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Big small-business move
Mastercard is making a small-business play in South Africa, collaborating with Nedbank and local fintech Ukheshe to allow consumer payments via WhatsApp.
Small businesses and micro merchants will use the service, called Money Message, to send a payment request through a WhatsApp message to consumers with South African identity documentation and a bank account, reports
The consumers can make a payment inside WhatApp through their mobile number or QR code. The payment system has been in pilot for the past month, and will be gradually expanded.
Filling the bank
Melinda Gates' Pivotal Ventures is the lead investor in a $5 million round in Till Financial. The company will use the money to fund the launch of its youth-focused payment and financial management app. Other firms in the investment round include Elysian Park Ventures, Alfore Capita and SM Ventures.
Till's platform is targeting prebanked U.S. consumers that have a current buying power of more than $400 billion, the company estimates. The product includes a bank account, digital and physical debit cards and personal financial management with parental supervision.
The investment in Till comes about a week after
Fuel efficiency
Polychain, Valor Equity and Bain Capital Ventures are among the firms investing $128 million in Crusoe Energy, a Denver startup that has developed an environmental approach to bitcoin mining.
Crusoe uses a network of 40 data centers, with a planned expansion to 100, that are powered by natural gas that would otherwise be wasted, reports
Crusoe is selling its energy as an alternative to the coal-powered plans that have usually supported the grids that bitcoin miners access. It expects criticism of mining will increase as bitcoin becomes more mainstream, creating a market for alternative investments.
Don't feel bad
All-in-one card Curve has launched a new set of money control features, including an second-card option to avoid an over-extension.
Called "anti-embarrassment mode," users pick a card that automatically subs in in the event that the person's "top choice" credit or debit card will be declined, before the clerk attempts to use the overdrawn card.
The company's prior management features include a retroactive card assignment called "
From the web
ENGADGET | Tuesday, April 27, 2021
Amazon is making its in-garage deliveries available in all areas where it provides grocery deliveries. The online retailer announced today that it's expanding the Key by Amazon option to more than 5,000 US cities and towns. Until now, grocery deliveries have been limited to Chicago, Dallas, Los Angeles, San Francisco and Seattle as part of a pilot program.
TECHCRUNCH | Monday, April 26, 2021
Tesla’s relationship with bitcoin is not a dalliance, according to the comments made by the company’s CFO and dubbed “master of coin” Zach Kirkhorn during an earnings call Monday. Instead, the company believes in the longevity of bitcoin, despite its volatility.
THE WALL STREET JOURNAL | Tuesday, April 27, 2021
DoorDash Inc. is changing the way it charges restaurants to deliver their food, marking a shift in a business model that has met with increasing pushback over fees as the company positions itself for a post-pandemic world.
More from PaymentsSource
The quick adoption of financial technology, coupled with remote work, requires firms to focus on internal innovation as well as customer-facing advancements.
Central bank digital currencies are moving much faster in China and Latin America, where the financial structures are less complicated than in the U.K. and U.S.
Central banks around the globe have decided to compete with private cryptocurrencies and each other in the race to issue central bank digital currencies. These efforts are important, but policymakers should give equal attention to the financial stability risks that may be linked to CBDCs.
Mobile wallets have seen strong adoption as an in-store payment method in China, but have lagged in appeal in the U.S. until recently. Coronavirus fears have caused many Americans to rethink the mobile wallet’s value proposition.
JPMorgan Chase is preparing to offer a bitcoin fund to wealthy clients, the latest sign that Wall Street is warming to the largest cryptocurrency after it soared in recent months.
Fraud detection and prevention technology must align with clear return policies and strong customer service ensuring that confused but loyal and well-intentioned customers can continue to purchase from merchants, says Ravelin's Mairtin O'Riada.
New York's Acker wants crypto investors to convert their wealth into expensive wines.
American Express' payment processing operations in China are giving it a foundation upon which to expand its debit offering to new countries.
The Reserve Bank of India restricted American Express and Diners Club from adding new local customers, citing non-compliance with data-storage rules.
Despite the advantages of bringing cards in-house, many financial institutions still outsource their portfolios to agent credit card issuers to manage the programs on their behalf.
Long after the pandemic is finally behind us, the many security and financial benefits owners, management companies and fans alike receive from having the technology in place will remain too invaluable to ignore, says Corsight's Robb Watts.
Affirm's deal to buy Returnly emphasizes the need to simplify the process when a point-of-sale lender stands between the consumer and merchant.
Discover Financial Services executives say they will cautiously approach new acquisitions and technology or marketing investments, despite an upbeat first quarter.
On its path to diversify beyond check printing, Deluxe has agreed to purchase Texas-based merchant services firm First American Payment Systems for $960 million.
More than 50 countries support Apple Pay, which launched seven years ago, but adoption still lags in certain developed regions including Israel, Mexico and South Africa.
Digital currencies are becoming mainstream, with advancements in several areas that the financial industry needs to be aware of.
Top executives from the 49 companies that earned a spot in this year's ranking of the Best Fintechs to Work For cite the need for nimble shifts in business strategy, leadership style and recruiting tactics among the lessons they took away from the challenges of the coronavirus crisis.
