5.15.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Walmart is rearranging its Shopping online service to feature a universal cart that works across several platforms such as search, images, and YouTube content with a link to checkout via the users' Google account.
The update will merge its Express brand into the range of shopping, content and checkout features that will be centralized under the Google Shopping experience, reports TechCrunch.
Walmart is also upgrading its online shopping experience as part of its battle with Amazon. Walmart recently collaborated with Google to counter Amazon Alexa's retail features; and Walmart is also developing new in-store automation at innovation labs in New York and Texas.
Paytm has extended its financial services reach through collaborations with major brands such as Yahoo and Softbank to launch a digital wallet, and it's furthering that strategy by partnering with Citigroup to launch a credit card.
Citi will underwrite the card, while Paytm will manage the digital interface and distribution services, reports the Economic Times.
The move brings Paytm closer to becoming a full-service financial services institution, as it also received life and general insurance licenses earlier this year, the ET reports. Paytm, which has financial backing from Ant Financial, has also added entertainment and expanded shopping services to its digital wallet over the past year.
Paytm is also cleaning up an internal scandal. Shortly after announcing it had hired E&Y to investigate possible internal crime tied to its merchant cash back program, Paytm said it discovered about $1.4 million in fraud tied to the scheme.
As a result, Paytm has delisted hundreds of merchants and fired dozens of employees, reports IndianExpress.
The company defended the cash-back program, telling the news site it's sustainable, though profitability is still in the future as Paytm invests in onboarding merchants.
Samsung is bullish on cryptocurrency, with plans to extend blockchain and crypto functions from its Galaxy S10 phones to other Galaxy products such as budget Galaxy handsets.
Samsung will also cooperate with telecoms to support blockchain-based digital authentication, reports Business Korea.
Samsung has been working on cryptocurrency and blockchain use cases for some time, and has applied for patents in the U.K. for blockchain and cryptocurrency payment technology.
Brexit fallout mixed
The impact of Brexit in the U.K. technology and payments innovation business has been inconclusive, with data that suggests the country's innovation industry is still kicking despite predictions otherwise.
New data suggests that within technology, fintech as a subsector continues to lure investors. The U.K. tops in the world in fintech high-growth fintech investment, totaling about $6 billion between 2015 and 2018, reports Finextra, citing U.K. government reports.
Fintech and insurtech are the top two employers in the U.K.'s technology industry, with 18% and 24% of the technology workforce respectively, according to Finextra.
From the Web
Here’s what could take bitcoin to its all-time high, according to longtime bull Tom Lee
CNBC | Tue May 14, 2019 - The digital currency has surged this year, cracking the $8,000 level on Tuesday for the first time in nearly 12 months. The move more than doubled bitcoin’s gains for 2019 ahead of Consensus Week — the crypto industry’s annual confab.
Fake Lazada campaign on Instagram cheats victims of at least $14,000
The Straits Times | Wed May 15, 2019 - The police issued a warning about a series of scams involving fake Lazada campaigns taking place on Instagram. At least 14 such scams have been reported since January this year, with victims being cheated of at least $14,000.
GrabHitch payment fraud: Alleged masterminds charged in court
The Straits Times | Wed May 15, 2019 - Three men were taken to court, as they are said to be the masterminds of a syndicated payment fraud ruse involving Grab's carpooling service, GrabHitch. From March this year until last month, the trio allegedly worked together to cheat Grab Holdings by making 314 fraudulent transactions, resulting in a payment of $5,653.
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