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.
Big Brands Getting Bigger
Multi-billion-dollar Stripe just got more valuable. The notable payments startup just raised an additional $100 million from Tiger Global Management – bringing its overall valuation to an impressive $22.5 billion. Additional investments from notable brands and moguls include Google’s venture arm Capital G, Elon Musk and Peter Thiel (just to name a few). From CNBC.
Mastercard and Visa compete for Earthport acquisition. Both citing cross-border expansion for the motivation behind the purchase, the global brands are both vying for the British payments company. Visa kicked off with an offer of roughly $260 million and MasterCard called with a counteroffer of $305 million. It’s Visa’s play now. From Reuters.
China expected to surpass U.S. as world’s largest retail market. A recent report predicts that retail sales in China will increase by 7.5% to $5.6 trillion this year, with the U.S projected at a 3.3% increase to $5.5 trillion. What could be the reason? The country’s growing middle class and emphasis on a consumer-driven economy are listed as the main drivers. From USA Today.
From Cash to Cashless
A call to cash in Canada? Just on the heels of the country’s legalization of recreational cannabis, the Office of the Privacy Commissioner offered the following advice: “If you are wary of leaving a track record of your purchases, try buying marijuana with cash rather than a credit card.” Anonymity is one of the reasons cash continues to hang on. Will it ever go away completely? From The Globe and Mail.
Can India’s next budget help incentivize digital payments in rural economies? While cash continues to be the preferred method of payment for India’s semi-rural and rural economies, concessions are being made to encourage a cashless shift. Upgrading the current infrastructure, offering more support to existing networks and even tax incentives are some of the considerations the industry is suggesting for the interim budget. From Entrepreneur India.