Morning Brief 9.24.20: UnionPay bets on travel's return in Europe

Register now

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

Union station

UnionPay is betting on a recovery in the travel sector, striking deals with Logitravel and Destina, two of Europe's largest travel companies.

The companies will accept UnionPay in a deal that covers the U.K., Germany, France, Italy, Spain and about a dozen other countries. The two travel agencies process about 8.5 million bookings per year, covering flights, hotels, taxis and related experiences. UnionPay also supports PSD2 authentication requirements.

The collaboration demonstrates confidence that students and business executives from Asia will again travel to Europe for long-term stays. Europe has mostly avoided the trade war issues that have afflicted travel and other business between the U.S. and China.

Extra allowance

As youth-oriented financial services apps gain in popularity during the pandemic, French startup Kard has attracted an additional $3.5 billion, doubling the size of its seed investment.

Founder Future led the round, reports TechCrunch, adding the funds will fuel Kard's challenger bank designed for teenagers. Accounts include an IBAN and Mastercard debit card, with parental blocks and notifications when users send and receive money. It has signed up 50,000 free accounts, and is adding paid subscriptions.

Kard has also added features allowing parents to manage allowances via the app and initiate scheduled transfers.

Church teller

Several ideas are being floated to retain access to cash in the U.K. including financial hubs in churches and pop-up post offices.

The tests are follow-ups to the 2019 Access to Cash Review, which found 17% of the U.K. population relies on cash despite the country's larger migration to digital payments, reports Finextra.

The cost of handling cash and the decline of ATMs and bank branches have become a controversial political issue in the U.K., with regulators pressuring banks to maintain access levels, often through partnerships with the postal service.

Transfer partners

MoneyGram and Tesco Bank have co-launched an international money transfer platform that mixes digital payments with Tesco's store chain.

Consumers of the bank and Tesco can set up transactions online, then pay by cash or card for national or international transfers at Tesco stores without requiring paperwork in stores, reports Eastern Eye.

The service is available at 810 stores at launch, and will expand to Tesco's entire 1,500 store footprint over the next 18 months, reaching MoneyGram's network of more than 200 countries and territories.

From the web

ByteDance applies for tech export licence in China amid TikTok deal talks
REUTERS | Wednesday, September 23, 2020
ByteDance has applied for a tech export licence in China as it races to seal a deal with Oracle Corp and Walmart Inc that it hopes will end U.S. government plans to ban its TikTok video-streaming app on security grounds.

Wells Fargo signs data exchange agreement with Envestnet Yodlee
REUTERS | Thursday, September 24, 2020
Wells Fargo & Co and data aggregator Envestnet Yodlee said on Thursday they had signed a data exchange agreement, the latest move in an ongoing tug of war between fintechs and large banks over information sharing.

Shopify says two support staff stole customer data from sellers
TECHCRUNCH | Thursday, September 24, 2020
The online shopping site said that its investigation so far showed that the two employees, who have since been fired, were “engaged in a scheme to obtain customer transactional records of certain merchants.”

More from PaymentsSource

Should payments companies continue waiving fees for post-coronavirus recovery?
As the pandemic has stretched on further into 2020, with more lockdowns and economic disruption predicted heading into the fall and winter, continuing to offer fee waivers has not always proved financially viable.

The cloud can link payroll to larger HR automation
A cloud-based system makes it easier to communicate with staff on matters outside of payroll, says OnPay's Katelyn Sullivan.

Digital, blockchain payments can fill gaps in financial services—but not replace them
The conversation around advancing the distribution and use of digital currency gets a boost every time the banking system stubs its toe. And there have been many recent examples of financial system problems to point to.

Wirecard loses another suitor as BBVA-backed lender drops out
Wirecard AG’s administrator is facing declining interest in the disgraced payment company’s German assets after another potential buyer followed Deutsche Bank AG’s lead and pulled out of the bidding.

Mastercard opens Apple Card digital-first card-issuing model to processors
Mastercard is making the much-admired Apple Card-like experience—nearly instant access to a payment card issued on the spot through a mobile device—available through mainstream and digital card processors.

Retailers' tech integrations need to reach an audience of one
The integration of your tech systems plays a huge role in how functional your business will be and sets the stage for the kind of experience your customers will have when interacting with your brand, impacting the perception and trust of your company in the market.

PayPal Business Debit Mastercard expands into France, Italy and Spain
PayPal is bringing its contactless Business Debit Mastercard rewards card into five additional European countries.

'Being careful' isn't enough to stop business payment fraud
By taking action today, you can begin to have peace of mind that your previously existing fraud vectors have been sealed off, says PaymentWorks' Thayer Stewart.

How the pandemic changed fast food payments: walk-up lanes, solar panels and more
Burger King envisions a future in which the only thing its patrons will touch is their actual food, a redesign acknowledging 2020’s emergency workarounds have permanently shifted how people engage businesses and gained habits that go beyond their fear of spreading germs.

How platform development determines real-time payment success
Speed stands at the forefront of any real-time payments deployment, but the real staying power in new payments innovation rides on the development philosophy of the platform itself.

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