Welcome to the new PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
Uber's Asian rival gets into payments: While Uber has made major inroads as a way to easily order and pay for a car, its Asian competitor Grab is rapidly expanding its own mobile payment system. Called GrabPay, the platform debuted today in Indonesia and Singapore and should be available shortly in Thailand, Malaysia, Vietnam and the Philippines, according to TechCrunch. The GrabPay wallet allows users to load credit and debit cards, and it also supports online bank accounts, ATMs, other third party wallets and can be used for in-person payments at some convenience stores. GrabPay's goal is to build a network that allows users to pay for rides and other services with the same app.
Euro ID regs won't help, payment companies say: Even though it means spending more money on technology that doesn't grow market share or expand products, it's still pretty rare for an organization to loudly throw shade at security standards. But it's happening in Europe, as a group of 29 payment industry stakeholders has signed a letter alleging that the European Banking Authority's plan to tighten authentication standards for transactions over EUR10 will hurt the payments industry. The group's member banks, retail associations, card issuers, e-commerce firms and technology companies say the rules will increase declines, cart abandonment and lines at the checkout. The group said it is in favor of stronger security practices, but is calling for risk-based authentication rules instead of a "blunt" approach that targets all transactions.
India's cash crisis leads to protests: India's cash crisis shows no signs of letting up, as thousands of residents take to the streets of Kolkata and other cities to protest the nation's recall of high-denomination bills, reports UPI. The government is replacing 500 rupee notes with new bills, retiring 1,000 rupee notes and introducing new 2,000 rupee notes. The process has encouraged digital payments, but the suddenness of the announcement combined with the slow distribution of replacement bills has led to confusion and long lines at banks and ATMs. The crisis has also turned political, with some of Prime Minister Narendra Modi's opponents calling for a general strike. Modi has accused his opponents of protesting simply for the sake of protesting, and has encouraged the country's people to adopt digital banking. Despite the recent growth in mobile payments, about 90% of the country's transactions are still cash based, according to UPI.
PayPal rides Black Friday's mobile wave: Black Friday set a record for mobile commerce, putting PayPal in a prime position to benefit. PayPal reports a third of its total payment volume for Thanksgiving and Black Friday came from mobile devices, a performance for PayPal's that's in line with the broader market, according to TechCrunch. PayPal also logged more than $15,500 per second on Friday overall, compared to $10,800 per second on Thanksgiving. TechCrunch also reports overall online purchases over the four-day weekend were up 9% over last year in the U.S. and 20% globally, citing figures from IBM, which pulled data from more than 17,000 companies worldwide.
From the Web (powered by Wiser)
Banks, fintech startups opt for partnerships post demonetisation drive
The Economic Times of India • Pratik Bhakta
The partnerships have helped the bank improve in parameters such as customer acquisition by 8-10%.
LG G6 Features: Iris Scanner, Samsung Pay Mobile Payment Rival Coming To G5 Successor?
International Business Times • Corazon Victorino
The LG G6 is the next flagship smartphone that is coming from the South Korea tech company after the successful launch of its high-end, dual-display handset, the LG V20, this fall. If recent rumors are to be believed, it appears that the...
Bed Bath & Beyond is forging ahead into e-commerce
Business Insider • B.I. Intelligence
This story was delivered to BI Intelligence "E-Commerce Briefing" subscribers. To learn more and subscribe, please click here. Bed Bath & Beyond is furthering its foray into the e-commerce space with the recent acquisition of PersonalizationMall.com for $190 million, reports Fortune. The...
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