The information you need to start your day, from PaymentsSource and around the Web:
Team payments
While
Pinduoduo just raised $1.6 billion in an IPO, providing funds for the platform's social-driven model that's designed to undercut the other two companies, according to
TechCrunch reports this process can result in much lower pricing than the other e-commerce sites.
Horror film
The service had to borrow $5 million from hedge fund Hudson Bay to pay its merchant and fulfillment processors,
It's the second time in a month MoviePass has suffered an outage because of insufficient funds, according to The Verge.
Printing money
Dai Nippon Printing Company (DNP) will collaborate with payment software provider Episode Six to support a payment program in Japan.
The platform will use an advanced ledger and an open source framework to offer APIs for network participants to plug into.
It will also integrate into DNP's current infrastructure to help DNP develop new services and manage the payment products.
New code
Cryptocurrency wallet SafeWallet is changing its identification system, using a QR code instead of mnemonic phrases and private keys.
SafeWallet was concerned the mnemonic phrases were too hard to remember, resulting in people writing them down, which posed a security risk.
From the Web
Reuters | Mon July 30, 2018 - Clients at some banks in Finland have faced problems with the use of their payment cards on Sunday, payment firm Nets said. “The problems affected card transactions and online banking at some banks in Finland. It was related to a network issue outside Nets,” a Nets spokesman said, adding that the problem has been resolved.
TechCrunch | Mon July 30, 2018 - Experian is making its first major bet on Southeast Asia and its population of over 650 million consumers after the financial credit giant backed Singapore-based C88 Financial Technologies, which operates financial marketplaces that help lenders reach new audiences. C88 today announced a $28 million Series C investment round that’s led by Experian with participation from a host of other backers.
Forbes | Mon July 30, 2018 - Founded in 2002 and now a subsidiary of the the venerable Naspers group, Netherlands-based PayU has long since stepped over the threshold that separates well-established brands and companies from the upcoming generation of aspirant early stage businesses. But as a provider of payments services, PayU is operating in a fintech market that is characterized by a frenzy of startup activity.
More from PaymentsSource
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From its beginnings as a standalone Starbucks Card app, the Starbucks mobile experience was always a bit different from what other companies tried to do.
Samsung Pay is adding Chase Pay as a funding option, combining the strengths of two very different approaches to mobile payments.
Joe Kaplan, former president of the Electronic Transactions Association and most recently CEO of Paya, died unexpectedly on July 26.
