Morning Brief 8.27.20: Discover puts payments behind the wheel
The information you need to start your day, from PaymentsSource and around the web:
Driving with Discover
Discover and fintech Car IQ are trying to turn vehicles into payment devices through a platform that allows fleet vehicles to make cardless payments for tolls, fuel, insurance, parking and other services.
Car IQ creates digital authentication files for vehicles using a form of device fingerprinting developed specifically for cars. This triggers a payment file for Discover, with transactions paid via a virtual card over the Discover Commercial Payments Network.
Discover positioned the partnership as part of a broader strategy to expand machine to machine transactions and internet of things payments. Commerzbank and Daimler made a similar deployment for fleet vehicle payments in 2019.
The digital payments push that's followed the coronavirus lockdown has boosted Paytm's volume, enough to add more than 1,000 engineers, data scientists and financial analysts.
The company is also hiring more than 50 senior executives as it ramps up its expansion beyond digital payments, reports Businessworld in India. Paytm is also extending its digital merchant services to grow its merchant range.
Paytm attracted several rounds of funding in late 2019 to provide capital for the company's diversification strategy.
Payments gateway Wirex has moved its processing business from troubled payment company Wirecard to Railsbank.
Wirex supports both traditional currency and cryptocurrency payments, and will use Railsbank to support transactions in Asia. Railsbank recently acquired Wirecard's U.K. unit, which should ease the transition for Wirex's clients.
Wirecard filed for insolvency in June following an accounting scandal, and has since placed several of its business units up for sale. A number of Wirecard's clients have also moved to new processors.
Australia's bank-supported New Payments Platform is suing Ripple, alleging the blockchain company has infringed on NPP's copyright for the PayID brand.
NPPA launched the PayID brand in February 2018, alongside an advertising campaign. More than 60 Australian banks use NPPA, as do most cryptocurrency exchanges. That includes overlap with Ripple's Open Payments group.
From the web
Amazon's latest grocery store concept opens, with high-tech carts
REUTERS | Thursday Aug 27, 2020
Amazon.com Inc on Thursday said it is opening a supermarket in Los Angeles with shopping carts that let customers skip checkout lines, as the e-commerce company builds out its offline presence.
North Korean hackers ramp up bank heists: U.S. government cyber alert
REUTERS | Wednesday Aug 26, 2020
North Korean hackers are tapping into banks around the globe to make fraudulent money transfers and cause ATMs to spit out cash, the U.S. government warned on Wednesday.
Delivery Hero picks up InstaShop in $360M deal to expand in groceries in the Middle East
TECHCRUNCH | Thursday Aug 27, 2020
Delivery Hero, the Berlin-based restaurant delivery company that operates mainly in emerging markets, has acquired InstaShop, a Dubai-based grocery delivery platform with around 500,000 users in five markets where people can order food and other home supplies, pharmacy items, flowers, and other items.
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