What's New in Payments

Amazon to test palm payments at the point-of-sale

Cash, plastic or hand? Amazon envisions paying with a wave — The Wall Street Journal — “The tech giant is creating checkout terminals that could be placed in bricks-and-mortar stores and allow shoppers to link their card information to their hands, according to people familiar with the matter. They could then pay for purchases with their palms, without having to pull out a card or phone.”




What's New in Payments

Payments networks to drop support for Facebook’s Libra digital currency?

Visa, Mastercard, others reconsider involvement in Facebook’s Libra network — The Wall Street Journal — “Visa Inc, Mastercard Inc and other financial partners that signed on to help build and maintain the Libra payments network are reconsidering their involvement following a backlash from US and European government officials, according to people familiar with the matter.”


What's New in Payments

Apple to launch ‘credit card paired with iPhone’

Apple, Goldman Sachs team up on credit card paired with iPhone — The Wall Street Journal — “The card will be rolled out to employees for testing in the next few weeks and officially launch later this year, according to people familiar with the matter. The companies hope to lure cardholders by offering them extra features on Apple’s Wallet app, which will let them set spending goals, track their rewards and manage their balances, the people said.”


What's New in Payments

Amazon moves into US mobile payments market

Amazon Pay accepted here? Web giant aims to put digital wallet in stores — The Wall Street Journal — “Amazon.com Inc is gearing up to challenge Apple Inc in the mobile payments race. The e-commerce giant is working to persuade brick-and-mortar merchants to accept its Amazon Pay digital wallet, according to people familiar with the matter, attempting to expand a service now used primarily for purchases online.”



What's New in Payments

Retailers raise concerns over card networks’ plans for a single buy button

Visa, Mastercard push for one-click ordering. Retailers say ‘not so fast’ — The Wall Street Journal — “Representatives of large retailers including Walmart Inc and Home Depot Inc met with federal regulators this week to raise concerns about a new online payment initiative that Visa Inc and Mastercard Inc are preparing to roll out… Retailers’ main concern with combining the buttons is that merchants won’t be able to route their debit card transactions to lower-cost networks.”


What's New in Payments

Apple to launch Apple Pay credit card in 2019

Goldman Sachs, Apple team up on new credit card — Wall Street Journal — “Apple Inc and Goldman Sachs Group Inc are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic. The planned card would carry the Apple Pay brand and could launch early next year.”


What's New in Payments

Ant Financial seeks US$9bn in new funding

Jack Ma’s Ant Financial to raise $9bn, become world’s biggest unicorn — Wall Street Journal — “Chinese billionaire Jack Ma’s financial technology business is about to vault into the ranks of the world’s most valuable companies. Ant Financial Services Group, carved out of his e-commerce giant Alibaba Group Holding Ltd seven years ago, is preparing to raise US$9bn in a private funding round, according to people familiar with the matter. That ups a previous fundraising target of US$5bn.”


PayPal expands into mainstream banking

PayPal makes a move toward traditional banking — Wall Street Journal — “The San Jose, Calif-based payments company has been quietly reaching out to groups of customers in recent months with an offer to add basic banking features to their PayPal digital wallet. The features include Federal Deposit Insurance Corp insurance for their balances, a debit card that can be used to withdraw cash at ATMs and the ability to direct-deposit their paychecks.”


What's New in Payments

Apple faces pushback from iPhone users over Apple Pay ‘pestering’

iPhone users are pestered to enroll in Apple Pay — Wall Street Journal — “Apple Inc is nagging iPhone users to enroll in its mobile payment service with a persistent red-circle badge. The strategy has worked with some, but is irritating others who say it is heavy-handed and exploits the tech giant’s clout in ways that could disadvantage rivals… Users who opt not to input credit card information for Apple Pay when setting up their phones now constantly see the red circle over their settings icon.”


Amazon plots move into mobile payments and financial services

Are you ready for an Amazon-branded checking account? — Wall Street Journal — “Amazon.com Inc is in talks with big banks including JPMorgan Chase about building a checking-account-like product the e-commerce giant could offer its customers, according to people familiar with the matter… Converting its shoppers into financial account holders could also aid Amazon as it ramps up its efforts in payments… The company is now trying to bring Amazon Pay to brick-and-mortar stores, according to people familiar with those plans. It is likely to begin with Whole Foods, which Amazon bought last year for roughly US$13.5bn.”


What's New in Payments

Indian mobile wallet giant Paytm plans expansion to US, Japan and Europe

India’s top payment app has eyes on US market — Wall Street Journal — “India’s largest mobile payment app — backed by the likes of China’s Alibaba Group Holding Ltd and Japan’s SoftBank Group Corp — has its eye on the US, its founder said. Speaking at The Wall Street Journal’s D.Live Singapore event, Paytm founder and chief executive Vijay Shekhar Sharma said his aim is to expand into developed markets, also including Japan and Europe.”