6.14.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
U.K. digital payments company Revolut has signed up a waiting list of about 20,000 consumers for a beta test in Australia, where it's also opened an office in Melbourne to recruit about 30 staffers.
The company will offer its core transfer product and financial services, and will also pursue a cryptocurrency exchange, reports CNBC. Revolut is also expanding in the U.S. while CEO Nikolay Storonsky navigates the uncertain London fintech scene as Brexit looms. That strategy includes obtaining a license in Luxembourg as well as work to expedite licensing in other nations.
Revolut has also faced challenges this year, namely from an investigation in Europe into the company's anti money laundering controls.
2019 has been the year of upgrades for transit payments, with Los Angeles being the latest city to overhaul its ticketing system.
Los Angeles' transit agency has deployed an Android app from transit technology firm Cubic that bridges both transit and retail payments, allowing the system to respond to the larger trend of deemphasizing physical ticketing systems that reside inside transit systems. In Los Angeles, the merchants will sell transit ticketing and top-ups through their mobile apps as a prelude to other use cases that tie commuting to shipping.
The Los Angeles project gets underway as New York's test of a contactless payment system has gotten off to a faster-than-expected start.
The Clearing House's real time payments network (RTP) network is picking up adoption after a slow start, as smaller banks get on board.
The network has also picked up a larger bank as FirstBank, one of the country's largest privately held banks, announced it will support the RTP network. The bank has locations in Colorado, Arizona and has about $19 billion in assets.
The Clearing House is trying to build a base of bank users as the Federal Reserve weighs its level of involvement in the U.S. migration to faster payments.
Facebook is the lead investor in a $65 million round in Meesho, a social commerce startup that uses sites such as WhatsApp to connect buyers and sellers in an online marketplace.
It's Facebook's first equity investment in an Indian startup, reports TechCrunch, adding Meesho has a network of more than 2 million resellers with a focus on apparel, home appliances and electronics.
Facebook's investment comes as outside technology companies step up investments in India, in part due to the country's United Payments Interface, which has encouraged an uptick in digital transactions over the past two years.
From the Web
BRD Partners With Wyre to Build Bank Transfer Wallet Feature
CoinDesk | Thu June 13, 2019 - BRD, a mobile wallet company, announced that US customers are now able to purchase bitcoin, ethereum, and Dai using bank transfers. This feature is supported through a partnership with Wyre, a blockchain payments provider, and over 1,700 US banks.
Blockchain says crypto price surge has increased its number of wallets by 4 million
Yahoo Finance | Fri June 14, 2019 - Crypto wallet Blockchain says the bitcoin bull market is helping it add more customers as it looks to add new products, it said in a monthly update. In the update, which covered future product launches, feature highlights and industry analysis, Blockchain said it added 4 million new wallet accounts in two months.
Circle Is Closing Its Mobile App, Circle Pay, This September
CoinDesk | Thu June 13, 2019 - Circle announced Thursday it would be discontinuing its mobile app, Circle Pay. The company announced a multi-phase wind-down wrapping up on September 30, when remaining funds will be turned over to states or countries, in accordance with local laws. Starting on July 8, only withdrawals will be allowed on the app.
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