Morning Brief 7.15.20: PayPal signals greater interest in crypto

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

Inching ahead

The rumors that PayPal is expanding its cryptocurrency interests have gained steam due to a letter to the European Commission.

The letter was a response to the commission's request for comment on an EU framework for crypto assets, reports Cointelegraph, adding PayPal says it's monitoring and evaluating developments in blockchain and distributed ledgers, and dropped out of the Facebook-affiliated Libra project in part to work on its own projects. PayPal has also posted job openings for blockchain experts, according to Contelegraph.

PayPal has not made any public announcement about crypto plans. PayPal's potential support could influence other payment technology companies to consider a retail payments use case for cryptocurrency.

Rush to Jio

Google is in talks to acquire a stake in Reliance Industries' Jio, which operates Reliance's digital commerce arm.

A deal could come in the next few weeks, reports the Economic Times in India, adding investors have poured more than $15 billion into Jio in just the past few months.

Facebook is among those firms, recently paying about $6 billion to acquire a 10% stake in Reliance's digital arm, which includes Jio. Jio is developing a retail venture, providing an additional way to enter India's digital payments market for investors.

Return to travel

The coronavirus halted most travel, but companies that serve the industry are preparing for its recovery.

B2B payments and business services company Onyx CenterSource, which specializes in the hospitality industry, has partnered with WEX to build virtual payments for travel agencies.

The two companies hope to reach firms that are trying to use digital transactions as part of a strategy to resume travel while reducing manual transactions.

Early buy in

Visa has started piloting a previously announced API that allows issuers to offer point of sale credit in installments, rather than as part of a credit card balance.

TSYS, Commerce Bank and ChargeAfter are the first announced users, giving the card brand a merchant acquirer, bank and fintech.

Point of sale credit has traditionally been an alternative to credit cards, but has been gaining popularity in the past year, accelerating during the pandemic. Visa has invested in Klarna, one of the point of sale credit market's most recognizable brands.

From the Web

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