PayPal CFO Says Pandemic Shift Online May Be Permanent; Shopify Partners with Walmart: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

COVID-19 Impacts

Some pandemic shifts in consumer behavior are likely to be permanent. According to PayPal CFO John Rainey, the company has seen changes in demographics and engagement as consumers have accelerated the shift to shopping online during the COVID-19 pandemic. In this interview, he suggests that a better experience will keep them online post-pandemic. From Barron’s.

Growing Digital Payment Markets

The Reserve Bank of India has released a new oversight framework for the payment system in India. The document lays out how the central bank intends to increase its supervision of the participants involved, including the National Payments Corporation of India. From The Economic Times.

Nigerian fintech companies are moving beyond payments to offer other financial services, including lending and wealth management. This is according to a new report from The Economist Intelligence Unit, sponsored by Mastercard and MTN Group, which looks at trends and challenges the industry faces. Payments and remittances are the most developed sector as new entrants strive to offer access to the financially excluded. From The Economist.

Big Brands in Big Markets

U.S.-based tech companies and retailers dominate India’s Unified Payments Interface (UPI) digital payments platform. The latest transaction volume numbers show that Google Pay, PhonePe (owned by Walmart) and Amazon Pay together have 85% of the UPI market. Domestic payment facilitator Paytm still has more market share on the platform than Amazon Pay by itself, however. From The Times of India.

After months of wrangling over regulatory issues in India, WhatsApp has launched its payments service…in Brazil. Users will be able to send payments to local businesses within the app without leaving their chat. The Facebook-owned company has been testing its service in India for months. From TechCrunch.

Industry News

Square: Welcoming the Verse Team to Cash App

Flywire: Flywire Survey Reveals Consumers Upbeat About Travel Post COVID-19

Shopify: Highlighting Black-Owned Businesses on Shop

Adyen: Adyen Announces the Addition of Payment Method Amazon Pay to its Single Platform

Paytm: This is How We Are Promoting Safe Bus Travel with Contactless Ticketing

Paytm: Best Business Solutions for Startups – Blink Checkout & All-in-One SDK

F1 Payments: F1 Payments, Cross River and RS2 Partner to Offer Payment Processing Services

PayMyTuition: PayMyTuition Launches Solution for Canadian Educational Institutions for Processing Domestic Refunds Due to COVID-19

Mastercard: Mastercard Partners with Facebook to Enable Brazilians to Send and Receive Money Using WhatsApp

PayPal: PayPal Announces $530 Million Commitment to Support Black Businesses, Strengthen Minority Communities and Fight Economic Inequality

Stripe: Stripe Bacs Direct Debit: Bank Debits for UK Customers

Shopify: Shopify Becomes Walmart’s First-Ever Commerce Platform Partner, Helping Businesses Reach Shoppers and Grow Sales

Square: Canada Tops U.S. and Australia with Increase in Cashless Businesses: Report

Visa: ‘Adapt for Recovery’ | How Small Businesses are Building for the Future

WorkWave: WorkWave’s Online Reviews Platform Empowers Field Service Companies to Generate More Leads and Close More Sales

ParTech: PAR Technology Announces the Expansion of Drive-Thru Solutions with Techknow Timers

weQless: New QR-Code Mobile Payment Platform, weQless Could Help Restaurants Reopen Safely

Wave: Wave Launches Wave Money, the First Free Combined Banking, Payments, and Bookkeeping Solution for Small Business