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.
Big Brands Doing Big Things
Paytm’s contribution margin grows profitable. The Indian PF has released data that shows its contribution margin has increased to a profit of 12%. Up from a 30% loss, the company defines contribution margin as “revenue minus all direct costs incurred in providing services to customers.” Gross transaction value has also increased for FY2020, according to the same article. From Inc42.
Grab Malaysia supports local government in cashless initiative. The ride-hailing-turned-super-app company is supporting Malaysia’s government in their initiative to encourage the use of e-wallets and other cashless modalities. The company feels the drive towards a cashless society will benefit micro-entrepreneurs and SMEs by enabling them to grow their business sans the “cost, burden and safety concerns that come with managing cash.” From MalayMail.
WhatsApp is two months away from data localization compliance. The Facebook-backed instant messaging brand has been forced to delay launch in India for some time now due to non-compliance issues with their data localization standard. But things are about to change as WhatsApp is just months away from compliance, enabling them to finally resume their payments service launch. From The Economic Times.
The Quick Response Edit
Mswipe saturates half of user base with newly-launched QR platform. The PF just launched their proprietary QR platform in May. And already, half of their user base has registered for the payment method. Catering predominately to small and micro-merchants, this new payment option was launched as a feature on the company’s already-existing smart POS machines, which run on the Android platform. From LiveMint.
Bank Muamalat Malaysia launches new QR initiative. In an effort to enhance payment options for its customers, Bank Muamalat targets enabling 15,000 merchants to offer QR-based payments by the end of 2020. From The Malaysian Reserve.
The Digital Download
RBI petitions for internal ombudsman. The Reserve Bank of India (RBI) is asking select digital payments providers to set up an internal ombudsman tasked with managing customer grievances. The goal being to resolve customer issues effectively and within an acceptable timeframe, this initiative applies mostly to mobile wallet providers – including Paytm, Amazon Pay, MobiKwik, PhonePe and PayU. From Financial Express.