The information you need to start your day, from PaymentsSource and around the web:
Cornfed
UBS is giving consumers an eco-friendly card alternative. The Swiss bank is creating plastic payment cards made from corn, which makes them more environmentally sustainable.
The Optimus Foundation Credit Card Eco is made from animal feed-grade corn and is 80% biodegradable, according to a press release. UBS will donate 0.75% of annual credit card spending to UBS’ Optimus Foundation, which benefits children.
UBS also is launching a virtual credit card that customers can use immediately upon issuance.
Shared space
NatWest in the U.K. is testing an app designed for roommates sharing rent payments.
The Housemate app gives all household members access for jointly managing finances in real time, according to Natwest's website. Through a connection to Experian, the app also enables users to build a credit history.
NatWest plans to roll the app out widely next year.
Digital boost
Cashfree, an Indian fintech, has raised $35.5 million in Series B financing to power the expansion of its digital mass-payments platform, according to Finextra.
Payouts, Cashfree's core B2C solution, processes payments for more than 50,000 merchants to cover worker wages, insurance and other reimbursements, loyalty and rewards.
Apis Growth Fund II led the funding round with participation from Y Combinator.
Virtually streamlined
American Express business customers in the U.S. can now use virtual cards to pay suppliers through Coupa Pay, which rolled out earlier in the U.K. and Australia.
The move streamlines payments posted on the Coupa Business Spend Management platform, according to Banking CIO Outlook.
Once an Amex card is connected to the platform, licensed suppliers can be paid virtually, eliminating paperwork gaps for remote workforces.
From the web
REUTERS | Tuesday, November 24, 2020
The U.S. securities regulator on Tuesday proposed a pilot program to allow tech companies like Uber and Lyft to pay gig workers up to 15% of their annual compensation in equity rather than cash, a move it said was designed to reflect changes in the workforce.
ENGADGET | Tuesday, November 24, 2020
Amazon is following through on its reported plans to work with officials in its fight against counterfeits.
REUTERS | Tuesday, November 24, 2020
Home Depot Inc, the largest U.S. home improvement retailer, on Tuesday reached a $17.5 million settlement to resolve a multistate probe into a 2014 data breach where hackers accessed payment card data belonging to 40 million customers.
More from PaymentsSource
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Viva Wallet is offering London’s 20,000 black taxis a Mastercard-branded business debit card whose cashback is meant to be offset against card acceptance fees at the acquirer’s in-taxi terminals.
The number and type of channels for customer support are exploding – with Facebook Messenger, Apple Business Chat, and WhatsApp Business among the most recent additions. And channels are evolving, says Genpact's Jason Osborne.
In the push to get millions of cash-based micro- and small-business merchants to go digital, the two largest card networks are getting a boost from contactless payments' global surge.
Improvements have been made in reducing the number of unbanked households over the past few years, but progress hasn't been even across different communities. There are also new obstacles coming to light, as COVID-19 drives more banks and consumers to digital channels to acquire and service new financial products.
The risk of catching COVID-19 through using banknotes is low, according to research by the Bank of England that suggests the aversion to using cash during the pandemic is unnecessary.
