What's New in Payments

India to relax mobile wallet KYC rules

‘Low KYC’ norm to help mobile wallets retain their customers — Economic Times — “In a move set to bring relief to scores of mobile wallet firms such as Paytm, PhonePe, Amazon Pay and their several million users, the Reserve Bank of India (RBI) will allow wallet service providers to continue operating their millions of non-compliant know-your-customer (KYC) accounts which earlier faced cancellation… An estimated over 200m mobile wallets ran the risk of being cancelled by the regulators, once the deadline to upgrade their non-compliant accounts to ‘full KYC’ accounts expires on February 29.”



What's New in Payments

Interflora lets customers use Alexa to order and pay for flowers

‘Alexa, send flowers’: Order a bouquet in time for Christmas using only your voice — Interflora — “Global flower delivery company Interflora has become the first UK retail brand to launch a complete end-to-end ‘V-commerce’ service, with just one simple voice-based transaction making it possible to send flowers via Alexa and check out with Amazon Pay, all without lifting a finger.”


What's New in Payments

Amazon Pay begins in-store payments rollout in India

Amazon Pay makes an offline push with ‘scan and pay’ service — Livemint — “We have begun introducing Amazon SmileCode, a new way for our customers to shop and pay at physical stores like Shoppers Stop, among others,” said an Amazon spokesperson. “Customers will soon find Amazon SmileCodes in neighbourhood retail stores, where they can scan and pay for their purchases seamlessly.”


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

Amazon to pilot sound-based payments for cash on delivery service in India

Amazon backs Indian startup to replace cash with contactless payments — Bloomberg — “Amazon.com Inc wants to pilot contactless payments to boost the adoption of its payment processing service, Amazon Pay, for offline transactions in India, two people privy to the development told BloombergQuint… Amazon is looking to roll out contactless payments in the next two to three months, one of the persons quoted above said. It may start with offering the service for its Prime subscription members.”


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

Alexa can now use Amazon Pay to make voice-based donations to charity

Alexa now lets you donate to nearly 50 nonprofits — Cnet — “Alexa allows you to make a donation between US$5 and US$5,000 and tells you it will share your name, address and email with the charity. It will ask repeatedly if you want to go through with the donation, but you can also set up a four-digit voice-shopping code to prevent accidental donations.”


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.”



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