Maybank uses QR codes to facilitate cashless payments while iSalonSoftware partners with Cardstream to offer SalonPay. Go-Jek attempts to level the playing field with Uber and Grab and PayU Nigeria launches PayU Receive.
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Indonesia’s most valuable startup looks to compete with industry giants Uber and Grab. Go-Jek, a ride-hailing startup based in Indonesia has just entered into “definitive agreements” with three local fintech startups: Kartuku, Midtrans and Mapan, according to Nikkei Asian Review.
The same article claims the multiple acquisitions serve as a prelude to a pending expansion of Go-Jek’s payment service. Ultimately, the company plans to expand its electronic wallet Go-Pay – used currently to facilitate payments for the app’s ride services – into a payment option for third parties. Following the Alipay model in China, Go-Jek would open its platform up to restaurants and online shopping sites.
Testing is under way right now via QR code technology and the commercial launch is slated for 2018, according to the same article.
iZettle raises $47 million in latest funding round. The Stockholm-based mobile payments company secured one of Sweden’s largest pension funds as the most recent investor to back the company in its “ambitious growth plan and product innovation,” according to CEO and cofounder Jacob de Geer via Business Insider.
Commenting on the investment, the same article quotes Per Colleen, head of fundamental equities at The Fourth Swedish National Pension Fund (iZettle’s most recent investor) as saying: “We believe in iZettle’s long-term development opportunity through their data-rich technology platform, built for scalability combined with five years of unique insights about the needs of small businesses, which makes it an attractive investment case.”
Maybank has launched a pilot using QR code technology to offer cashless mobile payments to its customers, according to the bank’s press release. Currently Malaysia’s largest financial services group, Maybank’s ultimate goal with Maybank QRPay (set to launch to the public in January 2018) is to further promote the use of cashless commerce.
Maybank QRPay enables customers to transact in real time by scanning a QR code on their mobile device. Datuk Lim Hong Tat, Maybank’s head of group community financial services, explained that Maybank believes the service “has the potential to complement the debit or credit card as a cost-effective alternative to cash due to the lower infrastructure cost and the increasing use of mobile phones in Malaysia,” the release said.
PayU Nigeria launches PayU Receive. The globally recognized payments gateway is optimizing the way their customers send and receive payments, according to an article posted by CPI Financial. With PayU Receive, B2B and B2C payment requests can be sent directly to the customer via secure text or SMS. The customers then have the ability to pay via bank accounts or bank card using PayU’s secure payments gateway.
The same article quotes Country Manager of PayU Nigeria Juliet Nwanguma as saying: “This payment solution aligns with PayU’s experience in over 16 markets globally, including Asia, Central and Eastern Europe, Latin America, Middle East and Africa, where our technological solutions are changing the payment landscape. We hope to empower more business owners in Nigeria with innovations like PayU Receive which helps improve collection of payments from customers both locally and internationally.”
U.K.-based iSalon Software partners with Cardstream to offer SalonPay. An omnichannel payments platform that aims to streamline multichannel payment solutions like mobile, online and in-salon POS to its user base, SalonPay removes the complexity of omnichannel payments with one integration and one point of contact, according to the company’s post.
Cardstream’s involvement ensures a smoother user experience as SalonPay is able to connect simultaneously to acquirers, ecommerce connectors and alternative payment options, the company said.