May's News-feed: our top 5 news about online payments
As the months of May progresses into its final week, we are looking back at our news feed to see which events in the e-payments ecosystem caught our eye. Below is a List of 5 posts that capture the ever changing e- payment landscape. Paymentsop read and summarized the news to keep you up-to-date.
1.PayPal Aquiers iZettle
Paypal strengthens it’s omni channel stand with the acquisition of iZettleI. This merger follows the lates trend of multichannel commerce where brick and mortar meets digital and global becommer local.
iZettle is in 12 markets today, its card-present payment is adapted for each market to match the local customer expectations and habbits.
PayPal COO Bill Ready indicated that PayPal’s plans are to extend iZettle’s platform and enable omnichannel capabilities to developing markets that want and need it.
iZettle started out as a cost-effective EMV-dongle for micro merchants that attached to a smartphone, the solution is now a merchant services platform with a variety of client-facing features and back-office utilities that gives SMBs access to all of the same digital payments and omnichannel options as merchants many times their size. And for many of those merchants, the opportunity to run their entire business from the smartphone they also probably use to run their lives is something that Ready said is particularly important, given its place in those markets as the original access point for digital services.
2. Mexican Retail Chain OXXO Intgrates Contactless Payments
Contactless payments are accepted now in OXXO stores in Mexico, the shoppers will be able to pay contactless via cards and mobile. OXXO is one of the biggest chains in Mexico and offers it's users additional services such as bill payment, prepaid cards, and mobile topup. Contactless transactions in Mexico currently constitute only 1% of total transaction volume. The adoption of contactless technology by OXXO may change this.
3. SmartCash Blockchain Expands Its Wearable Payment Technology in Brazil
SmartCash is wearable technology based on cryptocurrency. The SmartCash system and its SmartBand (NFC), was adopted by close to 2.5 million merchants in Brazil. SmartCash is working to expand its reach; the company has already cut transaction fees down to under $0.001 per transaction, brought out username-based addresses for transfers and more, and plans to develop SmartCard system. Full Post @paymentweek.com
4. EMVCo Creates QR Payment Mark to Standardize QR Code Payments
EMVCo is a consortium with control split equally among Visa, MasterCard, JCB, American Express, China UnionPay, and Discover. EMVCo exists to facilitate worldwide interoperability and acceptance of secure payment transactions.
EMVCo has developed reproduction requirements and a free licensing structure to enable all implementers of EMV QR Code solutions to use the mark. The EMV Specifications address both Consumer-presented and Merchant-presented payment use-cases.
5. Adoption of Fintech technologies in China
Toward Universal Financial Inclusion in China : Models, Challenges, and Global Lessons - A report published by World Bank Group & People's Bank of China. 2018 China has achieved remarkable success in financial inclusion. Traditional financial service providers have dramatically increased the reach of the formal financial sector, at the same time China became an established leader in the fintech revolution, with new technology-driven providers transforming how millions of Chinese consumers make payments, borrow, save, invest, and insure themselves against risk. In the report you’ll find: Benchmarking China’s progress against peer economies Analysis of key developments and factors in China’s financial inclusion experience Summary of remaining challenges Extract on key lessons learned from China’s experience