It used to be about cash and cheques. Now it’s about the data and the proliferation of payments – frictionless, invisible, in the background. The customer is king and personalization key.
Here are this week’s top business news, reflecting players’ latest moves and efforts to achieve just that.
A new Smart Payment Button experience. By PayPal
Following an intense acquisition spree undertaken in the past few weeks, PayPal strikes again. This time, the company is introducing a new checkout technology for online merchants that will dynamically display the most relevant payment method for each customer in each geography, alongside the PayPal button.
PayPay has revealed plans to start with iDEAL in the Netherlands, Bancontact in Belgium, MyBank in Italy, Giropay in Germany and EPS in Austria. It already has SEPA Direct Debit enabled for its customers in Germany. Apart from that, the Smart Payment experience will also include access to PayPal’s own suite of checkout options, such as Venmo and PayPal Credit, as well as credit card payment methods.
Let’s see how the increased competition in online checkout from Apple, Google and Amazon will play out for PayPal in the following months.
New milestone for Alipay
Over 10,000 merchants in Australia and New Zealand are now accepting Alipay as a payment method. The company is already in talks with a range of retailers at some of the country’s largest shopping centres who are interested in attracting Chinese customers, as merchantpricing.com reports.
“Through Alipay, businesses are able to market to Chinese tourists before, during and after their visits to Australia and New Zealand, boosting exposure of their goods and services amongst China’s rapidly expanding middle class,” according to Alipay ANZ Country Manager.
As reported earlier by Ecommerce News, Alipay plans to expand its reach by becoming available in 20 countries across Europe at the end of this year. The mobile payment platform has already closed agreements with over 100 banks and 40 digital wallets companies across the continent.
After replacing Android Pay and Google Wallet with Google Pay, an umbrella brand for its mobile and web payments platforms, Google has been rolling it out across the world. Most recently, Google Pay has gone live in Germany, with the support of 4 banks, namely Commerzbank, Comdirect, Wirecard, and N26. Support for online-based Revolut is expected to come in the future, xda-developers.com reports.
In related news, Samsung has launched Samsung Pay in Swiss online shops.
GDPR: one month later
One month after the GDPR deadline, the UK’s Information Commissioner’s Office reports a sharp growth in the number of data protection complaints to regulators across Europe. In Austria for example, over 100 complaints have been filed in the last month, along with 59 breach notifications, The Guardian reports. Such a number would typically be received in eight months, according to the source.
Also, CNIL (Commission Nationale de l’Informatique et des Libertés), the French data protection regulator, has witnessed a 50% increase in the number of complaints in the last 30 days, as compared with the same period last year. Other 29 cases are under investigation at the European level.
Who’s next on the industry acquisitions list?
Ingenico? Bloomberg reports that private equity companies have the French payments processor on their radar, citing “people with knowledge of the matter”. In 2017, the company spent EUR 1.5 billion to buy Sweden’s Bambora in the biggest acquisition in its history. Maybe this will be the next top business news in the upcoming week. Let`s wait and see.
Interested in reading about latest trends impacting the future of online payments and online retail market? Read our most recent interview here.
Adriana Screpnic, Content Marketing Specialist, G2A PAY