5.7.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Mastercard has battled Indian regulators recently, but that hasn't stopped the card network from pouring funds into the country's payment system.
Mastercard has invested more than $1 billion in India over the past few years, and is extending that commitment by investing another $1 billion over the next five years, reports TheHindu.com. About $300 million of that will go toward local processing tasks such as settlement, and security features such as fraud prevention and tokenization.
Mastercard at times has objected to the Indian government's push to require outside payment companies to establish local operations for data management, though Visa and Mastercard began complying with those rules in late 2018. Mastercard has also maintained development hubs in India for several years.
The British Government's Global Entry Service will support Apple Pay and Google Pay for payments related to travel, such as the special fees required to gain expedited entry into the U.S from the U.K., online passenger disclosure fees, and electronic Visa waivers for people from the Middle East who are traveling to the U.K.
The U.K. already has its own payment app for these tasks, and adding Apple and Google makes the system more open, reports MacRumors.
The government hopes the move will reduce the need for travelers enter payment card information when using the gov.UK Pay service.
NCR has acquired Texas POS, a deal that allows NCR to take larger bite of the Houston-area restaurant market.
NCR also recently acquired JetPay to add software that supports remote merchant services and payments for restaurants and other verticals.
A long line of finance executives, most notably JPMorgan Chase CEO Jamie Dimon, have bashed bitcoin and other cryptocurrencies, generally saying the coins' value is too intangible, or too risky, or too volatile.
Warren Buffet is no exception, as he demonstrated at Berkshire Hathaway's annual meeting in Omaha, calling bitcoin a "gambling device," and a "seashell," reports Coindesk. Buffet also pointed to a button on his jacket, saying he could call it a "token" and charge $1,000 for it.
It's not unusual for Buffet to sound off on bitcoin. Almost exactly a year ago, he called bitcoin "rat poison squared," which would be worse than rat poison.
From the Web
Japan's SoftBank taps into Mexican fintech startup Clip: sources
Reuters | Mon May 6, 2019 - Japan’s SoftBank Group invested about $20 million in Mexican payments startup Clip early this year, one of its first Latin America deals as it launches a $5 billion technology fund in the region, said three people familiar with the matter. The technology conglomerate’s cash injection was part of a round that raised roughly $100 million, two of the people said last week.
PIN-Based Payment Companies Could Benefit From Consolidation
Forbes | Mon May 6, 2019 - PIN-debit networks were once an innovation of electronic payments that freed people from the burden of having to carry cash. However, smaller networks are now hobbled by strong competition from incumbents and the next generation of disruptors. M&A could help them better compete with market leaders Visa and Mastercard.
Shanghai leads in China's mobile payments in 2018
China Daily | Tue May 7, 2019 - China's financial center Shanghai leads the country in digital payments in 2018, according to a report released at the second Digital China Summit on Monday in Fuzhou, East China's Fujian province. Hangzhou in East China's Zhejiang province grabbed the second spot on the China mobile payment index list, followed by the capital city Beijing, the China Mobile Payment Development Report 2019 said as reported by Sina Finance on Tuesday.
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