5.24.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Hyundai in-car payments get a tuneup
Fresh off of an investment in Asian ride sharing app Grab to develop in-car payments, Hyundai has entered another partnership to make cars more transactional.
The automaker is collaborating with Xevo to add in-car payments to Hyundai's in-car screens.
The platform will help drivers locate coffee, gas and parking and pay through a Hyundai Wallet payment platform. Xevo will store consumers' cards or PayPal account for accessibility.
Persistence on cryptopay
Cryptocurrency payment providers are pulling out all of the stops, including pushing for heavier regulation, but the market for in-store bitcoin payments is still slow to develop.
In a new play, iPayment is collaborating with Aliant Payment Systems to facilitate cryptocurrency acceptance for merchants and their channel partners.
The product will center on Aliant's crypto processing gateway, which gives merchants the ability to accept bitcoin, Litecoin and other cryptocurrencies in both digital and card-present environments.
Is cash's time running out?
Predicting the demise of cash is almost a cottage industry, though in most cases surveys find the death of paper money will be slow.
New research shows a moderate portion, or about 20% of American adults, believe their payments will become completely cashless in their lifetime and 10% believe it will happen in the next five years, reports Finextra, citing research from YouGov.
The research also found 20% of Americans are frustrated by stores that take only cash, and 18% expect their cashless transactions to grow in the next year.
Paytm's remote 'branches'
Indian mobile payment company Paytm has launched a financial inclusion strategy in which representatives from its digital bank will act as mobile branches.
HinduBusinessLine reports these reps, or mobile agents, will have smartphones, biometric devices and banking apps to receive and disburse funds and provide payments execution and other banking services.
The company plans to deploy several hundred reps to small towns, villages and remote regions in the coming year.
From the Web
Payments processor EVO Payments soars in Nasdaq debut
Reuters | Wed May 23, 2018 - Payment processor EVO Payments Inc’s shares rose as much as 26 percent to $20.18 in its market debut on Wednesday. Shares opened at $20.05, above its initial public offering price of $16. The offering of 14 million Class A shares by EVO Payments and selling stockholders raised $224 million, after being priced at the upper-end of its projected range.
Payments firm Adyen plans June listing amid flurry of deals
Reuters | Thu May 24, 2018 - Adyen, a Dutch company that processes payments for Airbnb, Uber, Spotify and Netflix, plans to list on the Amsterdam stock exchange in June in the midst of a wave of dealmaking in the digital payments industry. Sources close to the matter told Reuters last month that Adyen was eyeing a valuation of 6-9 billion euros ($7-$11 billion), which would make it the largest tech listing by a European company since Spotify’s April debut in New York, and one of the biggest by a European fintech to date.
Migrant remittances a big business in cash-starved Venezuela
ABC News | Wed May 23, 2018 - As the number of Venezuelans fleeing their country's deepening economic and humanitarian crisis climbs, a burgeoning lifeline for those back home is emerging — remittances. Skirting strict currency controls, dozens of transfer operations, mostly small-scale businesses run by a handful of exiles entirely online, have opened abroad to help emigres convert their dollars and pesos into Venezuelan bolivars that arrive within minutes in a relative's Venezuelan bank account.
More from PaymentsSource
With payments getting faster, pressure is on dispute resolutions to catch up
In an age of quick-processing for digital payments, transaction disputes can still take weeks for a resolution or chargeback — an unacceptable timeframe for e-commerce. To hasten dispute resolution, some vendors are beginning to offer financial incentives to merchants that agree to speed up the process.
The networks' 'button' is a start, but not enough to beat PayPal
Avoiding repeating past mistakes will not be enough. Visa, Mastercard, Amex and Discover need to bring some added value that could trump PayPal’s already end-user-friendly solutions, writes Adriana Jordan, vice president of product management for 2Checkout.
Data: Digitizing SMB payments
Small and midsize businesses (SMBs) are adapting to digital payments technology at slower speeds and for different reasons than larger enterprises. Cash and checks still account for almost half of all SMB payments, and SMBs have lagged behind other merchants in the U.S. shift to EMV technology.
Starbucks vs. Apple: A false rivalry
Starbucks mobile app is reportedly getting more use than Apple Pay, but the comparison is largely meaningless in a market that is increasingly prone to supporting multiple mobile wallets instead of a single victor.