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

Stifling competition?
The Competition and Markets Authority is investigating PayPal's $2.2 billion iZettle acquisition to determine the deal's impact on competition in the U.K.

The acquisition closed on Thursday, but the companies will operate separately until the CMA query is complete. PayPal hopes to use iZettle's mobile point of sale technology and other products to counter Square's expansion in Europe. PayPal is cooperating with the CMA, according to a PayPal release.

A similar CMA examination in 2017 caused Mastercard to relax its ATM policies before the card network's Vocalink acquisition was finalized.
Equifax punishment
The U.K. government has fined Equifax about $660,000 for failing to properly protect 15 million U.K. citizens' data following the huge Equifax breach in 2017. The Information Commissioner's Office levied the fine after a yearlong investigation with the Financial Conduct Authority.

The fine, which was based on an incident that happened before new data laws such as GDPR went into effect, is the largest the ICO can issue.

Equifax told Engadget is it "disappointed" with the penalty, and has cooperated with the ICO throughout the investigation. More than 146 million data records were exposed globally during the breach.

Searching for a fight
Paytm is complaining to the Indian government about Google, contending the search giant is violating consumer privacy via its Google Pay app.

The Indian payment app alleges Google Pay accesses users' navigation, correspondence and other data for advertising and promotions, the Times of India reports. Google told the Indian newspaper it does not monetize transaction data.

Google was also in the middle of a privacy controversy in the U.S. recently over an unannounced data collaboration partnership with Mastercard.

Echo chamber
As Amazon's brick and mortar plans accelerate, it's also beefing up its presence in people's homes, devices and cars through a series of new Alexa gadgets and features.

The company announced 15 Alexa products in the span of 90 minutes, CNBC reports, including security, in-car access, expanded Ring cameras, improvements to Echo speakers and new ways to integrate Alexa to other devices.

There's a market for Alexa-controlled payments, given the growth of voice technology and consumer interest in using it to make purchases. Some banks and financial institutions support Alexa for payments, but the uses are still early stage.

From the Web

Report: Emerging markets poised for digital revolution
China Daily | Thu Sept 20, 2018 - The value of digitally influenced spending in emerging markets will approach $4 trillion by 2022, according to a report by the Boston Consulting Group. The report, titled Digital Consumers, Emerging Markets, and the $4 Trillion Future, said half of the population in emerging markets worldwide is now connected to the internet—a stunning increase from 2010, when fewer than a quarter of those in emerging markets were online, the report said.

EBANX: The Brazilian Fintech Who Wants To Lead The Cross-Border Online Payments Market
Forbes | Thu Sept 20, 2018 - E-commerce is expected to gather pace in Latin America in the next few years and Brazilian online payments fintech EBANX wants to capitalize on the trend, by bridging the transactional gap between international businesses and consumers in the region. However, a large chunk of potential digital buyers in the region are excluded from traditional payment methods: according to the World Bank, almost half of Latin America remains unbanked.

Credit-Card Startup Brex Seeks $1 Billion Valuation in New Round
The Wall Street Journal |Thu Sept 20, 2018 - Brex Inc., a startup founded last year to issue corporate credit cards to other startups, is in discussions with investors to raise a new round of funding at a valuation of about $1 billion, according to people familiar with the situation. DST Global is expected to lead the deal, some of the people said. Greenoaks Capital also is considering an investment, two of the people said.

More from PaymentsSource

Walmart sets stage to offer banking services — in India
Flipkart, an Indian e-commerce company which Walmart bought in August, has launched a cardless credit program for consumers and is expected to apply for an NBFC licence, or a classification as non-bank that provides credit and other financial services in India.

Retailers must ‘mind the generation gap’ when combating fraud
For businesses that serve a predominantly millennial audience, knowing the age group’s tolerance toward online security measures is an important lesson that coincides with customer retention, according to David Britton, vice president of industry solutions of global fraud and identity at Experian.

Who's most threatened by Amazon Go's rapid expansion? Not convenience stores
Amazon is reportedly weighing plans to expand its cashierless Go convenience stores to include up to 3,000 units by 2021 — but traditional convenience stores may not feel the effects as much as the fast food market.

Data: Same-day ACH volume vs. fraud
Same-day ACH payments—introduced for credits in 2016 and debits last year—are gaining popularity with banks and corporations. The success prompted Nacha this week to approve new rules for these payments going into effect over the next two years. Speed and access for same-day funds will expand, and per-transaction limits will rise from $25,000 to $100,000.

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