Morning Brief 2.11.20: Revolut launches open banking in the U.K.
The information you need to start your day, from PaymentsSource and around the web:
Revolut has launched its open banking offering in the U.K. for retail and business clients, hoping to support a single view of all balances and transactions on one app.
The fintech is using TrueLayer's API to aggregate and update information from different sources, such as banks or other fintechs. The app will also support budget controls.
Revolut has been adding financial services to its core digital payments app for several years, and is in the midst of raising funds that could take its valuation to as much as $8 billion.
Around the bend
Curve has added more mobile wallet support to its "all-in-one" card and has opened its first office in the U.S. as part of its international expansion.
The new Curve office will be in Brooklyn, and follows other challenger banks that have opened offices in the U.S. recently, such as Monzo and N26. Curve expects to launch in the U.S. by the end of 2020.
The fintech says it will create 185 jobs in the next four years and invest $17 million over the next decade in new card and payments technology.
Wirecard and SAP are expanding an existing collaboration. Wirecard's technology will combine with specific SAP divisions to build joint products for different elements of mobile commerce.
Part of the collaboration will focus on ways to use the cloud to integrate new payment types as part of a larger bundle of merchant services.
Sydney transit riders overpaid more than $250,000 over the past three months due to a glitch in the contactless payment system.
The transit authority has refunded the money, and says the problems were "minor," reports The Sydney Morning Herald, adding the issue has been repaired.
It was also a relatively small financial shortfall, or about 0.6% of the $46 million in contactless transit payments in Sydney over the past three months.
From the Web
The Fed Does Not Need Fedcoin To Protect Consumers
FORBES | Mon February 10, 2020
Aside from highlighting the love-hate relationship banks have with the Fed, this particular instance underscores the core problem with the Fed creating its own digital currency. If everyone – not just banks or certain types of financial firms – has direct access to accounts at the Fed, then private banks will be in direct competition with the central bank for retail customers.
Samsung withdraws cashback scheme with Amazon Pay after offline retailers protest
ECONOMIC TIMES | Tue February 11, 2020
Samsung India has withdrawn its consumer promotion with Amazon’s digital payment service, Amazon Pay, for smartphones after huge protest from the offline cellphone retailers that the offer would mean hooking the customer to Amazon and mandatory registration of retailers in the marketplace which would ultimately hurt their business. According to two senior industry executives, the Korean giant has removed the Amazon Pay promotion from its backend with immediate effect.
BNM approves Green Packet’s KiplePay white-labelled e-wallet
THE MALAYSIAN RESERVE | Tue February 11, 2020
GREEN Packet Bhd’s wholly owned subsidiary KiplePay Sdn Bhd received a nod from Bank Negara Malaysia (BNM) to provide a white-labelled e-wallet solution in Malaysia. In a statement yesterday, the company said, coupled with a payment gateway service, the white-labelled e-wallet solution is a key strategic thrust to the group’s overall fintech play where it will provide a new revenue stream for the group.
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