Morning Brief 10.6.20: Instagram pilots video shopping expansion
The information you need to start your day, from PaymentsSource and around the web:
Let's go to the videotape
Instagram plans to test shopping and ordering through its short-form video product Reels and its longer-form video service IGTV.
The Facebook-owned unit is trying to monetize and boost usage of Reels, its TikTok rival, which launched about two months ago, reports CNBC. Creators and brands will be able to add shopping tags to posts, with consumers shopping through Instagram or the retailer's site.
The move comes shortly after Facebook centralized the payment function for several of its sites, including Instagram and Messenger, in an attempt to streamline checkout among the sites.
The San Francisco 49ers are moving away from cash at Levi's Stadium as part of the NFL franchise's marketing partnership with Visa.
The stadium, which currently is not allowing in-person attendance, will support only card and mobile payments for all purchases, with reverse ATMs handling cash-only patrons.
Revolut has released a card for its premium business customers, supporting unlimited foreign exchange transactions and an allowance of free domestic transactions based on the card's top tier plan.
Called Metal, the cards are constructed of reinforced steel and come in black, gold, rose gold, space gray and silver and provide centralized controls for employee spending. Revolut launched Metal shortly after passing the 500,000 mark in business accounts. Businesses receive one to five cards, depending on their plan, and can purchase additional cards for about $65 each.
Revolut launched its business service in 2017, part of a geographic and product expansion from its roots as a London-based mobile payment app.
In real time
The move to digital payments that has accompanied the pandemic has also pushed real-time processing in a number of countries.
FIS' "Flavors of Fast" reports Bahrain, Ghana, the Philippines, Australia, India and Poland have seen a 200% or greater increase in real-time payments in the past year; with 130 U.S. financial institutions supporting real-time payments — a 500% increase from September 2019.
South Korea has the most real-time payments per capita, with 75 per citizen over the past year through the country's national HOFINET faster pay scheme. More than half of European payment service providers are now members of the SEPA Instant Payment network covering 20 nations. And Vietnam and Hungary added real-time networks in the past year, bringing the total number of countries with real-time networks to 56.
From the web
Picker, an app to discover products recommended by people you follow, picks up €1.3M seed
TECHCRUNCH | Tuesday, October 6, 2020
Picker, an app that lets you discover and buy products recommended by people you follow, has raised €1.3 million in seed funding. Backing the Barcelona-based startup is Berlin’s Btov. The company has received €2 million in funding to date, mainly from various angel investors.
Boom! Hacked page on mobile phone website is stealing customers’ card data
ARS TECHNICA | Monday, October 5, 2020
If you’re in the market for a new mobile phone plan, it’s best to avoid turning to Boom! Mobile. That is, unless you don’t mind your sensitive payment card data being sent to criminals in an attack that remained ongoing in the last few hours.
Months-old Uni raises $18.5 million seed round to expand India’s credit card market
TECHCRUNCH | Monday, October 5, 2020
The credit card industry in India appears to be stuck. According to industry estimates, between 30 million to 35 million people in the country today have at least one credit card, with up to 58 million being in circulation. Compare this to almost 1 billion debit cards.
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