5.14.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Walmart's Flipkart deal earns cheers and jeers
Walmart's $16 billion deal to acquire a majority of Flipkart is drawing mixed reactions in Flipkart's home market of India.
Mobile payment company Paytm, which has vocally supported many of India's dramatic moves toward electronic commerce over the past couple of years, has complimented the deal, which has the potential to make Walmart the primary e-commerce power in India. Trak.in reports Paytm founder Shekhar Sharma said the deal is the "perfect example of perseverance, aggression and relentless hard work" that demonstrates the strength of Indian startups in general.
The retail trade lobby Confederation of All India Traders sees it differently, saying such deals run contrary to the interest of India's retail trade.
On the bus
Paytm is also busy pushing bus ticketing technology. It has partnered with Andhra Pradesh State Road Transport Corporation to support online bus reservations.
The feature will cover about 1,250 bus routes in India, and will combine remote booking and payments, a trend in global mass transit payments to remove ticketing and payment from stations, trains, buses and other system infrastructure.
Paytm, which is backed by Chinese e-commerce giant Alibaba, recently added P2P and gaming to its list of features.
A boost for crypto payments in Asia
The cryptocurrency Dash recently made headway as a retail payment option in Spain, and is adding to its addressable market through a deal with mobile wallet provider Paycent.
BlockTribune reports merchants will be able to use the wallet to buy and sell Dash, and convert it to other alternative and traditional currencies. These pre-payment conversions are often part of attempts by cryptocurrency companies to lure merchants by requiring little work form the merchant to accept cryptocurrencies.
An additional option is a liquidity feature that will instantly convert cryptocurrency to fiat currency.
DoJ vet joins bitcoin security company
Michael DuBose will lead the U.S. push of Crystal, Bitfury's blockchain trading product.
DuBose led the DoJ's computer crime division from 2000-2011, and will be president of Crystal USA, reports Coindesk, which adds Dubose will demonstrate the product to law enforcement, financial companies and other target audiences.
Crystal tracks transactions on the blockchain, produces risk scores and flags transactions that could be tied to illegal activity.
From the Web
Huawei adds a bitcoin wallet to its app store even as China cracks down on trading
CNBC | Fri May 11, 2018 - Huawei has released a bitcoin wallet on its app store for the first time, allowing Chinese consumers to hold virtual currencies even as Beijing steps up regulation on the nascent industry. The Shenzhen-based Chinese smartphone maker has teamed up with BTC.com, an online platform for cryptocurrency investors, miners and developers, to add BTC.com's crypto wallet to Huawei's new AppGallery.
India largest remittance-receiving country in the world
The Economic Times | Sun May 13, 2018 - India was the largest remittance- receiving country in the world, with migrant workers from the country sending home USD 69 billion in 2017, according to a report, which said remittances to the Asia-Pacific region amounted to USD 256 billion last year.
Singapore, Brunei ink pacts to boost cooperation in finance
The Business Times | Sat May 12, 2018 - Financial cooperation between Singapore and Brunei received a boost on Saturday with the signing of two new agreements. The signings of the agreements - a memorandum of understanding (MOU) to exchange information related to money laundering and terrorist financing, and a financial technology agreement seeking to boost innovation in financial services - were witnessed by President Halimah Yacob and Brunei Sultan Hassanal Bolkiah.
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