Morning Brief 5.28.20: Visa extends digital business payments in U.K.

Register now

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

Pilot lands

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.

Larger neighborhood

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.

Checkout purchase

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.

More from PaymentsSource

Not all payments can be processed at home: How one JPMorgan team managed
The lines of white cooling trailers that silently announce the scale of the tragedy are what lockbox employees at JPMorgan Chase see on their way to work.

The coronavirus boosts the need for third-party payment risk
Relationships with third party suppliers and regulators have never been more important, says says Genpact's Manish Chopra.

Pandemic seals Amex’s commitment to the cloud
Asked about his stress level during the COVID-19 pandemic, American Express’s Evan Kotsovinos says he was a nine on a scale of 10 in March, and in April he came down to a seven.

Why Samsung Money’s launch couldn’t wait for the economy to improve
Many companies are postponing product rollouts until the economy improves, but the Samsung Money debit card could be better suited for spending habits during the coronavirus pandemic.

Remitly launches cash deposit service on Green Dot network
Money transfer agent Remitly has launched a cash deposit service for its digital bank account holders on the Green Dot retailer network.

Coronavirus puts Real Time Payments network to the test
Mobile and contactless payments have generated more consumer attention as ways to safely move money during the coronavirus pandemic, but there's also a growing wave of support for The Clearing House's Real Time Payments network for banks.

Restaurants’ coronavirus tech could stick around post-lockdown
The coronavirus shutdowns have tossed businesses into disarray in numerous ways, most notably the tricky transactions that come with operating a restaurant as a drive-through for the first time.

Visa's 'digital dollar' patent application raises central bank privacy issues
Visa's blockchain/digital currency patent application shines new light on an ongoing evolution of blockchain.

Latin America's digital transformation can be a global model
The pandemic has shed light on a stark digital divide. In Latin America, digital infrastructure is severely limited in rural areas and developing countries. A large segment of the population is excluded from the internet era. Similarly, one third of Americans don’t have access to the internet. However, amid the massive paradigm shift caused by the pandemic, having the ability to use digital channels is not just a nice-to-have, it is essential.

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