PayPal will now be offered wherever Samsung Pay is accepted, and Square acquires certain assets of catering platform Zesty. And in other news, payments platform Adyen crosses the $1 billion threshold and Checkout.com becomes the first provider to accept payments from Saudi Arabia’s domestic payments network.
Here’s your weekly news roundup!
PayPal now offered with Samsung Pay. Rolling out the benefits of the Samsung/PayPal partnership established in July of last year, Samsung Pay customers can now officially use the PayPal payment method within Samsung Pay, wherever Samsung Pay is accepted. With this rollout, Samsung Pay users can load their PayPal account with the account information from their PayPal wallet for in-store purchases.
And, according to PayPal, in-store mobile purchases do not require PayPal to send actual account information to the merchant. A tokenized account number is used to represent cardholder data. Biometric authentication is also a feature offered with this rollout, according to the same article.
Square acquires certain assets of catering platform Zesty. The collaboration will enable Square’s food ordering platform Caviar to enhance and expand its current corporate food offerings, according to the press release. This includes menu-planning tools and algorithms, catering logistics, order management and nutrition and allergen-specific offerings.
“Restaurants turn to Caviar to reach more diners and grow their businesses. Expanding our corporate catering product with Zesty enables us to offer our restaurant partners another way to boost sales through higher-margin, large-format catering orders,” said Gokul Rajaram, Caviar Lead at Square, via the same release. “Caviar is thriving, and we’re excited to supercharge its success with Zesty and double down on an area with great opportunity to drive more growth for our business.”
Zesty is a health-conscious catering platform that empowers companies to feed their employees more conscientiously.
Stripe rebuilds fraud prevention tool Radar. The global brand has rebuilt almost every aspect of their fraud detection tool to enhance its overall performance. And according to the company’s blog, the recent upgrades helped reduce fraud by more than 25% compared to previous models – and all without an increase to the rate of false positives.
Updates include new signals for improved accuracy, nightly model updates, custom model options and algorithmic changes for better recall and precision. A new bundled offering specific to companies with a higher fraud risk called Radar for Fraud Teams has also been introduced with this most recent rollout, according to the same blog post.
Payments platform Adyen crosses the $1 billion threshold. According to the press release, the company generated $1.14 billion in annual revenue in 2017 – an increase of more than $400 million in 2016 – and processed $122 billion in payments volume. The latter was a 61% year-over-year increase from 2016 to 2017.
The company also recently expanded its unified commerce offering to Canada to attain full coverage in both North America and Europe, as well as launched its POS solution in Singapore and expanded into New Zealand.
“Merchants around the world turn to Adyen for a simpler, more powerful payments platform,” said Adyen co-founder and CEO Pieter van der Does via the same release. “We are highly focused on transforming the online and in-store payment experience. Our robust growth points to the strength of our unified commerce solution.”
Payment facilitator Checkout.com becomes first provider to accept payments from Saudi Arabia’s domestic payments network mada. This partnership is expected to fuel the growth of ecommerce across Saudi Arabia by enabling online transaction capabilities for mada cardholders and merchants, according to the press release.
“Mada is one of the fastest growing payment systems in the region and our partnership will help drive the already strong growth of ecommerce in the Kingdom,” said Remo Giovanni Abbondandolo, VP of Business Development for Checkout.com in MENA (Middle East and North Africa), via the same release. “Incorporating the mada network into the Checkout.com platform allows Flyin.com – and other businesses that operate in the region – to offer consumers a more diverse and convenient range of payment choices.”