Morning Brief 7.14.20: Lloyds plans subscription payments feature

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The information you need to start your day, from PaymentsSource and around the web:

Recurring initiatives

Lloyds plans to add a subscription management feature to its app, making it the latest company to jump into the fast growing business model.

Consumers will be able to view debit card subscriptions in real-time and receive push notifications alerting them of changes, reports Finextra. Lloyds reports more than 1.3 million customers have added subscriptions since March, up from 325,000 in February.

Subscriptions have increased rapidly for some providers during the coronavirus shutdowns as consumers' spending habits changed. The trend has attracted Twitter, which is reportedly hiring engineers for a potential subscription portal.

New haul

Cosmopolitan and Klarna plan a Gen Z and millennial focused virtual shopping event in the U.S., hoping to create an event that's similar to Amazon Prime Day or Singles Day in China.

Called "Hauliday by Cosmo x Klarna," the August 8-9 event will feature Adidas, Sephora, rue21, Rhone and others from Klarna's network of about 4,200 merchants. Klarna says it's working off a base of about 72 million monthly Cosmopolitan readers and 8 million Klarna users.

Prime Day has become one of Amazon's marquee events, enabling it to showcase other products while influencing other online merchants; and Alibaba's Singles Day has become the world's largest virtual shopping event.

On the block

Singapore blockchain payments initiative Project Ubin has finished its prototype and will begin its commercial rollout.

JPMorgan Chase, the Monetary Authority of Singapore and Temasek have co-developed Ubin, which uses a distributed ledger to support settlement, trade finance, cross-border payments, foreign exchange and integration with other blockchain platforms, explains Newsbreak, a local site.

Once live, the partners, who have worked with about 40 other firms during five phases of testing, will begin work on adding other payment types and use cases.

Exec jump

Paytm has hired former Walmart exec Harsh Gupta to lead its merchant payments operation.

Gupta had been product manager of Walmart's mobile payment app in India, reports Entrakr. The hire follows One97's recent hiring of Anubhav Sharma, the former head of UPI, to be vice president of Paytm Payments Bank.

Paytm is adding talent as it faces increased competition from Phone Pe and Google Pay, which controls a majority of the UPI volume in India.

Installment raise

Point of sale credit company Sezzle has raised about $90 million through a fully-underwritten institutional placement in Australia.

The four-year-old Sezzle is based in Minneapolis and received its license in California earlier in 2020. It partners with merchants to finance purchases, which are usually paid in installments without interest — with merchants paying fees to Sezzle.

Sezzle is part of a growing market of point of sale credit providers, including firms like Splitit, Affirm and Klarna.

From the Web

Regulators plot path for cross-border payments to counter Facebook
REUTERS | Mon July 13, 2020
Streamlining anti-money laundering checks, longer central bank opening hours and linking national systems would cut cross-border payment costs, global regulators said on Monday.

Breached Data Indexer ‘Data Viper’ Hacked
KREBS ON SECURITY | Mon July 13, 2020
Data Viper, a security startup that provides access to some 15 billion usernames, passwords and other information exposed in more than 8,000 website breaches, has itself been hacked and its user database posted online.

Brazil central bank must adapt regulation to big tech companies, director says
REUTERS | Mon July 13, 2020
Brazil’s banking regulation must adapt to big technology companies to ensure competition in the financial arena, central bank director Joao Manoel Pinho de Mello said on Monday in a webcast with newspaper Valor Economico.

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