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.
Cashless Momentum Continues
UPI transactions spike in just one year. In a pretty impressive jump for the India-based payments platform, UPI has steadily grown to be a preferred payment modality among Indians. In terms of numbers, the 2018-2019 transaction volume went up to 5.25 billion, from 915.2 million the previous reporting year. From LiveMint.
Big Brands Going Big
Square goes down under to expand its offerings. Nearly one year after Square Terminal launched in the U.S. marketplace, the company is now expanding its hardware presence into Australia. Potential reasons for the launch delay revolve around compliance, customization and certification (PIN software certification is a requirement for the Australian market, but not in the U.S.). From ZDNet.
Grab invests $150 million in super-app status. Currently in a very active competition with Gojek to become Southeast Asia’s all-in-one super app, the Singapore-based ride-hailing company has slated $150 million for AI enhancements. Targeted improvements include fraud prevention and natural language processing (NLP), as well as the ability to better target their Southeast Asia userbase with its expanding services, including its GrabPay platform. The ultimate goal is “to go from AI-powered to AI everywhere,” according to the article. From Bloomberg.
Profit or Loss?
Paytm’s numbers continue to rise. But this may not be a positive thing. While the payments company continues to tout its growing user base, its net loss is growing too – to the tune of a 165% spike year-over-year. Paytm just reported a $549 million loss for the fiscal year that ended in March, and this is up from $206 million in the same period last year. And while the company still plans to go public in the next 22 to 24 months, their deep-pocketed competitors are only increasing. From TechCrunch.