Chipotle's all-digital store; Uber and Paytm partner up

Register now

The information you need to start your day, from PaymentsSource and around the web:

E-grill

Chipotle plans to open its first all-digital restaurant, with no dining room or order line, in a nod to the pandemic's impact on in-person dining and the broader restructuring of quick serve chain design.

The Chipotle location, north of New York, requires advance orders on the chain's app, website or third-party delivery services, reports CNBC.

Burger King and Taco Bell recently unveiled new store designs that focus heavily on mobile ordering, drive-throughs and contactless service due to open in the next year.

Work out

Experian’s Precise ID solution will go to work battling unemployment insurance (UI) fraud through a new partnership that aids state agencies facing skyrocketing numbers of fraudulent claims during the pandemic.

Teaming with the Unemployment Insurance Integrity Center, Experian will provide a centralized identity verification and proofing tool at no cost to state agencies, Experian said in a press release. The service provides states processing UI claims with “ID theft scoring” using Experian’s identity analytics technology. The National Association of State Workforce Agencies, funded by the Department of Labor, backs the UI Integrity Center.

Visa in September noted an uptick in UI fraud with prepaid cards, and many U.S. states have reported massive increases in such fraud since the pandemic began. Illinois recently documented 186,979 incidents of fraudulent UI claims so far this year, up 1,400% over 13,000 fraudulent claims in 2019, according to ABC News.

Ride now pay later

Paytm and Uber have entered a partnership that allows riders to use Paytm's Postpaid service to pay for rides.

This allows people to pay for rides after the trip, reports Times of India. Payments are funded via a Paytm account, with the consumer billed on a monthly basis along with a full range of Postpaid transactions.

Paytm is positioning the service as an expansion of its lending operating more than a way to encourage digital payments, given the mostly digital model that exists for both companies.

Trader's market

Portland, Ore.-based fintech Bumped has come out of beta testing, launching a service that uses stock purchases as a form of incentive marketing.

The firm has signed up 1,000 brand partners, who offer points-based rewards for increasing purchases. These points come in the form of stock investments executed by Bumped's app.

The concept is not a new one, as Stockpile offers a similar incentive. In both cases, the idea is to extend investing to a wider market by requiring less money to begin investing.

From the web

Alibaba, JD.com say U.S. was top seller to China during Singles' Day event
REUTERS | Thursday, November 12, 2020
Alibaba and JD.com said the United States was the top seller of goods to China during the Singles' Day shopping extravaganza that generated about $116 billion in merchandise volume for the pair.

Singapore looks to woo global tech execs with special visa
REUTERS | Thursday, November 12, 2020
Singapore on Thursday announced a new work visa for foreign executives of technology firms, a sector the low-tax global business hub hopes will power future economic growth.

Railsbank, the Banking-as-a-Service, raises $37M in growth funding
TECHCRUNCH | Thursday, November 12, 2020
Railsbank, the London-headquartered Banking-as-a-Service platform, has raised $37 million in new growth funding.

More from PaymentsSource

Bitcoin's set to benefit from stimulus inflation
Inflationary and macroeconomic pressures will position bitcoin as a new asset that acts as a recognized store of value against inflation, says FiCAS' Ali Mizani Oskui.

As Brazil debuts PIX faster payments, QR codes glue its many use cases together
Brazil aims to move beyond the era of cash payments on Monday, when the Banco Central do Brasil launches the Brazil Instant Payment System.

Podium adds chargeback-fraud prevention for in-person purchases
Podium is offering chargeback-fraud screening for local businesses taking in-person, offline purchases that use its customer messaging platform and accompanying Podium Payments service.

Barclaycard, Amazon to boost access to credit in Germany
In a bid to fuel online sales, Barclaycard is partnering with Amazon in Germany to offer installment lending to overcome the country’s low credit card ownership rates.

Third-party risk can derail a promising fintech partnership
The payment industry has a long tradition of outsourcing, partnering, and collaborating across a wide set of organizations. Many parties are involved each time a customer buys something with a plastic card, pays a bill or sends funds overseas. The wider business world is waking up to the concept of the extended enterprise. This is when several organizations work together to achieve something that none of them could have realized alone.

Card networks face pushback over mobile EMV acceptance tech
EMVCo, the major card brand-supported venture to establish EMV guidelines and specifications, has begun testing a program to determine if consumer mobile devices can securely accept contactless payments — a move that not only hastens the adoption of contactless payments, but renews criticism over which networks control technology and routing decisions.

Merchants need to prepare for the biggest event in e-commerce history
For the 2020 holidays, retailers that enable payment flexibility by catering to global shoppers will prepare themselves for lasting success, ensuring they are on the right side of this industry transformation.

Pfizer vaccine benefits card brands, but recovery is still a long road
Even given the huge jump in digital transactions from e-commerce, card brands are holding out for COVID-19 vaccines as a path out of the payment declines that have accompanied 2020’s health and economic crises.

U.S. Bank responds to fintechs by digitizing supplier payments
As the pandemic transforms the way corporations pay suppliers, many banks are watching nimble fintechs rush in with streamlined solutions customized for remote workforces.

Grab to lead $100 million investment in Indonesian e-wallet LinkAja, beating Go-Jek
In a battle between two giants of ride-hailing and payments, Grab beat out Go-Jek to lead a $100 million fundraising round for the Indonesian government-backed e-wallet provider LinkAja.

For reprint and licensing requests for this article, click here.
MORE FROM PAYMENTSSOURCE