Morning Brief 4.16.20: New coronavirus relief proposal relies on P2P apps for speed

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

Emergency money

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.

Picturing food

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.

Open gateway

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.

Crypto attacks

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.

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