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.
MobiKwik leverages data to drive revenue growth. From burning money to banking it in just a few short months, the digital payments startup creatively leveraged their main asset (customer data) to make them profitable. In an interview with Business Today, the company’s co-founder Upasana Taku explains how they used this data to develop a successful loan product that drove their topline high enough to take them from loss to profit. From Business Today.
The Quick Response Edit
QR codes proposed as mandatory in India. In an effort to drive digital more proactively, a senior official of the Ministry of Electronics and Information Technology has proposed that QR-based payments be mandatory for merchants to offer at their storefronts. Indian government officials have expressed concerns about the cost of digital transactions holding back their growth there. From The Indian Express.
Pakistan requiring EMVCO’s specifications for QR payments. The State Bank of Pakistan has requested that all local institutions facilitating QR-based payments adopt EMVCO’s EMV QR Code Specifications for Payment Systems (QRCPS). And the driving factor behind this is interoperability. Currently, QR transaction volume has not been at desired levels due to a lack of interoperability and the SBP sees this as the first step in correcting the issue. From Business Recorder.
Big Brands with Big Plans
Paytm targets 1.5 billion in transaction volume for the holiday season. One of the trailblazing brands of India’s digital dynasty, Paytm has estimated that it will process 1.5 billion in merchant payments from October-December of this year. Already in a class by themselves, Paytm currently holds more than 50% market share in the payment gateway industry with five times more transaction volume than its closest competitor, according to the article. From Business Insider.
PayPal reveals plans for Indian market saturation. Still riding the success wave of their May 2019 OneTouch launch, the company discloses future innovations for the Indian marketplace, including plans to take UPI and RuPay (two local payment methods) global. This would enable PayPal customers to transact through the National Payments Corporation of India (NPCI) using the local products for international purchases. From Forbes India.
Mexico sees uptick in fintechs due to president’s push for financial inclusion. In an effort to minimize cash in the local ecosystem to mitigate fraud and financial corruption, the Mexican government promotes cashless and pushes for financial inclusion. And as a result, the local banking regulator has received applications from 85 fintech companies looking to formally operate in the country under its new fintech law. From Reuters.
Worldline: Worldline Enables UnionPay and Alipay Acceptance at Over 20 POS Terminals in the Duty Free Stores at Budapest Airport, Thus Catering for the Needs of the Growing Number of Chinese Travelers at Over 20 Airports Across Europe