5.29.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Singapore's government will build a tool that allow businesses to vet user and payment data through QR codes to streamline customer sign up and registration.
Called SG-Verify, it joins Singapore's national digital identity project and other smart city initiatives in Singapore, reports ZDNet, which adds use cases include businesses looking for an extra level of security or consumers looking to use the same authentication for government services and retail payments.
There are several payment projects underway in Singapore that could benefit from enhanced authentication, such as partnerships between local banks and external fintechs, and the expansion of ride hailing apps such as Go-Jek.
Walmart has hired Suresh Kumar, a former Google, Microsoft and Amazon executive, to be chief technology officer and chief development officer, a new position at Walmart.
Kumar joins Walmart as it's developing new retail technology for delivery and in-store payments to counter Amazon moves such as the cashierless Amazon Go store and Ring-powered home delivery service. While at Amazon, Kumar led retail supply chain and inventory management systems.
At Walmart, Kumar will lead a consolidation of the big box retailers's technology organizations, including Global Business Services, Walmart Labs, Sam's Club Technology and International technology, reports TechCrunch.
Global Founders Capital has invested about $5 million in Pixpay, a French digital startup that's only a few months old and targets the teen payment market.
The company plans to offer a contactless payment card and access to Apple Pay and Google Pay, reports EU-Startups.
The app, which will cost about $4 per month, includes spending and savings management and real-time purchase notifications. Pixpay will join a crowded market of youth-oriented payment apps, such as GoSave and Current.
Coinbase is extending its PayPal support to Canada, following a similar move in the U.S. and EU.
Clients in Canada can transfer sales proceeds directly to PayPal by linking their PayPal account to their Coinbase account, according to a Coinbase blog post, adding there is no fee for the transfer.
Coinbase plans to add other markets in the coming months.
From the Web
A Goldman Sachs rival pulled out of the Apple Card deal on fears it will be a money loser
CNBC | Tue May 28, 2019 - The Apple Card’s consumer-friendly features make it harder for banks to make money on the product. Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks.
The New Payment Experience: How Brands And Consumers Are Shaping The World Of Commerce
Forbes | Tue May 28, 2019 - Americans are relying less on physical currency, with roughly 29% of U.S. adults saying they don’t use cash to make any purchases during a typical week. This shouldn’t be a surprise, as the transition to a more cashless society has been gradually underway for a while.
IBM Blockchain Finance Lead Jesse Lund Is Leaving the Firm
CoinDesk | Tue May 28, 2019 - Jesse Lund, IBM’s global head of blockchain for financial services and digital currencies, is no longer working for the company. A spokesperson for IBM confirmed Lund’s departure.
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