Morning Brief 10.5.20: Paytm, others plan new app store to counter Google

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

Striking back

Dozens of Indian companies have banded together to combat Google's decision to require 30% of in-app payments.

Most Google sellers are already in compliance, but Paytm, which is already in a dispute with Google over gaming payments, is taking a more formal move and reportedly adding allies. Paytm, MakeMyTrip and local social networks are among the companies that are in discussions to set up their own app store, according to BuzzFeed.

Originally set to take effect next year, Google extended its deadline to enforce the 30% fee policy in India to March 31, 2022, Reuters reported Monday.

Last month Google temporarily banned Paytm over fantasy cricket payments, which Google considered gambling. There's also a business rivalry in play, given Google's dominance of India's United Payment Interface network.

Ether Pong

The Atari Group plans to publicly sell its Atari Token in November following early sales of more than $1.5 million.

Called ATRI, it uses the Ethereum blockchain and has been in development for about two years, reports Coindesk. The token will primarily serve blockchain games, crypto casinos and Ultria, the video game platform.

Atari additionally supports Litecoin across its gaming platforms and for joint merchandising.

Singapore transfer

TransferWise has added support for Singapore dollars, giving it access to several of the world's major remittance corridors.

The service covers consumer and business accounts, and for businesses there's a fee of S$54 (about $38) to transfer to and from Australian dollars, Pounds, Euros, New Zealand dollars and U.S. dollars.

The pandemic has largely hurt remittance flows, but TransferWise and Remitly have fared better.

Fast crypto

Coinbase is offering instant withdrawals in the U.S., U.K. and about 40 other countries through Visa and Mastercard.

The service is designed to make it easier to convert cryptocurrency into traditional currency for use at merchants that support the card networks, reports The Block Crypto. Coinbase will charge U.S. consumers a 1.5% fee and up to 2% for U.K. and European consumers.

Most merchants are still reluctant to support cryptocurrency, so crypto payment schemes rely on conversions to traditional money.

From the web

Citigroup backs fintech company Genesis
REUTERS | Monday, October 5, 2020
Citigroup Inc C.N has made a strategic investment in Genesis Global Technology Limited, a London-based startup that develops technology to make it cheaper and faster for financial firms to build applications such as trading systems, the companies said on Monday.

Nexi to Buy SIA in Stock Deal to Create European Payment Giant
BLOOMBERG | Sunday, October 4, 2020
Italy’s Nexi SpA agreed to buy SIA SpA to create one of Europe’s biggest payment providers, adding to the wave of consolidation sweeping the continent’s financial services industry.

NEC Said to Near Purchase of Avaloq From Founder, Warburg Pincus
BLOOMBERG | Sunday, October 4, 2020
NEC Corp. is near a deal to buy Swiss banking software provider Avaloq Group AG in a transaction that values the firm at about 2 billion francs ($2.2 billion) in one of the biggest fintech deals this year, according to people familiar with the matter.

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