PaymentFacilitator’sNews 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.
Google gets searched. The global brand’s proprietary payments arm was recently part of a public inquiry in Delhi. The Reserve Bank of India (RBI) was asked to explain how Google Pay is operating locally without approval or license from the regulator – followed by accusations that Google Pay is in violation of the Payments and Settlements Act. From The Hindu Business line.
Google responds. In response to the accusation that Google Pay has been operating without sufficient authorization, the company issued a statement claiming that its relationship to partner banks is in the form of technology services only – not the processing or settlement of payments. The High Court has since issued notice to Google India and the RBI seeking their position on the issue. From Your Story.
Are India’s data localization costs enough to deter market prospects? They don’t seem to be. At least not for U.S. payment providers looking to capitalize on one of the industry’s most lucrative ecosystems. Even with the additional costs companies stand to incur with having to build out infrastructure to adhere to the data storage requirements, brands like WhatsApp and Google Pay are still willing to move forward. Why? With India’s digital market projected to reach $1 trillion in the near future, the sales prospects are significant. From Financial Express.
The Digital Download
Asia dominates the digital momentum. According to a recent survey, the world’s top 10 mobile payment adopters reside predominately in the Asian marketplace. Vietnam is the fastest-growing global market in mobile payments with a 24% increase from last year, while China takes the active lead with 86% of its population utilizing mobile already. Thailand also makes the list with a 67% mobile saturation rate. From ZDNet.
From Cash to Cashless
Amazon Go to start taking cash?It’s true! The famously cashless brand will now begin accepting cash at its existing Amazon Go retail storefronts. And while the retailer has not specified a timeline or elaborated on its plans to accept cash at cashier-less locations, speculation is the momentum to do so came from market criticism for its cash-free policy – as well as several city and statewide bans on cashless stores. From Retail Dive.
PayMaya drives cashless – literally. In partnership with South Emerald Supermarket, the company is taking to the streets of the Philippines to launch Ronda Tinda. The cashless initiative features roving vans in local, remote areas with grocery items for sale through PayMaya. Customers can either pay by PayMaya QR code or with card payments through PayMaya’s proprietary device One. From Business World.