“Ebay said its global inventory will be available to over 130 million active users on Paytm Mall and Paytm’s app ecosystem as part of the deal. The companies did not disclose the investment amount, but sources close to the transaction said the financing round is about $150 million.”

“Founded in 2017 by the same team behind SME online lending platform Zencap, which exited to Funding Circle in 2015, Billie wants to bring to B2B invoicing and payments the same level of convenience seen in B2C payments and e-commerce.”

“Speaking from the White House, Mnuchin said he has serious concerns about the national security implications of Facebook’s coin and other virtual currencies. He said the potential for money laundering and other illicit activities is high, and vowed that Treasury would crack down on law breakers when it finds them.”

“As of today, there is a more convenient way for you to cancel before ever being charged: a service called Free Trial Card. It’s available now through the app DoNotPay , created by 22-year-old wunderkind coder and entrepreneur Joshua Browder.”

“Visa ( V ) is launching a new service, Visa B2B Connect, to facilitate cross-border business to business transfers. The service launched on June 11th connecting 30 global trade corridors . The service uses a distributed ledger system to enhance transparency and decrease the likelihood of fraud. There exists a significant opportunity for growth in this area, with the global B2B cross-border payment industry taking in $127 billion in revenue in 2017 . Visa’s brand and expertise in the payment industry should help aid its expansion into this payment area and the greater efficiency offered by their system should help attract customers.”

“Some key priorities and recommendations for Open Banking identified within the report include improving payments capabilities and refund functionality, the development of Premium APIs and improving consent protections for consumers. In addition to this, and echoing recent reports from BEIS, the Furman Review, the Smart Data Review, amongst others, it is clear that the Open Banking platform and infrastructure have extensibility into other sectors and geographies, and in particular, into the creation of an Open Finance ecosystem.”

“Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today . While some, like Senator Brown, blustered that “Facebook is dangerous!,” others surfaced poignant questions about Libra’s risks.”

“But a review of 33 projects involving large companies announced over the past four years and interviews with more than a dozen executives involved with them show the technology has yet to deliver on its promise. At least a dozen of these projects, which involve major banks, exchanges and technology firms, have not gone beyond the testing phase, the review shows. Those that have made it past that stage are yet to see extensive usage.”

“LG has launched its LG Pay mobile payments service in the US, enabling owners of its G8 ThinQ smartphone to make payments via NFC in stores equipped with a contactless POS terminal — and in stores with a magnetic stripe terminal using Wireless Magnetic Communication (WMC). WMC enables phones to generate wireless magnetic data pulses that can be transmitted over-the-air to traditional magnetic stripe readers and was developed by US-based Dynamics Inc.”

“This tie-up is a natural evolution for Uber’s business – the company hosts millions of riders every week, and many of those are taking relatively long trips to and from airports and other transit hubs, which provides ample opportunity to get them buying stuff or watching purchased content. Cargo, in which Uber has some equity stake, has a good opportunity to figure out how best to make the most of those trips.”

“Visa (NYSE: V) today announced it has acquired Payworks, a Munich-based provider of next-generation payment gateway software for the Point of Sale (POS). Visa will bring Payworks’ cloud-based solution for in-store payment processing together with its CyberSource digital payment management platform to create a fully integrated payment acceptance solution for merchants and acquirers. The joint offering will provide acquirers and payment service providers with a modern, fully white-labeled omnichannel payment management platform.”

“Flybits , a contextual data intelligence company, has raised $35 million in a Series C round led by Point72 Ventures with participation from Mastercard, Citi Ventures, and Reinventure (backed by Australia’s Westpac Banking Corporation), along with existing partners Portag3 Ventures, TD Bank Group and Information Venture Partners.”

“According to the new research, Digital Money Transfer & Remittances: Domestic & International Markets 2019-2024 , domestic transfers are being driven by increasingly easy mobile payment systems. In developed markets, digital wallets have made P2P payments far simpler, with services including PayPal, Venmo and Cash App enabling low cost, fast and secure payments for a rapidly growing number of users. In developing markets, mobile money provided by network operators is a key enabler of financial inclusion; enabling the unbanked to enter into the wider digital economy.”

“Worldpay accepts more than 300 payment types, and will use ACI’s UP eCommerce Payments solution to broaden the number of APMs available in different regions across the globe, alongside speeding up time to market for merchants. The relationship will enable Worldpay to further deepen its commitment to innovation and the development of new strategic products and services.”

“A Toronto startup that uses artificial intelligence to help banks personalize offerings to their customers has landed US$35-million in venture financing from several global financial institutions, thanks in part to its early endorsement by hometown Toronto-Dominion Bank.”

“Brazilian financial startup Nu Pagamentos SA is planning to launch digital accounts for small business owners, expanding its product portfolio beyond individuals, it said in a statement on Tuesday. Founded in 2013 as a credit card issuer, Nubank has been launching new products, such as loans and payment accounts, and expanding geographically to countries such as Mexico and Argentina.”

“The firm will use this capital to accelerate its growth and acquire new merchants in its 31 markets across the globe. The new funds will be used to continue expanding SumUp’s product suite, both organically and through more acquisitions. The company has recently broadened its product portfolio through the acquisition of Debitoor, for accounting and invoicing, and Shoplo, for ecommerce and marketplaces. SumUp is looking to grow its 1500+ team across its 15 offices on three continents. The firm reports over 4,000 companies joining the platform daily.”

“The new round of funding values Curve at $250 million (or one-quarter unicorn, so to speak), and will be used by the company to continue adding more features to its platform and for further European expansion. (It also plans to launch in the U.S. in 2020). To date, the company claims 500,000 users and says it is on track to reach 1 million by the end of the year.”

“Facebook Inc. says its mission is to “bring the world closer together.” Its plans to launch a digital currency called Libra have succeeded in uniting central bankers and financial regulators from around the globe, along with U.S. President Donald Trump and his Democratic opponents in Congress. They’re dubious about the idea, at best. But Facebook isn’t alone in pursuing what is known as a “stable coin,” a form of cryptocurrency that so far has proved far more boring than, say Bitcoin. While some regulators are reacting to the idea that Facebook could leverage its 2 billion users to create a de facto global currency, other industry analysts wonder whether stable coins like Libra will find any widespread use at all.”

“Having begun in earnest in 2015, the U.S. payments card industry is now, in 2019, approaching full adoption of EMV chip cards. The United States’ efforts have lagged those of many other developed countries in adopting EMV. This paper explores data from three of these countries (the United Kingdom, France, and Australia) to extrapolate fraud trends we could see develop in the United States. Considering these trends and the current state of U.S. fraud, the paper looks at what the future might hold for fraud in the United States in a post-EMV environment.”

“Two countries reported mobile wallet fraud in relation to Apple Pay. One reported that mobile wallets are fast becoming the new money mules – fraudsters are enrolling cards that are not yet associated to a specific wallet. Another country reported that fraudsters are obtaining security codes through phishing, with which they can then install a mobile banking app on their own smartphone, using the victim’s data. One country reported that fraudsters are increasingly using mobile call centres to call customers from numbers that appear to be genuine, and then are pretending to be bank security staff. This enables them to obtain key personal information and data.”

“Finix , a three-year-old, 30-person startup based in San Francisco, raised $17.5 million in Series A funding from Bain Capital Ventures, Visa and Insight Venture Partners, among other investors. It aims to help companies manage and monetize payments by becoming their own payment processors. In the same way Twilio’s white-label software lets Uber users seamlessly call their driver through the app, and just as Marqeta lets DoorDash control how debit card transactions are processed, Finix lets companies own and control their payment processing.”

“In a paper published Monday titled “The Rise of Digital Money,” IMF authors Tobias Adrian and Tommaso Mancini-Griffoli said the two most common forms of money today, cash and bank deposits, will “face tough competition and could even be surpassed.”   But banks are “unlikely to disappear” as they face growing threats from big tech companies and fintech start-ups, the paper said.”

“It’s no longer a winner-take-all scenario for Amazon Prime Day — in fact, that hasn’t been true for years. As soon as other large retailers realized they could piggyback on Amazon’s annual sales event to boost their own revenues from counter-sales, they’ve been doing just that. According to new data from Adobe Analytics out this morning, large retailers have already seen a big jump — a 64% increase — in their U.S. e-commerce spending thanks to Prime Day on Monday, July 15, when compared with an average Monday.”

“Today, PayPal launched Xoom —its international money transfer service—in 32 markets [1] across Europe. People in these markets can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally. Xoom’s expansion to Europe is a significant milestone and another example of PayPal fulfilling its mission to make the movement and management of money more convenient, accessible, secure and affordable.”

“Payments giant Paytm is in the throes of tapping India’s thriving education sector as a new frontier for growth. One97 Communications, which owns the Paytm digital wallet and e-commerce platform Paytm Mall, is looking to leverage its two key business arms, to become a one-stop shop for parents and students seeking educational loans, scholarships, or just a convenient way to pay fees. For this, Paytm plans to set up a new vertical, Paytm Education, that will be hosted on its payments app and integrated with Paytm Mall, the Softbank-backed company announced last week.“

“About half the world’s economies have private-credit bureaus, of varying degrees of sophistication. Their rise not only greased the wheels of economic development but also presaged the arrival of the data-driven, algorithm-mediated economy of the 21st century. Now entrepreneurial companies are taking that blend of finance and technology to the developing world, drawing on new types of digital data to make credit decisions. As with many data-driven businesses, the companies are also inserting themselves into the most intimate spaces inhabited by their customers.”

“Sam Bedford, head of CYBG’s accelerator says: “This partnership is a great example of our ability to work at pace to develop new digital experiences for customers which go beyond banking. Having been early adopters of Open Banking, our new partnership with GoCompare has launched the first energy comparison and switching service for bank customers in the UK. With just a few clicks, customers have the potential to save hundreds of pounds on average by switching energy provider without leaving their B mobile app.””

“Today, global internet companies from the US to Southeast Asia are looking to replicate Chinese concepts – from models such as the all-in-one super app, to social commerce as well as short video, according to findings from the China Internet Report 2019 .The second edition of the China Internet Report, launched at Hong Kong’s RISE conference on Wednesday, delves into China’s drive to be a global leader in innovation and examines opportunities and challenges facing its technology-led industrial transformation.”

“The patent, according to the report, could usher in cardless credit transactions that would see users of the system make payments using apps on mobile devices. In such a development, the invention would disrupt the traditional card system based on three intermediaries: the credit card company, a value-added network (VAN) service provider and a payment gateway.”

“Committed to providing innovative Octopus payment services to meet customers’ diverse payment needs, Octopus Cards Limited is excited to announce that customers will be able to use their Octopus on their iPhone or Apple Watch for transit and retail payment with Apple Pay later this year. More details will be shared soon.”

“Apple says that you can receive a free medium order of fries every Friday in July when you use Apple Pay in the McDonald’s app to place your order. The offer is valid with orders of $1 or more.”

“Amazon.com Inc. and other big retailers kicked off an annual July sales event that has come to rival Black Friday in terms of discounts and the surge in online shopping. But for the e-commerce giant, the Prime Day event isn’t just about selling discounted Instant Pots or Levi’s jeans. It is another way to tighten its grip on shoppers by getting them to enroll in its Prime membership program, which adds an important revenue stream and loyal customers.”

“Comdata, a FLEETCOR company (NYSE: FLT) and leader in corporate payment innovation, today highlighted its recent acquisition of SOLE® Financial, a payroll card provider enabling instant, affordable wage access for workers. Originally announced on July 8, 2019, the acquisition will extend Comdata’s industry leadership in payments by expanding the addressable market for its new Fintwist digital payment solution.”

“Xolo (formerly known as LeapIN), the online platform for launching and running one-person businesses anywhere in the world has announced the completion of $6.8m (€6m) Series A funding, and the launch of a revolutionary form of entrepreneurship. The launch of the “virtual company” service will enable millions of professional freelancers around the world to radically reduce the complexity and cost of engaging with national governments and operate in a borderless world. The service will cut the time needed to launch a freelance business from weeks to minutes.”

“Through the XPOS module installed, the Verifone X990 will function just like the XPOS, as all of its features will be installed in the traditional terminals. Consumers with Pundi XPASS cards or the XWallet app will be able to transact with retailers using the X990 just as they would with XPOS partner merchants. The XPOS will automatically provide an exchange rate between fiat and cryptocurrencies during the transaction, making it as seamless as possible for both consumers and merchants. The XPOS integration is an essential step to link the Pundi X payment ecosystem with one of the most extensive payment networks in the world. To have XPOS module in X990 and other upcoming Android-based POS models, merchants will be required to contact their local VeriFone or Pundi X distributors for installation.”

“Kenyan betting firms SportPesa and Betin Kenya said on Friday their payment systems had been suspended, days after the government ordered telecoms firm Safaricom to stop processing payments for sports betting companies.”

“This fraud will increase from an estimated $5.5 billion this year to $6.4 billion in 2021. “CNP fraud losses continue to increase globally due to the wealth of data available from data breaches and other sources,” Shirley W. Inscoe, a senior analyst at Boston-based Aite, says in an email. “Some countries that saw a decline last year are seeing these losses on the rise again. CNP fraud is a low risk/high reward crime, and will continue to grow until major changes occur.””

“According to a CoinDesk Japan report on Friday, Bitpoint halted all services including trading, deposit and withdrawal of all crypto assets on Friday morning after it noticed irregular withdrawal from its hot wallet on Thursday. It is not yet clear at this stage which types of assets were lost, the exchange offered trading for five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin and XRP.”

“Facebook provided TechCrunch with new information on how its cryptocurrency will stay legal amidst allegations from President Trump that Libra could facilitate “unlawful behavior”. Facebook and Libra Association executives tell me they expect Libra will incur sales tax and capital gains taxes. They confirmed that Facebook is also in talks with local convenience stores and money exchanges to ensure anti-laundering checks are applied when people cash-in or cash-out Libra for traditional currency, and to let you use a QR code to buy or sell Libra in person.”

“Donald J. Trump tweeted Thursday that he is “not a fan” of cryptocurrencies, saying they were “not money” and referencing their price volatility relative to the dollar in his first public comments on crypto since becoming president of the United States. Trump also criticized Facebook ’s Libra cryptocurrency project in subsequent tweets, saying it “will have little standing or dependability” and suggesting U.S. regulators would subject the social media giant to regulation :”