Morning Brief 8.20.20: JetBlue, Goldman offer installments for ticket sales
The information you need to start your day, from PaymentsSource and around the web:
JetBlue is getting in on the trend toward point of sale credit, a credit card alternative that is fueled by growing companies like Klarna, Splitit, Affirm and investments from the card networks themselves.
The airline will use an existing partnership with Goldman Sachs to support ticket purchases over installments, reports Travel Weekly, adding options and terms will be made available on JetBlue's app and site.
JetBlue works with Marcus, Goldman Sachs' consumer finance unit, and like all airlines is looking for ways to boost bookings as the coronavirus has dramatically reduced air travel.
Paytm is increasing its reach into investments through a partnership with StockHolding, one of India's largest online trading portals and custodial services with a network of more than 200 branches.
The two companies will provide payments and depository services through Paytm's app, reports CRN News in India. All payments tied to StockHolding will funnel through Paytm.
Mastercard and Toronto-based fintech AptPay are trying to address small-business liquidity problems through a real-time payments integration.
AptPay, which serves mostly insurance, gaming, entertainment and gig economy companies, will link to Mastercard's push payments product to support faster funds access via digital wallets, bank accounts and prepaid cards.
The two companies are also trying to reduce the use of checks, which still account for about half of transactions for small businesses, though several companies are offering technology to reduce paper check use.
Paysafe, Bankable and the British Red Cross are collaborating to issue prepaid Visa cards for disasters and other emergencies.
The cards will support the on the ground financial aid that the Red Cross provides, giving an alternative to cash for people who are concerned about using paper bills, according to Paysafe. The cards can be used at any location that accepts Visa cards.
Like a lot of countries, people in the U.K. have moved away from cash in droves, though it's unlikely that cash is contagious.
Payment technology company FSS Technologies is approaching small businesses with a new acquiring platform, hoping to hone in on a market dominated by Stripe, Square and PayPal.
Called Embark, the "acquiring as a service" model is focused on banks, payment aggregators and small merchants. FSS hopes to reach micro, small and medium enterprises, contending this segment is underserved and can be reached by avoiding complicated integrations and pooling resources.
Embark's services include online and in-store acceptance, processing, authentication, authorization and settlement.
From the Web
Max Levchin is looking ahead to fintech’s next big opportunities
TECHCRUNCH | Wednesday Aug 19 2020
Max Levchin needs little introduction in the world of tech. As an entrepreneur, he’s been the co-founder of PayPal (now public), Slide (acquired by Google) and Affirm (reportedly about to go public), some of the hottest startups to have come out of Silicon Valley. And as an investor, he’s applied his power of observation and execution also towards helping many others build huge technology businesses.
Instacart will cover the cost of its shoppers' COVID-19 screenings
ENGADGET | Wednesday Aug 19 2020
Instacart will cover the cost of COVID-19 screenings and virtual medical appointments for shoppers until the end of the year. The company ran a pilot project on that front earlier in the summer in Pennsylvania and Washington, DC, and now it’s rolling out the program nationwide.
Pro-Bitcoin Senate Candidate Wins Primary Race in Wyoming
COINDESK | Wednesday Aug 19 2020
Cynthia Lummis, a former U.S. Representative and current bitcoin advocate, has won her primary race to join the U.S. Senate representing Wyoming.
More from PaymentsSource
Now is the time to advance women leaders in the payments industry
Unlocking the power of diversity doesn't just happen, it starts with inclusion, so we can benefit from diverse insights that will drive innovation to shape the future of payments, says TD Bank's Angela Conti.
7-Eleven innovates in the style of Starbucks to adapt to the pandemic
7-Eleven’s not a quick serve restaurant chain or an e-commerce marketplace, but it still found substantial use for its app as a way to quickly address the health worries of its consumers.
Why Amex is buying Kabbage
American Express is buying “substantially all” of the online lender Kabbage, but not its loan portfolio. So what is it getting?
JPMorgan Chase in talks to offer ATM services in post offices: Report
WASHINGTON — JPMorgan Chase is reportedly in discussions with the U.S. Postal Service to test ATMs and other banking services at post offices in several states, according to a report from Capitol Forum.
Payment innovation is just the trunk of larger tree
Today’s economic environment is the rocket fuel that’s accelerating consumer demand for magic in the way they pay. Consumers want fast, captivating experiences, delivered through innovative and secure solutions.
Online shopping leads recovery in U.K. consumer spending
U.K. consumer spending jumped the most since 2016 last month, led by a surge in Internet purchases as bars and restaurants continued to suffer.
Santander Bank ATMs hit with prepaid card fraud
Santander Bank in Boston confirmed that thieves had stolen money from several of its in-branch ATMs.
Have banks, fintechs compete to bring banking services to post offices
A pilot program that would let banks, credit unions and challenger banks bid to offer financial services within rural and inner-city post offices could be a first step in serving the underbanked while also helping to shore up the U.S. Postal Service's finances.
Ripple debuts digital ID project with 40 companies on board
By slicing clutter out of international payments, Ripple managed to turn rivals into partners once before. It hopes a hunger for sharable authentication can make that happen again.
To meet PSD2 needs, Marqeta built its own take on 3D Secure
For Marqeta, the advancement of 3D Secure 2.0 in Europe presented an opportunity to design its own version of the online security protocol in order to claim ownership of the standard and provide more flexibility for its use with customers.