Morning Brief 6.17.20: Western Union, London Stock Exchange offer payment tech to startups
The information you need to start your day, from PaymentsSource and around the web:
Western Union will offer a range of payment services in the U.K. through a link to the London Stock Exchange. While involving two brands that are well over a century old, the partnership has a focus on companies that are often much younger.
ELITE, a London stock exchange initiative that helps new companies locate financing, consulting and mentorship, will add access to Western Union's Business Solutions to power FX, mitigate currency risk, execute cross-border payments and other services that enable companies to do business internationally.
ELITE serves about 1,500 private companies in 43 countries; while Western Union's network spans more than 200 countries and 130 currencies. The partnership will additionally enhance Western Union's digital diversification strategy by bringing it closer to startups.
Buy button specs
EMVCo has updated guidelines to its Secure Remote Commerce to ensure that customer-facing programs based on SRC are called "click to pay."
The update aims to clarify terminology for consumers who are using cards, channels or mobile devices, EMVCo said in a release, adding merchants will display an icon or text to denote an SRC point of sale.
SRC underpins the card networks' universal "buy button" to standardize digital payments, creating an interoperability similar to plastic cards.
Italian fintech illimity has launched its open banking hub by partnering with scooter sharing firm MiMoto and Fitbit.
The hubs combine the partners' services with the consumer's bank accounts, tied together by illimity's technology under PSD2 guidelines.
The Fitbit hub supports spending plans and points that are linked to users' steps. The MiMoto hub allows users to find scooters through Geomapping, obtain expense reports and obtain a MiMoto virtual debit card.
Santander is expanding its PagoFX transfer app to businesses in the U.K. in an attempt to counter rivals such as TransferWise and PayPal.
PagoFX initially launched in April with a mobile and laptop app that allows cross-border P2P transfers via any U.K. issued debit card.
In addition to sole proprietors and consumers, PagoFX now covers eight currencies from the Middle East and Central and Eastern Europe. Pago has also discounted fees through August.
From the Web
Visa hails ‘permanent’ shift in consumer spending habits
FINANCIAL TIMES | Wed June 17, 2020
The pandemic is heralding a “permanent” shift in consumer spending, with increases in debit card and domestic transactions here to stay, according to Visa’s European chief executive. Visa, which processed 138bn transactions last year, is hoping to offset some of the decline in cross-border payments by encouraging a further shift away from cash in domestic spending.
Crypto exchange Binance to launch UK trading platform in summer of 2020
REUTERS | Wed June 17, 2020
Binance said on Wednesday it will launch a cryptocurrency trading platform in the UK this summer, with up to 65 digital assets being considered to be available at the launch. It will be regulated by the UK Financial Conduct Authority.
African payment startup Chipper Cash raises $13.8M Series A
TECHCRUNCH | Tue June 16, 2020
African cross-border fintech startup Chipper Cash has closed a $13.8 million Series A funding round led by Deciens Capital. The raise caps an event filled run for the San Francisco based payments company, which said it will use the funding to hire up to 30 people across operations in San Francisco, Lagos, London, Nairobi and New York.
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