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.
Big Brands Doing Big Things
PayPal and Square use data to grow small business lending. As some of the larger tech companies become a destination location for small-business loans, Square and PayPal specifically are using transaction data to their advantage with a more efficient and hassle-free approval process – something the banks don’t have readily available. The ability to use this data in lieu of an actual credit score for approval gives them a running advantage over the bigger lending banks. From CNBC.
Paytm and rival MobiKwik launch mirror initiatives. More specifically, they both simultaneously announced entry into the online insurance payments space. Paytm has partnered with Life Insurance Corporation of India to offer online insurance premium payments while MobiKwik will also be providing the ability to purchase insurance policies via its mobile app. From LiveMint.
Shopify acquires Swedish ecommerce company Tictail. Founded in 2012, Tictail aims to help businesses create an online presence in the local marketplace and Shopify sets its sights on international expansion outside North America with this recent acquisition. From Financial Post.
India’s Digital Download
India’s digital dynasty is still evolving post demonetization. While it’s true that the government mandate strengthened the pulse of digital in India’s digital economy, speculation still arises around the future of digital post demonetization. Cash is still king but will credit eventually take the throne? Executives from Paytm and PayU comment in this video. From CNBC.
NPCI suspends Aadhaar-based e-NACH. The National Payments Corporation of India has suspended the digital payments solution e-NACH effective this week. And some smaller fintech startups fear this is another roadblock with potential to raise their costs. From The Economic Times
The Quick Response Edit
Bank Indonesia to issue cross-border regulation of QR. Expected to launch early next year, BI plans to initiate cross-border regulation of QR payments on rupiah transactions made by “foreign players.” The move is being supported by banks and other financial institutions and the intent is to facilitate cooperation with platforms like WeChat and Alipay that offer QR. From The Jakarta Post.
UnionPay brings QR to Sri Lanka. UnionPay International (UPI) has partnered with Sri Lankan retailer Cargills Group to bring its proprietary UnionPay QR payment method to local retailers. The initiative is set to launch the first half of next year and includes supermarkets, restaurants and theaters under Cargills’ umbrella. From Verdict.