Weekly Headlines 10 September 2021

10th September 2021

Amazon is working on a new type of point-of-sale system

Only 6% of US consumers with iPhones use Apple Pay in-store

Revolut and Monzo prepare to launch BNPL offer

JP Morgan buys majority stake in Volkswagen’s payments business

Apple’s App Store will allow ‘reader’ apps to bypass Apple’s payment system with their own

PayPal is raising fees for transactions between UK and European businesses

28% of UK consumers have ‘no idea’ what Open Banking is

 

Amazon is working on a new type of point-of-sale system

Amazon is working on a new type of point-of-sale system that can be sold to third-party sellers. According to Insider, the new system can handle both online and offline transactions and can also link to other services including Prime and Flex. The move will allow Amazon to compete with Shopify and PayPal, which already offer POS systems for payments for small businesses, that have moved online during the pandemic to boost sales.

 

Only 6% of US consumers with iPhones use Apple Pay in-store

Seven years later, only 6% of US consumers with iPhones use Apple Pay in-store. No stats for Europe.

 

Revolut and Monzo prepare to launch BNPL offer

Revolut plans to compete on the BNPL market as it is working on a checkout feature and the ability to let its customers to spread the cost of any purchase made using its cards.

Monzo is reportedly set to also join the massive number of fintechs racing to offer their customers BNPL services. According to reports, Monzo’s version of BNPL will include affordability checks on borrowers.

 

JP Morgan buys majority stake in Volkswagen’s payments business

JP Morgan has struck a deal to buy a majority stake in Volkswagen’s payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.

 

Apple’s App Store will allow ‘reader’ apps to bypass Apple’s payment system with their own

Apple’s App Store announced it will allow ‘reader’ apps to bypass Apple’s payment system with their own. Beginning 2022, Apple will allow apps like Netflix and Spotify to direct users to their own website to sign up for a subscription instead of requiring users to subscribe in-app.

 

PayPal is raising fees for transactions between UK and European businesses

PayPal is raising fees for transactions between UK and European businesses from November 2021. These payments will be hit with a 1.29% fee, a rise from the usual 0.5% currently paid. The 1.29% fee is lower than PayPal’s standard 1.99% fee for transactions between other countries.

 

28% of UK consumers have ‘no idea’ what Open Banking is

According to new research from Ecommpay, 28% of UK consumers have ‘no idea’ what Open Banking is. The study has found that only 14% of consumers ‘completely understand’ Open Banking and a further 20% stated that they were a ‘little confused’ about the term and its uses. Similarly, three years after its launch, one in ten business leaders still don’t understand what Open Banking is, or how it could help their business.

 

PSE Innovation Videos

Codat – Opportunities for Open Finance

In this full length conversation with Yasamin Karimi from Codat we discuss the benefits of Open Finance to acquirers as they seek to onboard new customers and carry out credit checks. Yasmin highlights the emerging opportunities of combining accounting, Open Banking, and commerce platform data to create a rounded view of where a business has been, its current cash position and its order pipeline.

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