Morning Brief 7.24.20: Stripe works to attract notary payments

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Stripe launched a feature designed to speed payments to notaries, as well as enable remote transactions, as part of Stripe's coronavirus recovery strategy to extend its digital tools to traditionally offline processes.

A collaboration between online notary document firm Notarize and Stripe's Connect platform will support same-day access to notary transactions and automated processing.

Remote work and virtual real estate transactions have pushed home closings and mortgage refinancings online, creating a gap for the payments made to notaries, a traditionally offline business.

Blockchain down under

Australian debit network Eftpos Payments Australia is working with distributed ledger firm Hedera Hashgraph to test a stablecoin for micropayments.

The stablecoin would be pegged to the Australian dollar and stored in a digital wallet. Potential use cases include paying for online content or streaming services over short terms, reports Finextra.

Eftpos hopes to add business cases beyond streaming content following the initial pilot.

On-time incentive

Point of sale credit firm Afterpay has launched a loyalty reward program designed to encourage prompt payments as the expansion of the buy now/pay later market becomes more competitive and prone to recessionary risk.

Afterpay will invite a number of consumers who have a history of making on-time payments to a program that allows more flexible options in the future, such as changing payment dates.

There will also be access to gift cards and other promotions in Afterpay's merchant network. The program will launch in the U.S. and Australia in August.

Payments supermarket

Paytm plans to launch a stock brokerage in the next few weeks, adding another in a series of services on top of its digital payments base.

Founder Vijay Shekhar Sharma said the company's considerable payments business has paved the way for other services such as insurance and mutual funds, with stock purchases and eventually lending, reports Economic Times.

Paytm has drawn several rounds of funding over the past year, pushing its valuation past $16 billion as it takes on competitors in India including Google, Amazon and Walmart.

From the Web

British Airways owner IAG boosted by 750 million pound deal with American Express
REUTERS | Fri July 24, 2020
British Airways owner International Airlines Group said American Express would pay it 750 million pounds ($955 million) to renew their partnership, providing a welcome boost to the airline’s finances at a time when it is burning through cash.

Instacart denies widespread data breach affecting hundreds of thousands of customers
USA TODAY | Thu July 23, 2020
Instacart said it has not found evidence of a cybersecurity breach after customers' private data was reportedly unearthed on the dark web.

NY To Set 90-Day Grace Period For Credit Card Rewards
FORBES | Thu July 23, 2020
The New York Senate passed a bill on July 22 establishing a 90-day grace period for consumers to redeem their credit card rewards if they close or modify their existing accounts, making it easier for anyone who wants to close a credit card to cash in their earnings. The act, formally known as S7104A, is expected to be signed into law by the governor.

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