Morning Brief 12.6.19: Grab's payment card debuts in Singapore
The information you need to start your day, from PaymentsSource and around the web:
Grab has formally rolled out its planned payment card, adding to a rapidly expanding range of financial services the company is building on top of its ride-sharing app.
The GrabPay Card has debuted in Singapore and will expand to other markets in early 2020. It will be usable across Mastercard's network of about 53 million merchants.
Grab, Uber and Lyft have all used the easy mobile hail and payment experience to build a base for diversified financial services. Grab also faces increased competition in its local Southeast Asian markets for Go Jek, which has added ride-hailing and related services in Grab's home market in Singapore.
Keeping the lights on
U.K. regulators have proposed policies designed to prevent a recurrence of the rash of financial outages over the past year that have disrupted payments, partly due to the inability of older transaction infrastructure to handle a spike in digital payments.
Visa in particular faced political pressure after a glitch halted some payments for about 10 hours in June 2018.
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority want to require financial market companies to demonstrate they have prioritized investments and strategies based on the impact on public interest, reports Finextra.
Pass around menu
Uber Eats has added a "group" selection option for digital menus, allowing people to make individual meal selections inside of a larger order.
The feature should serve Uber Eats' business-focused service, which launched in 2018 to manage orders for large corporate staffs to counter competitors such as GrubHub and Deliveroo.
Uber Eats added incentive marketing and a subscription service this fall to follow on its early partnership with Starbucks.
Zhengzhou is the first Chinese city to deploy facial recognition for payments across its entire subway network, as facial recognition takes off in the country.
The city's subway system has tested facial recognition technology since September, with about 200,000 users opting in, reports the South China Morning Post, adding China recently introduced regulation that requires telcos to perform face scans of new users in place of an identity card.
While other Chinese cities are deploying facial recognition for subway payments, Zhengzhou is by far the most advanced. Beijing, for example, just started its first trial at a single station.
From the web
Electronic payments in Canada accounted for 73% of all transactions in 2018: Report
MOBILESYRUP | Thu December 5, 2019
Electronic payments accounted for 73% of all transactions made in 2018, according to a recent report from Payments Canada. The newly released 2019 report analyses the 21.1 billion payment transactions that Canadians made in 2018 that totaled $9.9 trillion in value.
Adyen CEO on AI for payments: ‘I was surprised how effective it was’
VENTUREBEAT | Thu December 5, 2019
Adyen has turned its payment processing business into one of Europe’s biggest entrepreneurial success stories. Now it’s quietly deploying artificial intelligence to keep its remarkable growth streak going.
Ripple partner MoneyGram collaborates with Visa Direct
AMBCRYPTO | Thu December 5, 2019
MoneyGram, an American money transfer company and Ripple partner, has been expanding its services across the world. The company launched this service in collaboration with Visa through its real-time push payments platform, Visa Direct.
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