FinTech CabbagePay is launched in the US
FinTech startup CabbagePay is rolling out in major cities across the US with the goal of integrating its pre-built technology into businesses’ own mobile apps, websites and online stores for seamless and cost-effective payments.
CabbagePay’s payment rails work with multiple industries, including retail, freelance healthcare, finance and more, according to a press release Tuesday (Aug. 2). CabbagePay aims to reduce purchase processing fees for checkouts and fraudulent transactions.
“Moving money is plagued with an excess of fees, fraud, delays,” CabbagePay co-founder Pratt Khot said in the release. “Checkout times everywhere have been more frustrating than ever due to the pandemic, and merchants are paying tens of thousands of dollars in credit card fees. CabbagePay is tapping into this untapped market. Our unified Cabbage API supports any technology team to set up with less than five lines of code.” “
Because businesses using CabbagePay are charged reduced payment transaction fees, which can increase over time, they can pass the savings on to customers using the service, the release said.
Alcohol delivery startup Drinkerrs and small business job posting startup HereHires have both partnered with CabbagePay, according to the release.
“We have built a foundation to take a serious share of the total addressable market (TAM) in the US,” Khot said. “[The] The card payment industry in the US is the biggest market of all, and we are ready to seize this opportunity.”
In other FinTech news, Mashreq, a financial institution (FI) based in the United Arab Emirates, has launched a non-banking business services platform, Mashreq Business Banking Value Added Services, for small to medium enterprises (SMEs).
Read more: UAE-based FI Mashreq launches non-banking platform for small businesses
The platform will give companies access and discounts to a range of FinTechs, startups and other service providers, including human resources, office space and cloud storage.
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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS
About: The findings of PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy”, a collaboration with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US and showed strong demand for a single multi-functional super app instead of using dozens of individuals.
