The information you need to start your day, including top headlines from PaymentsSource and around the Web. In today's briefing:
Walmart's big plan for mobile: Walmart's recent decision to support JPMorgan Chase's mobile wallet is just the start, according to Fortune, which reports the retail giant is in talks with several other mobile wallet companies in an effort to give consumers more options in its Walmart Pay app. Fortune did not identify the third party wallets, though the Walmart app is designed to work with a variety of other payment methods. Chase Pay, which is expected to launch on Walmart Pay early next year, will be the retailer's initial third party mobile payment app. Walmart also was a bit surprised by the early adoption of Walmart Pay, which skewed toward Gen X customers, or those born in the late 1960s and early 1970s, and baby boomers, or those born from the late 1940s to the early 1960s. As a result of the uptake, Walmart plans to tweak its marketing for Walmart Pay, which has been targeted toward younger males.
Who's with Stripe?: Stripe has launched a directory app that integrates with its technology in an attempt to boost the startup's profile as a broad platform for business services in addition to a payments gateway, reports TechCrunch. Called Works With Stripe, it includes about 300 apps such as Slack, which provides real time notifications; Xero, which links to accounting and payroll; Taxjar for tax calculations; and others. While digital payment companies are under constant pressure to add value to their core payments technology, the Works With Stripe integration should also help Stripe with its broader strategy to scale its payments business and boost merchant relationships without focusing on building ancillary merchant services itself.
Bad news for checks: The advancement of digital payments is causing one of the U.K.'s major check processors to close most of its sites, reports Finextra. iPSL, which handles about 80% of the checks processed in the U.K., plans to close seven of its nine sites, eliminating 600 jobs if the company's board approves the move. About 700 staffers will remain. Digital payments have advanced quickly in the U.K., leaving the country scrambling to manage the decline of legacy payment methods. For example, the country is still issuing bills, though it has changed the materials to make the bills more durable and counterfeit proof.
Africa e-commerce skills boost the Caribbean: CaribShopper is collaborating with MallforAfrica, a partnership that could open dozens of new markets to U.S. and U.K. merchants with an easier fulfillment process. SogoTechNews reports MallforAfrica.com, which provides access to U.S. products, will license its service to CaribShopper as part of a broader emerging markets e-commerce strategy called Mall for the World, a loose alliance of stores. CaribShopper works similar to MPesa, bringing digital commerce to cash-only economies by selling a feeless WebCard account that can be funded at a Go Top Up network of more than 12,500 retail locations in the region. Consumers purchase vouchers that can be entered into CaribShopper's app to add funds. A partnership with eBay eases fulfillment costs for the U.S.-based merchants.
From the Web (powered by Wiser)
Paytm sees its next billion in travel and movie ticketing businesses
The Economic Times of India • Aditi Shrivastava
Paytm’s phone recharge, utility bill payment and online retail arms are billion-dollar businesses already, in terms of annualised revenue.
BBVA launches easier mobile account opening
Business Insider • B.I. Intelligence
This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. Spanish bank BBVA has launched a new service, Online Onboarding, which will allow consumers to open a BBVA account in a matter of minutes.
Exploring the present and future of credit card processing
Business Insider • Andrew Meola
Digital and online is the wave of the future when it comes to payment processing. We have no shortage of ways to process credit cards today, but the future of credit card processing is in the digital space. .
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