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.
Visa sees technology as an enabler of cashless payments. The global card brand explains how technology apps like streaming and ride-hailing services have promoted a natural uptick in the amount of cashless payments – in the Philippines specifically. The company cites its proprietary survey of 500 Filipinos that shows strong momentum towards cashless (from 47% to 75%) largely resulting from these app-based services. From ABS-CBN News.
Cash slated for decline in Thailand. As the government continues with attempts to encourage cashless commerce, a local survey predicts an expected decline in cash payments from 85.6% of the country’s payments volume in 2018 to 77.8% in 2022 – in addition to an increase in card payment value from $56.1 billion to $83.8 billion. Cashless promotional tactics include QR codes, mandatory issuance of EMV cards and a push for POS adoption. From Finews.
Big Brands Getting Bigger
PayPal India R&D center helps the brand grow. Now the second largest engineering and R&D operation for the global company, PayPal’s India operations have helped the brand to grow from doing only 3-4 product launches a year (around 8 years ago) to more than 25,000 releases annually. Checkout Lite and Sign-Up Lite are some of the more recent products that were created specifically to reduce transaction drop offs. From Gadgets Now.
The Quick Response Edit
Chile jumps on QR train thanks to Starbucks? Yes. Only Starbucks isn’t the only retail giant making this possible. The coffee chain and ecommerce platform MercadoLibre have both taken steps (via their own proprietary digital wallet interfaces) to enable QR code payment access for consumer purchases. Contactless usage is also expected to rise as the country opens up its payment acquisition market. From bnamericas.
Payment Trends Going Global
PF PayU India launches LazyPay credit. PayU’s version of “buy-now-pay-later,” LazyPay enables user access to real-time credit to offer a more financially manageable experience for their purchases. Available via both offline merchants and online storefronts using Bharat QR or UPI, this launch is part of the company’s overarching vision to provide more convenient and efficient credit access to its Indian consumer base. From IBSintelligence.