The information you need to start your day, from PaymentsSource and around the web:
Recurring initiatives
Lloyds plans to add a subscription management feature to its app, making it the latest company to jump into the fast growing business model.
Consumers will be able to view debit card subscriptions in real-time and receive push notifications alerting them of changes, reports
New haul
Cosmopolitan and Klarna plan a Gen Z and millennial focused virtual shopping event in the U.S., hoping to create an event that's similar to Amazon Prime Day or Singles Day in China.
Called "Hauliday by Cosmo x Klarna," the August 8-9 event will feature Adidas, Sephora, rue21, Rhone and others from Klarna's network of about 4,200 merchants. Klarna says it's working off a base of about 72 million monthly Cosmopolitan readers and 8 million Klarna users.
On the block
Singapore blockchain payments initiative Project Ubin has finished its prototype and will begin its commercial rollout.
JPMorgan Chase, the Monetary Authority of Singapore and Temasek have co-developed Ubin, which uses a distributed ledger to support settlement, trade finance, cross-border payments, foreign exchange and integration with other blockchain platforms, explains
Once live, the partners, who have worked with about 40 other firms during five phases of testing, will begin work on adding other payment types and use cases.
Exec jump
Paytm has hired former Walmart exec Harsh Gupta to lead its merchant payments operation.
Gupta had been product manager of Walmart's mobile payment app in India, reports
Paytm is adding talent as it faces increased competition from Phone Pe and
Installment raise
Point of sale credit company Sezzle has raised about $90 million through a fully-underwritten institutional placement in Australia.
The four-year-old Sezzle is based in Minneapolis and received its license in
Sezzle is part of a growing market of point of sale credit providers, including firms like Splitit, Affirm and Klarna.
From the Web
REUTERS | Mon July 13, 2020
Streamlining anti-money laundering checks, longer central bank opening hours and linking national systems would cut cross-border payment costs, global regulators said on Monday.
KREBS ON SECURITY | Mon July 13, 2020
Data Viper, a security startup that provides access to some 15 billion usernames, passwords and other information exposed in more than 8,000 website breaches, has itself been hacked and its user database posted online.
REUTERS | Mon July 13, 2020
Brazil’s banking regulation must adapt to big technology companies to ensure competition in the financial arena, central bank director Joao Manoel Pinho de Mello said on Monday in a webcast with newspaper Valor Economico.
More from PaymentsSource
The best intentioned efforts to bridge racial or gender gaps, or to create a more inclusive market for a financial project, will likely fail unless there’s careful attention paid to a lack of diversity at the onset.
Cloud-based mainframe provider LzLabs is expanding into the North American market, seeking to help banks, payment companies, insurance providers, telcos and government entities convert legacy mainframes to software-based platforms.
Payment fraud remains a credible threat and unfortunate reality for the majority of businesses, something that is unlikely to go away as fraud methods continue to evolve, says JPMorgan Chase's Alec Grant.
With the COVID-19 health pandemic wreaking havoc on jobs, investments, consumer debt and lending, secured credit cards can address a vital need for people who may not have considered the product in the past.
Two California men have sued the data aggregator Plaid over alleged data privacy violations in a case that could have implications for firms that gather consumers' bank account data and feed it to fintechs.
Canadian consumers are changing their banking habits to reduce physical contact with others because of COVID-19, according to a new study by McKinsey & Co.
Businesses have previously been conservative about the adoption of contactless, tap-to-pay features to collect payments from their customers. But as we look into the future of payments we have hit a tipping point in which businesses now need to be equipped for the rapidly evolving world of digital transactions or risk losing business to competitors who are.
Suppliers that still need to receive physical checks should still be able to do so. Even if they do, the process remains electronic on the accounts payable side, says AP side so that customers can issue check payments in the same batch as other electronic payments, says Nvoicepay's Angela Anastasakis.
The most recent legislative push to mandate cash is bipartisan at the outset, but there are divisions over how to put this plan into effect.
Traditionally, consumers take summer vacations to recharge from the hustle and bustle of daily life, as well as to reconnect with families and friends, before moving on to the next phase of their lives such as the restart of schools or going back to work – but not this year.
