7.30.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
While JD and Alibaba spend billions to expand partnerships and add technology to capture China's huge e-commerce and digital payments audience, another Chinese e-commerce firm has just struck gold in the public market.
Pinduoduo just raised $1.6 billion in an IPO, providing funds for the platform's social-driven model that's designed to undercut the other two companies, according to TechCrunch. Pinduoduo's model is based on "team purchases," in which users share product information on WeChat and other social networks, and invite contacts to find a lower price elsewhere.
TechCrunch reports this process can result in much lower pricing than the other e-commerce sites.
MoviePass' attempt to dominate the movie ticket subscription business hit a snag after it reportedly ran out of money.
The service had to borrow $5 million from hedge fund Hudson Bay to pay its merchant and fulfillment processors, The Verge reports. If MoviePass can't pay its processors, the processors stop processing transactions.
It's the second time in a month MoviePass has suffered an outage because of insufficient funds, according to The Verge.
Dai Nippon Printing Company (DNP) will collaborate with payment software provider Episode Six to support a payment program in Japan.
The platform will use an advanced ledger and an open source framework to offer APIs for network participants to plug into.
It will also integrate into DNP's current infrastructure to help DNP develop new services and manage the payment products.
Cryptocurrency wallet SafeWallet is changing its identification system, using a QR code instead of mnemonic phrases and private keys.
Coindesk reports Cheetah Mobile, which operates SafeWallet, will use dual authentication. Users will scan QR codes, followed by a security question.
SafeWallet was concerned the mnemonic phrases were too hard to remember, resulting in people writing them down, which posed a security risk.
From the Web
Some banks in Finland face card payment problems
Reuters | Mon July 30, 2018 - Clients at some banks in Finland have faced problems with the use of their payment cards on Sunday, payment firm Nets said. “The problems affected card transactions and online banking at some banks in Finland. It was related to a network issue outside Nets,” a Nets spokesman said, adding that the problem has been resolved.
Experian leads $28M investment in Southeast Asia fintech startup C88
TechCrunch | Mon July 30, 2018 - Experian is making its first major bet on Southeast Asia and its population of over 650 million consumers after the financial credit giant backed Singapore-based C88 Financial Technologies, which operates financial marketplaces that help lenders reach new audiences. C88 today announced a $28 million Series C investment round that’s led by Experian with participation from a host of other backers.
Fintech Doesn't Travel Well - Why PayU Sees Acquisition And Investment As The Key To Global Growth
Forbes | Mon July 30, 2018 - Founded in 2002 and now a subsidiary of the the venerable Naspers group, Netherlands-based PayU has long since stepped over the threshold that separates well-established brands and companies from the upcoming generation of aspirant early stage businesses. But as a provider of payments services, PayU is operating in a fintech market that is characterized by a frenzy of startup activity.
More from PaymentsSource
Drone-based commerce is challenging, risky—and inevitable
Airborne drone delivery is becoming e-commerce's version of self-driving cars: A promising but troubled technology that's nonetheless creating opportunities to change the way people make payments.
Starbucks and payments: Everything you need to know
From its beginnings as a standalone Starbucks Card app, the Starbucks mobile experience was always a bit different from what other companies tried to do.
Samsung Pay adds Chase Pay, combining two distinct mobile wallet philosophies
Samsung Pay is adding Chase Pay as a funding option, combining the strengths of two very different approaches to mobile payments.
Former ETA president Joe Kaplan dies
Joe Kaplan, former president of the Electronic Transactions Association and most recently CEO of Paya, died unexpectedly on July 26.