5.04.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Instragram has added a feature that allows users to register a debit or credit card and set up a PIN as part of a profile, enabling purchases without leaving the site.
TechCrunch reports the feature is live for some uses such restaurant or salon booking and payments, including a tie to reservation app Resy. Instagram plans to add more services such as movie tickets shortly.
Instagram has been gradually adding shopping features over the past year, expanding the function into European and Latin American markets earlier this spring and integrating with Bigcommerce and Shopify in the fall of 2017.
Alipay's spare change
Alipay has added two money market funds that allow user to invest the spare cash that's in their payment account after a single transaction or series of payments.
The funds are managed by Bosera Asset Management and Zhong Ou Asset management. Ant Financial, which operates Alipay, is positioning the funds as a financial inclusion tool.
It's not unheard of for payment companies to meld the payments function into other financial services. Square uses its merchant transaction data to support lending and other introductory financial services for underbanked clients, and there are fintech startups that use gift card funds to drive investments.
Dublin's technology industry is set to get a jolt after Brexit, leading to an effort to improve the categorization of Ireland's technology industry.
Enterprise Ireland plans a Fintech Census to provide data on taxes, employment and regulations, reports IrishTechNews.
The census is open to Ireland-based fintech companies and other fintechs that operate inside of the country. Enterprise Ireland's collaborators on the project are IDA Ireland, Banking and Payments Federation of Ireland, Fintech and Payments Association of Ireland, and Fintech Ireland.
Reddit gives bitcoin a second chance
About a month after shutting down bitcoin payments because of technical glitches, Reddit plans to accept the cryptocurrency again.
Reddit did not give an exact date, though it will likely coincide with an update to a Coinbase redesign that should fix the technical problems, reports Coindesk.
Reddit will also likely support a broader range of cryptocurrencies than just bitcoin, according to Coinbase, which based its reporting on an interview on Cheddar.
More life for cryptomachines
Bitcoin ATMs and machines that support other cryptocurrencies are relatively rare but experiencing slow growth.
Coinme, a Seattle-based blockchain company, has deployed new ATMs in Los Angeles, the San Francisco area, San Diego, Palm Desert and Fresno, bringing its total in the state to 23 ATMs. Coinme offers an integrated digital wallet along with the machines, which enables people to buy or sell cryptocurrency.
"In addition to a large technical community that appreciates the digital, decentralized qualities of crypto, there is an unbanked population who can now use Coinme as an onramp to participation in the financial system," said Neil Bergquist, co-founder and CEO of Coinme, in a release.
From the Web
People in Sweden barely use cash — and that’s sounding alarm bells for the country's central bank
CNBC | Thu May 3, 2018 - Just 2 percent of the total value of transactions in Sweden consist of cash, and this is expected to decline to less than half a percent by 2020, according to research by Capgemini and BNP Paribas. The situation has gotten to a stage where the central bank has had to warn on the rapid rate at which physical cash is being phased out of Swedes' lives.
Who Will Buy India's Flipkart? It's A Coin Flip Between Walmart And Amazon
Forbes | Thu May 3, 2018 - Fast on the heels of Walmart’s surprise sale of Asda to Sainsbury’s for nearly $10 billion comes further news on the battle for Flipkart, one of the top players in India’s fast growing e-commerce market. With the e-commerce market at $27 billion today, some projections suggest it could be a $200 billion market in a decade and an overall economy that could surpass Japan during this same time period.
Cielo to expand partnerships with Brazilian banks and retailers
Reuters | Thu May 3, 2018 - Cielo SA, Brazil’s largest payment processor, said on Thursday it will partner with banks and retailers to sell debit and credit card processing machines instead of renting them, in the face of increasing competition from newcomers. Chief Executive Eduardo Gouveia told journalists that Cielo may partner with Banco do Brasil SA and Caixa Econômica Federal, in addition to a partnership already formed with Banco Bradesco SA.
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Why the Visa/Mastercard 'button' threatens Amazon
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