Morning Brief 1.7.20: Uber bets big on Vegas transit

Register now

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

On the Strip

Uber's foray into mass transit has extended to Las Vegas, where the ride sharing provider and Masabi have launched transit ticketing for all Las Vegas transit systems.

For Uber, it's an opportunity to add service for consumers in a tourist-heavy city where it faces tough competition from other ride-sharing apps and a powerful local taxi industry. Transit is a good potential fit, since most travelers to Las Vegas probably lack knowledge of the local transit system.

Uber has made a similar deal with Denver's transit system. Masabi, a transit technology company with offices in New York and London, is also part of Uber's Denver transit project.

Little Caesars' dash

Little Caesars has partnered with DoorDash to support delivery in the U.S. and Canada. It ends an unusual holdout as Little Caesars was one of the few large quick serve pizza chains to not offer delivery, instead offering only pickup. Domino's, for example, has partnered with autonomous auto technology developers.

Little Caesars will still process ordering and payments on its own site and app, with DoorDash providing fulfillment. Little Caesars was pressured by the growth of "gig" mobile order and delivery services, such as Uber Eats, according to Reuters.

Large pizza chains also face renewed competition from smaller pizzerias, which are using mobile order and delivery technology from firms such as Stripe.

Closing the deal

PayPal has completed its $4 billion acquisition of Honey, its largest acquisition by far — about four times the amount it paid for Braintree in 2013.

The size of the deal raised concerns in the fintech market that PayPal overpaid for Honey, which has yearly revenue of about $100,000.

But PayPal gets access to Honey's business model, which supports early engagement with shoppers looking for bargains on e-commerce purchases, a potentially high-growth and lucrative business case.

Settling crypto

Prime Trust and Signature bank will collaborate to support real-time settlement for payments between institutional clients of each bank.

The transactions will not carry fees or require a third party, reports Coindesk, adding Prime Trust stopped charging custodial fees in 2019.

The Prime Trust partnership adds crypto payments scale for Signature Bank, which in 2019 first launched its Signet Platform to back real-time settlement.

From the Web

Will New Products Help Adyen Make Its Expansion Plans a Reality?
THE MOTLEY FOOL | Mon January 6, 2020
Dutch payments company Adyen is rolling out an entirely new functionality – it now issues debit and credit cards. Based on advanced Application Programming Interface (API), such cards allow Adyen clients – which include eBay, Uber and Netflix to name just a few-to provide virtual and physical cards to their customers.

Singapore regulator says it received 21 applications for digital bank licenses
CNBC | Mon January 6, 2020
Applicants for digital bank licenses included e-commerce firms, tech and telecommunications companies, crowd-funding platforms and payment services providers, the Monetary Authority of Singapore said. The regulator said it will announce its decision in June and the winners are expected to start their businesses by mid-2021.

Retail Store Checkout Will Soon Undergo Massive Changes
FORBES | Mon January 6, 2020
Changes are coming to the lowly cash register, and the first signs of change can now be seen on your mobile device. What happens after that will be technological changes to the buildings where stores are located, which will facilitate seamless checkout. Eventually, technology embedded in products will manage retail checkout.

More from PaymentsSource

'Alexa, pay for gas' casts Amazon’s shadow over a new market
Amazon is starting the new year with a major payment technology deployment at more than 11,500 gas stations, providing the e-commerce giant with an added leg to its rapidly expanding payments network ranging from checkout-free stores to Whole Foods to its own planned grocery chain.

BBVA teams with Amazon to sell … aprons and chocolate?
Rather than limit itself to working with smaller fintechs, BBVA is exploring the potential of working with Amazon to take advantage of the e-commerce giant's scale. BBVA expects to one day offer banking services through Amazon, but for now is testing the waters with merchant clients to sell goods on Amazon.

Social messaging is the new frontier for phishing
As technology adapts, so does fraud. The rise of social media messaging and platforms is a new way for criminals to exploit customers, to gather data for fraudulent use and steal as much as possible. While phishing is nothing new, its rate of adaptation is something we should all be aware of.

More groups submit Singapore digital banking license bids
More groups said they submitted bids for digital banking licenses in Singapore as companies, ranging from a property giant to Chinese fintech firms, joined forces to go for the sought-after permits.

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