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 Getting Bigger
Paytm launches Bulk Payments. In an effort to continue adding value to its proprietary gateway, leading Indian PF Paytm introduces Bulk Payments – an easy-access money transfer functionality for its current user base. With Bulk Payments, “businesses using Paytm to make payments to their customers, employees and vendors can now send funds instantly, across various banks, to as many accounts as they need to.” From Inc42.
Amsterdam-based PF PayU invests in digital lending arm. The digital payments company has invested ~$7 million in its lending arm PayU Finance (previously LazyPay). Established as a separate entity in January of this year, the finance company allows consumers to pay for the product up to 15 days after they make the purchase. From YourStory.
Fintech mirrors technology in global saturation. In the not-so-distant past, technology was its own separate industry. But now, practically every company has a dominant technology component to it. Fintech may be following the same path: With so many companies out there extending an arm towards the global payments ecosystem, speculation is that this once distinct vertical industry will soon go horizontal, enabling financial services to be offered across the economy. From Forbes.
The New Kid in Town
QR codes have a new competitor in China.The digital payment method that has been gaining in momentum and taking China’s marketplace by storm has a new competitor. Facial recognition technology is rising in popularity due largely to its convenience and accessibility to less tech-savvy markets, including the elderly and those unable to read and write. From South China Morning Post.
Cash Gets Demoted
Cashless boom could end ATM usage in Asia. Asia’s momentum towards cashless is really having an impact on traditional banking. Worldwide ATM counts, including those in Japan and China, dropped for the first time last year and the momentum seems to be continuing, leading experts to believe that cashless could end the dominance of ATMs in the region. From Business Times.