NEWS
Nelo launches physical credit cards through Google Wallet
Nelo , a consumer payments platform in Mexico , has announced an integration with Google Wallet and the launch of physical cards . The Nelo card can be securely added to Google Wallet , enabling consumers to make contactless payments effortlessly from their Android devices . To date , Nelo has powered 6 million online purchases in its app . These new products allow Nelo customers to pay with Nelo offline .
When Nelo customers charge a purchase to their card ( either physical or through Google Wallet ), they can repay in full at the end of their statement period interest-free or can elect to finance their transaction over time and repay in installments . This model , paired with a biweekly repayment schedule , differentiates Nelo ' s product from a traditional revolving credit card .
" The number one request we ' ve had from our customers has been a way to pay in person . With these launches , we enable that ," said Kyle Miller , Co-founder and CEO of Nelo . " Nelo ' s mission is to increase the buying power of consumers in Latin America . We are doing this with a transparent , fair credit product , built the way that credit should work ."
FinTech chiefs debate diversity crisis in Parliament
FinTech leaders gathered in Parliament to discuss the impact that lack of diversity , increased regulation and limited access to funding will have on the future of the FinTech industry . Parliament Street Think Tank ’ s FinTech summit , hosted by Dean Russell , MP for Watford and chaired by Steven George-Hilley of Centropy PR , involved a panel of FinTech experts who debated the role that businesses should play in recruiting and building a more diverse FinTech workforce along with the threat posed by AI to job creation .
Fintech entrepreneur Aaron Carter , Managing Director at Showpiece said : " Education is paramount in the financial sector . For example , developing an understanding of what sits behind an asset and knowing who the true owner is can be incredibly valuable ."
" Diversity is challenging in finance and technology . We all know that diverse organisations perform better but it ' s about taking action to solve it ," added Steve Hadaway , CRO , Encompass Corporation .
Leading academic Dr Iwa Salami , Director , Centre of FinTech , at the University of East London said : “ Giving students the opportunities to learn about financial technology is becoming more important and can help drive diversity inclusion .”
Attendees also discussed the future of the FinTech industry in the face of funding shortfalls . “ FinTechs across the globe are experiencing turbulence within the regulatory landscape . The funding environment can also be difficult to achieve growth where some areas are oversaturated , but FinTech is not dead ” added Jim McCarthy , EVP , Thredd .
" We tend to judge things in tech and innovation as they are now . If we look at the change in the past 10 years , we can expect to see change in the next 10 to help put developments in perspective ”, said Laimonas Noreika , Co-founder and CEO , HeavyFinance .
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