Google has launched its new Google Pay app, and NMI is expanding its omnichannel capabilities for ISVs and others with its acquisition of Creditcall. And in other news, Indian ecommerce leader Flipkart challenges Amazon with talks of a Walmart investment while the U.K.’s FCA reveals plans for a global regulatory sandbox.
Here’s your weekly news roundup!
Google launches the new Google Pay app for Android. The global brand has announced the launch of their proprietary payment app that will enable faster checkout, more streamlined access to rewards and offers and a one-stop-shop for passes, purchases and payment methods, according to the company’s blog post. Future features slated for the next few months for those residing in the U.S. or U.K. include the ability to send and request money through the app for more convenient commerce.
Processor partners for the app include payment facilitators Adyen, Paysafe and Stripe, while collaboration with Shopify offers a more streamlined process for business owners building their own website. More information on integration and developer specs can be found here.
Payments provider NMI acquires omnichannel gateway and EMV solutions provider Creditcall. In an effort to expand their global reach and enhance their offerings to the ISO, ISV and VAR market segments, NMI has partnered with Creditcall. The addition of Creditcall’s support for EMV chip card, swipe and contactless payment terminals will enable NMI to offer a more unified solution to support all channels, including the ecommerce, mobile, retail and unattended market segments, according to the press release.
Creditcall CEO Lars Pedersen comments on the merger via the same release: “By combining our EMV technology and card-present expertise with NMI’s market-leading card-not-present white-label payment gateway platform, we will become a one-stop shop for omnichannel solutions for our partners and customers.”
With their combined assets, the company will now be responsible for more than $45 billion in transaction volume, 165 processor integrations and more than 100 device certifications worldwide, according to the same release.
Shopify shares its goals for augmented reality (AR) shopping. Apple Inc. Chief Executive Officer Tim Cook recently visited Toronto and ecommerce leader Shopify took the opportunity to get him up to speed on their plans for developing AR shopping as part of their ecommerce offerings, according to the Mac Observer.
Shopify plans to use ARKit, Apple’s proprietary AR software, to “become the biggest AR-enabled ecommerce platform,” according to Shopify CEO Tobias Lutke, via the same article. He goes on to add that the goal of this initiative is to “give small businesses the latest in technological advances.”
The U.K.’s Financial Conduct Authority (FCA) proposes global sandbox solution for fintechs. As previously reported, the regulatory sandbox concept is getting a lot of attention lately and has been supported and scrutinized in various locations for some time now. And the U.K. is no exception. The twist here, though, is the global approach. Should the U.K. succeed with its global sandbox, fintechs around the world could test and innovate in multiple markets at the same time, according to Finextra.
Specifically targeting cross-border commerce, this ambitious initiative is not without challenges. According to the same article, while the FCA is in a good position to launch and succeed, uniting countries with varying regulatory frameworks is not likely to be an easy undertaking.
Walmart investment in Flipkart challenges Amazon for leading market share in India’s online retail sector. As reported by Reuters, US retail giant Walmart is in talks to purchase more than 40 percent of India’s ecommerce firm Flipkart.
The speculated agreement with Walmart would give Flipkart a much-needed advantage in its fight against Amazon, which has aggressive development plans for the Indian marketplace – including online grocery deliveries, which is slated to be the next big competitive edge in India’s ecommerce sector.
Flipkart is currently leading Amazon with nearly 40 percent of India’s online retail sector – a market that is slated to be worth nearly $200 billion in the next decade, according to the same article.
The National Payments Corporation of India requires recently launched WhatsApp to abide by all UPI regulations. This announcement follows recent accusations from Paytm Founder Vijay Shekhar Sharma that the UPI has been “arm twisted” by WhatsApp parent company, Facebook, according to The Times of India.
Since the soft launch of WhatsApp, speculation has arisen regarding the impact it will have on incumbents like Paytm. According to the same article, many feel with the ease of use that WhatsApp Pay offers its customer base of more than 200 million consumers, it could pose a potential threat to players like Paytm.
Montserrat Premier Donaldson Romeo has signed an MOU with Bitt Inc. to facilitate a digital payments ecosystem in Montserrat. According to an article in Caribbean360, the memorandum of understanding (MOU) provides the framework necessary for Barbados-based Bitt to collaborate with the Government of Montserrat on a pilot program.
The same article quotes Romeo regarding the collaboration: “The people of Montserrat will benefit from increased financial inclusion, and a significant reduction in their need for cash to make payments for goods and services, or as a means of saving. Anyone with a smartphone, tablet or computer, will now be able to conduct these domestic transactions securely, efficiently, digitally,”