Morning Brief 4.16.20: New coronavirus relief proposal relies on P2P apps for speed
The information you need to start your day, from PaymentsSource and around the web:
A proposed coronavirus relief bill leaves space for Venmo and Zelle to funnel money to underbanked and other consumers.
The Emergency Money for the People Act, introduced by Reps. Tim Ryan, D-Ohio, and Ro Khanna. D-Calif., would send most Americans $2,000 per month until the economic crisis abates. The bill specifically mentions Venmo, Zelle and PayPal as methods to expedite the government payments and reach a broader set of people.
PayPal was among the first non-banks to get permission to make loans under the government's recently passed small business rescue package.
Instagram has partnered with ordering platform ChowNow to make pictures of food shoppable.
Restaurants can add stickers to Instagram photos or stories, which will have a direct link to order forms pre-filled with the meal or a gift card option, reports Engadget.
Instagram hopes to boost order and delivery volume at restaurants, which are largely closed to dine-in customers due to the coronavirus pandemic. The stickers are also shareable.
Mongolian fintech High Payment Solutions has collaborated with ACI Worldwide to build Mongolia's first payments gateway.
While more Mongolians are shopping online, there is a lack of reliable payment methods to support international e-commerce, Hi-Pay contends.
The U.S government has issued a new warning alleging North Korea is using cryptocurrency-related attacks to fund its weapons of mass destruction programs.
The country has committed payment fraud to raise more than $1.5 billion in cryptocurrency, reports Coindesk, adding the FBI and other agencies are asking other governments to strengthen anti-money laundering and other digital currency controls.
North Korea has frequently been tied to hacks on financial systems, mostly to circumvent sanctions from the U.S. and other nations.
From the web
Financial tech startup Previse raises $11 million to help suppliers get paid faster
TECHCRUNCH | Wed April 15, 2020
Previse, a fintech focused on helping suppliers get faster payment, announced that it has raised $11 million in new funding led by Reefknot Investments and Mastercard.
US banks detail dramatic fall in credit card spending
FINANCIAL TIMES | Wed April 15, 2020
First-quarter earnings reports from big US banks capture the dramatic changes in customer behaviour that occurred as the US was shut down in March — including a dramatic reduction in consumer spending.
Cashless transactions spike as Covid-19 forces public to adapt
THE STRAITS TIMES | Thu April 16, 2020
The Covid-19 outbreak has drastically accelerated Singapore's shift to a cashless world, with unprecedented growth in the number of e-payment transactions amid a sharp decrease in cash withdrawals and deposits.
More from PaymentsSource
The coronavirus is putting payments IT projects into hyperdrive
IT projects are under scrutiny due to the coronavirus, not only in terms of budgets but also how fast firms can deploy automation for tasks such as business payments for companies that have turned to remote work.
Incentive marketing is an alternative to deferral for card issuers
While the primary focus for most credit card providers in March was on emphasizing fee forgiveness and payment deferral support, moving forward issuers need to focus on a mix of strategies to retain their cardholders' share of spend, says The Futurist Group's Demitry Estrin.
SEPA finds firmer footing amid coronavirus shutdowns
Even before the coronavirus pandemic, it was becoming clear that the work of the past decade to establish the Single Euro Payment Area was paying off with real-time payments networks and opening possibilities for another European payments scheme.
OCBC introduces Google Pay to fuel cashless P2P transactions in Singapore
OCBC Bank has integrated Google Pay into its P2P transfer service, thereby expanding its customers’ options for reducing their cash usage during the coronavirus crisis.
How TD got a head start on coronavirus preparations
TD Bank Group says it had a canary in the coal mine early on in the coronavirus outbreak.
Coronavirus brings lessons to retailers, issuers about contactless payments
Though NFC adoption is still somewhat patchwork in the U.S., new data suggests contactless payment transaction volume is rising during the coronavirus outbreak, giving an advantage to banks and merchants that enabled it early.
Self-ordering is self-checkout's next companion
The fourth industrial revolution has arrived and brought with it cloud computing, the IoT, artificial intelligence, machine learning and other buzzwords we’ve all heard in the last number of years. What’s coming next and what are the implications to business owners and consumers?
Loyalty marketing can help merchants, but the messaging has to be right
Many companies are working to adjust to the current circumstances amid COVID-19, and securing the safety of customers and staff is number No. 1 on the list. Once these priorities are in place, brands that can stay open, either for in-person or online access, can then turn to other aspects of running a business, like customer retention and loyalty.