10.30.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
A stake in India
Hitachi has purchased a 26 percent stake in the State Bank of India and will form a joint venture to build a payment platform.
The venture will support QR codes, the Unified Payment Interface, mass transit and e-commerce payments, reports AsianAge.
The deal will give Hitachi a major presence in the Indian merchant services market, which is rapidly adopting digital payments, though it still has a large addressable market for e- commerce.
Lap of Luxury
Cartier subsidiary Richement is collaborating with Alibaba to develop an online luxury shopping market.
Online shopping for high-end goods is on the rise in China, but the market is difficult for outside companies to crack, reportes Reuters.
The Zurich-based retailer and Alibaba will launch mobile apps in China for brands affiliated with Richemont, such as Yoox Net-a-Porter.
PayPal invests in emerging markets
PayPal has made an undisclosed investment in Tala, a Santa Monica-based emerging markets lender.
Tala will use the funds to expand its footprint in Kenya, Tanzania, the Philippines, Mexico and India, reports OnMogul.
PayPal has also made investments in emerging economy technology in India and Southeast Asia in the past year.
VC investor and former PayPal exec David Sacks has led a $5 million seed round in WAY V, a B2B cannabis logistics and compliance platform.
WAVY links cannabis companies to brands and powers next-day delivery, with California being its initial market, reports Techcrunch.
Sacks has also invested in cryptocurrency technology.
From the Web
Warren Buffett’s Firm Invests Millions in Fintech
The Wall Street Journal | Mon October 29, 2018 - Warren Buffett’s Berkshire Hathaway Inc. is hopping on the fintech bandwagon. Berkshire invested around $600 million in recent months in two big financial-technology companies focused on emerging markets: Brazilian payment processor StoneCo. Ltd. and the parent company of India’s largest mobile-payments service, Paytm.
Afterpay claims savvy pensioners are switching to trendy app
The Sydney Morning Herald | Mon October 29, 2018 - Buy now, pay later fintech Afterpay says it has leveraged distrust of the banks to expand its customer base to include pensioners and people doing Christmas shopping. The company said a diverse range of customers use its system, from families setting up Christmas shopping ahead of time and pensioners using the service to break large payments into smaller amounts.
Vodafone taps Chinese tourists with Alibaba payments app deal
The Sydney Morning Herald | Tue October 30, 2018 - Vodafone Hutchison Australia has quietly signed a deal with Alibaba-founded payment company Alipay in a bid to tap into the lucrative Chinese tourism market. The deal allows Vodafone to advertise its pre-paid SIM cards to Chinese visitors to Australia within the app itself, with special deals for those using Alipay already launched.
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