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.
Here’s your weekly news roundup!
Payment facilitator Parkmobile secures a substantial investment from BMW Group. Parkmobile, LLC, the North American mobile parking solutions leader, has announced a recapitalization of the business and BMW group as their sole outside investor. And according to the company’s press release, this collaboration comes after a record-breaking year in which Parkmobile processed more than 50 million parking transactions, surpassed 8 million registered users, added 216,000 new parking spots and expanded into more than 75 new cities.
The same release quotes Jon Ziglar, CEO of Parkmobile, LLC regarding the partnership: “This new investment by BMW Group clearly validates our leadership position in the industry and our future growth potential. We have been working closely with the BMW Group organization over the past several years and we share a common vision for the future of transportation and frictionless consumer mobility. With this recapitalization, Parkmobile has consolidated its shareholder base and gained the capital needed to accelerate product innovation and expand the footprint of the Parkmobile network. BMW has always been a leader identifying and supporting next generation mobility solutions and we really could not ask for a better partner.”
Visa and PayMate come together on behalf of corporate consumers in India. In an effort to enhance the automated payments experience when it comes to things like accounts payable and receivable, e-invoicing and cash flow management in the B2B sector, Visa has partnered with payment facilitator PayMate. This collaboration targets SMBs specifically who are facing challenges when it comes to managing manual payment methods like check and cash, according to The Paypers.
As stated by PayMate co-founder and managing director Ajay Adiseshann, via Money Guru India, the partnership “is a testimony to our strong product offering and potential to help businesses of all sizes unlock hidden value through seamless automation and transformation of their financial supply chain. We strongly believe, that with Visa as our strategic partner, we can help Indian businesses achieve operational efficiency and enhance cost savings faster than ever before.”
ThreatMetrix and GlobalOnePay combine forces to enhance fraud prevention. Targeting cross-border ecommerce specifically, ThreatMetrix will enhance GlobalOnePay’s omnichannel online fraud detection and scoring engine, according to the press release. With this, fraud prevention can be enhanced through automatic risk scoring on every transaction and consumer retention maximized with instant authentication of legitimate customers.
The same release quotes ThreatMetrix vice president of strategic alliance Leah Evanski as explaining that while “global commerce continues to grow, decline rates in cross-border payments remain too high, leaving significant opportunity on the table. The ThreatMetrix Digital Identity Network delivers the intelligence needed to safely accept more orders across markets, even where identity verification is challenging.”
Goldman Sachs predicts an increase in mergers and acquisitions for the digital payments sector. And the investment banking firm identified Wirecard and Ingenico specifically as potential players, according to Reuters. Other recent deals that fuel this speculation include Vantiv’s takeover of Worldpay and Hellman and Friedman’s Nets bid.
The same article quotes a Goldman Sachs analyst as explaining they “expect the payments industry to continue to benefit from a number of secular technology drivers: the shift to electronic payments from cash and an even faster shift to online payments.”
Japan initiates the move towards cashless commerce. Instigated largely by a labor shortage in the food services and retail industries – coupled with a rise in foreign tourism, Japan has finally begun to embrace the convenience and efficiency of cashless payments, according to Nikkei Asian Review. The article cites the opening of a new restaurant in Tokyo that takes only cards or electronic payments as evidence of the shift.
The same article reports that a 20% increase in the percentage of cashless payments in Tokyo alone could have a positive economic impact worth more than 2 trillion yen.
With 2016 seeing no more than 20% of payments transacted via a cashless modality, Japan still has a long way to go to realize the benefits of a cashless society. As PaymentFacilitator.com has reported, the Japanese government has set an ambitious goal of doubling the percentage of cashless commerce to 40% over the coming decade.