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.
Uber initiates New York hiring spree focused on fintech. The goal? To add some momentum to their fintech arm. The ride-hailing startup is looking to create financial products that encourage loyalty and engagement among users and drivers. On the bucket list looks to be an Uber bank account (though it may still be years away). Currently, the company relies heavily on the banking system to get paid and pay their drivers. This could cut out the middleman if implemented. From CNBC.
Fintech investors favor payments. And even more so now as Q1 comes to a close. POS platform provider Toast Inc. finished the first quarter with a $250 million series E funding round that gave investors something to talk (or toast) about. This series E raise helped the payments sector gain notoriety as the most well-funded U.S. fintech sector (in terms of dollar amount). The other noteworthy contributor is Stripe with a $100 million round in January. From S&P Global.
PayU India achieves new milestone in international payments. The digital payments company has surpassed the 100k milestone marker for its international merchant base. The company has been providing international payment services since 2016 and ultimately aims to infuse the segment of micro, small and medium enterprises (MSME) with new growth opportunities. From Ciol.
UPI moves towards merchant transactions and guess who’s dominating? The famously known peer-to-peer platform seems to be slowly shifting towards merchant payments with an estimated 120 million merchant transactions that may have processed via UPI in May. And right now, Paytm claims to be driving this shift. From ET Rise.
Paytm to invest $35 million in QR. The Indian brand has announced plans to invest around $35 million in QR-based expansion efforts and looks to tap more than 20 million merchants country-wide by the end of this current fiscal year. The bold investment targets tier IV and tier V cities and towns. From Financial Express.
India serves as inspiration for completely cashless society. The country has created a digital ecosystem that motivates cashless momentum with every digital transaction. And now, with UPI (their proprietary peer-to-peer platform) gaining credibility with 800 million monthly transactions in just three years, the digital dynasty has an audience of millions watching. Facebook, PayPal, Google and Amazon are just some of the global brands that are taking notes and if all goes well, India’s cashless blueprint could become a global initiative. From Bloomberg.