11.11.16: Your morning briefing

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The information you need to start your day, including top headlines from PaymentsSource and around the Web. In today's briefing:

Single's Day smashes records: Alibaba reports huge volume for Single's Day, or 11/11—the Chinese version of Black Friday and Cyber Monday. TechCrunch reports sales reached at least $14.7 billion by late afternoon local time, exceeding last year's record total of $14.3 billion for the entire day. By comparison, in the U.S. Black Friday sales in 2015 reached $4.5 billion and Cyber Monday was about $3 billion that year. Single's Day sales in 2016 are on pace to pass $20 billion by the end of the day. TechCrunch also reports mobile channels account for 84% of all sales, which is up from 69% over last year and far ahead of the current U.S. rate of 35% for major shopping days. The numbers are good news for Alibaba, which is in the midst of a major expansion of its e-commerce business.
Pinterest product reviews: Pinterest is attempting to augment post-purchase product reviews through a "tried it" checkmark on Pins. TechCrunch reports users will track and share things they've purchased or done, and make recommendations. Not all users will buy things on the site, but "tried it" will complement post-purchase reviews, an important part of Pinterest's strategy as it's attempted to become a more actionable site. Part of that is Buyable Pins, which allow consumers to use a card or Apple Pay to buy items directly from the app. Pinterest hopes that by increasing activity around buyable Pins, the site will enhance its attractiveness to advertisers, TechCrunch reports

India's sudden ATM crisis: Massive crowds of people in India are trying to exchange bills in response to the Indian government's decision to discontinue certain denominations. ATMs are starting to run dry, according to Bloomberg, which reports the country's banks have been caught unprepared by the government's move, which removes about 86% of India's currency from circulation. India is hoping to reduce tax fraud by eliminating large cash bills. Security is being deployed outside banks to manage the crowds, though Bloomberg reports consumers have been mostly patient while waiting to exchange their currency.

Know your blockchain: Three banks from the R3 cross-bank blockchain consortium are working on a distributed ledger-based Know Your Customer anti-money laundering registry, according to Finextra. BBVA, ING and UBS are using R3's open research tools for the three month project, which is designed to demonstrate how distributed ledger can help banks comply with onboarding requirements, as well as accessing a single interface to manage global identity. Money Laundering prevention is considered a major potential use case for distributed ledger technology, largely because of the resources required for legacy practices. KYC costs some companies up to $500 million per year, Finextra reports, citing numbers from Thomson Reuters. That's mostly due to inconsistent standards and redundancies. The R3 consortium argues the shared KYC service would eliminate much of those problems.

From the Web (powered by Wiser)

Arvind Kejriwal claims ‘BJP and its friends’ informed about demonetisation a week earlier
The Indian Express » Section » India • Pti
Delhi CM Arvind Kejriwal said: There is evidence that their (BJP) friends and own people were informed a week before the decision was announced. (Source: Facebook/Arvind Kejriwal) BJP and its “friends” were informed about the demonetisation of high value currency “a week...

Airtel, Voda, Idea may see about 50% growth in m-wallet transactions
The Economic Times of India • Kalyan Parbat
The withdrawal of Rs 1,000 and Rs 500 notes announced on Tuesday, they said, is unlikely to immediately translate into a sizeable jump in revenue from wallet services, although it is expected to help retain customers.

CardTek and DC Payments team on Canadian mobile wallet
Cardtek, a leading payment technologies provider, will launch Mobile Services Manager (MSM)..

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