Friday September 6, 2019 –
Here are the new and noteworthy stories we have been following this week.
Brazilian payment processing giant announces bitcoin support
Cielo will start accepting bitcoin and other cryptocurrencies at its POS terminals via an arrangement with its network partners Uzzo and Criptohub.
https://finance.yahoo.com/news/brazilian-payment-processor-giant-announces-192408637.html
HSBC processes first blockchain letter of credit using Chinese yuan
According to HSBC, it has completed the first yuan-denominated blockchain-based letter of credit transaction.
Pay-Access Apps Face Regulatory Test
The growing popularity of advance pay apps has regulators investigating if these are payday loans in disguise.
https://www.wsj.com/articles/pay-access-apps-face-regulatory-test-11567416602
Amazon wants to let Whole Foods shoppers use their hand to pay for orders
Amazon is testing a new biometric payment system at vending machines (with the eventual goal of rolling it out to Whole Foods) where shoppers scan their hand to make a payment.
Chinese shoppers adopt facial payments in cashless drive
The Chinese retailing and payments industry is aggressively rolling out new POS technology allowing customers to pay via facial recognition after linking an image of their face to a digital payments system or bank account.
https://www.straitstimes.com/asia/east-asia/chinese-shoppers-adopt-facial-payments-in-cashless-drive
Mastercard joins Marco Polo network
Mastercard has become the latest member to join R3’s Marco Polo trade and working finance network and will leverage its Mastercard Track™ platform to allow more businesses globally to access Marco Polo’s trade and finance solutions.
https://www.finextra.com/pressarticle/79662/mastercard-joins-marco-polo-network
Accion Venture Lab launches $23M inclusive fintech startup fund
Accion Venture Lab, the seed-stage investment arm of Accion has raised $23 million for a new inclusive fintech startup fund that will invest in startups “that leverage technology to increase the reach, quality, and affordability of financial services for the under-served at scale.”
https://techcrunch.com/2019/09/03/accion-venture-lab-launches-23m-inclusive-fintech-startup-fund/
Chime now has 5 million customers and introduces overdraft alternative
Chime is reporting 5 million customers and is in the process of establishing an FDIC insured mobile-only bank.
Stripe, the world’s most valuable private fintech company, is getting into lending
Stripe has announced the launch of Stripe Capital to lend money to online businesses that are its merchant acquiring customers.
China’s Central Bank to Free Up $126 Billion for Lending
In an effort to boost business sentiment the Chinese Central Bank has reduced the reserve requirement ratio by half a percentage point in effect freeing up $126 billion for fresh lending.
https://www.wsj.com/articles/chinas-central-bank-to-free-up-126-billion-for-lending-11567765871
ING partners Dutch supermarket to trial cashierless store
ING has teamed up with Dutch supermarket chain Albert Heijn and US tech startup AiFi to pilot a cashierless store where customers tap their bank card as they enter, pick up their groceries, and walk out.
https://www.finextra.com/newsarticle/34350/ing-partners-dutch-supermarket-to-trial-cashierless-store
