EMEA Daily: BofA extends “pay by bank” to euro

In today’s Europe, Middle East and Africa (EMEA) news, Bank of America has expanded its Pay by Bank offering in Europe and Majid Al Futtaim has launched a new rewards solution with the help of ‘i2c.

BofA extends “pay by bank” to euro payments

Bank of America has made its Pay by Bank payment solution, which allows shoppers to pay directly from their bank account, available for Euro payments.

Offered in conjunction with Banked Ltd., the service is based on the concept of open banking, as Pay by Bank transactions take place in real time without requiring credit or debit card details. BofA said this leads to a “fast and secure online payment process that benefits consumers as well as merchants”.

i2c, retailer Majid Al Futtaim launches payment and rewards solution

Majid Al Futtaim and i2c, a digital and banking payment technology provider, have expanded their partnership to launch a new payment solution that complements the retailer’s rewards program.

Majid Al Futtaim owns and operates shopping malls, communities, and retail and leisure businesses in the Middle East, Africa, and Asia. Through the partnership, customers can pay, earn rewards and redeem points with one click using the SHAREPay solution, part of the retailer’s SHARE rewards program.

Report: Fewer shoppers are spending more in London’s West End

The New West End Company (NWEC) said domestic spending in London’s West End is likely to see a decline in the future, even amid strong spending in recent months.

The NWEC, which represents more than 600 West End businesses, said spending in the capital’s main shopping districts would be further reduced due to the global economic downturn. The NWEC has members including retailers, restaurants, hotels and property owners across the region, and said spending in the West End was around a fifth lower than before the pandemic.

Commercial Bank International of the United Arab Emirates enters the metaverse

Dubai-based Commercial Bank International (CBI) has rolled out a metaverse slot in Decentraland.

The virtual location is part of CBI’s participation in the XVERSE event taking place at the Dubai World Trade Center, where the company will be an Activision partner and partner with the burger brand from the United Arab Emirates (UAE) Pickl on a digital economy project to show how the metaverse can enable a digital economy.

BankiFi and the Axiom Bank team to improve SME banking services

Integrated finance company BankiFi, based in Manchester, England, has partnered with Axiom Bank to improve banking services for small and medium-sized enterprises (SMEs).

Through this partnership, Axiom Bank’s SME customers will be able to better track and manage their finances through BankiFi’s integrated banking services. The collaboration also solidifies Axiom as BankiFi’s first North American customer, with the company launching in the US in July.

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