7.22.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Amazon is reportedly planning to open a larger Amazon Go location in Seattle. The more than 10,000 square foot store that would be its largest to date.
The store would be large enough for a supermarket and a fulfillment center, reports Grocery Dive. That would be larger than most of the early cashierless stores, which are usually the size of a convenience store, and would be a key step for Amazon to build out its planned network of Amazon Go stores.
It also comes as Giant Eagle, a chain that includes full-sized supermarkets, plans to deploy computer sensor technology to power self-checkout.
Western Union has teamed with the U.K.'s Post Office Ltd, a retail services network spun off the Royal Mail, to support cross-border payments through Post Office's digital channel.
This will help Western Union expand its addressable market in the U.K., as Post Office is the U.K.'s largest retail network, surpassing banks and building societies, or mortgage companies.
Western Union has been adding more digital services to counter fintechs that use blockchain and other innovations to streamline cross-border transfers.
South Korean move
Western Union's chief rival MoneyGram has signed a contract with Sentbe, one of South Korea's largest money transfer firms — making Sentbe MoneyGram's first virtual agent in South Korea.
MoneyGram hopes to build its South Korean P2P business through the local partnership with Sentbe, which is licensed as a financial institution.
Immigration from local Asian nations is also on the rise, and the collaboration can also serve as a financial inclusion tool, MoneyGram said in a release.
Bots give PSD2 a try
Advice Robo, a bot and AI company, has developed an API that provides cross-border access to software that categorizes data and predicts default through a mix of machine learning and behavioral analysis.
Data and international access are at the center of PSD2, which requires financial institutions to share data with fintechs and provide consumers with more access to and control over their data.
From the Web
Digital payments company Fawry to offer 36% stake in Egyptian IPO
Reuters | Sun July 21, 2019 - Egyptian digital payments company Fawry plans to list 36% of its shares on its domestic stock market, investment bank EFG Hermes said. The offering will include a private placement for institutional investors and an initial public offering (IPO) for retail investors in Egypt at the same price.
Apple Card: Are the Limited Rewards Worth It for the Privacy?
Fortune | Sun July 21, 2019 - While Apple can't compete in terms of money to card holders, it does have a big focus on customer privacy. Apple Card has no numbers on it or a CVV, making it harder for identity thieves to steal credit card information. Apple also promises that it won't track customer spending, and that Goldman Sachs and MasterCard — Apple's partners in the venture — won't sell any customer data to other companies.
Using credit cards even when they are not accepted
The Straits Times | Sun July 21, 2019 - Launched in late 2016, CardUp is a platform that enables the payment or collection of big expenses using credit card, in places where cards are not accepted today. Examples of payments include rent, tax, invoices, payroll and more, which are still paid by cash, cheque or bank transfers currently.
More from PaymentsSource
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ZestFinance brings AI-powered underwriting to Brazil's Via Varejo
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