Morning Brief 9.10.20: PayPal takes Visa Direct collaboration global
The instant-payments partnership between Visa and PayPal powered by direct debit has gone global.
Visa Direct now enables real-time access to funds transferred via PayPal’s digital wallet or its Venmo or Xoom apps in new global markets, including white-label variations of PayPal’s Braintree, Hyperwallet and iZettle solutions, according to a press release.
The move builds on a PayPal-Visa Direct collaboration for U.S. instant transfers to bank accounts announced last year, which later expanded to Canada.
Mastercard is inviting central banks and other organizations to experiment with national digital currencies on its new virtual testing platform.
The monetary authorities of various countries around the world, along with banks and tech firms may use the sandbox environment Mastercard has created to test and validate use cases with existing payment rails, according to Finextra.
Mastercard’s platform is structured so participants may simulate issuance, distribution and exchange of CBDCs between banks, other financial services providers and consumers with no direct risk.
Fiserv is the latest financial services platform to offer a Buy Now, Pay Later (BNPL) option to merchants looking to give unbanked and cash-strapped customers an installment lending option at checkout.
Working with QuadPay, merchants connected to Fiserv can offer customers the option to pay for online purchases in six weekly interest-free installments. Fanatics, a sports merchandise e-commerce store, has adopted the solution.
The popularity of BNPL options for e-commerce will push Klarna, which pioneered the concept, close to a $10 billion valuation with its latest proposed funding round, Reuters reported this week.
London-based Banking Circle is working to give banks more control over managing global B2B payments through software that addresses complexities associated with Swift, Faster Payments, CHAPS, SEPA and local clearing.
Two solutions, Payments on Behalf and Collections on Behalf, aim to handle compliance and reconciliation across diverse payment types for corporate customers in 24 currencies, according to a press release.
Banking Circle is launching with banks in the U.K. and Europe, with more currencies and reach planned.
From the Web
Credit Suisse to launch fintech rival digital banking app in October
REUTERS | Thursday, Sept. 10 2020
Credit Suisse will launch a digital banking app in October challenging fintechs like Revolut in the Swiss bank’s home market by offering free foreign transactions and fully digital wealth management, the bank said on Thursday.
Fortnite says gamers can no longer use Apple sign-in system
REUTERS | Wednesday, Sept. 9 2020
Apple and Epic Games have been in a legal battle since August, when the maker of the popular video game launched its own in-app payment system.
Twetch Launches Encrypted Messaging, In-Chat Payments on BSV Blockchain
COINDESK | Wednesday, Sept. 9 2020
Twetch, a micropayment-based social network that runs on the Bitcoin SV blockchain, has introduced an encrypted direct-messaging function that lets users send each other money in the chat.
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