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.
Grab sees higher growth rates thanks to Myanmar expansion. As mobile continues to take off in Myanmar, the company is beginning to see some real uptick in growth numbers since their highly anticipated launch in 2017 (which included a $100 million investment strategy over the next three years). Nearly 2 million locals have downloaded the app to date and the Singapore-based startup has enjoyed a 30% average daily booking increase since June of last year. From The Nation.
Myanmar is next in line for QR.QR codes are creating quite a buzz in the global payments ecosystem these days and Myanmar is next in line to jump on the bandwagon. An official announcement is pending from the Central Bank of Myanmar (CBM) but once announced, Shanghai-based UnionPay International’s mobile QR technology will be made available to the local population. Launch is scheduled for some time this year. From Myanmar Times.
Fintechs disrupt POS payments domain in India. The infiltration of digital fintech companies into the payments space – coupled with their overwhelming success – has created a territorial response. POS players (and payment facilitators) such as Pine Labs, Worldline and Innoviti Payments have started working on initiatives designed to not only retain their current merchant base but to attract new retailers from smaller cities. From ET India.
Big Brands Getting Bigger
MobiKwik strategizes for IPO. The digital payments company is looking to secure profit for the next fiscal year and is currently courting investors to enable an IPO by 2022. Reporting their first quarterly profit in March of this year, the company is being very intentional in their search for the right investment partner though any details regarding the targeted investment (strategic or financial) have not been revealed. From LiveMint.
PayFit raises $79 million in funding round. In an effort to grow into Europe’s one-stop-shop for human resources, the payroll startup company uses a software-as-a-service approach to cater to their growing user base with plans to double their workforce by 2020 thanks to this most recent investment. PayFit currently manages a workforce of 300, with a portfolio of 3,000, and has launched services in France, Spain, Germany and the U.K. From TechCrunch.
PayU launches in Kenya. The global brand has been a licensed payments provider in Africa since February of this year and is looking to initiate a regional economic growth initiative with this most recent launch. A market dominated by mobile (more than 80% of payments initiated via mobile wallet), Kenya provides a ripe landscape for the company to expand and flourish. From ITWeb Africa.