From Russia, with eCommerce love
Yandex, Russia’s largest internet company, is boosting its eCommerce efforts by launching Bringly, a platform dedicated to enhancing cross-border shopping for Russian consumers. While the company continues to offer its comparison-shopping engine Yandex.Market, Yandex now also provides an online marketplace, Beru.
These two new eCommerce platforms will be added to Yandex.Market, which registered 71% growth in Q3 2018, as compared to 2017, according to an official press release.
In recent news, after announcing a new payment method (WeChat Pay) integration, Yandex.Checkout makes another significant move. Thus, over 90,000 partners of the online payment service can now also accept payments via Google Pay without any additional development required.
Meanwhile in Poland
A lot of fintech action seems to be happening in Poland, with the recent launch of the country’s first regulatory fintech sandbox. The testing environment will provide fintech companies with an opportunity to trial innovative products in a live market environment, while ensuring that appropriate safeguards are in place through temporary authorisation.
What is particularly interesting about this initiative is the fact that the sandbox will be overseen by the national regulatory authority (the Polish Financial Supervision Authority), but will be run by industry players. To provide more details, the infrastructure will be provided by Mastercard. Other members include law firm Bird & Bird and the consulting company EY. Also, PKO Bank Polski, Huge Thing, Alior Bank, BusinessCaddy, Pekao, The HEart, Citi Handlowy Bank and BGŻ BNP Paribas Bank will be acting as sandbox operators, as Finextra reports.
A not-there-yet cashless India: and yet, goodbye to ATMs?
Fears related to almost 50% ATMs closure by March next year are currently dominating the Indian landscape. According to the Confederation of ATM industry (CATMi), recent regulatory changes mandated by the Reserve Bank of India (RBI) to make hardware and software upgrades, coupled with complying with cash management standards will lead to ATM operations become unviable.
“As the industry has raised the debate by instilling ATM closure fears, an intervention from the regulator, National Payments Corporation of India (NPCI, which manages the interchange fee), or the Finance Ministry may be the need of the hour”, according to moneycontrol.com.
Data released by RBI data indicates that cash withdrawals from ATMs increased by 8% to Rs 2.75 lakh crore in August this year, up from Rs 2.54 lakh crore in October 2016.
A data breach and the use of Amazon Pay in stores
Just before Black Friday, Amazon was hit by a data breach, which caused customer names and email addresses to be exposed on its website. The company has not disclosed the extent of the breach or any other details, stating that the incident was “due to a technical error.”
In addition to the data breach, Amazon grabbed headlines for its latest move to make its digital wallet available in brick-and-mortar stores. The company is already in talks with gas stations, restaurants and other non-competing merchants about accepting Amazon Pay in-store. Media sources have not yet revealed how customers would use Amazon Pay in stores, “like whether it would be by tapping their phones or scanning a QR code. But Amazon has incorporated QR codes into its own retail stores, suggesting it might do the same if other brick-and-mortar stores sign on”, as The Verge reports.
The art and science of global payments
Don’t miss out WorldPay’s latest Global Payments Report, which provides an in-depth overview of the current payment landscape, as well as market trends over the next five years. Some of the key findings include:
- eCommerce revenues are predicted to surpass USD 4.6 trillion worldwide by 2022;
- the continued growth in China and an increased adoption across North America will propel eWallets to become the main eCommerce payment method globally;
- although cash is still the most popular payment method at the POS globally today. However, by the end of 2019, WordPay predicts that debit cards will take over as the leading POS payment method, “falling to fourth place in 2022 trailing debit cards, credit cards, and eWallets”.
You can download the entire report here.
“Payments represent the sum of our experiences. Payments document our needs, our desires, and our ever-shifting values. Payments tell the story of human history through economics, recording those needs, desires, and values. The diversity of our payment landscape arises naturally from our respective cultural, political and economic differences.” – excerpt from the WorldPay report.