6.13.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
As it plots an international expansion, the Alibaba-backed Indian digital payments company Paytm wants to extend its reach into brick-and-mortar retailers.
The company plans to deploy point of sale machines across India, reports Econotimes in India, which cited two unnamed sources with knowledge of the company's plans.
The deployment is part of an initiative to support card-present and contactless payments at merchants to build out an omnichannel strategy, similar to PayPal or Venmo pursuing in-store payments in the U.S.
Snappier SnapCar payments
As ride hailing apps such as Uber and Grab quickly add new payments technology, driver payments remains a challenge.
In France, ride-hailing app SnapCar is collaborating with Revolut to support instant automated payouts into drivers' accounts, enabling the app to accommodate the evolving needs of gig economy payrolls.
Drivers have had to collect ride fares over the course of one or two weeks, then receive payments similar to a traditional paycheck, which drivers had identified as a pain point. The new system is designed to provide more flexibility for drivers.
NatWest's buy button
NatWest and Carphone Warehouse are testing a digital button that lets users pay directly from their bank account, avoiding debit and credit cards.
Consumers at the Carphone Warehouse website will see a NatWest button that, when pressed, goes directly to the bank's app to complete the payment, reports Yahoo's U.K. technology news service.
The bank reports the pilot has been successful thus far, with consumers reporting reduced purchase times and the retailer reporting a more secure checkout experience.
Canadian initiative beefs up risk ops
Canada is updating much of the country's ecosystem to handle digital payments and faster processing, and has added an executive from one the nation's banks to guide risk.
Peter Dodic has joined Payments Canada, the association that's overseeing the project, as chief risk officer.
Dodic was formerly managing director of operational risk management for BMO Financial Group, where his work covered operational risk, financial strategy and business continuity planning.
From the Web
Sea seeks $400M raise to develop its e-commerce and payment businesses
TechCrunch | Tue June 12, 2018 - Southeast Asia-based internet firm Sea is raising $400 million through the sale of notes in what would be its first fundraising activity since it went public via in an October 2017 IPO that raised over $1 billion. The Singapore-based company, formerly known as Garena, said that the senior note offering will put toward general costs and business expansion.
Google adds tools for brick-and-mortar stores to boost interest from online shoppers
TechCrunch | Tue June 12, 2018 - Despite the growth of Amazon and other e-commerce giants, offline commerce — buying goods from brick-and-mortar stores — still accounts for around 90 percent of all retail spending. So in a bid to bridge the divide between online and in-store commerce — and potentially get itself a bigger piece of the action — Google is announcing a number of new features for Google Shopping aimed at physical and local merchants.
Feds: Social Security employee used dead people to steal $680,000
The Washington Times | Tue June 12, 2018 - Federal authorities arrested and charged a Social Security employee Monday with a massive fraud, accusing her of using dead people’s identities to apply for hundreds of thousands of dollars in bogus benefits she then pocketed. Over five years, she pocketed at least $680,000 in fraudulent payments, according to a lengthy 10-count indictment.
More from PaymentsSource
Phone becomes a throw-in for mobile wallet app in South Africa
Telco mobile money apps drove financial inclusion in parts of Africa a decade ago, and a startup is trying to kick off another wave by giving the technology away.
To be truly innovative, banks have to cede control of payments data
Above all, open banking helps financial institutions improve the user experience, increasing customer satisfaction and addressing consumer needs, writes Aurimas Adomavicius, president and co-founder of Devbridge Group.
With mobile app stalled, Starbucks turns to Chase cards to boost rewards program
Retailers in the quick-service food and beverage industry have tried to emulate Starbucks' popular mobile app and mobile order-ahead technologies, but Starbucks itself appears to be leaning toward generating more sales through plastic cards.
HSBC applies artificial intelligence to loyalty to keep customers on board
HSBC’s U.S. operation caters to a heavily international audience and its credit card perks have many nuances, so the bank is using artificial intelligence to nudge customers toward more effective use of their rewards.