PaymentFacilitator’sNews 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.
70% of Malaysians favor cashless. According to a study conducted by Visa, these consumers prefer merchants that accept digital forms of payment, up 21% from the previous year. The study also reports that the top reason for digital preference is “convenience,” followed by “hassle-free” and “wide acceptance.” From New Straits Times.
Reserve Bank of India (RBI) discussion paper further specifies requirements for direct regulation of payment gateways and aggregators. Should the RBI decide to regulate these entities directly, they will require them to become incorporated in India, the paper said. A minimum net worth is also a prerequisite and those that incorporate will then only be able to conduct business with other incorporated entities. From Business Line.
PayPal fined $311,000 by UK regulator. All revolving around the brand’s $2.2 billion acquisition of PF iZettle, the Competition and Markets Authority (CMA) began investigating the deal in September of 2018 and issued initial action that required PayPal to keep a line of separation from iZettle during the course of the investigation. Permission was granted to integrate outside the UK as long as UK customers aren’t impacted, but the CMA just fined PayPal for cross-promotion of iZettle to customers in the UK. From Business Insider.
Big Brands Doing Big Things
Grab supports micro-entrepreneurs, contributes US $5.8 billion to Southeast Asia’s economy. Doing its part to promote and grow financial inclusion throughout the Southeast Asian economy, app provider and fintech company Grab reported approximately 9 million local micro-entrepreneurs on its platform as of August 31. Up from 2.6 million in March of 2018, the most recent numbers reveal that one in 70 Southeast Asians have earned income through the Grab platform. From The Straits Times.