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.
The Quick Response Edit
Is an offline trend emerging? Apparently so. With digital commerce dominating the conversation in India to a large degree, several companies in India are going offline to capture revenue from the brick-and-mortar consumer experience. And how are they doing this? QR codes. From The Economic Times.
QR codes continue to gain momentum, thanks to Paytm. With the government proposing zero merchant data rate charges on all forms of digital payments to encourage use and sustain momentum, QR codes have become a popular payment method for local smartphone users at restaurants, grocery stores and other retail establishments – due in large part to the efforts of leading payment facilitator Paytm. From LiveMint.
Proposed MDR removal continues to make waves in India. As previously reported, a zero-sum merchant discount rate (MDR) has been proposed for local merchants accepting digital forms of payment. And while the industry has been abuzz with varying response, there may be a need to revisit the proposal as finance secretary Subhash Chandra Garg is on his way out. From The Economic Times.
Ecommerce expected to reach $16 billion in UAE. According to a joint study by Dubai Economy and Visa, the United Arab Emirates (UAE) is the fastest growing ecommerce market in the Middle East and North Africa. According to the same study, ecommerce transactions there are predicted to total $16 billion in 2019 and grow 23% annually between 2018 and 2022. From The National.
G-10 predicted to cash out by 2035. Bloomberg just released its New Economy global survey which spanned 20 markets and gathered the expectations of 2,000 business professionals. A global consensus seems to be forming that cash is on the way out with 52 percent of respondents strongly agreeing that the G-10 (a group of 10 countries that agreed to participate in the General Arrangements to Borrow to supplement the International Monetary Fund) will no longer use cash as a medium of exchange by 2035. From Bloomberg.
PF Flutterwave and Alipay partner on behalf of Chinese consumers and African merchants. The two fintech companies have joined forces to enable a more streamlined digital payments interface between Africa and China. Taking into account all the trade that’s facilitated between these two countries, this integration will make it easier for African merchants to accept Chinese customer payments. From Techcrunch.