Our global payments news roundup has coverage from the UK, EU and Nordic countries to the US, India and China. With 21 billion B2B transactions every year, Vantiv hopes its new acquisition of WorldPay will help it gain significant market share of the anticipated 33% payments industry growth.
Alibaba’s vast payments ecosystem gives it many advantages over competitors like Amazon and Google according to a profile on CNBC.com. Alipay’s new payments services agreements with Finpro (Finland), Svensk Handel (Sweden) and the Scandinavian Tourist Board highlight the point.
Retail analyst Deborah Weinswig predicts Amazon could soon become a mobile payments powerhouse once consumers finally give up their dependence on debit and payments cards. Google launched payments app Tez in India instead of Android Pay because of the lack of more sophisticated technology payments systems.
A new report from Visa says 77% of EU consumers use their mobile phones to track financial transactions and make payments. PayPal invested in Chicago-based payments marketplace Raise which allows consumers to buy and sell gift cards. At UK supermarket Costcutter, customers can now pay with a fingerprint using Sthaler biometrics technology.
The European Central Bank’s new guidelines may require new fintechs to hold a higher level of liquidity to protect business and consumers. New research from Innovate Finance and Pitchbook shows EU fintechs have pivoted towards or are targeting the B2B marketplace with positive results.
Worldpay, Vantiv Partner On Global B2B Payments
In a world where payment processing is slated to grow by as much as 33 percent annually over the next few years, as measured by Allied Market Research, the talent acquisition deal between Vantiv and Worldpay stands out. The August announcement spotlighted a firm with 21 billion annual B2B transactions under its belt (Vantiv), broadening reach and scale with the assumption of Worldpay, which will have international headquarters in London. Post-merger, the company will operate across separate platforms and across domestic and international markets. Via pymnts.com
Alibaba is much more than just China’s e-commerce platform
If there’s a transaction that involves any type of commerce, Alibaba wants to be the company that enables it. Amazon is often thought of as the place for consumers buying from businesses, but Alibaba’s products are also pushing to enable business-to-business and consumer-to-consumer transactions. Alibaba is first and foremost an e-commerce platform, but unlike Amazon, it has a complex and vast ecosystem, which includes Taobao, TMall, and Alibaba.com. Via CNBC.com
Alipay expands to Nordic region with retailer pacts
Alipay has signed separate memorandum of understandings with Finpro (Finland), Svensk Handel (Sweden) and the Scandinavian Tourist Board, which will enable merchants across the Nordic region to accept payment via Alipay and reach Chinese customers before, during and after their visit via Alipay’s in-app marketing platform. Via mobilepaymentstoday.com
Can Amazon truly become a mobile payment power?
In the US, mobile payment schemes are numerous (Walmart Pay, Target Pay) but only a few have gained any traction (Apple Pay, Samsung Pay, Chase Pay, Vodafone Pay). But one longtime Wall Street financial analyst tracking retail thinks that Amazon may be positioned to disrupt mobile payments just as it has disrupted so much of retail. The big hurdle for American mobile payments has simply been that what they are supposed to replace (payment cards, both in-store and online) are far more durable than many had hoped. In stores, the swipe of a plastic card is relatively effortless, is accepted almost everywhere and it’s a comfortable learned behavior. Via computerworld.com
Why Google Launched Tez Instead of Android Pay in India
It’s certainly logical for Google to launch a mobile wallet for India’s 300 million smartphone users. Sengupta cited the low availability of NFC-equipped smartphones and compatible point-of-sales terminals across India as the key deciding factor. India also has a very low credit card penetration rate, with fewer than 25 million credit cards circulating amid a population of 1.3 billion. Via fool.com
Europeans lead charge with mobile banking, payments, according to Visa survey
The uptake of mobile devices to manage money, conduct banking and make payments is greater than ever in Europe as 77 percent of Europeans now use their mobile devices to keep track of their finances and make everyday payments such as bills, parking and going out, according to a new report from Visa. Via mobilepaymentstoday.com
PayPal Invests in Retail Payments Marketplace Raise
Raise is developing a mobile-first prepaid payments marketplace for consumers and brands. PayPal is increasingly active as an investor in payments, finance and e-commerce startups as these companies develop innovative solutions to existing markets and provide new functionalities for a changing financial landscape. Investee Company Chicago, Illinois-based Raise was founded in 2010 to create an online marketplace for prepaid gift cards that enables consumers to buy discounted gift cards from brands and sell their unwanted gift cards. Via seekingalpha.com
British supermarket offers ‘finger vein’ payment in worldwide first
Customers at the Costcutter store, at Brunel University in London, can now pay using their unique vein pattern to identify themselves. The firm behind the technology, Sthaler, has said it is in “serious talks” with other major UK supermarkets to adopt hi-tech finger vein scanners at pay points across thousands of stores. The technology uses an infrared light to create a detailed map of the vein pattern in your finger. Sthaler said it take just one minute to sign up to the system initially. Via telegraph.co.uk
ECB may ask fintech banks to hold bigger buffers
Fintech banks may require greater liquidity levels given their volatile, price-sensitive client base, and may need more capital as they enter mature markets with a niche but untested product, requiring an aggressive pricing strategy, the ECB said. The fintech sector, though still relatively small, has been stealing market share from traditional lenders in a variety of sectors from payments to lending, and the ECB has already granted six fintech banking licenses with two applications still pending. Via reuters.com
B2B startups are taking over European fintech
There has been a growing number of fintechs either launching in, or pivoting toward, the business-to-business (B2B) market, with many of these players focused on helping incumbents better serve previously neglected consumers like small- and medium-sized businesses (SMBs). Now, new research from Innovate Finance and Pitchbook suggests these fintechs are on the right track. Via businessinsider.com
Will Google’s Tez be a game-changer in the crowded payments space? – Hindu Business Line
Will Google’s Tez be a game-changer in the crowded payments space?The company has launched an India-specific payment app called Tez (meaning fast in Hindi), which runs on UPI and allows customers to send/receive payments directly into users’ bank accounts. Via Hindu Business Line
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