Shopify teams with TikTok for video purchases; U.K. to slash postal ATMs

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Shopify will partner with TikTok to provide an added advertising venue for Shopify's merchant network, which will support purchases via clicking on ads.

TikTok's video sharing app is popular in North America, particularly among young people, making it a target for e-commerce companies that wish to use the app as a venue for marketing and purchases.

But TikTok is also embroiled in a political controversy as the Trump Administration threatens to restrict its use in the U.S. as part of the trade war. Walmart, which earlier in 2020 signed an e-commerce partnership with Shopify, also hopes to benefit from TikTok's popularity by purchasing a stake in the company. That deal is stalled due to the larger political battle between Trump and TikTok, which is still in court, reports CNBC.

Cashing out

The U.K. postal service plans to shut about 600 ATMs over the next 18 months, or almost a third of its network of 2,000, drawing more attention to the decline of cash access in the country.

The post office is taking over a network of ATMs that are operated by the Bank of Ireland, which will no longer manage postal ATMs, according to Finextra. The U.K.'s postal service has also joined the Link network and will invest about $20 million over the next four years to maintain and gradually replace the 1,400 remaining free ATMs.

The decline of ATMs in the U.K., which is driven by the uptake of digital payments and the expense of cash handling, has become a political issue as regulators push for protections for cash.

In the cards

The cryptocurrency exchange Huobi has added Visa and Mastercard for direct payments on the exchange, avoiding the use of a third party to process transactions.

The Seychelles-based Huobi contends this will simplify the know-your-customer process by bringing it closer to the exchange, reports Coindesk.

It's the second move Huobi has made in recent weeks to improve transaction processing. Earlier in October it partnered with Banxa, which supported traditional currency deposits through the U.K.'s Faster Payments Scheme and the Single Euro Payments Area.

Fast Cash

Corporate card company Brex has deployed an instant payouts feature, which allows merchant clients to advance sales directly into their Brex Cash Account.

The company hopes to provide a liquidity boost for sellers who use large e-commerce platforms, and often have to wait for several days for the cash to reach their account.

Brex has also updated its e-commerce incentive marketing program, and is offering points on digital ad spending, rideshare and other business categories sellers frequently use.

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