Morning Brief 10.16.19: Paytm closes in on $2 billion in new funding

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

Stocking up

Paytm's close to drawing $2 billion from investors such as Ant Financial, Softbank and Discovery Capital Management.

The Indian financial services company is interested in accumulating funds to battle Facebook, Google and Walmart, which all have designs on the Indian e-commerce and digital payments market, reports NDTV in India. Amazon's also investing in payments technology in India.

The round would value Paytm at about $16 billion, or more than regional ride-sharing companies Grab and Go Jek, which are also adding financial services to their core apps.

Interac and the Pays

Interac has broadened its e-commerce reach for Apple Pay and Google Pay, adding ScotiaBank, Tangerine and Everlink.

The addition supports in-app and browser purchases from from the financial institutions' merchant networks, joining Moneris, Canada's Credit Union, Coast Capital, Desjardins and National Bank.

Interac, Canada's national debit service, hopes to reach a retail mobile commerce market that it estimates will jump to $30 billion in 2023 from $16 billion this year.

Installing Samsung

Klarna has partnered with Samsung Electronics, giving the installment payments fintech access to a broad range of e-commerce electronic purchases.

Samsung will support payment terms of 30 days, three monthly payments or spreading costs up to four years as a way to encourage larger ticket purchases. Klarna recently raised about $460 million from investors to build its point of sale technology, and also added Abercrombie & Fitch and H&M to its merchant roster.

Samsung's mobile app Samsung Pay this week also added extended NFC point of sale technology through a partnership with Mobeewave.

Paying later

Shopify has added Splitit's Buy Now Pay Later feature to its network, enabling Shopify's e-commerce merchants in 20 countries to offer installment financing through Splitit's global payment solution. Splitit separately has signed an agreement with Divido's global POS finance platform that connects lenders with retailers.

Splitit recently expanded into the B2B segment through a partnership with 1800-Accountant, enabling the accountancy firm's customers to pay for services through monthly installments.

Cryptopay

Merchant services firm Aliant Payments will pay its own staff partly in a combination of bitcoin and litecoin.

The company contends that as a fintech, its staff will be amenable to receiving compensation in cryptocurrency and has a vested interest in cryptocurrency adoption since Aliant supports crypto payments technology.

Cryptocurrency is also considered a payroll option for the gig economy, which requires more flexible payment terms.

From the web

TransferWise rolls out multicurrency debit card in Singapore
THE BUSINESS TIMES | Tue October 15, 2019
UK-based fintech player TransferWise has ruled out applying for a digital bank licence in Singapore. Instead, it is looking to grow its core business of cross-border payments in the region. Known as the Borderless account, TransferWise's multicurrency account for individuals and corporates works as an e-wallet. It has a MasterCard debit card tied to it, and helps Asian travellers and small businesses to dodge traditionally high FX markup rates.

Fintech investments in Singapore cross billion-dollar mark
THE STRAITS TIMES | Wed October 16, 2019
Financial technology start-ups raised more money in the first nine months of this year than in the whole of last year. About US$735 million (S$1 billion) was poured into fintech-related deals, a 69 percent increase from the same period last year, professional services firm Accenture said, noting that the amount exceeded the $642 million raised in the whole of last year.

“BriansClub” Hack Rescues 26M Stolen Cards
KREBS ON SECURITY | Tue October 15, 2019
“BriansClub,” one of the largest underground stores for buying stolen credit card data, has itself been hacked. The data stolen from BriansClub encompasses more than 26 million credit and debit card records taken from hacked online and brick-and-mortar retailers over the past four years, including almost eight million records uploaded to the shop in 2019 alone.

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