What's New in Payments

PayPal ‘ready to spend $3bn a year on acquisitions’

PayPal to spend $3 billion a year on M&A — Reuters — “PayPal Holdings Inc is on the lookout for further acquisitions following its recent takeover of iZettle, the Swedish fintech startup, for $2.2bn… ‘We have a healthy balance sheet and we are ready to put it to work to buy more companies,’ president and CEO Dan Schulman told Germany’s Handelsblatt… Paypal is ready to invest up to $3bn a year on acquisitions that enable it to acquire specific capabilities, Schulman added.”


What's New in Payments

PayPal adds support for local payments services

Introducing the new PayPal Checkout, built to drive conversions — PayPal — “Smart Payment Buttons are checkout buttons that dynamically present the most relevant payment methods for each customer in each geography… Over the next few weeks, we will enable iDEAL for customers in the Netherlands, Bancontact for customers in Belgium, MyBank for customers in Italy, Giropay for customers in Germany and EPS for customers in Austria… We expect to roll out many more local payment methods this year.”


What's New in Payments

PayPal takes its Venmo P2P service in-store with new debit card

Take your balance shopping with Venmo card — Venmo — “With the Venmo card, you can use your Venmo balance in more places… Low Venmo balance? We’ll use your linked funding source to reload your Venmo balance so you can make that card purchase… For those with Venmo notifications enabled, you’ll be notified on your phone with each swipe. And, we aim to alleviate the panic that comes with losing a card: just a few taps in the app, and boom — your card is disabled.”


NFC World

US merchants increase support for NFC in stores, cut back on Apple Pay and Google Pay online

New survey finds fewer merchants accepting Apple Pay — Kount — “Support is up across the board for near field communication (up from 29% to 37%) and other mobile payments at the physical point-of-sale… Online merchant support for Apple Pay has gone down from 48% to 35%, Google Pay (previously Android Pay), is down from 38% to 25%, support for PayPal increased (from 48% to 64%) while 10% accept AliPay and 10% accept other e-wallets. The share of merchants who accept Samsung Pay, Visa Checkout, MasterPass, and Chase Pay all stayed constant from last year.”




What's New in Payments

Amazon to offer discounts to merchants that sign up for Amazon Pay

Amazon offers retailers discounts to adopt payment system — Bloomberg — “Amazon.com Inc is offering to pass along the discounts it gets on credit card fees to other retailers if they use its online payments service, according to people with knowledge of the matter, in a new threat to PayPal Holdings Inc and card-issuing banks. The move shows Amazon is willing to sacrifice the profitability of its payments system to spread its use.”


What's New in Payments

PayPal patents augmented reality payments system

PayPal has an idea for augmented reality payment glasses — here’s how it could work — CNBC — “The software as imagined could overlay product information and purchasing options onto physical objects, according to the patent — originally filed in 2016 but extended earlier this week. A shopper looking at an item on the storefront shelves would see a hovering, virtual description including price, payment options and return policy. The glasses could also walk shoppers through the steps to purchase items online, with vendor and purchaser information already stored in the system.”


What's New in Payments

Barclays signs digital and mobile payments deal with PayPal

Barclays and PayPal announce industry leading partnership — Barclays — “Consumers are expected to benefit from a raft of new features that will make it even easier to manage their PayPal account in Barclays digital channels, and to use their Barclays products in their PayPal digital wallet… PayPal and Barclays will explore unique ways to connect Pingit and PayPal to improve how customers can move and manage their money. The partnership will also explore opportunities for US consumers to redeem Barclays reward points at businesses that accept PayPal worldwide.”


What's New in Payments

PayPal can now be used to make Samsung Pay mobile payments in US stores

Continuing to make choice a reality with Samsung Pay — PayPal — “Today, we have begun rolling out the ability for consumers to use PayPal within Samsung Pay and make purchases at the millions of retailers that accept Samsung Pay. Samsung Pay users can load their PayPal account with the debit card or bank account found in their PayPal Wallet for use in-store — all while continuing to earn Samsung Rewards points.”


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

Juniper predicts 2.1bn mobile wallet users in 2019

PayPal leads mobile wallet rankings as users forecast to pass 2bn next year — Juniper Research — “Nearly 2.1 billion consumers worldwide will use a mobile wallet to make a payment or send money in 2019, up by nearly 30% on the 1.6 billion recorded at the end of 2017… The report also argued that while QR code-based in-store payments had seen quite astonishing levels of adoption in China, successful use cases in Europe and North America were likely to be limited to ‘closed loop’ wallets such as those deployed by Starbucks and Walmart.”


What's New in Payments

PayPal patents faster cryptocurrency payments system

Expedited virtual currency transaction system — USPTO — “The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”


What's New in Payments

Over half of US consumers are now using a P2P payments service

US consumers and debit: Shift to online may inhibit use — Mercator Advisory Group — “57% of all respondents and 78% of young adults aged 18 to 34 use person-to-person payment services such as PayPal, Venmo, Google Wallet, Facebook Messenger, and others accessible online and in-app by mobile devices and nearly half of them use a P2P service at least once a month.”


What's New in Payments

eBay to replace PayPal as its main payments provider

eBay to intermediate payments on its Marketplace platform — eBay — “eBay intends to further improve its customer experience by intermediating payments on its Marketplace platform. In doing so, eBay will manage the payments flow, simplifying the end-to-end experience for buyers and sellers… eBay will move as quickly as possible to complete this process within the parameters of the operating agreement with PayPal, which remains in place through mid-2020.”


What's New in Payments

Softbank to launch new global digital payments system?

Softbank plots digital payments raid with plans for Paypal rival — City AM — “Japanese technology giant Softbank is planning to create a global digital payments system that could rival giants such as PayPal, according to reports. The tech firm will lead a consortium backed by some of the world’s biggest banks… Under the plan, Softbank could acquire a large financial software business as a springboard to rolling out the new system.”


Transit Ticketing Today

Cargo turns Uber cars into convenience stores

How Cargo is helping Uber drivers earn extra cash by selling stuff to passengers — VentureBeat — “Cargo partners with brands across confectionery, electronics, cosmetics, and more to offer riders access to goods such as chocolate bars and USB cables. The company sends a transparent case to drivers, along with the goods, which they place in the vehicle’s front compartment, allowing passengers to see at a glance what’s on offer. The traveler can then make payment using PayPal, Apple Pay, Android Pay, or their credit card through Cargo’s mobile website, using a unique code to ensure payment goes to the right driver.”


What's New in Payments

Survey finds high level of consumer satisfaction with mobile payments in US and UK

Auriemma Consulting Group conducts parallel study of mobile pay usage in the US and the UK — Auriemma Consulting Group — “While UK cardholders are slightly more likely than their US counterparts to have used Apple Pay (12% v 9%) and Visa Checkout (9% v 6%) within the past month, other options, such as PayPal In-Store Checkout (5% each) and Android Pay (4% each) show similar usage patterns. Although usage metrics are low, satisfaction with each technology is extremely high.”


What's New in Payments

PayPal lets customers group together to raise funds and buy gifts

A better way to collect money from friends — PayPal — “With PayPal Money Pools, you can create a page that lets people easily chip in for group gifts, special events and more… PayPal Money Pool pages are easily shareable via link or social media… The proceeds go straight to your PayPal Money Pools account so you can track and use them whenever needed.”


PayPal tops US survey of most trusted financial services brands

Landor Pulse: PayPal leads as most trusted financial services brand — Landor — “Approximately 30% of consumers rank PayPal as trustworthy, compared with 25% for Visa, 23% for Mastercard, and 17% for American Express… Apple Pay and Google Wallet are trusted by only 13% of consumers… Just 17% think Capital One and Chase are trustworthy, with Bank of America one point below at 16%… Bitcoin has the lowest rating of all, with only 6% of consumers believing it to be trustworthy.”


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