2.20.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Donations are a key gateway to digital commerce, and Instagram is bolstering its donor tools in a way that could boost other shopping and payment activities.
Instagram plans to launch a Fundraiser sticker, which would allow Instagram's 1 billion users to add a Donate button to their Instagram "Story," TechCrunch reports, adding Instagram could offer instant checkout following the donation via the same payment details.
Instagram has enhanced its shopping and payment features over the past year, adding new markets and making it easier for users to buy items without leaving the app.
Barclays will host more than 100 "clinics," or events that are designed to help businesses support payments and other transactions for their clients following Brexit.
The events will be in bank branches, and will have co-working spaces for developers with a focus on supply chain transactions, cash-flow management, invoicing, and fraud prevention. The needs of specific business lines, such as health care, hospitality and construction, will also be included.
Barclays is among a growing number of companies that are adjusting their strategy as the Brexit deadline approaches. Other banks and fintechs are building workarounds to respond to how payment and transaction processing and licensing requirements may change.
Coinbase has acquired Neutrino, a blockchain intelligence platform, in an effort to combat cryptocurrency theft and other crimes.
Neutrino is a London-based firm that was among the companies that studied the impacts of the WannaCry malware. It will operate as an independent unit after the acquisition, and will be used to locate and combat malware and ransomware; and identify parties that are misusing cryptocurrencies and related assets.
It will also work in compliance, an increasingly important task as cryptocurrency regulations expand globally.
It's also a sign Google Pay has turned a corner after years of strategic shifts. Google's mobile wallet has undergone several iterations.
From the Web
Mexico pushes mobile payments to help unbanked consumers ditch cash
Reuters | Tue February 19, 2019 - The administration of President Andres Manuel Lopez Obrador is planning a digital payments system run and built by the central bank that will allow Mexicans to make and receive payments through their smartphones free of charge. A pilot roll-out for the platform, known as CoDi, is expected by March.
PayPal CEO predicts digital payments industry will mature into a $100 trillion market
CNBC | Tue February 19, 2019 - PayPal CEO Dan Schulman said that the digital payments industry may become a $100 trillion market as the financial technology sector continues to grow rapidly. And as Venmo, PayPal's popular mobile payments service, continues to partner with more merchants, he said there are no signs that disappointing holiday sales and a potential global slowdown will negatively affect the sector.
The battle between cash and mobile payments in Africa
BBC | Tue February 19, 2019 - Nigeria might be Africa's largest economy, but when it comes to financial matters, people typically favour cash payments over technology. Despite high mobile penetration, only 6% of the population uses mobile phones to make financial transactions.
More from PaymentsSource
The startups catering to gig-economy workers
When Johnny Reinsch went from being an attorney to a freelance consultant, he stumbled into a cash-flow problem when a good client failed to pay on time due to a mistake.
Wirecard enables furniture payments on delivery in Germany
Furniture retailers typically split payment for big-ticket items with a deposit and the balance due upon delivery, but the process is usually fraught with paperwork, security and efficiency gaps.
Iowa State Fair will require vendors to accept both cards and cash
In the tug-of-war over merchants refusing either cash or cards embroiling local governments in New Jersey, New York City and Philadelphia, the Iowa State Fair is taking the middle ground. Beginning next year, all fair vendors will be required to accept cash, cards and contactless payments through First Data’s Clover devices.
Google, Salesforce invest in U.K. payments startup GoCardless
The venture capital arms of Alphabet Inc.’s Google and Salesforce.com Inc. are investing in U.K. payments startup GoCardless, which has has raised an additional $75 million to fund expansion.