Morning Brief 6.18.20: FIS makes a direct connection between merchants and U.K. shoppers via Open Banking Hub

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

Direct decisions

FIS has launched an Open Banking Hub enabling consumers to make online purchases directly from U.K. bank accounts at participating merchants without entering account details, according to a press release.

Shoppers making purchases on a participating merchant’s site are directed to their bank’s mobile app to complete the order, where they can see their balance in real time and select which account to use. Merchants offering the service connect to banking providers through a single API integration.

The Open Banking Hub facilitates refunds similarly; merchants may provide credits immediately to shoppers’ bank accounts.

Fresh perks

Auto conglomerate Hyundai’s consumer finance arm plans to launch a private-label Starbucks credit card in South Korea later this year. The product, jointly operated by Hyundai Card and Starbucks Coffee Korea, will roll out in the second half of the year, enabling users to earn and redeem rewards at Starbucks, according to a press release.

The product marks the first time Starbucks Korea has offered a consumer finance product since the coffee company began operations in Korea in 1999. Hyundai Card, a subsidiary of Hyundai Capital, has other similar credit cards in South Korea with partners including Costco, Korean Air and eBay.

All in one

Amsterdam-based payments provider Adyen has added Amazon Pay as a checkout option on its platform for European merchants, and it has plans to expand the service to other global regions.

The integration will enable Amazon shoppers to select Amazon Pay on the website or apps of participating merchants, without having to enter payment card, billing or shipping data, Adyen said in a press release.

The service, which Adyen plans to eventually expand to the U.K. and North America, also enables merchants to offer customers delivery notifications via Amazon Alexa.

Popcorn time

Movie theater chain Cinemark has announced a phased reopening following closures required by coronavirus with special rules for handling tickets and cash. The Plano, Texas-based company will operate with limited capacity in line with local ordinances, along with new procedures for disinfecting theaters, sanitizing seating areas and adding contactless ticketing at its 555 theaters in 41 states.

Cinemark theater attendees no longer are required to present a paper movie ticket or printout of a digital ticket. Instead, customers are encouraged to purchase tickets online and check in via Cinemark’s mobile app. Cash payments are no longer accepted at concession stands, but each theater will designate a separate area where cash is accepted.

From the Web

Payments Giant Wirecard’s Shares Plunge on $2 Billion Audit Deception
THE WALL STREET JOURNAL | Thu June 18, 2020
Shares in troubled payments company Wirecard AG crashed Thursday after the company again delayed publication of its 2019 annual report because its auditor said it had been deceived over evidence of €1.9 billion ($2.1 billion) in cash balances. Wirecard, based in Germany, said its management board was working intensively with auditor Ernst & Young GmbH in Munich to clarify the situation.

De La Rue expects Covid-19 boost as ‘grubby banknotes’ shunned
THE TELEGRAPH | Wed June 17, 2020
Coronavirus will increase demand for new currency, according to banknote printer De La Rue, which is raising £100m to finance expanding the company’s authentication business of producing anti-counterfeiting stickers and doubling output of plastic banknotes. Worries about the decline of cash as people turn to electronic payment methods were dismissed by Mr Vacher, noting that beyond Europe and North America, cash is still the dominant payment.

What Could Stop Remittance Giant Western Union Acquiring MoneyGram And Changing The Money Transfer Sector Forever
FORBES | Thu June 18, 2020
There are different reasons why antitrust issues can be raised. One is simply a market share measure. A second important aspect antitrust will likely be looking at is whether a deal would stifle technological innovation.

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