The information you need to start your day, from PaymentsSource and around the Web:
Inconvenient fees
Paytm says it will not charge wallet usage fees to consumers to cover merchant discount rates from banks and card companies.
The digital payments company reportedly plans to charge 1% on credit card payments and 0.9% on debit transactions — or a "convenience fee" — to cover the merchant discount rate, reports the
In a statement on its website,
Digital takeout
U.K. digital receipt company Flux, which has worked with clients such as
Just Eat's consumers will receive Flux's itemized receipts in their banking app, reports
Flux says itemized digital receipts can offer deeper insight into eating habits, which could inform fitness, budgeting and marketing services in the future.
Austin pay
Austin's transit system is expected to add support for Apple Pay and Google Pay later in July, joining a growing list of
CapMetro is deploying about 700 scanners to its fleet to support contactless payments, and will enable mobile payment in the agency's mobile app, reports
Apple also hopes to extend
Rounding donations
Revolut has added a feature that enables consumers to round up card payments and make charitable donations with initial organizations including ILGA-Europe, Save the Children and the WWF.
The U.K. fintech expects to add other organizations later this year, reports
Payment technology companies often support technology that automates
Decentralizing
Blockchain companies Huobi and Nervos have entered a partnership to build decentralized financial services, including features designed for merchants.
The companies will build lending, debit, stablecoins, security tokens, decentralized exchanges and retail payments. The Singapore-based project is expected to trial in the first quarter of 2020 and launch in the second quarter of 2020.
The Huobi/Nervos project will be open source and will support smart contracts, another key feature for blockchain and cryptocurrency powered transactions.
From the Web
Yahoo Finance | Mon July 1, 2019 - U.S. social media users say they are unlikely to use Facebook’s cryptocurrency Libra, according to the research by financial services company Jefferies. More than 600 people have taken part in the survey, and four in five respondents said they were “Unlikely” or “Very unlikely” to buy the cryptocurrency.
Yahoo Finance | Mon July 1, 2019 - Wirecard is set to launch an instalment payment plan (IPP) on Shopee. The IPP will be rolled out to selected Shopee sellers in Singapore, who will receive full settlement upon order completion.
The Business Times | Mon July 1, 2019 - Kopitiam foodcourts are a mainstay of many Singapore malls, and the revamped Funan mall is no different, with a Kopitiam installed in its basement. What sets it apart however, is how the humble foodcourt has been reinvented to keep up with the times - KOPItech will feature 20 self-service kiosks linked to an e-payment system that accepts numerous payment modes, including in cryptocurrencies.
More from PaymentsSource
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For many banks, especially midtier institutions, payments isn’t a core business — and their batch processing-based legacy systems weren’t designed to deliver real-time payments.
Abercrombie & Fitch and Klarna are following a successful launch of short-term installment loans on apparel in Germany by adding more markets.
When placing a phone call, no one stops to consider whether they’re on a different carrier’s network than the person they’re calling. It doesn’t matter; the call will go through regardless. Similar to wireless networks, payments are sent and received across different platforms, so shouldn’t the process be just as easy?
