Morning Brief 3.19.20: Paytm launches major virtual card push
The information you need to start your day, from PaymentsSource and around the web:
Paytm Payments Bank will issue virtual Visa debit cards and quickly ramp up production, with a goal of having more than 10 million cards in the market in the next year.
The division of One97 Communications is the largest issuer of Rupay debit cards in India, according to the Economic Times.
Paytm hopes the virtual cards will spur international payments for consumers in India. There's also plans to issue a plastic card in the near future.
DLT crime detective
PayPal is looking for a blockchain expert to find ways to use the tech to combat payments crime.
The director will develop blockchain use cases for assessing risk. PayPal has made several investments in blockchain companies over the past couple of years.
Coinzoom has launched its cryptocurrency exchange, including a card that allows users to use cryptocurrencies to make payments in Visa's merchant network.
The fintech's digital wallet supports bitcoin, XRP, ethereum and a basket of other cryptocurrencies.
The card allows chip, contactless and ATM transactions by converting cryptocurrencies to U.S. dollars before completing the purchase — a process similar to most cryptocurrency payments that convert before merchant acceptance.
SAP and Goldman Sachs have partnered in an attempt to scale B2B payments over a network of millions of companies.
The pairing will supply "local currency" payments, removing conversion steps for international transactions.
The growth of blockchain options for cross-border suppliers via firms such as Ripple has pushed innovation from larger companies to remove third parties to manage currency exchange for supply chains.
The U.K.'s Humber Bridge is asking drivers to use contactless payments instead of cash as a measure to minimize spread of the coronavirus.
Toll booth staff have been given gloves, wipes and hand sanitizer as an extra measure, reports Finextra. The bridge carries more than 10,000 vehicles per day.
Contactless payments, which avoid paper bills and most contact with point of sale terminals, have increased as a result of the crisis.
From the Web
Scammers may try to steal direct payments to Americans for coronavirus relief
CNBC | Wed March 18, 2020
Financial scammers will likely try to steal money offered to Americans suffering from the negative economic effects of the coronavirus pandemic — and the public should be on its guard, federal officials warned on Wednesday. The FTC, in its memo, identified three signs of likely fraud in the event Washington eventually makes these relief payments to Americans.
Germ-ridden cash may boost use of contactless payments
CNBC | Wed March 18, 2020
Americans could finally be ready to embrace digital wallets and contactless payments, after years of reluctance as coronavirus spreads. More consumers opt for similar “tap and go” transactions through digital wallets like Apple Pay or Google Pay, to avoid handling cash and credit cards during the outbreak, according to Martini at Member Access Processing.
Pandemic Erodes Gig Economy Work
THE NEW YORK TIMES | Wed March 18, 2020
As the fallout from the coronavirus spreads, gig workers’ earnings have plummeted and many have become disgruntled about their lack of health care. But even as public health agencies have recommended social isolation to insulate people from the virus, gig workers must continue interacting with others to pay their bills.
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