Google partners with Shopify and the Las Vegas Monorail to drive digital while Mastercard collaborates with IBM to form independent trust body Trūata. And in other news, a new emerging markets fund is created to support fintech innovation.
Here’s your weekly news roundup!
Google and Shopify team up to enhance the checkout experience. Online merchants currently using Shopify Payments can now offer an enhanced checkout experience with the addition of Google Pay on Android devices.
With this new partnership, Android consumers can benefit from a more efficient checkout process with Shopify Payments as shipping and payment information is more easily accessible at checkout using Google Pay (now available in Shopify store settings).
Shopify merchants benefit as well from reduced cart abandonment and increased conversion rates, according to the company’s blog post.
Google Pay simplifies the Las Vegas transit experience. Also making headlines in America’s playground, Google Pay can now be used to purchase transit tickets for the Las Vegas Monorail. With contactless technology powered by NXP’s MIFARE, commuters can now skip the lines and travel more efficiently with just a tap of their phone.
The mobile ticket can be purchased online and saved to Google Pay for use immediately – without even having to open the app, according to the company’s post. In-app access also provides information on recent transactions, trips and the location of the nearest transit station.
The Las Vegas Monorail is the first transit company to offer prepaid tickets with Google Pay but, according to the same post, the functionality is not exclusive to Vegas and will be coming to more cities soon.
Mastercard and IBM have partnered together to form Trūata. An independent trust body created to assist organizations in conducting full analytics in compliance with General Data Protection Regulation (GDPR), Trūata will provide a new standard in hosting and anonymization, according to The Paypers.
GDPR regulations are there to ensure privacy and data protection and Trūata provides data insights, tools, reports and algorithms that customers can integrate with their own products and solutions.
The trust body will be based in the Republic of Ireland and will operate independently of its beneficiaries and customers, which will enable control over data hosting and analytics on behalf of its client companies, according to the same article.
PayPal CEO Dan Schulman provides insights into the international payment processing landscape and digital is taking their ecosystem by storm. In an exclusive “Mad Money” interview with Jim Cramer on CNBC, Schulman emphasized how some countries (like India) are developing their payments ecosystem at such a rapid pace that traditional payment methods are being overlooked in favor of digital commerce.
“The entire financial system’s ecosystem is moving, more rapidly than ever before, away from cash and towards digital payments because of the explosion of mobile phones,” Schulman said.
Watch the full interview here.
Victory Park Capital and International Finance Corporation collaborate on new emerging markets fintech fund. The new fund, according to Business Insider, will “invest in financial technology companies in developing the world.”
Why all the fuss about fintech? According to the same article, a recent study by consultancy EY found that one in three digital consumers used two or more fintech products – suggesting that fintech has “crossed the threshold of early mass adoption.”
So what’s driving mass adoption? According to the same article, EY specifies emerging markets as the catalyst and specifically highlights China as a key contributor.