The information you need to start your day, from PaymentsSource and around the Web:
Local in India
PayPal plans to store data locally in India, complying with a controversial Indian regulation that's attracted pushback from
PayPal is developing a proposal for domestic payment data storage with existing partners, reports
All in one
Uber may expand its subscription payments service from rides to Eats, bikes and scooters. It's testing the combination in San Francisco and Chicago, with discounts or free bike and scooter rides for a $24.99 monthly fee, reports
Building block
Union Bank of the Philippines is the first bank in that country to successfully test a blockchain-remittance payment from Singapore to the Philippines, opening one of the world's
Union Bank collaborated with OCBC Bank, one of Singapore's largest financial institutions, and used the Adhara liquidity management and payments platform. The banks hope the pilot will bring more rural financial partners into the cross-border payments market.
The initiative is part of a Philippine government mandate to improve financial inclusion, with blockchain technology playing a major role in attempting to remove friction from financial processes.
Hyper active
Cryptocurrencies are still building use cases for
Bitcoin Hyper, which is specifically designed for "high speed transactions," has launched on the virtual exchange Alterdice.com. Hyper contends it can execute a cryptocurrency payment in as little as two seconds, or similar to a credit card transaction, and shorter than the typical
Hyper hopes to support that time by using a network of processing facilities in Singapore, London, Frankfurt, California, Nevada and Florida.
From the Web
CoinDesk | Tue July 23, 2019 - A panel reporting to India’s Finance Ministry suggested the country’s regulators have an “open mind” about a governmental cryptocurrency and, at the same time, proposed fines and up to ten years in prison for general use of crypto in the country.
TechCrunch | Tue July 23, 2019 - Startups looking to expand the reach of financial services continue to receive a nod from investors. Zeta, a fintech firm that runs a full stack neo-banking platform and offers enterprise payments solutions, said its valuation reached $300 million in its maiden outside funding.
TechCrunch | Tue July 23, 2019 - Personalized banking app MoneyLion raised $100 million at a near unicorn valuation. Last week, N26 raised another $170 million. Brex raised another $100 million last month. Meanwhile, companies like payments platform Stripe, savings and investment platform Raisin, traveler lender Uplift, mortgage backers Blend and Better, and savings depositor Acorns have also raised massive new rounds this year.
More from PaymentsSource
Russia and its BRICS partners are developing cross-border alternatives to U.S.-dominated payments systems such as Swift, driven by the rise in cross-border trade and a desire to find non-dollar alternatives to international payments systems vulnerable to sanctions by the U.S. government.
A decade ago, Starbucks dazzled not just the quick-serve restaurant industry, but the entire payments industry with a breakthrough mobile wallet that saw rapid adoption among its customer base. But as the coffee giant’s tech has cooled, competitors have caught up.
ING is piloting an Android-based app that supports smartphone card payments without a connected dongle or investment in a payment terminal.
Ant Financial has downplayed its interest in making its popular Alipay mobile payment app available to U.S. consumers, but it has no such reservations about American business clients.
