Morning Brief 6.12.20: Snap plans movie ticketing as theaters reopen
The information you need to start your day, from PaymentsSource and around the web:
Snap has built Snap Minis, or smaller apps from third party developers that open in Snapchat, including an option from Atom Tickets that allows a group to view movie trailers then pay for tickets individually, reports CNBC, adding the product will debut in July.
Snap's earlier forays into payments include a P2P app and an in-store shopping and payments analysis tool.
New data available from Greenlight, a debit card for kids, sheds light on how kids have been spending their time — and money — while confined at home due to coronavirus restrictions.
Greenlight Financial Technology users focused heavily on screen-based entertainment. The app registered a 158% increase in video game purchases between mid-March 2020 and the present, while music purchases are up 130%, according to Atlanta-based Greenlight’s internal research. Fast-food purchases by youths declined 57% during the pandemic.
Parents of Greenlight users have boosted kids’ allowances by 16% during coronavirus pandemic, and the app has seen a 37% increase in kids hitting their savings goals, plus a 19% increase in overall use of the savings feature.
Point of sale credit apps are growing quickly as consumers look for alternatives during the economic crisis, leading existing firms like Klarna to expand into incentive marketing and all-in-one card Curve to offer a buy now, pay later feature.
Payment technology firm Verrency has launched its product, Pay Later, on its API platform, selling it to banks and card issuing processors.
Pay Later allows consumers to move transactions to an installment plan, choosing to pay before, during or after a purchase via a click when shopping. Shoppers use their bank's existing credit card to make purchases, moving those purchases to the installment option.
Payment processor Galileo has partnered with BitPay to support a crypto prepaid Mastercard in the U.S.
The card will allow payments in bitcoin and other cryptocurrencies at any merchant that accepts Mastercard debit cards.
Galileos' API is powering the issuance, allowing BitPay to make the funds available to users in a few minutes.
From the Web
Will you still be able to tip your hairdresser post-lockdown? An exclusive look into cashless salons
THE TELEGRAPH | Fri June 12, 2020
Elena Lavagni, owner and founder of Neville Hair & Beauty says they have decided to put in place a tipping service called ThankU which enables the client to tip the hairdresser straight into their bank account.
Instacart raises $225 million at $13.7 billion valuation
TECHCRUNCH | Thu June 11, 2020
San Francisco-based Instacart has secured $225 million in a round led by DST Global and General Catalyst.
Stripe brings Bacs Direct Debits online alongside cards and digital wallets
VERDICT | Thu June 11, 2020
Users can build Direct Debits into their payment flows, or use Stripe Checkout to skip the lengthy approval process of building their own Direct Debits payment form.
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