EC to regulate Big Tech
LINK says Cash still King
iDEAL to see radical upgrade
Klarna partners with Verifone
PayPal launches Pay in 3
Curve leverages Plaid APIs
GoCardless and Lydia both raise funds in new rounds
The proposals will introduce safeguards designed to protect users of digital platforms and control the activities of some of the largest companies. The announcement has multiple explanatory links attached.
LINK research indicates that cash use it is still the most popular way to receive money for Christmas. 40% of respondents prefer to receive cash as a gift compared to 29% who prefer a bank transfer. This is followed by gift cards at 14% and cheques at 4%. However, 8% said they don’t like to receive money as a Christmas gift in any form. The data also shows people prefer to give cash as a gift, with 40% saying they would give cash followed by gift cards (26%) and bank transfers (20%).
Currence, brand owner of iDEAL, will invest considerably to modernise the underlying technology and add value to iDEAL with new services. The investment in iDEAL aims to replace the technical infrastructure and create a basis for new functionality and services. ABN AMRO, ING and Rabobank, the shareholders of Currence, have agreed to the investment. The first new functionality will be a Quick checkout.
The partnership will see Klarna functionality being available as the first-ever buy now pay later solution on Verifone devices in the US and Europe. The integration with Verifone’s Cloud Services platform enables consumers to use Klarna’s payment suite including `Interest-free payments’, `Pay later in 30 days with no interest and `Financing’ in store.
The payment option allows shoppers to make purchases between £45 and £2,000 by paying over three interest-free payments. PayPal Pay in 3 plans will appear in the PayPal digital wallet as a Pay Later choice when users select to pay via PayPal at the checkout in addition to seeing the “Pay Later” choice on many retailer sites. PayPal Pay in 3 is integrated into a customer’s PayPal account, accessible online or via the PayPal app.
Plaid’s technology will enable Curve customers to connect their payment accounts at nearly all financial institutions in the UK, in addition to the cards they have linked to their card. Curve will also provide real-time account balances for every linked credit and debit card, which will automatically be refreshed when signing into the app.
GoCardless has completed a $95million funding round.
GoCardless will use the funding, led by Bain Capital Ventures, to accelerate its open banking strategy, combining bank debit with open banking for a leading recurring payment processing experience. One planned deliverable is to speed up cash flow for the first payment in a recurring relationship with the aim of cutting anywhere from one to five or more days off the wait to get paid for the first time.
The extension means that Lydia has raised $131 million in total as part of its Series B round. The funds will be used to accelerate Lydia’s product features together with its European geographic base. Lydia has already started expanding beyond payments, offering debit cards, money pots and direct deposit capabilities to become a ‘one-stop’ financial app.