4.20.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Caviar for the conference room
Square has purchased technology assets from Zesty, a corporate catering service, partly to enable collaborations with Caviar, Square's food delivery subsidiary.
TechCrunch reports the plan is to use Zesty in concert with Caviar for Teams, Caviar's company-focused offering. Financial terms of the deal were not disclosed, and Caviar and Zesty are expected to remain separate corporate entities.
Square also recently bought Entrees-on-Trays, a Dallas food delivery service, to expand Caviar's reach into Texas.
Blockchain has emerged as a major enabler of faster cross-border e-commerce payments for companies such as IBM and Ripple, and Allianz plans to find out if the concept is transferable to international insurance payments.
Coindesk reports the "Allianz token" is a collaboration between the insurance company and Adjoint, a blockchain startup.
The two companies are piloting a proprietary blockchain that avoids FX issues and third parties such as correspondent banks. That covers many of the same issues that cross-border e-commerce and remittance blockchain payments are addressing.
Halfway around the world
More than half of payment cards issued globally are EMV-enabled, according to EMVCo.
About 55% of cards are EMV chip cards, an increase of more than 1 million over 2016, reaching 7.1 billion chip cards.
Sixty-four percent of card-present transactions globally were EMV enabled, increasing from 53% in 2016.
Checkout.com lands in Saudi Arabia
Checkout.com has used its high-touch relationship building model to expand beyond Europe to the U.S., and it is now entering the Middle East.
The company is the first payment solutions provider to support mada, Saudi Arabia's domestic payments network.
All cardholders will be able to complete transactions in multiple channels, and the Saudi government hopes this will encourage the development of an e-commerce market in the county.
From the Web
ATM cash crunch: Inactive point of sale terminals to be redeployed
Business Standard | Fri April 20, 2018 - A large chunk of point of sale (PoS) terminals set up after demonetisation are inactive and need to be redeployed, industry players have said. The Indian government set a target for banks of deploying an additional one million PoS terminals after demonetisation.
Adyen, a payments firm with clients including Netflix and Uber, is eyeing an IPO after record revenues
CNBC | Thu April 19, 2018 - Adyen, a Dutch payments processing firm that counts Uber, Spotify and Netflix among its clients, is considering a stock market listing this year, a source told CNBC, after the company reported record revenues in 2017. The company, which is currently valued at over $2 billion, is in talks with Morgan Stanley and J.P. Morgan to be advisers, the source said.
Singapore adopts standards for cross-border payments
Singapore Business Review | Fri April 20, 2018 - The Monetary Authority of Singapore (MAS) is supporting the Correspondent Banking Due Diligence Questionnaire (CBDDQ) by banking association Wolfsberg Group. According to an announcement, it supported the initiative "to help arrest the decline in correspondent banking relationships and enhance banks’ ability to provide cross-border financial transactions."
More from PaymentsSource
The legal pot industry braces for a 4/20 spike in payments
As the cannabis industry has inched toward legitimacy, it hasn't abandoned its roots. And that includes the infamous pot smokers' "holiday," April 20.
PCI's not enough: Breach prevention needs chips and tokens
PCI compliance can't solve all security problems. EMV, encryption are all necessary to protect merchants from data breaches, writes Jeff Zimmerman, COO of Clearent.
Will the Mastercard/Visa 'button' make history, or be lost to the ages?
It's too soon to tell whether a new button would replace Visa Checkout and Masterpass as brands. It's also unclear why consumers would choose another new payment option over the many options available today — such as PayPal.
iZettle builds e-commerce into its point of sale platform
Mobile payments provider iZettle is adding an e-commerce platform that will expand merchants' capabilities to accept payments in-store and online.