Payments News

On The Web

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Companies

Amazon Enters Partnership With Indian Retailer to Sell Online

“Amazon is partnering with India’s second largest retail chain in an effort to further its reach into the country. The online retail giant said this week it will become the official online sales channel for India’s Future Retail. While Future Retail has more than 1,500 physical stores around India, this will be its first large-scale online […]
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Global

Opinion: Canada’s Sub-standard Payments System Is Only Supporting the Incumbent Banks, Not Canadians

“As a course correction, Finance Canada must seek legislative amendments to the Canadian Payments Act authorizing paytech companies as eligible members of Payments Canada and enshrining competition as a stated public policy objective for the payments system. Furthermore, the Minister of Finance should issue a directive to Payments Canada requiring the completion of the proposed […]
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Global

IDology’s ExpectID to Offer Integrated Global Capabilities, Enabling Secure and Frictionless Identity Verification Across Borders

“IDology , a GBG company, today announced that its ExpectID solution will incorporate additional countries from North America, South America and Europe. By internationalizing the leading identity verification platform, multi-national organizations will be able to verify and authenticate more customers safely, in real time and without friction.  ExpectID uses an innovative, multi-layered process to access thousands of data sources […]
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Use

The Way to Indians’ Wallet Is Through Cricket. Just Ask PhonePe

“Cricket is a religion in India, and digital payments major PhonePe knows it better than anyone. The secret sauce for the success of the Walmart-backed company, which has lately been breathing down rival Paytm’s neck, is cricket sponsorships. PhonePe first invested its marketing spends into cricket in mid-2018 with the Asia Cup. After seeing a positive response, […]
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Systems

Former Regulator Known As ‘Crypto Dad’ to Launch Digital-Dollar Think Tank

“J. Christopher Giancarlo, who stepped down as chairman of the Commodity Futures Trading Commission last year, said he was creating the nonprofit Digital Dollar Foundation to study converting the dollar into a fully electronic currency based on blockchain, the technology that underpins bitcoin. The U.S. risks losing the advantages it enjoys from having the dominant […]
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Reports

U.S. Bancorp’s Merchant Volume Rises 10% While BofA Sees Big Zelle Growth

“Minneapolis-based U.S. Bancorp reported $119.1 billion in merchant volume versus $107.8 billion in 2018’s fourth quarter. Transactions totaled 1.69 billion, up 13.8% from 1.49 billion a year earlier. That generated $409 million in non-interest income, a 5.1% increase. The revenue growth was “driven by higher sales volumes and merchant fees,” U.S. Bancorp said in its […]
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Deals

Raisin Acquires Choice Financial to Let US Banks Offer Customized Savings Accounts

“Raisin, a Berlin-based wealth management platform, agreed to buy Choice Financial Solutions, a software firm that will allow American banks and credit unions to offer a broader range of savings products directly to their customers or through the Raisin platform.  Choice FS, which originally launched in 2010, will allow banks to offer customized short and […]

On The Wires

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Deals

Very Good Security Announces Strategic Investment From Visa

“Very Good Security (VGS), a leader in modern data security and custodianship, announced today that it has received a strategic investment from Visa Inc. to expand access to VGS’ infrastructure-as-a-service for financial technology companies (fintechs) and large enterprises. Visa joins other notable investors, including Goldman Sachs, Andreessen Horowitz, Vertex Ventures US, and Max Levchin (co-founder […]
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Companies

PayPal Processed Record $10 Billion in Charitable Donations in 2019

“PayPal Holdings, Inc. (NASDAQ: PYPL ) today announced that it processed a record $10.3 billion in donations to charities around the world in 2019, and more than $1 billion in the month of December alone, as mobile and other digital channels continue to change how donors engage with nonprofit organizations. Twenty-one percent of all donations processed by PayPal in […]