Indian ecommerce and e-payments payment facilitator Paytm is again adding new services while Razorpay is aiming to gain traction in the ever-growing Indian commerce marketplace. And eMarketer recently touted India as “the fastest growing proximity mobile payment market in the world.”
Dream Payments, First Data and Intuit come together to elevate the payment experience while Verifone and Alipay expand their partnership. And in other news, Visa makes signature optional at qualifying locations while TSYS completes its acquisition of Cayan.
The New York State Department of Financial Services (DFS) has fined Western Union for failure to implement effective anti-money laundering compliance programs in-house and for failure to report suspicious activity – some of which could have facilitated human trafficking.
Klarna collaborates with ACI Worldwide to drive growth in the ecommerce market while Wirecard partners with Fortress GB to launch The One Card. And in other news, cashless has become the preferred payment option for Metro passengers and vending customers alike.
You might say that, in the payments business, last year was the year of M&A. Some of the biggest names in the payments industry acquired integrated payments capability, resulting in some interesting and significant combinations. With few logical businesses left for processors to gobble up, what happens next in this active space? Does the consolidation that happened last year mean that integrated payments are now essentially solved?
As previously reported, last December saw the first public announcement from the Office of the Comptroller of the Currency (OCC) regarding the intent to begin accepting special purpose bank charter applications from fintech organizations. And since then, the response has been a mixed one. Most recently, a New York Department of Financial Services (DFS) lawsuit has been dismissed based largely on a “perceived lack of threat to the DFS’ own regulatory powers.”
As the government of India has pursued its vision of a cashless society, it has adopted policies intended to help stakeholders shift to digital payments. Most recently, it’s been tinkering with the economics of digital transactions, looking for that elusive sweet spot where the parties – retailers and banks alike – are incentivized to help drive the transition.
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.
Capitalizing on the growing popularity of mobile payments in Malaysia, ride-hailing company Grab has been granted a license by Bank Negara Malaysia to offer what it calls “e-money services” in that country.
The Black Friday shopping tradition used to bring up images of consumers lined up outside national chain stores waiting to fight the crowds for deals on new game consoles. But thanks in part to fintech companies, benefit from that post-Thanksgiving (U.S.) spending mood is spreading to smaller merchants and even nonprofits as well.
Small Business Saturday kicks off holiday shopping with a bang while Yandex.Checkout and Nets both launch new payment platforms. The European Union also blocks geoblocking and UnionPay launches QR code payments in Singapore. Here’s your weekly news roundup.