Morning Brief 5.28.20: Visa extends digital business payments in U.K.
The information you need to start your day, from PaymentsSource and around the web:
Visa has finished a Request to Pay beta test in the U.K. using standards from Pay.UK, a national digital payments scheme that enables billers to directly ask for funds rather than send an invoice.
The end of the test and release of standards was delayed for about a month to avoid added pressure on banks during the coronavirus shutdowns, reports Finextra.
Visa tested more than 100 biller and consumer use cases during the pilot. All of the pilot's participants are accredited to take part in the scheme when it goes live.
Google Pay has expanded its Nearby Stores feature to about three dozen countries in India, expanding a service that allows consumers to see which stores in their community are selling essential goods.
The feature is a coronavirus-lockdown service, launching in April in limited locations. Businesses can open digital storefronts that allow consumers to shop, reports The Economic Times, adding businesses can post hours and their social distancing policies.
Reliance JioMart is offering a similar service through WhatsApp, according to The Economic Times. Facebook recently acquired a 10% stake in Reliance Industry's digital unit in India, giving Facebook access to deliver products with JioMart.
Dotting the i
The digital authentication supporting FIDO Alliance has introduced an "I-Mark" to indicate the device or website uses identity measures the alliance supports.
FIDO has also debuted a website to inform merchants and consumers about FIDO's mission. The alliance has more than 250 members including financial institutions, payment companies, internet service providers and government agencies. Facebook, Apple, Google and Samsung are among FIDO's members.
FIDO's core service is technical specifications that underpin digital alternatives to passwords, such as biometrics, security keys or localized PINs.
Payment processor Checkout.com has acquired Pin Payments, an Australian fintech that has about 12,000 businesses.
Checkout.com hopes to access an addressable Australian business to consumer e-commerce market of about $33 billion per year, as well as further the company's reach in Asia Pacfic markets. Terms of the deal were not disclosed.
Checkout.com recently acquired Process Out to improve its data management and strengthen its position in Europe.
From the web
Exclusive: Google faces antitrust case in India over payments app - sources
REUTERS | Wed May 27, 2020
India’s antitrust body is looking into allegations that Alphabet Inc’s Google is abusing its market position to unfairly promote its mobile payments app in the country, five sources familiar with the case told Reuters.
GM, Ford turn to fast-payment programs to aid suppliers hit by shutdowns
REUTERS | Thu May 28, 2020
General Motors Co and Ford Motor Co are using fast-payment programs set up with financial lenders to help cash-strapped small suppliers survive production shutdowns caused by the coronavirus pandemic.
Coinbase to acquire Tagomi to improve institutional trading offering
TECHCRUNCH | Wed May 27, 2020
Cryptocurrency exchange company Coinbase has announced plans to acquire Tagomi, an advanced cryptocurrency brokerage platform.
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