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.
Big Brands Making Waves
Square gets criticized for bank charter bid. The San Francisco-based company is receiving push back from local politicians regarding its proposal to launch an industrial bank in Utah. A request for the FDIC to hold a public hearing on Square’s application has been initiated based largely on the concern that its bid will “suck investment out of the city that helped the company grow.” From Bloomberg.
UK CMA questions First Data/Fiserv acquisition. On what grounds? The UK Competition and Markets Authority (CMA) is contemplating the chance of the partnership significantly lessening the competition within the UK. The invitation to comment closes on May 27. From FinanceFeeds.
The Quick Response Edit
QR codes fuel competition in Brazil. Brazil’s largest private-sector lender, Itaú Unibanco Holding SA, is slated to launch a QR-based payments platform by third quarter of this year. Adding fuel to an already fierce competition among card processors, Iti will connect individuals and merchants via an app interface available to both clients and non-clients of the bank. From Reuters.
In the Marketplace
Amazon is an asset to SMBs?Apparently so. While Amazon is usually synonymous with the demise of brick-and-mortar, the brand says it actually helps small business thrive in its online marketplace – to the tune of $90,000 per year (on average). The company just published its annual “Small Business Impact Report,” claiming it helped 1.9 million U.S.-based small and medium-sized businesses generate more than $160 billion last year alone. From USA Today.
Villages and rural areas of Malaysia are going cashless. According to the country’s Rural Development Minister, villages and rural areas nationwide could be going completely cashless by the end of this year. Several initiatives have been launched in order to move the progress along, including a Smart Village program that touts the benefits of cashless to private companies and Digital Village, which seeks to upgrade internet access in rural areas. From The Star.