Morning Brief 4.17.20: Walmart gives PayPal an opening to Canadian groceries
The information you need to start your day, from PaymentsSource and around the web:
Walmart Canada has added an e-commerce feature to accommodate the rush of online grocery ordering during the coronavirus outbreak.
The retailer will support PayPal through its e-commerce site, which will provide PayPal with a foothold in Canada's grocery industry, reports Chain Store Age, noting PayPal has about 7 million users in Canada and Walmart's U.S. chain already accepts PayPal for online orders.
A PayPal survey round Canadian online grocery shopping has increased 58% over the past month.
More politicians are pushing digital dollars, or a public digital wallet network, as part of economic stimulus plans.
Under a proposal from Rep. Rashida Tlaib, D-Mich. the U.S. Treasury would mint a pair of $1 trillion coins, with more if needed, to pay $2,000 per month to U.S. residents during the crisis, based on unemployment levels.
The money would be distributed via digital dollar cash wallets, which would be similar to public P2P apps or central bank digital currencies that are in other proposals.
Ebury has gotten approval from the Netherlands to participate in a government small-business loan program designed to help small businesses that have been shuttered because of the coronavirus.
The program is open to Dutch businesses, and like the U.S. program is designed to keep people employed until the lockdowns are loosened.
A similar program in the U.S. has also opened small business lending to fintechs such as Stripe, Square and PayPal.
TPG Growth has invested $100 million in London authentication company Onfido, giving its digital identity technology a boost.
Onfido's client base includes fintechs such as Revolut and Expensify, which use photo IDs as a match against a selfie video, with AI capturing fakes, according to Finextra.
The company reports the coronavirus has sparked interest in digital ID, as more remittance providers and health care services add the technology to secure transactions.
From the web
Some Banks Keep Customers’ Stimulus Checks if Accounts Are Overdrawn
THE NEW YORK TIMES | Thu April 16, 2020
Frustrated customers say banks have been seizing some, or all, of their relief payments because their accounts are overdrawn, in some cases as a result of pandemic-caused hardship.
EMV Chip Cards Are Slow To Reach Gas Pumps
FORBES | Thu April 16, 2020
On October 1, 2020 financial responsibility for the counterfeit card charges at gas pumps will shift responsibility from consumer’s issuing bank to the merchant’s acquiring bank if the merchants hadn’t installed EMV-capable readers.
Glitches prevent $1,200 stimulus checks from reaching millions of Americans
THE WASHINGTON POST | Fri April 17, 2020
Several million people who filed their taxes via H&R Block, TurboTax and other services were unable to get their payments because the IRS did not have their direct deposit information on file, according to the Treasury, companies and experts.
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