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.
Fintech forecast predicts challenges in 2020. This is just on the heels of a banner year, where Indian fintech startups raised a record-breaking $1.47 billion in venture capital throughout 2019 (up from $826 million in 2018). Not to mention, and the year saw a notable spike in digital payments funding and usage. So why the expectation for a “tough 2020?” From LiveMint.
Demonetization continues to bode well for digital. The Indian government’s ban on specific currency notes has done as intended regarding a dip in cash and a rise in digital. By how much? According to analysts, the value of digital transactions has increased by 51% and the volume of digital commerce has seen more than a tenfold increase from February 2019 to January 2020. From Financial Express.
Big Brands Doing Big Things
Grab reaches for Singapore’s digital-first consumers and, consequently, their underbanked population. Grab’s recent partnership with communications company Singtel to launch a digital bank will benefit the economy on multiple levels. Not only will it target the digital savvy consumers, it will also appeal to the underbanked population who don’t have access to standard financial services. From Entrepreneur Asia Pacific.
Square CEO Jack Dorsey targets crypto in Africa. The innovative entrepreneur has set his sights on Africa. With what appears to be a focus on Bitcoin, Dorsey has revealed plans to live locally for up to six months. Tech leaders speculate he might be looking for a competitive advantage on an economy that has been targeted by many as a ripe breeding ground for cryptocurrency. From TechCrunch.
Show Me the Money
ClassPass retains $285 million in Series E funding round, bringing the company’s total valuation to $1 billion. The workout-centric unicorn has implemented several different models to offer their users a payments experience that includes such innovations as virtual currency and variable pricing. Regarding future plans for their most recent funding, the platform has its sights set on more international expansion and corporate product enhancement. From TechCrunch.