Shopify teams with TikTok for video purchases; U.K. to slash postal ATMs
The information you need to start your day, from PaymentsSource and around the web:
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.
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.
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.
From the web
Australia's Afterpay first-quarter sales more than double on U.S. growth
REUTERS | Tuesday, October 27, 2020
Australia's Afterpay Ltd said on Wednesday underlying sales in the first-quarter more than doubled, helped by strong growth in the United States where the buy-now-pay-later firm added nearly 1 million new customers over three months.
Amazon launches shopping website in Sweden
REUTERS | Wednesday, October 28, 2020
Amazon.com Inc on Wednesday opened up its Swedish website, offering customers more than 150 million products across 30 categories, marking its first entry in the Nordics.
Inside Marstone, the fintech startup automating digital wealth management
BOSTON BUSINESS JOURNAL | Tuesday, October 27, 2020
While working as a financial advisor for Merrill Lynch during the Great Recession, Margaret Hartigan realized that most people don’t really understand how investing works.
More from PaymentsSource
To counter e-commerce risk, FreedomPay taps Forter for shared fraud data
The inability for an e-commerce merchant to know about a fraud problem at another merchant checkout page can limit transaction monitoring and security.
Digitizing payments can rescue business' stalled expansion plans
Global expansion is challenging even under the best of circumstances – but payments don’t have to be, says Rapyd's Eric Rosenthal.
BofA sees Zelle P2P cash gifts rise during COVID-19
Bank of America has seen a 33% increase in cash gifts flowing through the Zelle P2P app since the start of the pandemic, with total gifting volume reaching $1 billion.
Could a new COVID wave bring a second payments upheaval?
Even as the coronavirus pandemic was still a distant threat, restaurants and other retail categories were testing the waters with digital payments and mobile ordering. Then COVID-19 threw them into the deep end of digital commerce.
Visa $5.3 billion Plaid deal triggers DOJ antitrust concerns
Visa’s $5.3 billion acquisition of Plaid has raised competition concerns at the U.S. Justice Department, which is nearing a decision about whether to sue to block the deal, according to two people familiar with the matter.
PayPal, Mastercard team up to power real-time transfers in Europe
Mastercard and PayPal have added to an existing partnership by using Mastercard Send to support immediate access for debit transfers via PayPal's mobile in nine European markets.
Green Dot invests in Gig Wage to serve underbanked workers
California-based bank Green Dot is partnering with and investing $2.5 million in Gig Wage to offer services like debit cards and money management to gig workers, many of whom are among the tens of millions of unbanked and underbanked Americans.
AI are the letters to remember for accounts payable
Intelligent automation empowers accounts payable to be more proactive in making strategic contributions to the longevity of the business.
Discover goes live with Click to Pay, the card brands' universal buy button
Click to Pay is based on EMVCo’s Secure Remote Commerce (SRC) industry standard, acting as a form of guest checkout which alleviates the need for cardholders to manually enter personal and account information to shop at unfamiliar merchants.
Payment companies predict chaos if Obamacare disappears
Amy Coney Barrett will assume a lifetime appointment on the Supreme Court, just as it prepares to hear a case on the Affordable Care Act that could toss years of advancement in health care payments into disarray.
Breathing insider fraud requires a new culture
Business leaders have come to understand the role that people play in cybersecurity fiercely working to establish a strong security culture within their own organizations, says KnowBe4's Javvad Malik.
Curve opens shop in Lithuania as a post-Brexit move
Less than a year after Curve launched its cross-border P2P service to solidify its mobile banking app, the London-based company says it is expanding into Lithuania to establish a post-Brexit European base.
10 ways fintech, payments industry donors are betting on Democrats
The 2020 election could draw the most voters in history, along with a record haul for campaign contributions, with fundraising thus far favoring Democratic candidates both generally and in the finance and technology industries, which cover most financial institutions and payment firms.