Morning Brief 11.8.19: European regulators have 'many concerns' about Apple Pay
The information you need to start your day, from PaymentsSource and around the web:
Margrethe Vestager, the EU's Competition Commissioner, claims there are "many, many concerns" about Apple Pay, a sign the EU's antitrust investigation of Apple isn't going away anytime soon.
Vestager was briefing the media in Europe late Thursday, reports CultofMac.
Vestager did not reveal further details of the EU's probe, which began in the summer, though CultofMac reports retailers are being asked if Apple is contractually requiring merchants to use Apple's app over other services.
Not in the cards
More than half of all digital transactions in India run through the government's United Payments Interface, a sign that card payments are fading among noncash options.
UPI payments expanded to 50.5% of digital payments in October, up from 45% the prior month, reports Quartz in India. Card payment share declined to 35.6% from 42.5% during the same span.
UPI has gotten a boost from Western Union, Walmart and Google, which have all extended use of the platform in recent months.
Funds for change
A group of Canadian banks including Desjardins and National Bank's corporate venture capital arm NAventures has has invested $10 million in Mylo, a Montreal-based spare change and investing app.
Mylo offers "round up" investing, which increases debit card payments to the nearest dollar and invests the difference. It also has incentive marketing tied to brands such as Netflix and Foodora, reports Finextra.
The new round increases Mylo's funding to $14 million, and it will use the investment to aid international expansion.
Fintech-as-a-service firm Rapyd has entered partnerships with several payment companies in Singapore as part of a state initiative to build a single platform for cashless commerce.
Alipay recently demonstrated a fully cashless experience in Singapore as part of a marketing campaign tied to the initiative. Singapore has also pushed a digital ID project.
Rapyd earlier this year partnered with OCBC Bank to power P2P payments, and also raised $100 million to build out its digital payments technology.
From the web
PayPal plans to make an in-store mobile payments push as soon as next year
BUSINESS INSIDER | Thu November 7, 2019
The company is set to roll out new in-store payment efforts as soon as 2020, CEO Dan Schulman said in an interview with Axios. This initiative could see it introduce a digital wallet for physical stores and utilize NFC and QR code technology to enable in-store payments, and follows it removing the ability to make in-store payments via its mobile app in March 2018.
SE Asian banks 'to lose out on US$5b in payments revenue by 2025'
THE BUSINESS TIMES | Fri November 8, 2019
Banks in Southeast Asia are set to miss out on as much as US$5 billion or 14.3 per cent of their payments revenue by 2025, displaced by the growth of digital payments and competition from nonbanks. This grim warning was sounded in a report on Thursday by professional services firm Accenture.
Alibaba Readies Up to $15 Billion Hong Kong Listing
THE WALL STREET JOURNAL | Fri November 8, 2019
Alibaba Group Holding Ltd. is aiming to raise $10 billion to $15 billion in a second listing in Hong Kong as soon as this month, according to people familiar with the matter, reviving the planned offering even as the city’s political climate remains unstable.
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