6.01.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
PayPal's smaller investment
PayPal's spending heavily to feed its international expansion, a strategy that includes a partnership with Singapore's sovereign investment fund Temasek in a $125 million stake in Pine Labs, a Indian retail payments platform.
The investment will give PayPal and Temasek a minority position, reports TechCrunch, which adds Sequoia still holds the largest stake in Pine Labs. Pine Labs offers credit, debit and mobile payments, giving PayPal a omnichannel gateway to Indian merchants, according to TechCrunch.
PayPal is also making a much larger investment by agreeing to acquire iZettle for $2.2 billion, giving PayPal access to European merchants as well as a flank against local rivals and Square.
Seeding the payments cloud
Digital payments company Moorwand is the first to open its development tools to third parties via the Open Payments Cloud.
The Open Payments Cloud provides a venue for startups and developers to build payment and retail technology innovation, with a focus on smaller entrepreneurs who otherwise would not have access to the necessary technology.
The cloud connects developers with tools to support issuing, acceptance, processing and anti money laundering risk through a single platform and testing sandbox.
Crypto firm nabs former Square exec
Payments and cryptocurrency platform Monaco had hired Stanley Lam to be chief compliance officer.
Lam previously held the same title at Square, and will help lead Monaco's international expansion.
His hire also comes at a key point for cryptocurrency companies, which are increasingly looking to regulations as a way to convince merchants to accept alternative currencies for payment.
Mastercard adds cybercrime expert
Mastercard has hired Simon Hunt as executive vice president in charge of the network's cybersecurity solutions unit.
Hunt has 20 years of experience in cybersecurity, serving in executive roles at McAfee and Intel. Hunt was most recently chief technology officer at data protection company Winmagic.
At Mastercard, Hunt will be responsible for global cybersecurity, standards, fraud reporting, the card network's Security Labs and partnership programs.
From the Web
Cash remains king for Swiss households: national bank survey
Reuters | Thu May 31, 2018 - The typical Swiss carries 133 francs ($135) around in cash and prefers debit cards to credit cards and online payments, a survey by the Swiss central bank showed, underscoring the traditional Swiss fondness for banknotes. National Bank officials said the perceived convenience and efficiency of cash made it the payment choice for most households in wealthy Switzerland, although younger people and high earners often favor using cards.
Organic food firm to donate seedlings for green efforts
China Daily | Thu May 31, 2018 - German organic food manufacturer HiPP GmbH & Co Vertrieb KG has announced it will cooperate with Ant Forest, an app affiliated with Chinese technology giant Alibaba Group Holding Ltd, to encourage members of the public to lower their carbon footprints. According to Ant Forest, any activities on Alibaba's digital payment platform Alipay that are considered low carbon, such as paying for public transportation and going paperless, will be counted and converted into green energy to cultivate virtual trees.
With Walmart aid, PhonePe wants to grow offline business, says CEO Sameer Nigam
CNBC | Thu May 31, 2018 - Flipkart-owned digital payments company, PhonePe, crossed $20 billion TVP (Total Payments value) and 100 million users in May. With Walmart announcing the acquisition of Flipkart earlier this month, the company now looks to leverage the experience of the global retail giant to make significant inroads into offline business in FY19.
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