The energy of a new merger or acquisition. The buzz of a recent fintech announcement or trend. Here are our top 5 picks for this week’s payments and eCommerce industry developments.
eBay to add support for Apple Pay
As of this fall, eBay will enable Apple Pay acceptance on its marketplace platform. The company revealed plans to start managing payments on a limited scale in the US.
This will allow buyers to use Apple Pay to purchase items from sellers participating in the initial phase of the new payments experience. Consumers will be able to check out on eBay via the app and mobile web by using Using Apple Pay on Apple iOS and Safari.
Now that it has started transitioning to a non-PayPal payment approach, eBay will be managing the end-to-end payments flow on its own platform in a bid to improve the buying and selling process.
China’s JD.com plans European expansion
Chinese eCommerce company JD.com plans to expand in Europe. As reported by Reuters, the company is heavily investing in logistics and offline retail and will also open an office in Germany by the end of 2018. In the UK, JD.com has committed to sell GBP 2 billion of British products to Chinese consumers during the next 2 to 3 years, while in France.
As compared to its competitors Alibaba and Amazon, JD owns and runs its own logistics network, which enables it to make fast deliveries.
SnapChat to shut down mobile payments service
SnapCash, the in-app mobile payments service offered by social media network Snapchat, will no longer be available as of 30 August this year. The mobile payments service was launched in 2014, as a result of a partnership with Square, to enable users to send money to friends.
While there has been no official statement as to why Snapchat is giving up on Snapcash, it is likely that the service did not succeed in catching on with the customers, given the high competition in this space: Venmo, Apple Pay, Samsung Pay and PayPal.
This week‘s mergers and acquisitions
- Online payments company PayU has acquired Israeli payment tech provider Zooz for USD 80 million. Founded in 2010, Zooz offers an open payments platform designed to enable merchants to connect with multiple payment providers.
- DSV and French payment technology provider Ingenico have agreed on a joint venture as payment service provider for the DACH region. The operational merger of DSV’s own Payone with Ingenico Payment Services and other companies is planned for early 2019.
So far, there has been quite a mergers and acquisitions spree in the payments and fintech industry, as part of industry players’ efforts to keep pace with the dynamic industry changes, constantly-evolving technologies and to also address opportunities or challenges brought by the digital revolution.
Let`s see what next week has in store. Stay tuned for more!