The information you need to start your day, from PaymentsSource and around the web:
Questioning Apple
Margrethe Vestager, the EU's Competition Commissioner, claims there are "many, many concerns" about Apple Pay, a sign the
Vestager was briefing the media in Europe late Thursday, reports
Vestager did not reveal further details of the EU's probe, which began in the summer, though CultofMac reports retailers are being asked if Apple is contractually requiring merchants to use Apple's app over other services.
Not in the cards
More than half of all digital transactions in India run through the government's United Payments Interface, a sign that card payments are fading among noncash options.
UPI payments expanded to 50.5% of digital payments in October, up from 45% the prior month, reports
UPI has gotten a boost from
Funds for change
A group of Canadian banks including Desjardins and National Bank's corporate venture capital arm NAventures has has invested $10 million in Mylo, a Montreal-based spare change and investing app.
Mylo offers "round up" investing, which increases debit card payments to the nearest dollar and invests the difference. It also has incentive marketing tied to brands such as Netflix and Foodora, reports
The new round increases Mylo's funding to $14 million, and it will use the investment to aid international expansion.
Rapyd deal
Fintech-as-a-service firm Rapyd has entered partnerships with several payment companies in Singapore as part of a state initiative to build a single platform for cashless commerce.
Rapyd earlier this year partnered with
From the web
BUSINESS INSIDER | Thu November 7, 2019
The company is set to roll out new in-store payment efforts as soon as 2020, CEO Dan Schulman said in an interview with Axios. This initiative could see it introduce a digital wallet for physical stores and utilize NFC and QR code technology to enable in-store payments, and follows it removing the ability to make in-store payments via its mobile app in March 2018.
THE BUSINESS TIMES | Fri November 8, 2019
Banks in Southeast Asia are set to miss out on as much as US$5 billion or 14.3 per cent of their payments revenue by 2025, displaced by the growth of digital payments and competition from nonbanks. This grim warning was sounded in a report on Thursday by professional services firm Accenture.
THE WALL STREET JOURNAL | Fri November 8, 2019
Alibaba Group Holding Ltd. is aiming to raise $10 billion to $15 billion in a second listing in Hong Kong as soon as this month, according to people familiar with the matter, reviving the planned offering even as the city’s political climate remains unstable.
More from PaymentsSource
Square Cash generates a lot of revenue – and the road to Square’s success is the Cash P2P app, along with Seller tools, as its two curated ecosystems that are cross-selling their way to profitability.
Isolationist politics are creeping closer to the payments industry, with European banks threatening to build a localized payment ecosystem to push back against the major American card brands.
Mastercard has formed a strategic partnership with Tappy Technologies, a Hong Kong-based internet of things firm, to develop designer branded contactless payments-enabled wearables, starting with Timex.
Your business is growing – it’s exciting and you are ready to take the next step and start selling online or increase your existing online sales. Before you jump in, there are some important factors to consider when selecting or changing a payment provider.
