Transformational payments solutions:Fiat Chrysler has announced that it would include an in-dash purchasing system on new models later this year. Drivers can enroll a credit card into their car’s system, and then use it to make purchases at locations like Shell gas stations. This service, provided by Uconnect Market, will also allow users to make Yelp reservations, order Domino’s Pizza and more. According to Visa, the US market for in-car purchases is projected to surpass $4 BN by 2022.
Source: Digital Transactions
Regulatory landscape:Facebook’s new cryptocurrency, Libra, has been the subject of concerns voiced by a number of governments. In the US, the House Financial Services Committee has asked Facebook to stop progress on both Libra and Calibra, the digital wallet. The letter states that Libra “raises serious privacy, trading, national security, and monetary policy concerns,” and comes in advance of Congressional hearings regarding Libra in mid-July. In Singapore, the Monetary Authority of Singapore has also requested more information about Libra in order to decide how it should classify it for regulation.
Customers’ evolving expectations:Citi has partnered with Mastercard to roll out a new rewards program for some cardholders. The program, called Pay With Points, allows cardholders to redeem points in real time for card-present purchases like groceries, dining and entertainment. Enrolled members can sign up to receive push notifications when they are conducting a transaction that is eligible to be paid with points. According to Citi, this program is a response to a survey conducted which said that 86% of customers would be more likely to redeem points if they could do it instantly.
Data:eBay has announced new API capabilities which will allow developers access to more detailed transaction information and facilitate easier payouts for merchants. These changes will also allow merchants to access more data regarding trending ads and recommended listings for their products on eBay, which is intended to help them promote sales. For example, sellers on eBay will now be able to send targeted discount offers to potential buyers who have viewed their products.
New providers:Uber is offering its first payment card outside of the US, by partnering with BBVA and Mastercard in Mexico. The debit card will be offered to Uber drivers in six major Mexican cities. Drivers will not have to pay fees or commissions for card use. Because Uber drivers are required to have bank accounts to receive payment, this allows them to operate their account from within the Uber mobile app rather than a separate bank interface. Roughly 35% of Uber drivers in Mexico only opened a bank account once they began driving for Uber.
Source: The Paypers
- Google and PayPal have announced that merchants who accept Google Pay online can now accept PayPal through their Google integration. Shoppers who select Google Pay as a payment option at checkout can select PayPal to complete their transaction. PayPal logins can be stored in Google Play, so this will save shoppers time at each checkout. This partnership is part of PayPal’s larger strategy to team up with other technology providers and retailers like Visa, Apple, and Walmart to integrate itself at point-of-sale and within mobile wallets.
- Visa announced the acquisition of Verifi. Verifi offers dispute resolution tools aimed at reducing the need for chargebacks when a purchase is disputed. Customer transaction disputes have been rising as card use rises, making them an increasingly pressing issue for merchants.
Source: Yahoo! Finance
- Neiman Marcus has announced that it will accept Alipay in its US stores as an attempt to reach customers who are traveling internationally. Now, customers can use the Alipay app at the register to complete purchases, as well as receive push notifications and promotions. Using Alipay will also allow customers to forgo foreign card transaction fees. This comes as part of a larger push by major Asian payment platforms like Alipay and WeChat to enter the US. Alipay will be available in about 70 locations of Neiman Marcus and its subsidiaries.
Source: Retail Dive
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