Morning Brief 9.21.20: Google, Paytm clash over gambling payments

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Sticky wicket

Google Play banned Paytm for several hours last week due to violations of Google anti-gambling rules stemming from a fantasy cricket tournament, causing a war of words between the two technology giants.

The Google Play store doesn't allow casinos and other apps that operate sports gambling in India. Paytm repeatedly violated those rules, reports Paytm has used fantasy cricket to promote other services, such as entertainment content.

Paytm, which competes with Google Pay in India, was back online after a few hours, but not beforecrying foul, claiming the search giant violated India's competition rules by shutting off the app.

Too much circulation

The U.K. Royal Mint will no longer make 2p or £2 coins, citing the overall decline of cash use that's made new production less necessary.

Demand for cash in the U.K. fell 71% between March and April, reports The Guardian, adding that has left the mint, which has been producing coins in Britain for more than 1,000 years, with excess stock. The mint has 26 times more £2 coins in its inventory than the mint's target and eight times more than its target for 2P coins.

Coin production in the U.K. had already fallen by more than 65% over the past ten years, with digital payments passing cash for the first time in 2017.

In the club

Blockchain Capital has joined the Libra Association, giving the stablecoin project added expertise in venture capital, distributed ledgers and fintech development.

The Facebook-affiliated Libra project lost a handful of its original members in 2019, particularly companies in the payments industry such as the card brands and PayPal, following early regulatory pushback.

In 2020 it has regained some momentum, adding other VCs and, which replaced some of the payment expertise of the original member roster.

Opening up

Australian startup Cape plans to launch a corporate card that uses open banking to speed working capital to other businesses.

The firm will use live data sources gleaned from ties between banking and other apps that will fuel faster credit decisions, reports Finextra. It will offer revenue-based finance repayments and live credit file management.

Australian open banking launched earlier this year following several years of development and delays.

From the web

U.S. judge halts Trump administration's order to remove WeChat from app stores
REUTERS | Sunday, September 20, 2020
A U.S. judge early Sunday blocked the Trump administration from requiring Apple Inc and Alphabet Inc’s Google to remove Chinese-owned messaging app WeChat for downloads by late Sunday.

In China, Paying With Your Face Is Hard Sell
THE WALL STREET JOURNAL | Sunday, September 20, 2020
Ant Group Co., which revolutionized China’s payments industry, is learning how hard it is to separate people from their mobile phones.

Six people indicted in Amazon Marketplace bribery scheme to help third-party sellers
THE VERGE | Saturday, September 19, 2020
Authorities say the paid to get dangerous products reinstated and post fake negative reviews of competitors’ products

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