PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
Strength in Numbers
Acquisitions hit all-time high in global payments space. Rapid growth and a high demand for innovation in the ever-evolving payments sector has driven acquisition numbers sky high. In response to the growing market demand, companies are combining forces with the first six months of transactions this year already surpassing the full-year figure in 2017. From Financial Times.
PayPal targets $3 billion annual investment in M&A. Just on the heels of the company’s $2.2 billion acquisition of iZettle (the largest deal ever for PayPal), PayPal Holdings Inc. is on the lookout for further acquisitions. PayPal President Dan Schulman goes on record with a $3 billion annual budget for M&A to enable to company to acquire “specific capabilities.” From Reuters.
Are traditional payment processing companies facing extinction? After years of active consolidation percolating through the U.S. payments ecosystem, the industry is left with fewer traditional payments companies. Even this year brings the potential of several major deals with Global Payments, First Data and TSYS all potential participants. From Forbes.
Cashless Momentum Continues
China targets India for cross-border commerce. Due to its high potential for economic growth, India is on China’s radar as a major player in cross-border commerce. So much so that five out of the ten best-preforming Chinese ecommerce apps target India and the Middle East markets specifically. From The Economic Times.
Cashless fragments the payments space and Singapore banks fight back. With the ever-increasing momentum towards cashless, banks are now in competition with traditional tech companies that have revolutionized the payments space with their e-payments product offerings. But Singapore banks are holding steady and responding to the demand with tech-savvy product enhancements. From The Business Times.
Visa digitizes government services in Côte d’Ivoire. The West African country’s government has signed a MOU with Visa to ensure financial services are made more readily accessible to Ivorians. Benefits include a rollout of Visa Mobile to more than 1.1 million local farmers as well as the integration of mobile solutions into ~35,000 transit vehicles used to service the local population. From Techweez.