The information you need to start your day, from PaymentsSource and around the web:
Big round
As India's digital payment ecosystem grows, the technology market is becoming more attractive to investors, with consumer e-commerce technology drawing funds from
On the business side of e-commerce, Tencent, Citi Ventures, and GGV Capital are part of a $585 million investment in Udaan, a three-year old platform that operates an online marketplace, reports
Udaan, which supports electronics, home appliances and produce categories, will use the funds to add to its existing base of 3 million merchants, with a focus on local stores, chemists and small businesses.
Jack Henry execs
Payment and financial services technology company Jack Henry will reorganize its executive team as Mark Forbis, executive vice president and chief technology officer, will retire on Nov. 15.
The company has appointed Ted Bilke to be chief technology officer and promoted Gred Adelson to chief operating officer. Bilke is currently vice president of Jack Henry and president of Symitar, Jack Henry's credit union brand, while Adelson is vice president and general manager of JHA Payment Solutions.
Forbis' career at Jack Henry dates to the 1980s, and was named chief technology officer in 2006.
Turning to crypto
Venezuela plans to use cryptocurrency as a method for free banking transactions , including national and international payments as a hedge against the country's inflation and economic crisis.
President Nicolas Maduro said the nation's finance department will produce new instruments to connect crypto to banks, reports
Venezuela offers its own cryptocurrency, Petro, as a means to counter sanctions, though that effort has run into
In the desert
U.K. ATM administrator Link has set up a fund of about $1.2 million to pay for ATMs in areas where cash access is scarce, such as a lack of existing ATMs or a post office.
The "cash desert" fund will only pay for about 50 ATMs, reports the
The number of ATMs is a controversial issue in the U.K., partly due to
From the web
CNBC | Thu October 3, 2019
Samsung has teamed up with financial technology firm Finablr on a money transfer service for its payments app. U.S. users of Samsung Pay will now be able to send money to people in 47 countries including India, Mexico and China, with the option to deposit directly into a recipient’s bank account or transfer to a local cash pickup point.
YAHOO FINANCE | Wed October 2, 2019
Western Union Co. has made available its real-time cross-border platform. This service will accelerate international consumer, consumer-to-business and business-to-consumer payments to eligible accounts, cards and digital wallets. For international cross-border real-time payments, Western Union is leveraging its core assets – including global settlement capabilities, network across 20,000 corridors in local currency, and compliance and technology systems.
YAHOO FINANCE | Wed October 2, 2019
ePluribus, a civic tech platform that empowers Americans to speak up and get to the top of legislators' inboxes, today launched its Unum ID app, a decentralized identity platform that sits within ePluribus to enable users to take control of their personal information and securely prove their identity as verified constituents.
More from PaymentsSource
Facebook is not the only global megabrand tied to the Libra cryptocurrency project, and with a steady drip of rumors about the partners bailing, pressure on Facebook is rising while partners weigh missing out on the initiative’s addressable market.
It's no accident that Apple chose metal as the material for its physical Apple Card. In the eyes of many consumers, metal makes a card stand out as a status symbol for a premium brand — but their issuers may not think metal is worth the investment.
Recent reports that counterfeit card fraud is markedly down in the U.S. since the introduction of EMV chip cards in 2015 is fantastic news, except for retailers that also sell goods sells online. In that case fraud has merely moved from an in-store payment attempt to a card not present (CNP) one. For e-commerce only stores the rise in payments fraud attempts has been a deluge.
Tennessee-based Tractor Supply Co. originally sold farming tools by mail, but digital technology has put the expanding 81-year-old company at the forefront of loyalty marketing.
