7.2.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Paytm says it will not charge wallet usage fees to consumers to cover merchant discount rates from banks and card companies.
The digital payments company reportedly plans to charge 1% on credit card payments and 0.9% on debit transactions — or a "convenience fee" — to cover the merchant discount rate, reports the Economic Times, adding the fees will apply to adding funds to the wallet, paying utility bills, school fees, and other purchases such as movie tickets via Paytm.
In a statement on its website, Paytm contends it is not adding fees to use its platform, but there are a "few merchants" like educational institutions and utility service providers that do not absorb credit card charges — in effect saying the providers are responsible for the extra fees, and not Paytm. Paytm recommends those customers use debit cards or India's government-backed United Payments Interface to make payments.
U.K. digital receipt company Flux, which has worked with clients such as Barclays, Starling Bank and Monzo, has moved into the online merchant space with a collaboration with Just Eat, an online marketplace for takeout and delivery.
Just Eat's consumers will receive Flux's itemized receipts in their banking app, reports TechCrunch, adding Flux hopes online marketplaces can open a route to diversify its services.
Flux says itemized digital receipts can offer deeper insight into eating habits, which could inform fitness, budgeting and marketing services in the future.
Austin's transit system is expected to add support for Apple Pay and Google Pay later in July, joining a growing list of transit systems adopting open and contactless payments this year.
CapMetro is deploying about 700 scanners to its fleet to support contactless payments, and will enable mobile payment in the agency's mobile app, reports Apple Insider, adding Austin is Apple's second largest corporate city in the U.S., and the company plans on adding about 5,000 jobs in Austin the next few years.
Apple also hopes to extend Apple Pay usage in transit systems globally as part of its goal to reach 10 billion transactions.
Revolut has added a feature that enables consumers to round up card payments and make charitable donations with initial organizations including ILGA-Europe, Save the Children and the WWF.
The U.K. fintech expects to add other organizations later this year, reports Mashable, adding there are options for one-off or recurring donations.
Blockchain companies Huobi and Nervos have entered a partnership to build decentralized financial services, including features designed for merchants.
The companies will build lending, debit, stablecoins, security tokens, decentralized exchanges and retail payments. The Singapore-based project is expected to trial in the first quarter of 2020 and launch in the second quarter of 2020. Stablecoins are designed to hedge against the market volatility of cryptocurrencies to encourage merchants to accept cryptocurrency payments.
The Huobi/Nervos project will be open source and will support smart contracts, another key feature for blockchain and cryptocurrency powered transactions.
From the Web
US social media users unlikely to use Libra, survey shows
Yahoo Finance | Mon July 1, 2019 - U.S. social media users say they are unlikely to use Facebook’s cryptocurrency Libra, according to the research by financial services company Jefferies. More than 600 people have taken part in the survey, and four in five respondents said they were “Unlikely” or “Very unlikely” to buy the cryptocurrency.
Wirecard to Offer Instalment Payment Service to Shopee Users in Singapore
Yahoo Finance | Mon July 1, 2019 - Wirecard is set to launch an instalment payment plan (IPP) on Shopee. The IPP will be rolled out to selected Shopee sellers in Singapore, who will receive full settlement upon order completion.
Kopitiam takes e-payment to next level with cryptocurrencies
The Business Times | Mon July 1, 2019 - Kopitiam foodcourts are a mainstay of many Singapore malls, and the revamped Funan mall is no different, with a Kopitiam installed in its basement. What sets it apart however, is how the humble foodcourt has been reinvented to keep up with the times - KOPItech will feature 20 self-service kiosks linked to an e-payment system that accepts numerous payment modes, including in cryptocurrencies.
More from PaymentsSource
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Klarna, Abercrombie & Fitch expand lending collaboration to U.S., U.K.
Abercrombie & Fitch and Klarna are following a successful launch of short-term installment loans on apparel in Germany by adding more markets.
Payment interoperability can't exist without APIs
When placing a phone call, no one stops to consider whether they’re on a different carrier’s network than the person they’re calling. It doesn’t matter; the call will go through regardless. Similar to wireless networks, payments are sent and received across different platforms, so shouldn’t the process be just as easy?