In this edition of Retail Finance Weekly, we outline how Revolut secured a full Australian banking licence and committed nearly AUD 400 million ($280 million) to expanding in the country over five years. Meanwhile, Stripe and Advent International made a reported offer of more than $53 billion for PayPal, although PayPal had not formally responded and its board reportedly considered the proposal inadequate.

Elsewhere, Brazil's Pix became part of a wider US trade dispute, Dutch banks advanced the migration of iDEAL to Wero as Europe pursued a regional payments platform, and Airtel Africa moved closer to listing Airtel Money.

Read more on the week’s key developments:

1. Revolut secures Australian banking licence and commits AUD 400 million ($280 million) to expansion

Australia’s prudential regulator granted Revolut Payments Australia a banking licence on 21 July. Revolut launched as Revolut Bank Australia and said it would invest nearly AUD 400 million ($280 million) over five years. It began transitioning more than one million Australian retail customers to the bank, with eligible deposits protected up to AUD 250,000 under the Financial Claims Scheme. Revolut also introduced instant-access savings accounts and credit cards.

Australia is Revolut’s first licensed banking market in Asia Pacific, where the four largest banks continue to dominate retail banking. Revolut enters with an established customer base and a broader product range than many earlier digital challengers. The licence moves Revolut beyond competing for payments and foreign exchange into direct competition for deposits, lending and customers' primary banking relationships.

2. Stripe and Advent reportedly offer more than $53 billion for PayPal

Stripe and private-equity firm Advent International reportedly offered $60.50 per share for PayPal, valuing it at more than $53 billion. The proposal represented a 28% premium to PayPal’s 14 July closing price and was backed by about $50 billion in committed financing. Stripe and Advent would hold equal stakes, while PayPal’s board reportedly viewed the offer as inadequate because of valuation, financing and regulatory risks.

PayPal would add more than 430 million consumer accounts, its online checkout network and Venmo to Stripe’s merchant-payment infrastructure. Together, the companies would represent about $3.7 trillion in annual payment volume and create one of the world’s largest integrated payments ecosystems, although regulatory approval would remain a significant hurdle.

3. Samsung launches first US credit card with Barclays, offering rewards up to 5%

Samsung Electronics America unveiled the Samsung Galaxy Card on 20 July, with public applications opening on 22 July. Issued by Barclays US Consumer Bank on the Visa network, the card can be applied for and managed through Samsung Wallet. It offers 5% cash rewards on eligible Samsung purchases, 3% through Samsung Wallet, 2% on selected streaming services and 1% on other spending, plus $200 after $2,000 of spending within 90 days.

The card turns Samsung Wallet into a distribution channel for credit and rewards. Barclays provides the regulated lending and servicing infrastructure, while Samsung retains the digital customer interface. The partnership illustrates how consumer technology platforms are becoming banking distribution channels, while regulated banks continue to provide the balance sheet, lending and compliance infrastructure.

4. Pix’s 170 million users become focus of US-Brazil trade dispute

The Office of the US Trade Representative announced on 15 July that it would impose a 25% tariff on certain Brazilian goods following a Section 301 investigation covering digital trade, electronic payments and other trade practices. Pix became one focus of the dispute, with US officials and industry groups arguing that the central bank’s role as both operator and regulator gives the public payment system an advantage over private providers. Brazilian officials rejected the criticism and defended Pix as public infrastructure open to eligible participants.

Launched in 2020, Pix has more than 170 million users, equivalent to around 80% of Brazil’s population and accounts for over half of the country’s payment transactions by volume. Brazil’s central bank also signed information-sharing agreements on Pix with 65 international counterparts in the first half of 2026. The dispute shows how domestic instant-payment systems are becoming matters not only of financial inclusion and competition, but also of international trade policy.

5. Consumer lending lifts Banorte profit 6% to MXN15.55 billion ($889 million)

Mexico's Grupo Financiero Banorte reported second-quarter net profit of MXN 15.55 billion ($889 million), up 6% year on year, as revenue rose 12% to MXN 43.15 billion ($2.47 billion). Return on equity increased by 209 basis points to 25.7%. Consumer lending led sequential portfolio growth, with automobile and payroll loans each up 4% and credit-card loans rising 2%.

Credit provisions fell 12% from the previous quarter but remained 26% higher than a year earlier as the loan book expanded. Net interest income also declined 5% sequentially, partly because of lower valuations on inflation-linked securities. The results show that consumer lending remains a key earnings driver, although higher year-on-year provisions suggest asset quality will remain an important focus.

6. Dutch banks set 2027 deadline to migrate 1.5 billion iDEAL payments to Wero

The European Payments Initiative, Dutch banks including ABN Amro, ING and Rabobank, and payment providers agreed on the next phase of the iDEAL-to-Wero migration on 16 July. All Dutch issuing banks are expected to connect by October 2026, with payments then moving gradually onto Wero’s infrastructure. The transition is targeted for completion by the end of 2027, while full purchase protection is scheduled for January 2028.

iDEAL handles more than 1.5 billion transactions annually and around 72% of Dutch e-commerce payments. Consumers will continue authorising payments through their banks while the underlying infrastructure changes. The migration marks an important step in Europe's effort to consolidate fragmented national payment schemes into a regional payment platform.

7. Airtel Africa prepares Airtel Money listing at potential $7-$10 billion valuation

Airtel Africa is adding investment banks as it prepares for a possible London listing of Airtel Money in the second half of 2026. Market estimates suggest that the transaction could value the mobile-money subsidiary at between $7 billion and $10 billion and raise approximately $1.5 billion to $2 billion. No final decision has been announced on the timing, valuation or size of the offering, while Citi is reported to be leading preparations for the potential initial public offering.

Airtel Money ended its 2026 financial year with 54.1 million customers, up 21.3%, and 2.4 million active agents. It processed $196 billion in transaction value during the year and generated $1.36 billion in revenue, which grew 28.4% in constant currency. A separate listing would provide a clearer market valuation for the mobile-money operation and test whether investors view it primarily as a telecom-adjacent payment service or as a diversified financial-services platform capable of scaling beyond payments into savings, credit and merchant services.

8. Capital One card spending rises 26% as charge-offs decline

US lender Capital One reported second-quarter net income of $3 billion, or $4.73 per diluted share, on 21 July. Earnings excluding acquisition amortisation and integration expenses were $5.81 per share, while net revenue reached $15.85 billion. Provisions for credit losses fell by $1.1 billion from the previous quarter to $2.99 billion, including a $662 million reserve release. Period-end credit-card loans increased 2% during the quarter to $275.4 billion.

Credit performance also improved. The total credit-card net charge-off rate declined to 4.71% from 5.20% a year earlier, while the 30-day delinquency rate fell to 3.37% from 3.56%. Credit-card purchase volume reached $253.75 billion, up 26% year on year. The results add to signs that credit quality among major US card issuers may be stabilising, supporting earnings as Capital One integrates Discover.

9. UOB and Visa upgrade more than 300,000 affluent cardholders across ASEAN

UOB partnered with Visa on 22 July to relaunch selected affluent and high-net-worth card products in Singapore, Malaysia, Thailand, Indonesia and Vietnam under the Visa Infinite Privilege and Visa Infinite Private tiers. More than 300,000 UOB Visa Infinite cardholders will be progressively upgraded, with eligible customers notified from September and no action required. UOB said no cardholders would be moved to a lower tier.

The rollout follows Visa’s 16 July restructuring of its Infinite portfolio into three tiers. UOB is Visa’s largest ASEAN card issuer by total billings and said its number of new affluent cardholders grew by more than 10% in 2025, while spending by the segment rose by over 25%. The partnership reflects how regional banks are adopting increasingly granular customer segmentation to deepen relationships with affluent and high-net-worth clients across multiple markets.

10. Chime brings commission-free investing to 10.2 million-member banking platform

US digital bank Chime launched Chime Invest on 20 July, allowing members to buy US stocks and exchange-traded funds commission-free from $1. Users can choose self-directed trading or portfolios managed by Atomic Invest. Managed portfolios have no account minimum, with annual fees ranging from zero for Chime Prime members to 0.25% for other users. Access will expand over the coming weeks.

Chime had 10.2 million active members at the end of the first quarter of 2026, up 19% year on year. The launch extends the platform beyond banking, payments and credit into direct competition with retail-investment providers such as Robinhood. Its success will depend on whether Chime can convert frequent app use into sustained investment balances. 

Retail Finance Weekly is a regular briefing on the forces reshaping retail banking and digital finance globally.