Morning Brief 6.10.20: Visa completes checkout-free test in Russia

Register now

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

Check this out

Visa, Sberbank and Russian supermarket chain Azbuka Vkusa have finished testing technology that allows consumers to take items from store shelves and have payments drawn from an e-commerce account.

Similar to Amazon Go and checkout-free rivals, the Russian version uses an AI system to identify items, which are then linked to the consumer's bank account and Visa card. The bank has set up a Take&Go app to support the technology.

Consumers scan a QR code upon entering the store, and receive a receipt via email. The pilot successfully executed 200 purchases, with some additional fine-tuning expected before a full launch.

Cross-border in real time

The Swedish Bankers Association has formed a committee to oversee the upgrade of national payment rails to a system that ensures instant payments across the Nordic region.

Called P27, the project supports real-time, batch, domestic and cross-border payments for consumers and businesses in Denmark, Finland and Sweden. The banks include Danske, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank, which will support the project until it's financially sustainable.

The project is set for launch in 2021, reports Finextra, adding it will replace eight existing systems and will comply with the new ISO 20022 messaging standard.

Installment incentives

Point of sale credit firm Klarna plans to launch a points-based loyalty program called Vibe this summer, adding a rewards component to its installment payment model.

Consumers will earn points for each dollar spent using Klarna as the payment method, with Starbucks, Sephora, Foot Locker and Uber among the first retailers to support Vibe, reports TechCrunch.

Sweden-based Klarna has expanded to North America in recent years, drawing investors such as Ant, which acquired a minority stake in Klarna in March.

The fund crowd

P-to-P payment app Mezu has developed an in-app fundraising feature that supports real-time access for the recipients.

The feature is designed to draw from a circle such as friends, family or social media followers.

Mezu positions itself as a rival to Zelle or Venmo, offering an instant withdraw feature that, like the crowdsourced donation feature, does not charge fees. Mezu instead offers premium services that carry fees.

From the Web

Grow Credit, which builds credit scores by paying for online subscriptions, gets Mucker cash
TECHCRUNCH | Wed June 10, 2020
Startup Grow Credit, launched last year to extend a loan to customers to expand their subscription services, has added Mucker Labs as an investor and closed its seed round with $2 million in total commitments.

Uber Africa launches Uber Cash with Flutterwave and explores EVs
TECHCRUNCH | Tue June 9, 2020
Uber is launching its Uber Cash digital wallet feature in Sub-Saharan Africa through a partnership with San Francisco-based fintech firm Flutterwave.

CaixaBank introduces facial recognition ATMs
COMPUTER WEEKLY | Wed June 10, 2020
Spain’s CaixaBank is rolling out cash machines fitted with facial recognition technology so customers can withdraw cash without entering a PIN.

More from PaymentsSource

Account takeover fraud growth signals wider need for biometrics
Identity fraud holds no prisoners when it comes to payments. If a fraudster gets hold of a consumer's credentials, everything from mobile wallets, to a checking account, savings account or P2P account is in jeopardy of takeover.

Contactless pay isn't as easy as flipping a switch
Meeting customers where and how they want to pay is critical for completing transactions, and while retailers want to offer as healthy and safe of a solution as possible, but that can be expensive and complex, says Merchant Advisory Group's John Drechy.

Buy buttons for beer: Coronavirus economy births new models
Alfie’s Beer Bus found a niche as an offbeat character at events in the U.K. — like an ice cream truck, only with alcohol. Then the coronavirus came.

Discover says 80% of skip-a-payment clients ‘back on their feet’
More than 80% of the card company’s customers who opted to skip payments ended up making them a month later, Chief Executive Officer Roger Hochschild told investors at a virtual conference Tuesday. Borrowers may have been helped by the record government stimulus pumped into the economy in April and May, he said.

Sidelined by Amazon, smaller shops turn to fintechs during coronavirus crisis
Restaurants and retailers which saw their physical outlets closed down by the coronavirus pandemic have been scrambling to stay in business with the help of omnichannel retail software vendors.

Instant pay for corporates also helps consumers
Instant payments give corporate treasurers greater control over their payments, allowing them to make on-the-spot payment decisions and hold on to liquidity for longer.

The coronavirus has vaulted B2B innovation ahead of consumer payments
The B2B payments space has had its technological successes over the years. The introduction of innovations like ACH payments in the late 1970s, for example, helped the industry take a giant step forward.

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