The information you need to start your day, from PaymentsSource and around the Web:
Opening up
Australia is moving closer to open banking regulation, and is also considering ways to improve access to the country's real-time payments scheme for technology startups.
A Senate committee will spend the next year investigating policies for fintech and regtech firms, consumer control over data and how non-banks engage with banks and other parties, reports the
The government has already moved to create more competition for Australia's "big four" banks, such as issuing more licenses to
Canadian collab
Western Union has allied with Canadian payment technology firm Paramount Commerce to support online or mobile bank-to-bank transfers from Canadian consumers to recipients in more than 100 countries.
Western Union is trying to reach consumers looking for digital options, as well as alternatives to credit cards, including funding from bank accounts. The company is also trying to extend its share of the USD $24.6 billion that consumers in Canada send outside the country, Western Union said.
As fintechs and blockchain companies cut into traditional cross-border payments,
Creators' deal
Artist crowdfunding payment site
Patreon owned Kit for only about a year, but that was long enough for Kit to help build Patreon's Merch feature, which Patreon's creators use to sell customized merchandise to their followers, with Patreon handling the shipping and tracking.
Geniuslink will provide user support and improve Kit's infrastructure, Patreon said in its announcement, adding there's substantial client overlap between the companies.
Gig economy apps push back
Companies like Lyft, Uber and DoorDash are protesting a
The bill could restrict the companies' business models, and potentially the
The companies are lobbying for an alternative resolution that would allow gig economy workers to organize and provide compensation minimums, but allow classification as independent contractors, reports
From the Web
COINDESK | Thu September 12, 2019
Adam Ludwin is stepping down as CEO of Interstellar to head a new spin-out. The company, which focuses on expanding the Stellar blockchain ecosystem, has named financial industry veteran Mike Kennedy its new CEO, effective Sept. 15.
THE WALL STREET JOURNAL | Thu September 12, 2019
The New York Metropolitan Transportation Authority’s new fare payment system is supposed to make paying for transit rides quicker and easier—with a tap of a bank card or a smartphone. But technology delays at third-party administrators of commuter benefits programs mean that thousands of riders will continue to swipe their MetroCards to enter subways and buses and not switch to the new system anytime soon.
TECHCRUNCH | | Fri September 13, 2019
Another consumer finance business is lining up investors for its largest cash infusion yet. Affirm, founded by PayPal’s Max Levchin, is said to be raising as much as $1.5 billion in a combination of debt and equity, according to people with knowledge of the company’s fundraising activities.
More from PaymentsSource
Walmart is adding delivery options in a direct attack on Amazon Prime, though the mega-retailer's online-powered fulfillment efforts have hit potholes in the past.
Mobile order, delivery and payment apps are proliferating at restaurants, but they're also becoming less distinguishable, posing an entirely new challenge as deep discounts become the weapon of choice.
Apple keeps sweetening the deal for prospective Apple Card users, with Walgreens the latest to offer cash-back rewards.
The prevalence of payment cards, against the growing awareness of climate change, is driving some card issuers and manufacturers to revisit the way they use plastic.
