PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
Taiwan to be 52% cashless by 2020. Just last year, the use of cashless as a form of payment among Taiwan locals rose to a 37.73% penetration rate – up from 26% in 2015. And the government has set a goal of 52% saturation by 2020. As cashless continues to infiltrate the ecosystem, the numbers look good to support this lofty goal. From Taipei Times.
2019 predictions for India’s ecosystem: driving cashless momentum. In an economy where cash has been king for so very long, it seems to be rapidly losing its influence on the local population. As we begin the new year, this article highlights trends that look good for cashless to continue its dominance over the payments ecosystem – with contactless slated to lead the charge against cash. From ET Tech.
E-wallets poised for extinction in India. According to PayPal India Managing Director Anupam Pahuja, e-wallets will soon be a thing of the past even as India’s digital economy continues to strengthen its momentum towards a cashless ecosystem. Late on the scene for snatching a piece of the pie, PayPal just launched its India operations in 2017 but plans to be a main player in the ecosystem over the next 5 years. And these are just a few of the predictions PayPal has offered for one of the world’s most thriving payments ecosystems. From Quartz India.
APAC regulations predicted to promote fintech in 2019. When it comes to fintech forward momentum, the Asia Pacific region is lacking coherence in its initiatives. But according to the 2018 World Payments Report, cohesion may be the key word for 2019. See the eight initiatives that may shape Asia’s payments ecosystem this year. From Fintech Singapore.
Nigeria speeds up momentum towards financial inclusion. As part of this initiative, The Central Bank of Nigeria (CBN) plans to ease up on rules preventing telephone and supermarket companies from participating in financial services. The goal is to reduce the number of financially excluded adults to 20% in 2020 (from 46.3% in 2010). From This Day.
Big Brands Doing Big Things
Amazon Pay India receives $42.6 million in funding. And what will the funds be allocated for? The global giant’s parent company has invested in the payments arm of the business to aid in enhancing technology to set it apart from homegrown competitors Paytm and PhonePe. And this is just the most recent in a group of funding initiatives that bring the grand total to $258.7 million since 2016 – and all from the brand’s parent entity. From Inc42.
Square’s head of payments moves to Visa. Just on the heels of the exit of key deputy and CFO, Sarah Friar, the out-of-the-box brand loses another key player. Mary Kay Bowman, head of payments at Square, has made the move to Visa to be the new head of seller solutions. What does this mean for Square? Square CEO Jack Dorsey is using it as an opportunity. From CNBC.