The information you need to start your day, including top headlines from PaymentsSource and around the Web. In today's briefing:
Uber does debit: Uber's had a distinct impact on the payments industry, which sees the ride sharing app's smooth automatic fare collection as a corporate purse-loosening wakeup call, a misunderstood business influence, a payroll disruptor, and ultimately a marketing and branding partner. In Mexico, it's about to become a debit card as part of a deal with Mastercard and the Mexican online bank Bankaool. The target market is Latin American consumers who do not have a credit card, or have a debit card that doesn't support e-commerce. The companies are also touting a lifestyle use case as the Uber brand tries to embed itself in not only the journey, but the destination in the minds of its users. Using the debit card, consumers can order and book a car, pay for movie tickets, stores and restaurants, and also make ATM withdrawals, according to the partners.
France's mobile wallets make peace: Slowly but surely, payment companies are putting aside turf battles to make digital payments easier. More U.S. banks are collaborating on account-to-account transfers while the card networks and PayPal cooperate on data sharing. And on Thursday of this week, BNP Paribas and Credit Mutuel, two of France's largest banks, announced they will merge their mobile payment services. Starting early next year, Wa!, a mobile payment system powered by BNP and retail chain Carrefour, will work together with Fivory, a rival mobile pay system from Credit Mutuel, Mastercard and Auchan Retail. Their new app, which doesn't have a name yet, will power in-store and online payments with a single touch, execute P-to-P transfers, settle invoices and use loyalty points and coupons. The parties say they are working together to address consumer demands that mobile commerce systems be complimentary.
Mitsubishi's virtual currency: At Mitsubishi, digital currency is being used to motivate wellness. The Japanese company and financial services firm is testing virtual currency rewards for employees who reduce overtime work and practice a "healthy lifestyle." Kabu.com, a Mitsubishi subsidiary, is operating the trial, which uses mobile geolocation to monitor staff as they check in and out of work, and on their commutes. Zerobillbank, an Israeli technology company, will distribute "Ooiri," or virtual currency based on positive behaviors. The currency is pegged to the Yen and can be converted at stores that support Zerobillbank's Z-Wallet. The program also supports P-to-P transfers among employees. The Bank of Tokyo Mitsubishi UFJ is also working on its own digital currency, which can be used for online shopping and P-to-P payments.
London transit payments' next destination: The U.K. has proven to be a hotbed for transportation innovation. London's subways and buses both have open loop mobile ticketing tied to the system's Oyster cards and open loop debit and credit cards. And now the technology is spreading outside of the city. Stagecoach will bring tap-and-go payments to all regional transport services in the country by the end of 2018. The initiative will allow payments via contactless credit or debit card, Apple Pay and Android Pay. The technology is already available on buses in Oxfordshire and the Oxford express services which run to and from London, with added deployments expected over the next two years. Stagecoach has also launched a smartphone app that enables journey planning, stop information and live bus tracking. The company is also working with other national bus carriers on a collaborative payment system.
From the Web (powered by Wiser)
Venmo Is On Track to Process $20 Billion in Payments Per Year
Fortune Magazine • Leena Rao
PayPal's payments app had another record quarter.
MobiKwik eyes 5 lakh merchants on its platform in 12-18 months
The Economic Times of India
MobiKwik claims that it registers over 1.5 million daily transactions and also allows users to load money in their wallet with cash.
Verifone has launched a mobile loyalty offering (PAY)
Business Insider • B.I. Intelligence
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Verifone partnered with software firm Excentus to launch a mobile loyalty and rewards offering for merchant clients using the Verifone Commander Site Controller, one.
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