Welcome to the PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:

Klarna launches P-to-P app: Swedish digital payments company Klarna has launched a free P-to-P service called Wavy. The Venmo-like service allows people in 31 European countries to transfer money by connecting their bank accounts or cards to Wavy and generating a payment link when they wish to transfer. The link can be shared through existing social media channels or send directly to a Wavy user, and the recipient of the funds does not have to sign up for Wavy to have the payment go to their bank account. Payment requests can be paid using EU-issued credit cards or SOFORTUberweisung and are settled in real time. Wavy uses #D animated stickers to illustrate the payment's purpose, such as dinner splitting or shared household expenses. In the past couple of months Klarna, a 12-year-old company that has its roots in providing retail installment payments to finance larger purchases at the point of sale, has received a banking license, and its has also switched investors and received additional investment from Visa. "Within Klarna we have been working to develop a product that truly reflects how people live today and their social interactions. There are no borders in an online context, why should there be in payments? Klarna was founded with the goal to make online payments safe, simple and smooth. Wavy is another step on that journey," said Sebastian Siemiatkowski, CEO of Klarna, in an August 1 press release.

Sebastian Siemiatkowski, CEO and founder of Klarna Bloomberg News

Andy Murray serves up fintech investment: Tennis star Andy Murray has joined a multi-million pound crowdfunding round for digital financial services startup Revolut, according to CNBC. Revolut offers enrollment in less than 60 seconds and free international payments in up to 16 currencies. It also supports global payments via a contactless Mastercard. Revolut recently launched IBAN accounts in Europe, enabling direct salary payments as companies prepare for increased use of contract workers. It also hopes to enable spending, investments and transfers in Bitcoin and other virtual currencies. Similar to Ashton Kutcher in the U.S., Andy Murray is an active startup investor through his participation in the Seedrs Advisory Board in the U.K.

PayPal invests in AI: PayPal's building momentum through tech partners and its social payment app Venmo, and it's also investing in artificial intelligence. PayPal is part of an approximate $5 million round in Cloud IQ, which will help the company extend digital marketing to a broader range of businesses. Cloud IQ analyzes data and consumer use of an e-commerce site to forge tailored experiences. Its users already include Samsung, EE and TUI; and PayPal has added its investment to an existing partnership that is helping PayPal build customized experiences for its own users. PayPal has also invested in artificial intelligence for security purposes.

TransferWise-backed invoice startup sputters: DueCourse has gone into administration, or a form of court-administered insolvency, only a year after attracting about $8 million in investment through a combination of equity funding and debt financing, reports Techcitynews. The Manchester, U.K.-based company built software that linked to a client's accounting platform to spot and free up cash from unpaid invoices. The company's backers included TransferWise, Zoopla, LoveFilm, and LinkedIn. DueCourse told the technology news site the closure is part of a planned restructuring and customers have not been affected.

From the Web

Cashless trend takes hold in China
China Daily | Tue Aug 1, 2017 - WeChat and Alipay, two major online payment platforms in China, will call for consumers to go cashless and cardless in their daily life through promotions in August. Cashlessness is a new Chinese characteristic. In a Monday report by Tencent, the Chongyang Institute for Financial Studies at Renmin University of China, and French market research firm Ipsos, 84 percent of Chinese were "comfortable" going out with only mobile phones, no cash.

Unsecured consumer credit tops £200bn for first time since 2008
The Guardian | Mon Jul 31, 2017 - Figures come as FCA targets unauthorized overdrafts and high-cost lending to people less likely to be able to pay off debt. The financial watchdog has announced fresh measures to protect consumers from spiraling debt as official data showed that borrowing through credit cards, overdrafts and car loans has topped £200bn for the first time since the global financial crisis. The Financial Conduct Authority said it was cracking down on the high cost of overdrafts and reviewing the booming car loan market.

26-year-old founder wants to change payments in Africa
CNN Money | Mon Jul 31, 2017 - 26-year-old Nigerian entrepreneur Iyinoluwa Aboyeji wants Silicon Valley to fund a future where Africa is included. Aboyeji is the cofounder of Flutterwave, a payments API that makes it easier for banks and businesses to process payments across Africa. The service allows consumers to pay for things in their local currency; Flutterwave takes care of integrating banks and payment-service providers into its platform so businesses don't have to take on the expense and burden. U.S. investors just poured $10 million of fresh funding into it. This sizable round comes one year after Mark Zuckerberg and Priscilla Chan led a $24 million funding round into another Africa-focused startup, Andela.

More from PaymentsSource

Shopify adds support for digital merchants to visit the real world
Shopify is working to encourage more physical sales for merchants that don't have physical stores.

Machine learning and self-service can unlock data driven payments
Data driven decisions are the only way to truly understand our customers. The days of “gut feel” subjectivity have quickly been replaced by data drive objectivity, and rightly so.

Prosper pulls plug on anti-ID-theft app
Prosper Marketplace, one of the largest marketplace lenders, is discontinuing the Prosper Daily app.

India readies rollout of national electronic bill-payment system
In the next phase of India’s push to diminish the country’s heavy reliance on cash, the Reserve Bank of India has approved the rollout of a national electronic bill-payment system.