Amazon Claims Stake in India; QR Gains Popularity in Japan: News Roundup
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.
India’s Digital Download
India’s digital contribution gains support and credibility from Berkshire Hathaway. Investing $300 million for a 3-4% stake in Paytm’s parent company One97 Communications, Berkshire hopes to see a $100 billion payments company, Paytm’s founder and CEO has said. This recent investment values the payments firm at more than $10 billion and lends credibility to the value Indian startups add to the digital economy. From The Times of India.
Amazon claims stake in India’s digital economy. In an effort to grow Amazon Pay adoption in India’s ever-expanding technology playground, the global leader has reportedly purchased Tapzo for $40 million. The app aggregator combines desired app-based services such as Uber, Ola, Zomato and BillDesk into one single interface. From Techcrunch.
Innovations and Enhancements
Shopify offers in-person exchange for purchases made online. Looking to increase convenience and really promote the benefit of in-store customer interaction, Shopify POS now offers the ability to exchange online merchandise in-person. And this same enhancement applies to refunds as well. From Shopify.
Debunking Demonetization
Could a brash response from the government ultimately benefit India’s economy? A universally debated initiative since its inception in 2016, the Indian’s government forced push towards a more cashless economy with demonetization has had both positive and negative ramifications. The more positive side, for example, speeds up the drive towards cashless while the more negative side suffers mass economic disruption. Was it worth it? From Forbes.
The QR Factor
QR payments spark a flame in Japan’s payments ecosystem. And while it’s a slow burn (cash still remains the most popular method of payment), many banks and technology firms are supporting the initiative towards a more digital economy. From The Japan Times.
India Post Payments Bank (IPPB) favors QR over debit and ATM cards. Effective immediately, ATM and debit cards now have no place in the IPPB payments flow. Instead, cardholders will be issued QR cards which work on biometric authentication and not on password or PIN. Main benefits include convenience and security. From Livemint.
The Power of Two
Mswipe initiates Happy partnership to benefit small and micro merchants. Mumbai-based merchant acquiring company Mswipe has partnered with Happy Loans to expand loan offerings to small and micro-sized merchants. The last 15 months has already generated close to 12,000 loans and the momentum doesn’t seem to be slowing down. From The Economic Times.
Industry News
Upper Hand, Inc. Plugs into Paysafe to Fuel Growth Amongst Businesses Operating in the Sports & Fitness Industry
PaymentVision & MoneyGram Announce Partnership to Provide Integrated Payment Solutions
Customer View Adds a Customer-facing Display to Shopify POS
Weebly’s New Suite of Ecommerce Tools
UK: Moss Bros. Partners with Klarna to Let Shoppers Buy First and Pay Later
Wirecard’s Payment Solution Available Across Online IKEA Stores in Malaysia
Paysafecard Continues its International Expansion with a Launch in Montenegro