4.9.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Web to bricks
The Paym Mall is expanding its online to offline consumer business, and plans to hire about 300 people over the next few weeks to support the growth.
The Indian payment company's O2O business has grown 200% over the past six months, reports the Fashion Network in India, adding the new hires will be in technology and business development.
Paytm has been using physical retail to boost its online mall for more than a year, a strategy similar to Alibaba, which is one of Paytm's backers. In the U.S., Amazon has also used strategy to expand venues for its consumer base.
Standard Chartered Bank has opened an innovation hub in Kenya to collaborate with fintechs, mobile payment companies and other developers in the region, another signal that traditional financial institutions are seeking opportunities to work with technology companies rather than take a traditionally competitive stance.
The bank has opened similar labs in Singapore, Hong Kong, London and San Francisco, and has rolled out several digital-first services in the region.
Kenya is also a traditional focus for mobile payments, where MPesa's growth in the mobile money business helped boost financial inclusion and international expansion.
Why are you paying?
Banco Santander is adding a mobile security feature that requires consumers to give the reason for a transaction in an effort to make consumers more aware of red flags.
The options are buying goods online, a property purchase, a request by a phone, or a request from family, reports Finextra.
The user then gets a tailored fraud warning that details how the "reason" may be a crook's manipulation. The consumer can then choose to cancel after reading the warning. They can also click an icon to speak with bank staff.
Fantasy cricket goes mobile
Indian payment company PhonePe has entered gaming through a partnership with Mobile Premier League, a digital gaming startup.
The two companies hope to tap into an expanding market for cricket-based gaming, reports YourStory, a local news site. Consumers can build a fantasy "Superteam" on the app, which includes in-app payments for buying players and building a cricket team.
Paytm has also expanded its core payment services to include entertainment, gaming and other streaming content.
From the Web
India highest recipient of remittances at $79 billion in 2018: World Bank
Times of India | Tues Apr. 9, 2019 - India retained its position as the world's top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report on Monday. India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said.
Brazil sprints ahead in mobile payments innovation
ZDNet | Mon Apr. 8, 2019 - Home to a burgeoning financial services technology industry, Brazil is the most advanced in the Latin America and the Caribbean when it comes to mobile payments, according to the "The state of innovation in Latin America" report published by the Visa Innovation Center. The future for mobile payments is promising, the study adds, as the number of smartphone users in Brazil will increase by 30 percent, leading to a 7.2 percent increase in mobile transactions.
Ripple (XRP) to Partner with Indian IT Giant, TCS with Ties to a Major Bank, Positive Effects on XRP Expected
CryptoNewsZ | Mon Apr 8, 2019 - Ripple will now be partnering with India based Tata Consultancy Services, a global IT solutions provider, which help the platform to enter unexplored territory. The collaboration is expected to take international remittance services to a higher level.
More from PaymentsSource
Why GDPR remains challenging, one year in
Because various aspects of the General Data Protection Regulation were made public two years before they became official law, European lawmakers naturally felt it gave companies plenty of time to get data security compliance in place.
Are gift cards the antidote to Amazon?
As Amazon experiments in retail models that remove cash and plastic cards in favor of online and mobile payments, traditional retailers may have an ace up their sleeve: the gift card.
PayPal deals headlined 2018 M&A in payments
Mergers and acquisitions in the payments segment rose 16 percent in 2018, fueled in part by PayPal closing two large deals.
Institutions need to make consumers aware of emerging digital pay attacks
It’s getting more difficult to spot online payment scams as fraudsters get more sophisticated. A recent public survey conducted by Interac found that while seven in ten Canadians believed they could confidently spot phishing scams, the majority of respondents didn’t know the safest option for dealing with them.