Rivalry between Paytm and PhonePe fuels diversification; XRP loses Voyager Digital | Payments Source

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Stack of apps

Rival Indian payment services Paytm and PhonePe have added more financial services to gain share as India embraces digital services during the pandemic.

Paytm has added instant personal loans available anytime, primarily for small business owners and salaried employees of companies with limited credit histories, reports Commercial standard. Walmart’s PhonePe simultaneously launched term life insurance in partnership with ICICI Prudential Life Insurance.

Paytm and Walmart have gradually moved closer to banking over the past two years by relying on their mobile payment bases. The two companies are also in competition with Google, which dominates the Indian mobile payment market.

XRP Drain

The Voyager Digital cryptocurrency exchange plans to suspend XRP trading, the latest signal of pressure on Ripple following an SEC lawsuit alleging that Ripple’s XRP should be regulated as security.

The suspension is scheduled for January 18, reports Coindesk. Several other exchanges have also dropped out of XRP as a result of the lawsuit, which would require tighter regulation for XRP.

Ripple supports XRP is a utility and is separate from Ripple. Ripple has threatened to leave the United States following his dispute with the SEC, which dates back to several years.

‘Click on’

Omnichannel payment company Qualpay added one-click integration for merchants to add Google Pay.

Qualpay, which offers a payment gateway, merchant acquisition and processing, hopes to reach merchants and stores moving away from cash amid the pandemic.

Contactless mobile payments in particular have gained momentum to avoid contact with physical point-of-sale terminals.

Payment page

Nets’ Finnish payment unit, Paytrail, has entered into an agreement to acquire Checkout Finland, the e-commerce unit of OP Finacial. Terms of the deal, expected to be finalized in the first half of the year, were not disclosed.

Checkout Finland has a customer base of around 8,000 merchants and expects to generate revenue of around $ 16 million in 2020, reports Finextra. Paytrail and Checkout Finland have a merchant acquisition partnership, and this move is designed to respond to the consolidation of payment processors that is occurring both locally and globally.

Nets made a similar acquisition in early 2020, purchasing Dynamism to expand its network of traders in Poland.

On the Web

PayPal supports crypto-tax startup Taxbit
REUTERS | Thursday, January 7, 2021
The venture capital arm of PayPal Holdings Inc has invested in Taxbit, a Salt Lake City, Utah-based tech startup that helps consumers and businesses calculate taxes owed on cryptocurrency holdings, the companies announced Thursday.

Mambu Raises $ 122 Million at Over $ 2 Billion Valuation for SaaS Platform Powering Banking Services
TECHCRUNCH | Thursday, January 7, 2021
Challenger banks, legacy banks, and all the many businesses that are branching out into any type of banking service all have one thing in common: when it comes to launching a new product like a line of credit, a deposit, or an account. Common nowadays many of them choose not to build from scratch, but instead use third-party technology to power these services. Today, one of the main players in the supply of this technology announces a major fundraising to develop its activity, underlining the growth of this market.

Stimulus Check # 2: Schumer Says $ 2,000 Payments Come From New Senate
SYRACUSE.COM | Wednesday January 6, 2020
Senatorial Minority Leader Chuck Schumer (DN.Y.), set to replace Mitch McConnell (R-Kentucky) as majority leader, has said one of his first priorities will be stimulus checks of $ 2,000.

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