In a roundup of news from this week, PayPal reports on the state of payments in Asia as Singapore moves forward toward its own digital future. Also, news from Paysafe, Wirecard and Shopify.
Payments technology provider Paysafe, based in London, has completed its previously announced acquisition of Merchants’ Choice Payments Solutions. Todd Linden, the CEO of Houston-based MCPS, joins Paysafe as the CEO of Payment Processing, North America.
German payments provider Wirecard has developed an end-to-end solution for processing payments through the taxi.eu app – a taxi booking portal in Europe. Users can order a taxi online, then pay for the ride using the app. Wirecard routes the payment to the appropriate taxi office.
The company also announced that it is providing a white-label solution to enable payments and financial reporting for sellers on Enjoei, an online fashion marketplace in Brazil.
Leading payment facilitator Shopify was profiled in an article in Bloomberg Technology, which discusses the company’s history, its differentiators, and the cottage industries it has spawned.
According to a PayPal survey of Asian consumers, cash is still hanging on in much of the region despite the success of mobile wallets in China. When asked what payment method they used most often, 57% of respondents across the seven markets surveyed named cash. China’s cash usage was the lowest at 25%, with 75% of respondents in India and the Philippines saying they prefer it.
The survey showed a gap between consumers’ awareness of digital payment options and their usage of them. For example, 49% of the respondents across the countries surveyed said they were aware of payments solutions such as mobile wallets. However, only 35% of them reported using them, and only 12% said they use mobile wallets most often out of the options available to them.
As part of its own continuing effort to facilitate easier digital payments, the Monetary Authority of Singapore announced that its Payments Council is setting up a task force to develop a standardized QR code. It is recommending developing the standard to enable interoperable payments among the country’s different payments schemes, banks, and QR payment providers.
And Singapore ride-share app and mobile payments platform Grab is introducing its P2P transfer feature, which allows users to transfer GrabPay credits to each other. While the feature enables transfers between users at its launch, the company plans to use the same technology to enable payments to merchants through the app in the future. Grab expects to begin merchant payments through the app during the fourth quarter of this year.