Shopify adds Alipay in U.S.; Western Union shuts U.S.-Cuba remittances
The information you need to start your day, from PaymentsSource and around the web:
E-commerce platform Shopify has partnered with Alipay to enable U.S.-based Shopify merchants to directly accept payments via Ant Group's Alipay wallet, according to a press release.
Previously, Shopify merchants were required to work through third-party integrations to accept Alipay, which has a user base of 1 million in China and expanding audiences across Asia.
Through the partnership, Shopify will extend Alipay acceptance directly to its online merchants in major Asian countries in the coming months.
Vending machine and self-service kiosk payment company USA Technologies will relist on the Nasdaq exchange November 19, trading under USAT.
USA Technologies was delisted in September 2019 after missing a reporting extension with the SEC. The Malvern, Pa.-based company said its relisting comes after a six-month initiative to improve its core business and financial performance.
Self-serve retail has been pressured due to the growth of Amazon Go and other checkout-free initiatives. USA Technologies has partnered with Ingenico to broaden function for autonomous retail.
Cold war redux
Western Union has halted dollar-denominated remittance payments from the U.S. to Cuba following new U.S. sanctions against Cuba.
Western Union said it's exploring options to keep services open, but new rules from the U.S. government mandating a 30-day window for implementation of new restrictions made it prohibitive to find a new solution.
The Trump Administration has taken a hard line on Cuba, reversing much of the opening between the two countries that had taken place during the Obama years. Joe Biden's election raises the possibility that the more recent Trump moves may be undone, according to Reuters.
On the farm
Online grocery Farmstead has expanded quickly as consumers look to avoid in-person shopping, leading it to plan service in Raleigh-Durham, where it expects to launch in early 2021 as a prelude to a national expansion beyond its Bay Area roots.
Farmstead uses AI and a hyper-local focus, generally relying on a 50-mile radius market, as a way to discount groceries and offer free delivery. Raleigh-Durham is its second market outside the Bay Area, with nearby Charlotte, N.C. being the first.
Farmstead recently added new pre-ordering and scheduling features to accommodate a rapid uptick in business after the coronavirus closed numerous stores in San Francisco.
From the web
Cash cards for kids: digital banks race to capture the next generation
REUTERS | Wednesday, November 18, 2020
When John Hibbs' daughter Xanthe received her first bank card in the mail, the six-year-old spent the next week Googling how to buy a horse.
Payments app True Balance raises $28 million to reach more underbanked users in India
TECHCRUNCH | Wednesday, November 18, 2020
True Balance, a South Korean startup which runs an eponymous financial services app aimed at tens of millions of users in small cities and towns in India, said on Wednesday it has raised $28 million in a new financing round and expects to turn a profit next year.
Apple to lower App Store fees for smaller developers
REUTERS | Wednesday, November 18, 2020
Apple Inc on Wednesday said it plans to start a program to lower its App Store commissions for software developers who make $1 million or less in proceeds each year from the store.
More from PaymentsSource
Work-from-home adds another layer of ACH credit risk
Business e-mail compromise is a particular risk, says Nvoicepay's Josh Cyphers.
Digital Deluxe: How a paper check company finds new markets
As with any company, Deluxe has been challenged in recent years to become increasingly digital. But its transformation is a bit more complicated than most. It has to both support checks and cannibalize them by selling a digital alternative to the same customer base — while also seeking new audiences.
Amex finds new roles for its supply-chain financing tools
Two years after launching Early Pay to expedite B2B payments via discounts, American Express has added more tasks that surround transactions.
Visa pilots card-not-present security app with Michigan State University FCU
Visa has partnered with Keyno to pilot a mobile app-enabled dynamic card security system at Michigan State University Federal Credit Union.
Santander acquires Wirecard merchant account tech, employees
In a boost to its battle with non-bank digital platforms, Spain's Banco Santander has acquired technology assets from scandal-ridden German payments processor Wirecard.
Digital dollar, inclusion and the stimulus bill
The effect of coronavirus is constantly felt by Americans, both in their daily lives and in their financial well-being. While the first stimulus package delivered some financial relief starting in April through Economic Impact Payments (EIP), there were several glitches in the first stimulus package, partially due to the lack of direct deposit access for the critical mass of Americans.
The online shift is harming security compliance
As business has shifted online amid the COVID-19 pandemic, spotting financial crime is more critical and challenging than ever, and it is clear financial organizations are struggling to meet their regulatory obligations.
Uber taps Marqeta to support global payment projects
Virtual card company Marqeta will provide the platform to underpin Uber Eats' global growth and become the issuing partner for future Uber initiatives.
Improving record-keeping is the front line for chargeback prevention
Having an enforceable record on hand increases your ability to dispute chargeback claims by showing that a purchase was made intentionally, says PactSafe's Eric Prugh.
Nexi acquisitions aim to ward off U.S. payment giants coming to Europe
Italian technology firm Nexi has dedicated about $15 billion over the past two months to shore up its position in the European payment processing market, a local burst of consolidation that exists inside a larger wave of similar mergers globally.