Payments News

On The Web

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Companies

Amazon Takes a Swipe at PayPal’s $4 Billion Acquisition

“Amazon’s warning, which began appearing on December 20, confused and angered many of Honey’s users, some of whom complained on its official social media channels. The browser extension has been compatible with Amazon since it was founded, and it is a significant part of Honey’s appeal. Amazon is one of the most popular retailers in […]
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Companies

AmEx Moves Closer to Entering China’s $27 Trillion Market

“American Express Co. cleared a key hurdle in its bid to accessing China’s $27 trillion payments market after the central bank accepted its application to start a bank card clearing business.    The People Bank of China made the announcement on its official Wechat account Wednesday, without giving more details. The decision to accept the application signals […]
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Companies

Square Raises Its Price for Instant and Same-Day Transfers to 1.5%

“In its latest pricing change, Square Inc. disclosed Tuesday that it will raise the cost of instant and same-day transfers from its merchants’ Square balances to their bank accounts to 1.5% per transfer from the previous rate of 1%. The change, announced on Square’s blog, took effect Tuesday for new users of the transfer service […]
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Companies

Cross-border Payment: Ripple, Siam Bank Partner to Launch App

“Currency exchange and remittance network technology company, Ripple, looking to expand its presence in Asia has partnered with Siam Commercial Bank to create a mobile application powered by blockchain to deliver fast, cheap and instant cross border payment. The application to be developed by Ripple apart from delivering cheap and fast cross border payment will […]
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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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Companies

Lawmakers Call for Investigation of Fintech Firm Yodlee’s Data Selling

“Financial-data firm Yodlee might be selling consumers’ personal financial data without proper consent, three lawmakers said in a Friday letter calling on the Federal Trade Commission to investigate the matter. The letter opened a new area of potential risk for the company, which is one of many firms that make money by selling information about consumers.”
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Companies

Libra Association Forms Steering Committee to Guide Technical Development

“The Libra Association — the government body of the eponymous stablecoin introduced by Facebook in late 2019 — has formed a new committee to guide the network’s technical development. According to an announcement on Jan. 16, the Libra Association has voted to establish the five-member Technical Steering Committee which comprises leading experts from various firms in the fintech […]
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Companies

China’s $7.6 Trillion Online Payments Market Is No Longer Enough For Jack Ma’s Ant Financial

“Jack Ma’s Ant Financial grew to become one of China’s largest fintech platforms by providing e-wallet services and online investments to hundreds of millions of consumers. But amid mounting regulatory pressure, Ant has sights on a new market. Ant’s president of advanced technology business group, Geoff Jiang, told FORBES ASIA in an interview that the […]

On The Wires

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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 […]