Morning Brief 5.21.20: Visa investment fuels coronavirus analysis
The information you need to start your day, from PaymentsSource and around the web:
Digital deep dive
Visa has made an undisclosed investment in GoodData, a San Francisco-based payments technology company.
The card network also agreed to collaborate with GoodData on data management projects, giving Visa an added view into how the coronavirus has impacted spending habits. GoodData in April helped build and launch a project to analyze 400 million transactions made as the virus spread globally.
Like most payment companies, Visa has reported massive shifts to digital transactions, and expects the trend will be permanent. The investment in GoodData will help Visa investigate the digital migration in more detail.
Opening the books
London fintech Revolut has integrated with Clear Books, allowing users to view transaction records, status of invoices, record bills and expenses and create financial reports.
The coronavirus has complicated supply chains and business payments, creating competition among payment companies to offer technology to add visibility and improve processing.
Revolut's deal with Clear Books follows other business service integrations with Xero, Slack and Zapier.
Monzo co-founder Tom Blomfield is leaving as CEO for a new role as president. U.S. CEO TX Anil will be the new Monzo U.K. Bank CEO, reports TechCrunch.
Anil has experience at traditional banks, having held executive roles at Visa, Standard Chartered and Citigroup, that will help Monzo with regulatory issues and day to day management.
Blomfield will focus more on product development in his new role. Monzo is close to raising about $100 million in new funding to fuel its coronavirus recovery, though it had to accept a reduction in its valuation to about $1.4 billion from about $2.2 billion, according to TechCrunch.
Steak and Caviar
To stay open during the coronavirus shutdown in New York, Peter Luger Steak House is offering delivery for the first time since it opened in Brooklyn in the late 19th century. It has since become a staple of its neighborhood and a landmark near the Williamsburg Bridge.
But to offer delivery, the restaurant also has to let go of another quirky tradition of only accepting cash, a method that's quickly falling out of favor since it doesn't meld with mobile ordering and is considered contagious.
Peter Luger has partnered with delivery app Caviar to support credit card payments, reports CNBC. It's not a major win for Caviar in terms of size, but a coup given the restaurant's fame.
Paytm First Games is collaborating with online marketplace Daraz to launch gaming and a range of digital payment products in Bangladesh, Nepal, Sri Lanka and Myanmar.
Daraz will offer games in different formats and a redemption center, reports Economic Times in India.
The eight-year old Daraz has about 5 million consumers, and gives Paytm access to fast-growing gaming markets in South Asia. The partnership includes more than 100 games.
From the web
Shopify announces a new merchant debit card and support for payment installment plans
TECHCRUNCH | Wed May 20, 2020
Shopify announced in a virtual conference several new products and features, including Shopify Balance, a merchant account with no fees and no minimum balances.
Paying during a pandemic: Venmo, PayPal, and other money transfer apps are surging
FORTUNE | Wed May 20, 2020
According to findings by Apptopia, the number of U.S. downloads for Venmo grew 16.5% and those for Square's Cash App grew 20.1% from April to May. Meanwhile, PayPal downloads soared 32.3% during this period.
Walmart upgrades apps due to coronavirus to combine groceries with electronics, toys and more
USA TODAY | Wed May 20, 2020
The retailer has combined its Walmart Grocery app with its main app to allow consumers to shop for items in multiple departments.
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First Data will pay $40 million in FTC deal over consumer scams
First Data Merchant Services LLC and a former executive agreed to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting hundreds of thousands of consumers.
Payment infrastructure platform provider GoCardless has signed cloud-based VOIP technology provider 8X8 for recurring bills, with a goal of speeding invoice payments.
Visa Inc. Chief Executive Officer Al Kelly said he expects a majority of the firm’s employees will continue working remotely through the end of the year.
Beyond support to individual consumers and companies, huge structural shifts must be addressed to manage the coronavirus recovery. The ability to respond quickly and on a massive scale is the key to protecting lives and livelihoods. Payments are an integral part of this response.