AliPay has launched in Canada and iZettle has received 36 million USD to boost its technologies, while BluePay partners with Datacap to expand EMV processing.
We’ve been busy this week in the payments world. Here’s your weekly roundup.
Square and Paypal competitor iZettle has received $36M in funding for artificial intelligence expansion efforts.
As reported by Bloomberg, iZettle will use the contribution from the European Investment Bank (EIB) to continue their efforts to give small businesses the same opportunities and tools that the larger corporations currently benefit from.
The Globe and Mail reports that Alipay has now launched in Canada via a partnership with Snap Pay Inc. – a Canadian tech firm.
For Canadian retailers, the deal means more direct access to the Chinese market with the ability for Chinese shoppers to pay as they would at home. And not only does this mean more expansion opportunities for Alipay, but the company welcomes the potential increase in their customer base given China’s ever expanding middle class.
BluePay enhances its payment gateway through partnership with Datacap Systems. According to a company press release, this partnership will enable BluePay to now offer TranCloudTM as part of its payments suite. An EMV-enabled payments solution designed to target mobile/browser point-of-sale (POS) transactions, TranCloud gives mobile POS providers a simplified and semi-integrated solution for EMV.
“The addition of a BluePay-specific EMV certification for TranCloud is an exciting option for both existing and prospective Datacap Point of Sale partners,” Justin Zeigler, Director of Product Strategy at Datacap Systems, said in the release. “Now, TranCloud users can securely send payments through BluePay’s processing host via a variety of hardware options to accommodate the requirements of virtually any merchant.”
Mainstream workout subscription service ClassPass is testing a new payment model. Variable pricing would allow ClassPass customers to spend their funds more selectively, according to a report in TechCrunch.
In the current model, there is no opportunity for discernment with class pricing. With the test model, customers could have more control on how they spend their credits. Meaning, they could manage their credits to get more value for their money. They could choose to attend lower-cost classes and ultimately get more workouts for less money.
77% of Europeans are now using their phones for everyday commerce. According to Visa’s Annual Digital Payments Study, customers are feeling increased ease and comfort with making transactions from their mobile device.
The study also reports an increased comfort level for customers when it comes to shopping abroad from their tablets or smartphones. In fact, the study touts that abroad purchases have already been made via digital currency in 103 countries around the world.
As for the most popular sectors for mobile payments, the same study lists them in the following order: restaurants, supermarkets, transit, convenience food and drink and leisure and entertainment.
And finally, payment facilitator Razorpay has launched several new products in an attempt to increase its customer reach. The goal is to better automate payment-related services like recurring payments and money transfers. And what this does is position Razorpay to be more than just a payments gateway provider.
According to The Paypers, Route, one of the new product offerings, enables businesses to sign up multiple third-party vendors, with the ability to split payments to each vendor. This is in addition to processing settlements and refunds. Smart Collect, on the other hand, enables automated collection and distribution of funds by utilizing electronic funds transfer and real-time gross settlement.