The information you need to start your day, from PaymentsSource and around the web:
Shopping in the stream
TikTok is debuting shoppable livestreams in the U.S., with Walmart serving as its initial partner. Consumers can shop for Walmart clothing from TikTok creators, and can also buy and pay for items on Walmart's TikTok page.
Walmart, which has been in talks to acquire parts of
Going public
Bitcoin's jump in value over the past few months has created huge momentum, including an IPO filing from Coinbase, one of the best known cryptocurrency exchanges.
Coinbase will be the first bitcoin-related company to go public, according to
Crypto has gained more interest in 2020, partly due to investors seeking a hedge from inflation during the pandemic, and also increased support from
Home installment
Point of sale credit provider Affirm is partnering with HomeAdvisor to offer financing for home projects.
The two companies hope to gain from two trends that have accelerated during the pandemic — people investing in their homes and also financing large purchases through
Consumers paying for a project through the HomeAdvisor app will have an option to select Affirm at checkout, with terms ranging from three to 36 months for approved borrowers.
Know the rules
Australian payment systems are changing quickly, as several of the country's national rails consolidate to counter the
The Australian Payments Network, a standards group which consists of regulators and private companies, has issued guidance to support compliance for new entrants, such as outside firms or internal technology startups, reports
The covers regulations for issuers and acquirers, information on installing new point of sale technology, and how to participate in the national real-time payment rail. There's also information on licensing.
In reserve
Libra (now Diem) has faced lots of pressure from governments concerned about the Facebook-affiliated project's impact on government central bank systems, including a potential impact to the U.S. dollar's role as the world's dominant reserve currency.
An International Monetary Fund study reports private stablecoins, which is Diem's model, could become international reserve currencies, reports
The IMF says the dollar's status is secure now, but digital currencies will gain influence over time. Multiple currencies could emerge over time and could attain reserve currency status, even if not backed by traditional currency (Diem will be backed by the U.S. dollar).
From the web
REUTERS | Friday, December 18, 2020
Fashion label Gucci will open two flagship stores on Alibaba's online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic.
THE WALL STREET JOURNAL | Thursday, December 17, 2020
A bipartisan agreement was expected to be included in a year-end legislative package being completed in Congress, after more than two years of negotiation.
REUTERS | Thursday, December 17, 2020
Wahed Inc, a U.S.-based Islamic-finance fintech startup backed by Saudi Aramco, will acquire Niyah Ltd, a British company that runs a digital banking app designed for the Muslim community, the companies said on Thursday.
More from PaymentSource
The interior of a car or truck is a fintech frontier — one that is undergoing a trial by fire during the pandemic, including as a point of sale venue for small merchants.
The U.S. debit networks have always been strong supporters of open standards created through open, consensus building, says the Secure Remote Payment Council's Paul Tomasofsky.
Australia-based Openpay, the latest firm to enter the U.S.’s booming buy now, pay later (BNPL) instant-credit market, has hired a team clearly braced for heavier competition and regulation ahead.
The payments industry should not be fooled by the argument that implies U.S. debit networks have not kept up with investments as the broader market has evolved.
Manual transaction monitoring doesn't scale to the acceleration of online activity, leading to many potential false negatives, and reduced efficiencies as teams demand quick growth and analysts take time to train properly, says Acuant's Jose Caldera.
Demand for food delivery has been strong during the pandemic, building on what already had been a strong demand for the $27 billion industry, according to NPD Group. In the pre-pandemic environment, food deliveries had grown by 23% over a four-year period, representing 3.1 billion customer visits — but as people have been cooped at home, deliveries have skyrocketed; Uber Eats saw 152% growth in food deliveries in New York in June 2020.
Ultimately, whatever options banks and fintechs deliver for this next phase of the pandemic must appease not only the merchants but their customers as well.
FreedomPay and Sightline Payments are partnering to develop a cashless digital payments and patron loyalty platform for casinos, resorts and other gaming operators.
It isn't lost on Fiserv that consumers increasingly are moving to digital financial services. Its deal to acquire Ondot Systems, a digital card solutions platform, aims to capitalize on the shift.
