Morning Brief 6.25.20: Square speeds delivery for online sellers
The information you need to start your day, from PaymentsSource and around the web:
Square, which faced heat from merchants earlier this week due to a chargeback hedge of withholding some payment revenue, is reaching out to its online merchants with an offer of expedited delivery.
Called On-Demand Delivery, it allows Square Online Store sellers to dispatch a courier through third-party delivery apps for orders placed on the sellers' websites. Square charges a $1.50 fee per order, with an additional fee for the delivery partner based on details of the order.
Sellers also receive the contact information for the consumers that can be fed to other Square products to aid in incentive marketing and cross-selling.
Video gaming has increased during coronavirus lockdowns, creating an opportunity for technology firms to sell payment technology to game operators.
Tipalti has added several gaming companies to its payment network, which specializes in firms with geographically dispersed payees. Streaming platform DLive, esports operation Gen.G and PC game developer Hole Fire Games have hired Tipalti to manage mass payments and accounts payable.
Tipalti also hopes to manage tax, fraud and regulatory compliance for the gaming companies.
The Women’s Network in Electronic Transactions (Wnet) has named its first CEO, 15 years after the organization was founded. In her new role Wendy Holliday will work to expand Wnet’s mission of creating more leadership positions for women across the payments industry, according to an announcement.
Holliday, who previously served as the executive director at Digital Enterprise Society, has been active in supporting the advancement of women in a career spanning 20 years at various nonprofit organizations. Holliday will be a featured presenter at PayTechWomenLive, Wnet’s first virtual event slated for July 21.
U.K. P2P lending and payment app Zopa has gotten a banking license, enabling it to add more financial products as it attempts to compete with other challenger banks such as Revolut, Starling and Monzo.
Zopa has been attempting to get a banking license for about four years, and will start with a one-to-five year term fixed savings account.
Zopa recently received an investment of about $170 million, which allowed it to meet regulatory capital requirements for the banking license, reports Finextra.
From the Web
Wirecard Files for Insolvency After Revealing Accounting Hole
THE WALL STREET JOURNAL | Thu June 25, 2020
German fintech company Wirecard AG said it is filing for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didn’t exist. The move was the latest in a startlingly swift unwind for a company that until recently was a shining star in Europe’s tech scene.
Kenya's central bank extends mobile payments relief by six months
REUTERS | Wed June 24, 2020
Kenya will extend various relief measures on mobile phone payments that were introduced to help to curb the spread of the new coronavirus by a further six months, the central bank said on Wednesday.
An alarming number of people are complaining about their Citi credit card accounts
CNN | Wed June 24, 2020
Borrowers complained about several aspects — from inflexible late fees and interest charges, to refusals to provide assistance for those with financial hardships.
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