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.
PF Product Enhancements
Square is testing a new short-term lending capability through its Cash App. The company is adding the feature to the peer-to-peer payment service for about 1,000 users, offering loans from $20 to $200. The company will offer the loans for four weeks at a flat rate of 5%. From TechCrunch.
PF Razorpay is enabling micromerchants to accept payments by adding one line of code to a website or blog. The new feature, called the “Payment Button,” will enable businesses to go live with a payment gateway without the need for other technical integrations. The company hopes to bring at least 10,000 startups, non-governmental organizations, freelancers, and other small businesses on board during the first three months after the product’s launch. From Economic Times.
A group of banks in Japan is starting talks around building a settlement infrastructure for small payments. The group, which includes the country’s three largest banks, is hoping to cut down on fees and promote digital payments in the cash-reliant country. The announcement follows word earlier this year that the three top banks had set up a group to study creating a common digital payment infrastructure. From Reuters.
Southeast Asia expects to reach a total of 310 million online consumers five years ahead of time. The region was forecasted to reach the milestone by 2025 but now expects to be there by the end of this year. This online population is expected to surpass the growth rate of online spending in India, China, and the U.S., reaching $53 billion in gross merchandise volume this year. From ZDNet.
Digital payments have also leapt ahead five years in Western Australia, thanks to COVID-19. The region was already headed in a cashless direction, but concerns about handling cash during the pandemic have accelerated the shift. From The Sydney Morning Herald.
Clover: BluePay Is Now Clover