The payment facilitator model is gaining credibility across the marketplace with three independent companies set to launch PF platforms and related functionalities in an effort to grow and accelerate their business reach.
The Reserve Bank of India recommends a regulatory sandbox for fintechs while the country’s push towards a cashless society gains traction with a surge to $2 trillion in transaction value. The UAE Central Bank also develops a national strategy to facilitate the push towards cashless.
Trying to get all 50 states to do anything exactly the same way may be an exercise in futility. But agreement on at least some things could still provide some relief for payment facilitators who are burdened with navigating the state-by-state patchwork of money transmitter licensing.
Grab and Samsung have partnered together to enhance digital inclusion efforts across Southeast Asia. And according to the press release, this collaboration benefits everyone from the customer to the driver.
There’s one bright spot to the payments industry being encased in a massive overly complex, glacially slow bureaucracy, with certification approval times approaching eons. That bright spot is that fixing even one tiny element of the process can have a tremendous impact.
The Central Bank of Egypt is getting behind QR codes as a way to increase financial inclusion in that country. The bank is issuing new standard acceptance criteria that will create a structure to enable acceptance of QR codes across mobile payments systems.
Paytm has reached an estimated valuation of $10 billion due to the recent liquidation of $47.2 million in employee stock, making it the second most valuable startup in India after Flipkart. And this comes in addition to the company’s current initiative to support 10 million Indian merchants in QR-based payments over the next three to six months.
Softbank looks to rival PayPal, Apple Pay and Alipay while Mastercard, Wirecard and UnionPay International partner on the Singapore QR code initiative. Also making headlines, Paytm QR code is slated to be the new default method of payment (MOP) in Hyderabad.
The global brand that has taken the concept of “personalized” to a whole new level (half caf, 2 pump, non-fat, no whip, no foam latte) has decided to test “no cash” as part of their ever-expanding repertoire. The posh Seattle Starbucks at Second Avenue and University will no longer accept cash as a form of payment – at least for now.
Time magazine named “The Silence Breakers” its Person of the Year. Headlines are full of disclosures about companies and the government paying huge settlements for inappropriate workplace behavior and sexual harassment of women. The “#metoo” movement has empowered women to step forward and expose the pervasiveness of inappropriate behavior in corporations across the nation.
PF Parkmobile secures a substantial investment while Japan finally makes the move towards cashless. Visa also partners with PayMate to better service SMBs and ThreatMetrix collaborates with GlobalOnePay to enhance fraud prevention.
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.