeline vandalism and structural neglect. If it works as planned, the plant could make a real change to the lives of Nigerians: “Every time there is fuel scarcity, I don’t open my shop because there’s no light [electricity] to work and I can’t buy fuel for my generator,” a young hairdresser from Lagos told the BBC.

At Monday’s launch, Mr Dangote outlined his hopes for the refinery: “Our first goal is to ramp up production of  the various products to ensure that within this year, we are able to fully satisfy the nation’s demand for quality products.”

However, it is not clear what impact the plant will have on the price of fuel in a country where retail prices are subsidised. The government says these subsidies will soon be removed – last year they took up at least a quarter of the national budget.

Mr Dangote’s plant in Lagos, which took nearly seven years to build, is said to be the world’s largest single-train refinery, meaning the plant has one integrated distillery system which can produce a variety of products and petrochemicals, instead of  having different units for each type of product.

It is one of the last major projects to be inaugurated by President Buhari, who steps down next week after serving two terms in office.

President Buhari will hand power to Bola Tinubu, who won disputed presidential elections in February.

Oil and gas expert Henry Adigun told the BBC that Monday’s launch was “more political than technical”.

Culled from BBC news.

France: EIB Group and BNP Paribas sign new securitisation operation to support small businesses and mid-caps

Paradise Erhuvwu

For the third time since 2017, the EIB Group — the European Investment Bank (EIB) and the European Investment Fund (EIF) — and BNP Paribas are launching a synthetic securitisation operation to support French companies.

The transaction consists of an EIB Group guarantee on an existing portfolio of loans granted by BNP Paribas to French small and medium-sized enterprises (SMEs) and mid-caps.

The guarantee enables BNP Paribas to free up part of the regulatory capital allocated to this portfolio, and to deploy €515 million in new loans to SMEs and mid-caps in France over the next two years.

These new financing operations may take the form of bank loans or leasing transactions. The on-lending arrangement granted by the EIB will enable beneficiaries to enjoy enhanced preferential financial conditions.

BNP Paribas Head of French Retail Banking and member of the Executive Committee Marguerite Bérard said: “With the success of previous transactions with the EIB Group, we are thrilled to now be able to commit to making €475 million in new financing available to SMEs and mid-caps at reduced rates over the next two years. This financing comes in addition to our many support schemes for corporate clients designed to accommodate, as closely as possible, the local economic reality. With a view to helping our customers accelerate their energy transition, enhancing the financing conditions for sustainable assets is one part of a long-standing BNP Paribas approach, which includes the use of impact financing.”

EIB Vice-President Ambroise Fayolle explained: “With their third joint securitisation since 2017, the EIB and BNP Paribas are continuing their efforts to facilitate access to finance for SMEs and mid-caps. Financing these entities is an EIB priority — one to be achieved by working with our banking partners to develop attractive credit solutions that help sustain business operations and support investment.”

EIF Chief Executive Marjut Falkstedt added: “The EIF is pleased to be working with BNP Paribas to use our securitisation tools to provide additional resources to SMEs and mid-caps. The BNP Paribas group is a long-standing and trusted partner for the EIF, enabling it to provide effective support to French companies in their search for financing for their investments.”

Culled from European Investment Bank

To learn more about the EIB, visit www.eib.org

World Bank reassures of continuous support for Nigeria

Paradise Erhuvwu

The World Bank has reassured of its commitment to support governments at all levels in Nigeria to deliver on their mandate of providing good governance and services to the people.

Shubham Chaudhuri, Country Director of the Bank, said this at the induction for elected governors in Nigeria in Abuja on Wednesday.

Chaudhuri said that the bank looked forward to more bilateral engagements and programmes that could be supported in various states.

“We are here to help Nigerian government, both the federal and sub national level to deliver to all your citizens”.

“We can we are here to support Nigeria, not just for financing, but hopefully to provide support in any way we can to meet its challenges”.

“Beyond financing, we provide a range of analytic and advisory services,” Chaudhuri said.

He said that Nigeria had no reason not to be on positive trajectory in terms of GDP and Per Capita Income like Indonesia who shared certain similarities with the country including oil production, population and democracy.

Speaking with newsmen at the sideline of the event Gov. Bala Mohammed of Bauchi State said that he believed the bank should raise a red flag on Nigeria’s rising debt profile

“Honestly, you heard me ask a question. I wonder what the World Bank is doing”.

“Apart from giving us grants, assistance States Fiscal Transparency, Accountability, and Sustainability (SFTAS) and of course loans they should be able to raise a red flag.

“They should be able to tell the managers of our economy that we cannot continue to borrow endlessly,” he said.

Mohammed said that the rising debt profile of government had affected both the federal and state governments, hence the need for country to correct its perception about debt and for states to look inward for resources.

“Our debt servicing requirement is about 95 per cent of the revenue. So the states are affected by this macro economic reality.

“The oil proceeds are not been shared. And we are here celebrating success, what success?

“We are going to go under, unless we do something inward to really correct our own perception, our own notions and our own approaches to the management of the economy of the country”.

“It is a monolithic economy. And yet even where we are getting money, we have taken so much up front. The federation has to be looked at as a structure because states have to have a say in the management of the economy,” Mohammed said.

On his part, the Plateau State Governor-elect, Mr Caleb Mutfwang, said Nigeria did not need World Bank to serve it warning before knowing that its debt profile had gotten to an alarming point.

 

African Achievers Awards 13th  Edition holds at the UK Houses of Parliament.

Paradise Erhuvwu

The African Achievers Awards announces their schedule and theme for the
13th  Edition of the African Achievers Awards (AAA) to be held at the Houses of Parliament, The Palace of Westminster, United Kingdom England on the 14th of July 2023, hosted by The Right Honourable, The Lord Woolley of Woodford, Member of The House of Lords, Lord Temporal.

The African Achievers Awards (AAA) is one of the most prestigious awards that focuses on the African continent and Africans. The AAA recognises exceptional Africans for their contribution to the growth and development of Africa.

The 13th Edition of the Award ceremony will take place at  the Houses of Parliament, The Palace of Westminster, United Kingdom England on the 14th of  July 2023.

The theme for this year’s International Summit and Awards ceremony at the African Achievers Awards 2023 : Unlocking Sustainable Trade and Investment Opportunities in Africa – the PPP Approach

On the choice of this year’s theme, Dr Tonye Rex Idaminabo, Chief Executive Officer of the African Achievers Awards, reiterated the importance of addressing the challenges in Africa to work towards a prosperous, equitable, and sustainable future in Africa.

This year’s summit and awards ceremony, therefore provides a platform for industry leaders in Africa to converge, and discuss strategies towards sustainability in Africa.

Created in 2010, the African Achievers Awards has become one of the most reputable awarding bodies on the African continent and one of the biggest annual gatherings of influential African achievers globally.

Over the years, the awards have honoured and celebrated great African trailblazers whose work have had a meaningful impact on development in Africa.

Former laureates include worthy African political leaders, exceptional young achievers, passionate and dedicated community builders, and captains of industries.

Some of the notable names who have been laureates at previous editions of the African Achievers Awards include Late Emeritus Arch. Bishop Desmond Tutu, H.E. Dr Nkosazana Dlamini-Zuma, Dr. Josephine Ojiambo, former Deputy Secretary-General of The Commonwealth, Dr. Margaret Blick Kigozi, former Executive Director at the Ugandan Sports Authority – who currently works as a consultant at the United Nations Industrial Development Organization (UNIDO), Late Rilwan Lukeman, former Secretary-General, OPEC, Divine Ndikhuluka, Former Chairperson, Zimbabwe Chamber of Commerce, Late Prof. Attah Mills, former President of the Republic of Ghana, Mo Abudu, CEO Ebony Life Television, the Kofi Annan Foundation, Naseeb Abdul Juma Issack, popularly known by his stage name Diamond Platnumz; amongst many others.

For more information, please visit www.africanachieversawards.org

 

 

 

 

 

Mohamed Gento, others, to be honored at LWB London Summit

Paradise Erhuvwu

Business Tycoon and Philanthropist, Mohamed Gento Kamara, has been nominated for the Leaders Without Borders (LWB) Global Honors under the category: Award for Global Excellence -Enterprise and Global Corporate Governance.

Contained in an invitation extended to Mr. Gento, the Governing Council of the LWB Development Centre, noted that its research shows that Mr. Gento has demonstrated leadership qualities and comes highly recommend for the award.

“Your revolutionary step towards re-branding leadership, philanthropy and community development is highly commendable,” the invitation document, signed by Principal Partner & Founder,

LWB Development Centre, UK, Amb. Dr. Hillary Emoh and the LWB Centre’s Director of International Affairs andBusiness Diplomacy, Fayad K. Fayad, read.

This comes barely 2 months after Mr. Gento was honored at the House of Lords, UK by the Wintrade Global Summit for “Excellence in Economics”.

The 2023 edition of the LWB Business Summit And Global Honors, England, is themed: “Business Beyond Borders – Global Partnerships and Sustainable Investments”.

The award ceremony is scheduled to hold at the Millennium Gloucester Hotel, London, UK on the second day during the three (3) days LWB Annual Business Summit & Global Honors scheduled for 17th – 19th May, 2023.

The LWB Global Honors Nominees are those that the body has found to have demonstrated sheer resilience and focus in their contribution to their immediate environment. Such individual/organization would have demonstrated a very high level of leadership quality and development strides.

This years Annual Business Summit is one of such event offering Heads of organizations (Private or Government) and business executives in various industries access to high-return investment opportunities, Global brand positioning, exposure, and unraveled networking opportunities during the convening of a world class rated platform for Strategic Business Partnerships between Countries on both sides of the Investment Business Performance Equation.

A segment of the Investment Summit is the Deal Room Private Meetings where the LWB offers global networking opportunities for Cross-Country Collaborations and Partnerships for Countries, CEO’s and Global Leaders the opportunity to connect with real-time investors and the desired investment they sort.

According to the LWB Development Centre, a major thread of the debates is about partnerships, investment, disruption and strategies on the cusp of transformation in a selected number of sectors, including Trade and Investment opportunities, FinTech, PropTech, InfoTech, Financial Sector, Infrastructures, Agribusiness, Mining and Renewable’s.

African leaders call for faster industrialization during African Union Summit.

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African leaders reviewed the continent’s progress in industrialization, economic diversification, and the African Continental Free Trade Area (AfCFTA) in the context of global shocks, debt vulnerabilities, climate change, and security concerns.

Twenty heads of state and government as well as their representatives attended the African Union Extraordinary Summit on Industrialization, Economic Diversification, and the AfCFTA in Niamey.

“Not so long ago, the juxtaposition of the words industrialization and Africa might have seemed incongruous. Today, the question it raises is mainly one of ways and means,” said Nigerien President Mohamed Bazoum, the summit’s host. “This in itself is proof that we are on the right track. A Nigerien proverb says, ” You cannot stop a river,” he added.

Bazoum called on African countries to entrench the rule of law to catalyze the emergence of the African private sector, unleash the energies of African entrepreneurs, and simplify the business environment.

“Inclusive, coherent, and sequenced industrialization that we want cannot be imposed and can only be achieved by creating synergies between the private and public sectors to empower small and medium sized enterprises and create quality jobs. .”

Bazoum added: “the youthfulness of the population and its growth, which are a challenge, can constitute an asset, provided the demographic transition is well-managed.”

His Nigerian counterpart, President Muhammadu Buhari. echoed the sentiment.  He said, “The African continent is blessed with a large youth population that can meet our labor shortages. Therefore, we need to tap into this abundant human resource by providing our youth with quality education that is relevant to their goals and meets the requirements of the labor market.”

For President Paul Kagame of Rwanda, the way forward on industrialization entails investment in energy and infrastructure.

“The pace of industrialization in Africa is still too slow to achieve Africa’s development goals under Agenda 2063,” said Kagame. “We need to invest more of our national budgets in industrial policy, and significantly increase energy and infrastructure capacity.”

In a speech read on his behalf, African Development Bank President Akinwumi Adesina noted that free trade areas had brought prosperity worldwide not by trading low-value products, but by industrial production. “It is, therefore, clear that Africa’s prosperity must no longer depend on exports of raw materials but on value-added finished products,” he said.  Marie-Laure Akin-Olugbade,  African Development Bank acting vice president for Regional Development, Integration and Service Delivery, represented Dr. Adesina and delivered the speech on his behalf.

“Across Africa, we need to turn cocoa beans into chocolate, cotton into textiles and garments, coffee beans into brewed coffee,” Adesina said. He said the Bank was investing $25 billion to transform the continent’s agricultural sector and unlock the agribusiness market, which is expected to reach $1 trillion in value by 2030.

The Bank chief also detailed efforts to develop spheres that will boost Africa’s industrialization and economic diversification, including the energy, health, natural resources, and pharmaceutical sectors.

“Africa has an abundance of natural resources, oil, gas, minerals and metals, as well as a vast blue economy that needs to be rapidly industrialized,” Adesina said. “The future of electric cars in the world depends on Africa, given its vast deposits of rare mineral resources, including lithium-ion, cobalt, nickel and copper. The size of the electric vehicle market has been estimated at $7 trillion by 2030 and $46 trillion by 2050. Building precursor facilities for lithium-ion batteries in Africa will cost three times less than in other parts of the world,” he said.

During the summit, the African Development Bank, the African Union, and the United Nations Industrial Development Organization launched (https://bit.ly/3Ul8mBC) the inaugural Africa Industrial Index.  The joint report showed that 37 out of 52 African countries have industrialized over the past 11 years. The study provides a country-level assessment of the progress made by the 52 African countries based on 19 key indicators.

The 19 indicators in the index cover manufacturing performance, capital, labor, business environment, infrastructure, and macroeconomic stability. The index also ranks the level of industrialization of African countries along various dimensions such as capital, labor endowments, , institutions, infrastructure, and macroeconomic stability, amongst others.

South Africa has maintained a very high ranking throughout the 2010-2021 period, followed closely by Morocco, which is in second place in 2022. Egypt, Tunisia, Mauritius and Eswatini complete the top six over the period.

The report will help African governments to identify benchmark countries to better assess their own industrial performance and adopt best practices more effectively.

During the summit, heads of state also reviewed the pace of operationalization of the African Continental Free Trade Area, which came into force in January 2021 as well as its linkages to industrialization.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Olufemi Terry
African Development Bank Group
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

For more information: www.AfDB.org

SOURCE
African Development Bank Group (AfDB)

The African Development Bank Supports Economic Diversification under the Country Strategy Paper 2022-2026.

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Supporting Botswana’s ambition to diversify its economy and accelerate its structural transformation towards sustainable and inclusive growth is the main objective of the African Development Bank Group’s Country Strategy Paper 2022-2026 (CSP 2022-2026) for the Southern African country.

Approved in March 2022 by the Bank Group’s Board of Directors, the Country Strategy Paper sets out two priority areas of intervention for the next five years: building economic resilience through support to economic governance and private sector development; and developing quality infrastructure to increase competitiveness and productivity.

Under the first priority area, the Bank Group will continue supporting key policy reforms to enhance fiscal performance, strengthen the country’s public financial management systems, and improve public sector efficiency. The Bank Group will also support ongoing efforts to enhance private sector participation in economic activity through enabling regulatory reforms and public-private partnerships. The Bank will expand its support to small and medium-sized enterprises by addressing existing bottlenecks, such as lack of access to finance, to stimulate women’s participation in high value-added economic activities.

The specific expected outcomes under this priority area include an increase in private investment from 24.4 percent of gross domestic product (GDP) in 2019 to 27.4 percent in 2023; a decline in the budget deficit/GDP ratio from 8.4 percent in 2020-2021 to 4.8 percent in 2022-2023; and an increase in the real sector’s contribution to GDP from 2.1 percent in 2020 to 5 percent in 2023. The country is also expected to see an increase in the stock market capitalisation of domestic companies from $3.1 billion to $3.6 billion, as well as an increase in the number of women-owned companies supported by the Botswana Development Corporation owned or run by women from three to over 30 in 2023.

Under the second priority area, the Bank Group will support private sector-led growth and job creation through growth-enhancing infrastructure projects.

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To this end, the Bank Group plans to focus on infrastructure projects that will grow Botswana’s productive capacity. Improving the business environment, upgrading infrastructure and efficient border management are of paramount importance if Botswana is to access regional markets, the document states. In the energy sector, the Bank Group will support policy, regulatory and institutional frameworks for renewable energy generation, and the country’s development of its low carbon and climate resilience strategy. The Bank Group will also support the water sector in the expansion of the supply of clean water for household, industrial and agricultural use

The specific expected outcomes in this area are a higher share of affordable renewable energy in the country’s total energy supply (15 percent compared to 1 percent currently); reduced road travel time by 15 percent; a fall in the average monthly vehicle operating cost from $0.23 per kilometre to $0.18; and increased use of wastewater effluent from 20 percent to 28 percent.

 

AFDB News

Stripe introduces Financial Connections to help businesses connect to their customers’ bank accounts

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SAN FRANCISCO AND DUBLIN—Stripe, a financial infrastructure platform for businesses, today launched Stripe Financial Connections, enabling businesses to establish direct connections with their customers’ bank accounts that power a wide range of financial processes. Businesses can use Financial Connections to verify accounts for payments and payouts, check balances to reduce payment failures, and cut fraud by confirming bank account ownership.

Direct bank account connections have historically been nearly impossible to establish on a programmatic basis. Businesses have had to either build custom integrations with the thousands of different financial institutions where US customers maintain bank accounts, or attempt a workaround, like asking customers to type in routing and account numbers, and then confirm microdeposits a few days later. The latter is a tedious process that 40% of customers abandon along the way.

Financial Connections provides an easier solution: customers simply enter their online banking credentials and select the account they’d like to link. It supports platforms, businesses, and a full spectrum of users, from NFT creators to churches.

“As in-person worship returns, we’re doing everything we can to help our churches sustain themselves and the communities they serve. Stripe Financial Connections lets us quickly and easily verify bank accounts for donations. This is good for the churches we support, who can more easily accept donations, and good for their members, who can quickly link their bank accounts,” said Jeremy Ricketts, product manager at Planning Center, a software platform for churches.

Bank account connections facilitate a host of multisided benefits. For businesses, linked bank accounts streamline direct debit payments, which boosts conversion. For platforms, Financial Connections allows them to use linked bank account information to underwrite risk and offer loans to their business users. And for all parties, Financial Connections—and the bank account connections it facilitates—opens the door to a suite of financial services. Businesses, for example, can offer their customers tools for tracking budgets, paying bills, and identifying spending patterns.

Nifty Gateway, a marketplace for NFTs, uses Financial Connections with Stripe Connect to onboard and pay out to thousands of creators.

“With Stripe Financial Connections, creators can link their bank accounts in seconds when they join Nifty Gateway. No account number typos, no delayed payouts, it just works,” said Patrick McLaren, chief operating officer of Nifty Gateway.

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Reliable connectivity to US bank accounts

Financial Connections is designed around transparency, security, and customer privacy. To get started with Financial Connections, businesses have to specify the type of information they will request from customers, and why they need it. The linking process itself provides customers with visibility into the information they share. Then, once a link is established, Stripe encrypts a customer’s bank account information and saves businesses the risk of managing sensitive credentials on their own.

“Businesses have been asking us for an easy, secure way to connect to and verify their customers’ bank accounts,” said Clara Liang, business lead at Stripe. “Stripe Financial Connections delivers just that.”

Integrated with payments and capital infrastructure

Businesses that use Financial Connections can integrate bank account information with other Stripe financial products like Connect, Stripe Capital, Stripe Identity, Stripe Issuing, and Stripe Treasury. The coordinated use of these products has powerful results. Platforms using Financial Connections and Connect reduce payout failures by 75%, and the combination of Financial Connections and Capital allows Stripe to provide users with 55% larger loan offers.

Stripe Financial Connections is available to businesses in the US. For more information, visit stripe.com/financial-connections.

Apple empowers businesses to accept contactless payments through Tap to Pay on iPhone.

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CUPERTINO, CALIFORNIA Apple today announced plans to introduce Tap to Pay on iPhone. The new capability will empower millions of merchants across the US, from small businesses to large retailers, to use their iPhone to seamlessly and securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone — no additional hardware or payment terminal needed. Tap to Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer as a payment option to their business customers. Stripe will be the first payment platform to offer Tap to Pay on iPhone to their business customers, including the Shopify Point of Sale app this spring. Additional payment platforms and apps will follow later this year.
“As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “In collaboration with payment platforms, app developers, and payment networks, we’re making it easier than ever for businesses of all sizes — from solopreneurs to large retailers — to seamlessly accept contactless payments and continue to grow their business.”
Once Tap to Pay on iPhone becomes available, merchants will be able to unlock contactless payment acceptance through a supporting iOS app on an iPhone XS or later device. At checkout, the merchant will simply prompt the customer to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallet near the merchant’s iPhone, and the payment will be securely completed using NFC technology. No additional hardware is needed to accept contactless payments through Tap to Pay on iPhone, so businesses can accept payments from wherever they do business. Apple Pay is already accepted at more than 90 percent of US retailers, and with this new capability, virtually every business, big or small, will be able to allow their customers to Tap to Pay on iPhone at checkout. Tap to Pay on iPhone will also roll out to Apple Store locations in the US later this year.
Privacy is fundamental in the design and development across all of Apple’s payment features. With Tap to Pay on iPhone, customers’ payment data is protected by the same technology that makes Apple Pay private and secure. All transactions made using Tap to Pay on iPhone are encrypted and processed using the Secure Element, and as with Apple Pay, Apple doesn’t know what is being purchased or who is buying it.
Apple will work closely with leading payment platforms and app developers across the payments and commerce industry to offer Tap to Pay on iPhone to millions of merchants in the US. Tap to Pay on iPhone complements and enhances the robust suite of payment and commerce tools that payment platforms and app developers provide to their merchant customers to help them run and grow their businesses. Tap to Pay on iPhone will work with contactless credit and debit cards from leading payment networks, including American Express, Discover, Mastercard, and Visa.
“Whether you’re a salesperson at an internet-first retailer or an individual entrepreneur, you can soon accept contactless payments on a device that’s already in your pocket: your iPhone,” said Billy Alvarado, Stripe’s chief business officer. “With Tap to Pay on iPhone, millions of businesses using Stripe can enhance their in-person commerce experience by offering their customers a fast and secure checkout.”
Tap to Pay on iPhone will be available to participating payment platforms and their app developer partners to leverage in their software developer kits (SDKs) in an upcoming iOS software beta.
About Apple
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
The Contactless Symbol is a trademark owned by and used with permission of EMVCo, LLC.
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