The information you need to start your day, from PaymentsSource and around the Web:
Grocery shopping
India's
Paytm's e-commerce venture, called Paytm Mall, is collaborating with BigBasket, an online grocery, in an effort to deepen ties with regional retailers, reports
Other recent moves includes a revenue sharing partnership with Future Retail, which owns chains such as Big Bazaar and fashion shops in India.
Short supply
Low-tech
More than half of business in the U.K., or 54%, are using business purchase processes that are "not fit," according to research from Invu. And 23% say there's an urgent need to fix processes.
That's much worse than just two years ago, when 36% of businesses reported concerns about purchase processes, according to Invu.
Wonga's collapse
Wonga, one of the U.K.'s largest payday lenders, has filed for administration (the U.K.'s version of bankruptcy) after receiving numerous consumer complaints.
The company has appointed Grant Thornton as administrator, and has held emergency talks with the Financial Conduct Authority, reports the
The company received an emergency cash infusion of about $16 million early in August, the FT reports, but that was followed by an 80% spike in complaints and compensation claims.
Saving money by getting rid of money
India's central bank is considering a rupee-backed digital currency in order to cut the costs of minting physical cash.
The country has spent $90 million printing paper notes, reports
Cost is the latest reason India's government has given as a reason to reduce cash.
From the Web
South China Morning Post | Fri August 31, 2018 - Hong Kong Monetary Authority’s decision to set a minimum capital requirement as high as HK$300 million (US$38 million) to obtain a virtual banking licence is likely to mean only a few applicants meet the criteria and receive approval, according to Neat, a financial technology start-up based in the city.
TechCrunch | Thu August 30, 2018 - Amazon has paid around $40 million to acquire Tapzo, a startup that aggregates a number of app-based services — such as Uber, Ola, food delivery services Swiggy and Zomato, Book My Show, bill payment service BillDesk and more — into a single app. Amazon is reportedly paying between $30 million and $40 million, and its intention is to leverage Tapzo’s one-stop services app to help grow Amazon Pay usage in the country.
South China Morning Post | Fri August 31, 2018 - Tencent-backed payment operator Airwallex has become the latest fintech company to show interest in joining the city’s virtual banking push. Airwallex co-founder and chief executive Jack Zhang said the company will team up with a traditional bank and other local partners as part of the application process, although he declined to reveal their identities.
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