The information you need to start your day, from PaymentsSource and around the Web:
Shopping spree
Walmart is rearranging its Shopping online service to feature a universal cart that works across several platforms such as search, images, and YouTube content with a link to checkout via the users' Google account.
The update will merge its Express brand into the range of shopping, content and checkout features that will be centralized under the Google Shopping experience, reports
Walmart is also upgrading its online shopping experience as part of its battle with Amazon. Walmart recently collaborated with
Paytm card
Paytm has extended its financial services reach through collaborations with major brands such as
Citi will underwrite the card, while Paytm will manage the digital interface and distribution services, reports the
The move brings Paytm closer to becoming a full-service financial services institution, as it also received life and general insurance licenses earlier this year, the ET reports.
Nabbed
Paytm is also cleaning up an internal scandal. Shortly after announcing it had hired E&Y to investigate possible internal crime tied to its merchant cash back program, Paytm said it discovered about $1.4 million in fraud tied to the scheme.
As a result, Paytm has delisted hundreds of merchants and fired dozens of employees, reports IndianExpress.
The company defended the cash-back program, telling the news site it's sustainable, though profitability is still in the future as Paytm invests in onboarding merchants.
Crypto Galaxy
Samsung is bullish on cryptocurrency, with plans to extend blockchain and crypto functions from its Galaxy S10 phones to other Galaxy products such as budget Galaxy handsets.
Samsung will also cooperate with telecoms to support blockchain-based digital authentication, reports
Brexit fallout mixed
The
New data suggests that within technology, fintech as a subsector continues to lure investors. The U.K. tops in the world in fintech high-growth fintech investment, totaling about $6 billion between 2015 and 2018, reports
Fintech and insurtech are the top two employers in the U.K.'s technology industry, with 18% and 24% of the technology workforce respectively, according to Finextra.
From the Web
CNBC | Tue May 14, 2019 - The digital currency has surged this year, cracking the $8,000 level on Tuesday for the first time in nearly 12 months. The move more than doubled bitcoin’s gains for 2019 ahead of Consensus Week — the crypto industry’s annual confab.
The Straits Times | Wed May 15, 2019 - The police issued a warning about a series of scams involving fake Lazada campaigns taking place on Instagram. At least 14 such scams have been reported since January this year, with victims being cheated of at least $14,000.
The Straits Times | Wed May 15, 2019 - Three men were taken to court, as they are said to be the masterminds of a syndicated payment fraud ruse involving Grab's carpooling service, GrabHitch. From March this year until last month, the trio allegedly worked together to cheat Grab Holdings by making 314 fraudulent transactions, resulting in a payment of $5,653.
More from PaymentsSource
The Clearing House's Real-Time Payments Network has been slow out of the gate, but it's getting some much needed adoption via a collaboration between personal financial management fintech Digit and JPMorgan Chase.
Restaurants, electronics sellers and digital-goods merchants are seeing sharp spikes in fraud as criminals find creative new ways to interfere in online and mobile commerce.
Bank of America Merrill Lynch has added Apple Watch capabilities to its CashPro Mobile app, so business customers may approve corporate payments on the go.
Credit card delinquency rates hit a seven-year high in the first quarter largely because many borrowers in their 20s are struggling to keep up with their minimum payments, according to a new report from the Federal Reserve Bank of New York.
