The information you need to start your day, from PaymentsSource and around the web:
Banking hub
The fintech's customers can upgrade e-money accounts to bank deposit accounts through the Revolut app, reports
The Lithuanain license will be passported to other European nations during that time. Revolut first obtained its license in 2018, partly as its response to
Building blocks
Mastercard and Alipay are part of a blockchain consortium that's building authentication, vetting, payments and tracking tools for food and other materials that flow between China and Australia.
The APAC Provenance Council is operating the blockchain, which also includes companies from outside the payments industry. Alipay and Mastercard will support real-time processing, reports
VeChain will provide the blockchain technology that powers the supply network. One of the desired benefits is increased liquidity by enabling firms to hold funds longer before making payments.
Gifting portal
A new e-commerce platform is offering discounted gift cards for nonprofits to boost usage during the coronavirus pandemic.
Called GiftCardAid, the service allows nonprofits to secure gift cards from Walmart, Target, Amazon and other large retailers, then sell the cards as part of fundraising efforts.
Checking the rankings
Uber Eats is closing some markets and transferring services in others, choosing to focus on where it is already near the top of the delivery app rankings.
That means it's halting operations in the Czech Republic, Egypt, Honduras, Romania, Saudi Arabia, Uruguay and Ukraine, while transferring its UAE business to its local Careem unit, reports
The move is not related to the coronavirus, but part of an existing strategy to limit investment in low-performing areas, given delivery apps do not have a solid profitability record, TechCrunch says.
Uber earlier this year sold its UberEats business in India to
From the web
REUTERS | Mon May 4, 2020
Mexico received $4.02 billion in remittances from abroad in March, a 36% increase from the $2.96 billion in March 2019, the Bank of Mexico figures showed. It compares with $2.69 billion in February. Most of the money sent to Mexico comes from the United States, which is home to millions of people of Mexican origin.
CBS | Mon May 4, 2020
About 1 in 4 credit card holders — or almost 50 million Americans — had their credit limits cut or their card accounts closed in the past 30 days, according to a consumer survey by Lending Tree's Compare Cards website.
FORTUNE | Mon May 4, 2020
The popular stock-picking app Robinhood announced on Monday it raised a Series F funding round that will see the company valued at $8.3 billion.
More from PaymentsSource
Consumer remittance behaviors are being forced to change, with senders and recipients moving to mobile wallets, bank accounts, and cards. But many still want cash.
Visa’s the first card company to push back the October deadline for U.S. gas station EMV compliance, but that’s just one of a mounting set of challenges petroleum merchants are facing because of the coronavirus.
Mastercard has promoted divisional president Mark Barnett as its new European president to succeed Javier Perez, who is retiring at the end of the year.
The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope.
As EMV migrates to transit systems, the use cases become more important. Without owning the fare media in transit systems, EMV acceptance generally means a flat fare is needed across the entire network. Capping rules and limits can be applied, but these are highly complex to implement and maintain in the field.
Contactless growth in the U.S. has slowed but is expected to rise in 2020 considering an unprecedented economic environment.