Morning Brief 6.12.20: Snap plans movie ticketing as theaters reopen

Register now

The information you need to start your day, from PaymentsSource and around the web:

Upcoming films

Movie chains are planning to reopen from coronavirus shutdowns, creating potential demand for ticketing apps, a use case that's always been challenging for payment companies.

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.

Kids’ e-commerce

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.

New installment

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.

Crypto pairing

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.

More from PaymentsSource

How coronavirus, mishandled data make a mess of AP transactions
Inaccurate payments have plagued accounts payable and receivable departments from the time suppliers' contracts and invoices were stored in boxes and file drawers to the dawn of data-driven digital transactions.

As cash fades, digital needs to be as ubiquitous as paper
Electronic payments are spiking during the coronavirus, but access to different automated versions is needed, says Qualpay's Penny Townsend.

Digital dollar seems inevitable, but details remain fuzzy
The push for a public option to digitize government payments has gotten stronger, and the discussion has moved on from whether it should happen to how it should happen.

Just Eat Takeaway to buy Grubhub for $7.3 Billion to enter U.S.
Europe’s Just Eat Takeaway.com NV agreed to acquire U.S.-based Grubhub Inc. for $7.3 billion, in a deal that creates one of the world’s largest meal-delivery companies as the coronavirus pandemic drives a surge in orders.

JPMorgan Chase plans to let mobile customers scan in their receipts
JPMorgan Chase has partnered with the fintech company Sensibill to embed its receipt management technology in the Chase mobile banking app.

Fintech collaborations focus on fixing pandemic-struck supply chains
The coronavirus dealt a double blow to procurement, cutting off both goods and money. Banks and e-commerce firms are relying on partnerships to tweak payment tools to rescue the market.

Coronavirus' compressed cycle requires more fintech collaboration
Despite the pressures on the COVID-19 economy, there are opportunities for fintech firms that can spot behavioral consumer and business shifts.

AI can battle financial crime, but only if it escapes buzzword status
In a world where messaging tends to over complicate things, too many acronyms, and too many buzzwords all work against what should be the primary objective: clearly illustrating value. I've found this to be equally true when it comes to artificial intelligence or "AI."

For reprint and licensing requests for this article, click here.
MORE FROM PAYMENTSSOURCE