Dunkin' expands mobile On-the-Go ordering to all customers

https://www.mobilepaymentstoday.com/news/dunkin-expands-mobile-on-the-go-ordering-to-all-customers/

Dunkin' expands mobile On-the-Go ordering to all customers

Photo: iStock

Dunkin’ now announced that all customers can use its app’s On-The-Go mobile ordering feature, previously only available to loyalty club and gift card holders. Through the feature, diners can order on the app and pick-up in-store or at the drive-thru, a news release said. 

Customers can choose the ‘Guest Order’ button on the redesigned Dunkin’ App home screen, select their menu items and pay using debit or credit card, though Dunkin’ said other payment options will come later this year. 

The On-The-Go Guest Order feature has started rolling out as part of a Dunkin’ App update, which also includes a fresh design and what the company said is a streamlined user experience. DD Perks members can still track and earn rewards points, view current offers, redeem for free beverages and more.

Beginning in October, Dunkin’ will also be giving DD Perks members the ability to earn points for every eligible purchase no matter how they pay, including cash, credit, debit or a Dunkin’ gift card. To earn points with purchases, guests should have their Dunkin’ App DD Perks loyalty ID QR code scanned before they pay and points earned, as well as the point balance will show on the receipt.

Dunkin’ currently has more than 12 million members in its DD Perks Rewards Program that awards five points for every dollar spent on qualifying purchases at Dunkin’. Members get a free drink reward coupon at 200 points. Dunkin’ now has more than 12,900 restaurants in 42 countries worldwide. 
 


Topics: Loyalty Programs, Mobile Apps, Mobile Payments, Online Purchasing, POS, Restaurants


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Banks struggling to maintain profits amid payments transformation: Study

https://www.mobilepaymentstoday.com/articles/banks-struggling-to-maintain-profits-amid-payments-transformation-study/

New research from Aite Group shows that a majority of banks are struggling to make a profit through their payments businesses and warns that some institutions will have to make significant changes in order to run the business more efficiently.

The report, called “Payments Transformation Race: Criteria for Success,” shows that 65% of banks are having difficulty making a profit on payments and shows the cost of new infrastructure is forcing banks to make internal process changes in order to turn a profit on payments. 

“Banks will need to deliver value added services to recoup payments revenue,” Toine va Beusecom, head of payments at Icon Solutions, which commissioned the story, said via email. “Whether they do this on their own or by partnerships will ultimately come down to margins.”

The report examines the journey that the banking industry is going through, primarily in the transition in the corporate payments space to a real-time payments environment. The report examines the changes required in how many of the world’s leading banks are forced to transition their internal systems to operate in a modern digital environment where real-time payment capabilities are required.

According to the report, 80% of banks reported that payments were becoming less profitable and only 18% of banks were able to charge the amount that they wanted for those payments. 

The total cost of ownership to create the infrastructure for faster payment systems has been increasing overall and has forced banks to streamline costs for back-end systems by using cloud-based or open source systems to create more cost-effective platforms. 

“Evidence indicates that traditional revenue models of payments are starting to shift — operating sub-profit is simply not viable long-term,” Erica Baumann, senior research analyst, wholesale banking and payment at Aite Group, said in a press release. “Fifteen percent of top tier banks around the globe have already moved to data driven models and others are following suit.”

The study comes at a time of significant changes in the global banking industry with a shift towards faster payments. The Federal Reserve just last month announced plans to implement the FedNow system, which would create a real-time payments infrastructure in the U.S. 

The study is based on a survey of 22 leading banks around the globe, including from the U.S., Canada, Asia and Europe. 

Cover image courtesy of iStock.

https://www.mobilepaymentstoday.com/articles/banks-struggling-to-maintain-profits-amid-payments-transformation-study/

Dunkin' expands mobiile On-the-Go ordering to all customers

https://www.mobilepaymentstoday.com/news/dunkin-expands-mobiile-on-the-go-ordering-to-all-customers/

Dunkin' expands mobiile On-the-Go ordering to all customers

Photo: iStock

Dunkin’ now announced that all customers can use its app’s On-The-Go mobile ordering feature, previously only available to loyalty club and gift card holders. Through the feature, diners can order on the app and pick-up in-store or at the drive-thru, a news release said. 

Customers can choose the ‘Guest Order’ button on the redesigned Dunkin’ App home screen, select their menu items and pay using debit or credit card, though Dunkin’ said other payment options will come later this year. 

The On-The-Go Guest Order feature has started rolling out as part of a Dunkin’ App update, which also includes a fresh design and what the company said is a streamlined user experience. DD Perks members can still track and earn rewards points, view current offers, redeem for free beverages and more.

Beginning in October, Dunkin’ will also be giving DD Perks members the ability to earn points for every eligible purchase no matter how they pay, including cash, credit, debit or a Dunkin’ gift card. To earn points with purchases, guests should have their Dunkin’ App DD Perks loyalty ID QR code scanned before they pay and points earned, as well as the point balance will show on the receipt.

Dunkin’ currently has more than 12 million members in its DD Perks Rewards Program that awards five points for every dollar spent on qualifying purchases at Dunkin’. Members get a free drink reward coupon at 200 points. Dunkin’ now has more than 12,900 restaurants in 42 countries worldwide. 
 


Topics: Loyalty Programs, Mobile Apps, Mobile Payments, Online Purchasing, POS, Restaurants


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Commerzbank plans to shed 2,300 jobs, shut 200 branches in mobile restructuring

https://www.mobilepaymentstoday.com/news/commerzbank-plans-to-shed-2300-jobs-shut-200-branches-in-mobile-restructuring/

Commerzbank plans to shed 2,300 jobs, shut 200 branches in mobile restructuring

Commerzbank announced a $1.76 billion (1.6 billion euro) restructuring, where it will slash 2,300 net jobs and shut 200 branches as it moves to expand its use of mobile banking, in a company release. 

The bank said it may also merge its Comdirect bank into the main Commerzbank financial institution, however, the branch bank will remain a “pillar” of the overall business. 

The restructuring would entail slashing 4,300 jobs and hiring another 2,000 jobs in strategic  areas. The bank would have about 800 physical branches remaining in Germany.

The plan also calls for the sale of its Polish unit, mBank S.A.

The restructuring envisions the bank reporting higher revenue and more customers by the year 2023. 

Cover image courtesy of iStock.


Topics: Mobile Banking, Region: EMEA


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Paypal tests extended promotional financing in pilot with Synchrony

https://www.mobilepaymentstoday.com/news/paypal-tests-extended-promotional-financing-in-pilot-with-synchrony/

Paypal tests extended promotional financing in pilot with Synchrony

Paypal Credit is testing promotional financing of 3-Month Easy Payments at 0% APR for purchases as low as $30 for the first time under a partnership with Synchrony Bank. 

Retailers will be able to offer the promotional financing to customers, which requires no down payment. The retailer will be paid upfront as well.

“Paypal Credit has created a culture of empowered shoppers,” Susan Schmidt, vice president of U.S. consumer credit at Paypal, said in a company release. “Shoppers do not need to apply for a new credit line each time they use Paypal Credit, they only need to apply once.” 


Topics: In-App Payments, Mobile Payments, POS, Retail

Companies: PayPal


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Aussie POS financing firm Splitit names new CEO in shakeup of top leadership

https://www.mobilepaymentstoday.com/news/aussie-pos-financing-firm-splitit-names-new-ceo-in-shakeup-of-top-leadership/

Aussie POS financing firm Splitit names new CEO in shakeup of top leadership

Brad Peterson, managing director North America at Splitit, will become the new CEO Oct. 1

Splitit Payments Ltd., an Australian firm that provides short-term installment financing at the point of sale, has named Brad Peterson, former managing director North America, as its CEO, effective Oct. 1. 

He’s replacing co-founder and CEO Gil Don, who will step down from his leadership position to become general manager Europe Middle East Africa, according to a comapny press release.

Paterson originally joined Splitit in June after 20 years as an executive with several software and fintech companies, including Intuit and PayPal. 

“Brad has already made a significant contribution since joining the business,” Spiro Pappas, chairman of Splitit, said in a company release. “With his experience helping build and scale well known companies in the payments industry, we always considered him a potential successor to Gil.”

Don founded Splitit in 2009, along with Alon Felt, chief risk officer of the company, and another director of the firm. Don became CEO in 2015, and led the company through its listing on the Australian Stock Exchange in January. 

Cover image: Splitit

.


Topics: Mobile Payments, POS, Region: APAC, Retail


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Starbucks, Alibaba launch voice ordering and delivery

https://www.mobilepaymentstoday.com/news/starbucks-alibaba-launch-voice-ordering-and-delivery-2/

Starbucks, Alibaba launch voice ordering and delivery

Starbucks is taking another step toward evolving the digital experience for customers in China by launching voice ordering and delivery capabilities within Alibaba’s smart speaker, Tmall Genie, according to a company press release. Customers may now order by using their voice for delivery within 30 minutes. The platform uses Alibaba’s on-demand food delivery platform, Ele.me.

“The Starbucks feature through Alibaba’s Tmall Genie ushers in a new era of digital customer engagement for Starbucks, leveraging ground-breaking digital technology to create an unprecedented experience that elevates our connection with customers to new heights,” Molly Liu, vice president and general manager digital ventures, Starbucks China, said in the release. “We are focused on ensuring that Starbucks voice ordering is truly personal, and we look forward to offering our customers more convenient moments and new opportunities to engage with Starbucks on a single integrated platform as they move throughout the day.”

The launch of the service marks the 1-year anniversary of Starbucks and Alibaba’s partnership which advances the New Retail infrastructure and digital power in China — one of the fastest-growing markets in the world for coffee consumption. The announcement also builds on several significant collaborations between the two companies that enable a seamless Starbucks Experience for Chinese customers, such as establishing back-of-house kitchens, Star Kitchens, within Alibaba’s Freshippo supermarkets in China.

Through Alibaba’s Tmall Genie, customers place an order using their voice and can track their order in real-time within the 30-minute delivery timeframe.

Starbucks Rewards members also can earn Stars and receive membership updates, including benefits, on the Tmall Genie. Soon, members will be able to receive personalized recommendations when using voice commands to place orders that are tailored to previous order preferences and popular items from Starbucks seasonal menu. As another added benefit, Starbucks fans in China can also listen to the latest Starbucks in-store playlists through Alibaba’s music streaming app, Xiami Music, according to the release.

Powered by Alibaba’s speech AI and voice print payment technology, Tmall Genie orders come with splash-proof lids for hot and cold beverages, tamper-proof packaging seals and individual hot and cold delivery containers. An exclusive Starbucks-themed Tmall Genie is available through the Starbucks virtual store in China, which unifies Starbucks offerings within Alibaba’s mobile apps, including Taobao, Alipay and Tmall, according to the release.


Topics: Mobile Payments, Region: APAC, Restaurants

Companies: Alibaba, Starbucks


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Stripe raises $250M for global expansion, new products to bring valuation to $35B

https://www.mobilepaymentstoday.com/news/stripe-raises-250m-for-global-expansion-new-products-to-bring-valuation-to-35b/

Stripe raises $250M for global expansion, new products to bring valuation to $35B

Stripe Connect

Stripe announced a new $250 million funding round from a group of investors including General Catalyst, Sequoia and Andreesen Horowitz, placing the payments firm at a pre-money valuation of $35 billion. 

Stripe said the new funding round will be used to fuel its international expansion, to grow its enterprise payments business and to expand its suite of products. 

“Even now in 2019, less than 8% of commerce happens online,” John Collison, co-founder and president, said in a company release. “We’re investing now to build the infrastructure that’ll power commerce in 2030 and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress.” 

Stripe said it has built a Global Payments and Treasury Network, as well as several new products that sit atop that system, including Connect, Billing, Terminal and Radar. The company said billions of dollars in business from entrepreneurs to enterprise companies are using its payments system, including GitHub, Wayfair, Twilio and TheRealReal. 

Stripe recently expanded to eight new countries, bringing the total number to 40, covering 70 of the global economy. The firm plans to add additional markets in 2020. 

Cover image courtesy of Stripe.


Topics: Financial News, Mobile Payments, Online Purchasing, Technology Providers, Transaction Processing, Venture Capital

Companies: Stripe


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Decred aims to deliver decentralized future

https://www.mobilepaymentstoday.com/articles/company-profile-decred-aims-to-deliver-decentralized-future-2/

This is part of a new series profiling blockchain startups.

Blockchain began as a tool for Bitcoin to deliver a decentralized future for the financial industry. Since then, Bitcoin has largely turned into a speculative investment and blockchain is increasingly being adopted by large financial institutions looking to boost efficiency.

However, some companies are till aiming to keep Bitcoin — and by extension blockchain’s original vision — by delivering solutions that create decentralized tools of governance for companies, people groups and governments.

Blockchain Tech News spoke with Jake Yocom-Piatt, project lead at Decred to learn about his company and how it aiming to deliver a decentralized future.

Q. What’s the background of Decred?

A. Decred was created by a group of former Bitcoin developers with two anonymous co-founders, in early 2014, and it was launched publicly in February 2016. I was a fan of Bitcoin and worked with a group of developers to write its first implementation in Go, but we quickly came up against issues with the way Bitcoin was governed. Decisions were made by an inner circle of people who weren’t very welcoming to us as “outsider” contributors.

When we founded Decred, we looked at what was successful with Bitcoin and what we could add by baking in formalized governance from the start. We wanted to create a structure whereby anyone in the community with skin in the game could own and operate the system, make the rules, and determine the direction of the project.

Q. What makes Decred stand out from the competition?

A. Decred is built to last, with a secure, adaptable, and self-sustaining model. Decred’s is a fork-resistant store of value, proven to be twenty times more expensive to attack than Bitcoin thanks to its hybrid PoW and PoS model that layers security and places checks and balances between miners and stakeholders.

By building a proposal-based off-chain governance system and being self-funded by 10% of each block reward, Decred is able to adapt to long-term changes by gaining agreement in the community and enacting changes over a transparent timeline. Both consistent funding through block rewards and the skin in the game model of stakeholder voting make Decred sustainable in the long-term. Where other projects are discussing developer funding, Decred is not only paying developers around the world — it’s also autonomously selecting community leads, its PR firm, and building a decentralized exchange ruled by the collective intelligence of the community.

Decred’s vision is to build a self-directed, decentralized future ruled by collective intelligence. It is built upon the pillars of sovereignty, transparency, inclusivity, privacy and security. Everyone can vote on the rules and project-level decision making proportionately to their stake, yielding decisions and policies in the best interest of all — not just a select few.

Q. How will Decred help deliver blockchain technology to the mainstream?

A. Cryptocurrency was created to remove bankers from their role as gatekeepers, with the idea that value could be transferred and “banked” through math over a decentralized community. Decred is staying true to blockchain’s original tenet. By creating a blockchain ecosystem that’s permissionless, fair, and anti-rent seeking, anyone around the world has access to not only participate in transferring payments, but also to vote and participate in the direction of Decred itself.

Decred is building upon this by continuing to target centralized rent-seekers to create a future built upon the pillars of sovereignty, transparency, inclusivity, privacy, and security. We believe mainstream adoption is incremental and our approach begins with providing a participatory environment where those who are tired of these rent-seeking behaviors have another option.

Decred’s model is similar to the way shareholders are able to vote in a corporation, but with less barriers to entry. Through ticket-splitting to make voting more accessible to all, or direct means of participating to earn a living through Decred’s contractor model, anyone with something meaningful to contribute can do so, regardless of their background — and get rewarded. Decred offers sovereignty and voice. We believe every stakeholder should have an explicit vote in the direction of Decred to ensure its long-term sustainability.

Q. What does Decred see as the future of blockchain and cryptocurrency technology?

A. Governance is the future of blockchain technology. Decred has been in the governance game from the start, and more and more projects are running into crises, realizing they lack a fair and equitable means of reconciling disputes and are talking about adding it to their models.

Decentralized governance is difficult to add after the fact because it involves a party or parties voluntarily reducing their power within an organization. For any entity to be truly decentralized, governance features are key to give a transparent voice to the community. Governance will be a defining step in the industry’s direction long-term. Adaptable projects are the ones most likely to succeed, and Decred has ensured a place at the table by aligning governance incentives from the beginning.

https://www.mobilepaymentstoday.com/articles/company-profile-decred-aims-to-deliver-decentralized-future-2/

Deutsche Bank buys 4.9% stake in open banking fintech Deposit Solutions

https://www.mobilepaymentstoday.com/news/deutsche-bank-buys-49-stake-in-open-banking-fintech-deposit-solutions/

Deutsche Bank buys 4.9% stake in open banking fintech Deposit Solutions

Deutsche Bank said it acquired a 4.9% stake in German-based fintech Deposit Solutions, according to announcements from both companies. 

The Hamburg, Germany-based fintech provides open banking technology that allows more than 100 banks across 18 countries to offer their customers products from third-party banks or source deposits for their balance sheets. 

Deutsche Bank has an existing relationship with Deposit Solutions, providing a savings product called Zinzmarkt to its customers since 2017. The service, based on Deposit Solutions Zinzpilot technology, allows Deutsche Bank customers to access fixed-term deposit products from third-party banks that pay higher interest. 

“We have been in investing in our capabilities to operate as a digital platform for a considerable length of time,” Karl van Rohr, president of Deutsche Bank, said in a company release. “In the digital age the only players that will maintain client contact are those who can offer the best products, even if they are provided by third-party vendors.”

Zinsmarkt currently offers 23 different fixed-term deposit products from three different banks. 

Cover image: iStock


Topics: Mergers & Acquisitions, Mobile Banking, Region: EMEA, Venture Capital


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OpenSC raises $4M in funding round for blockchain supply chain management

https://www.mobilepaymentstoday.com/news/opensc-raises-4m-in-funding-round-for-blockchain-supply-chain-management/

OpenSC raises $4M in funding round for blockchain supply chain management

OpenSC, an impact venture developed by the World Wide Fund for Nature Australia and BCG Digital Ventures, has raised $4 million in seed funding. The venture will use these funds to develop its blockchain platform, which helps track food and products and helps companies and individuals avoid unethical, illegal or environmentally unfriendly products, according to a press release.

OpenSC is focusing on using its platform to build transparency into products that violate human rights or cause environmental damage.

The venture recently announced a collaboration with Nestle to trace its milk products from farms in New Zealand to consumers in the Middle East. Nestle later plans to use the platform to track palm oil sourced in the Americas.


Topics: Blockchain, Venture Capital


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Starbucks Japan launching contactless pen with payments technology

https://www.mobilepaymentstoday.com/news/starbucks-japan-launching-contactless-pen-with-payments-technology/

Starbucks Japan launching contactless pen with payments technology

Starbucks Coffee Japan Co. is launching a mobile payment product called Starbucks TouchThe Pen, a ballpoint pen with embedded contactless payment technology, according to a company press release. 

The pen, developed in cooperation with Zebra Corp., uses dark brown water resistant gel ink, inspired by Starbucks Coffee. It’s based on FeliCa contactless payment chips from Sony Corp., which originally launched in 2015, and lead to earlier product releases, including keychains and iPhone cases. 

The pen, which comes in silver, black and white — inspired by ceramic drippers and stainless steel kettles —  costs $37 (4,000 Japanese yen) and is available Sept. 25.

Cover image: Starbucks


Topics: Contactless / NFC, Mobile Payments, Region: APAC, Restaurants

Companies: Sony Electronics, Starbucks


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Credit card startup Petal closes $300M debt facility from Jeffries

https://www.mobilepaymentstoday.com/news/credit-card-startup-petal-closes-300m-debt-facility-from-jeffries/

Credit card startup Petal closes $300M debt facility from Jeffries

Petal, a start-up aimed at providing credit access to Gen Z consumers and other new applicants, said that investment firm Jeffries will provide a $300 million debt facility that will allow it to expand its credit card business. 

Petal said there are currently 50,000 cardmembers using its product and that the company user-base has doubled every couple of months during 2019. 

“Our expanded facility with Jeffries provides an excellent foundation for serving our current and future customers for many quarters to come,” Andrew Endicott, co-founder and CFO at Petal, said in a company release. “It’s a massive vote of confidence in Petal’s mission to create a fundamentally better credit product experience that better serves the need of modern customers.”

Petal said 66% of its members are either Gen Z or millennials, and the most common age for a Petal cardmember is 20 years old. 

Petal closed a similar $30 million debt facility from Jefferies in 2018. The company has also raised $46 million in equity from investors, including Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures and Afore Capital.

Cover image: Petal


Topics: Card Brands, Mobile Payments, Technology Providers, Venture Capital


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Open-banking fintech Bud slashes 20% of workforce

https://www.mobilepaymentstoday.com/news/open-banking-fintech-bud-slashes-20-of-workforce/

Bud, the U.K.-based open banking fintech, confirmed that it laid off 20% of its workforce amid a number of competitive pressures weighing on the banking industry in that country. 

Bud provides open banking technology that connects banks to various financial apps and allows consumers to keep track of their spending. A spokesperson said the cuts mostly involved employees in support functions and the company would focus more on its core business needs. 

“Part of being an agile tech business is that you can respond quickly to changes in the market,” Ed Maslaveckas, CEO of Bud, said in an emailed statement. “We’re adapting our strategy to focus 100% on delivering value to business customers and that means we need some people with a different skill set to deliver it.”

He added that the strategy also meant they would need to hire more people for their sales and development teams. 


Topics: Mobile Banking, Region: EMEA


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Amazon launches PayCode in U.S. via Western Union for cash paying customers

https://www.mobilepaymentstoday.com/news/amazon-launches-paycode-in-us-via-western-union-for-cash-paying-customers/

Amazon launches PayCode in U.S. via Western Union for cash paying customers

Amazon announced the launch of Amazon PayCode, which allows cash paying customers to shop on the Amazon website and pay in person at one of 15,000  Western Union money transfer locations to complete their purchases. 

“Customers have told us they love the convenience of paying in cash,” Ben Volk, director, payments at Amazon, told Mobile Payments Today via email. “The focus with Amazon PayCode is providing customers another option to pay in a way that is most convenient for them.”

Amazon has many customers who choose to pay in cash or do not otherwise have access to credit cards or other payment cards. The option for those type of customers has been Amazon Cash, which allows cash customers to add between $5 and $500 to their Amazon balances and pay for purchases. 

Amazon PayCode is already available in 19 countries. Customers using Amazon PayCode need to select the Amazon PayCode option to get their QR code and number. 

Amazon officials said that Amazon cash, which allows cash customers to reload prepaid cards, is available at more than 100,000 locations. 

Amazon did not disclose how many of its customers pay using cash, but noted Federal Reserve of San Francisco data showing 77% of purchases in the U.S. last year were made in person during 2018 and 39% of that volume was in cash. 

Cover image courtesy of iStock.


Topics: Mobile Payments, Online Purchasing, POS, Retail

Companies: Western Union, Amazon


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Walmart, Capital One to launch co-branded, private label cards

https://www.mobilepaymentstoday.com/news/walmart-capital-one-to-launch-co-branded-private-label-cards/

Walmart, Capital One to launch co-branded, private label cards

Capital One and Walmart Inc. announced plans to launch of the Capital One Walmart Rewards Card Program with the rollout of two new rewards cards that provide loyalty points and discounts to shoppers that make purchases at the big box retailer, according to a press release. 

The companies will launch the co-branded Capital One Walmart Rewards Mastercard and the private label Walmart Rewards Card, exclusively for Walmart purchases on Sept. 24. 

Walmart and Capital One have maximized the program to allow mobile interaction, for example, Walmart Pay customers can load the card directly onto their smartphones. Customers can also apply for the card at Walmart.com, the Walmart app, CapitalOne.com and can send a text to apply for the card and complete the application using a smartphone. 

“We are using our technology expertise to transform the customer experience through a digital first approach,” Daniel Mouadeb, senior vice president, head of Walmart partnership at Capital One, said in the press release. “We worked with Walmart to deliver a credit card program that offers meaningful rewards, combined with simple, intuitive digital tools that help people get more for their money by rewarding them for the things that they buy at Walmart and everywhere else they shop.”

The Capital One Walmart Rewards card will have no annual or foreign transaction fees and offer a variety rewards for purchases at the retailer. 

  • 5% for Walmart.com, including grocery pickup and delivery as well as in-store purchases using Walmart Pay during first 12 months.
  • 2% back on in-store Walmart purchases as well as restaurants and travel.
  • 1% back on all other purchases.

Current Walmart cardholders will be converted to one of the new cards starting Oct. 11. 

Cover image courtesy of Walmart.
 


Topics: Card Brands, Loyalty Programs, Mobile Apps, Mobile/Digital Wallet, Mobile Payments, Retail, Transaction Processing

Companies: Capital One, Walmart


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Touchbistro raises $119.24M to expand payments portfolio

https://www.mobilepaymentstoday.com/news/touchbistro-raises-11924m-to-expand-payments-portfolio/

Touchbistro raises $119.24M to expand payments portfolio

Touchbistro, a provider of foodservice iPad and POS payment solutions, has raised CDN$158 million ($119.24 USD) in Series E funding in a round led by Omers Growth Equity with participation from Barclays Bank, RBC Ventures, BMO Capital Partners, and existing investors including Omers Ventures, JPMorgan Chase, Napier Park Financial Partners, BDC IT Venture Fund and Kensington Capital Partners.

Touchbistro will use the funds to acquire complementary products that broaden the company’s capabilities, support the development of technology advancements, expand its presence in international markets and increase the size of its team over the next year, according to a press release. 

More than 16,000 restaurants in over 100 countries use the Touchbistro iPad POS and payments solution. Touchbistro processes more than $11 billion annually and is used to streamline and simplify all aspects of running a restaurant — from order taking, payment processing, menu management and accounting, to reporting, inventory management, staff scheduling and customer loyalty. 

This quarter, Touchbistro announced partnerships with Barclaycard in the U.K. and EVO Payments in Mexico to provide integrated payment solutions that streamline processes for restaurants, drive operational efficiency and reduce human errors associated with the bill-paying process. Last year, Touchbistro announced TouchBistro Payments powered by WePay, a JPMorgan Chase company, to streamline payment processing for restaurants in the US. 

“Last year we led Touchbistro’s Series D round. Since then, the company has exceeded our performance expectations and we are increasing our commitment by investing in this funding round,” says Damien Steel, managing partner and head of Omers Ventures. 

Photo courtesy of Touchbistro.


Topics: Financial News, Mobile Payments, POS, Restaurants, Venture Capital

Companies: TouchBistro


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Instarem launches cross-border payments operations in Canada

https://www.mobilepaymentstoday.com/news/instarem-launches-cross-border-payments-operations-in-canada/

Instarem launches cross-border payments operations in Canada

Instarem Pte. Ltd., a Singapore-based cross-border payments service, said it has launched operations in the Canadian market, a move that further solidifies its presence in North America. 

Instarem has officially registered as a money service business with regulatory authorities in Canada, allowing residents and businesses there to send funds to more than 60 countries. 

“At Instarem, we’re committed to giving people the platform to use their money their way and after launching successful operations in some of the high-traffic corridors in the Asia-Pacific, European Union and the United States, we are thrilled to arrive in Canada,” Prajit Nanu, co-founder and CEO of Instarem, said in a company release. “Our innovative payment solutions enable individual and enterprise users to send, spend and collect money to and from any part of the world — while saving on high transaction costs that are associated with traditional cross-border money movements.”

Cover image courtesy of Instarem.
 


Topics: Mobile Payments, Money Transfer / P2P, Region: Americas, Region: APAC

Companies: InstaReM


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GoCardless enters US with ACH platform for recurring payments

https://www.mobilepaymentstoday.com/news/gocardless-enters-us-with-ach-platform-for-recurring-payments/

GoCardless enters US with ACH platform for recurring payments

GoCardless, a London-based fintech that specializes in businesses that collect recurring payments, announced an agreement to launch automated clearing house-based debits through a partnership with Community Federal Savings Bank. 

GoCardless helps companies automate recurring payment collection, which it says can significantly reduce the cost of accepting these type of payments. The company says that in the U.S. about 60% of ACH payments are currently made by paper check. 

“This means there is a huge opportunity for the growing number of subscription-based businesses to improve their payment systems,” Hiroki Takeuchi, CEO of GoCardless, said in a company release. “Our ACH offering will enable them to drive down costs, reduce failure rates and decrease involuntary churn every time they get paid.”

The company has opened a San Francisco-based office that will serv as its U.S. headquarters and is led by Andrew Gilboy, general manager, North America for GoCardless. The company previously raised $75 million in early 2019. 

Cover image courtesy of GoCardless.


Topics: Bill Payment, Mobile Banking, Mobile Payments, Technology Providers, Transaction Processing


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Chime recovers from weekend outage in mobile banking app, card transactions

https://www.mobilepaymentstoday.com/news/chime-recovers-from-new-weekend-outage-in-mobile-banking-app-card-transactions/

Chime recovers from weekend outage in mobile banking app, card transactions

Chime, the San Francisco-based challenger bank, confirmed that it experienced a brief outage Sunday that left customers unable to complete certain card and mobile transactions. 

Chime customers posted complaints on Twitter and Facebook stating they were unable to make card purchases or withdraw funds from ATMs and also got error messages when trying to get information on transactions.

“Chime experienced a brief outage on Sunday that affected our banking app and select card transactions,” Kendra Boccelli, a spokesperson for Chime, told Mobile Payments Today via email. “Member deposits were not affected by the outage. We very quickly resolved the issue with one of our payment processing providers, and members have full access to their accounts as usual.”

Customers recently experienced problems logging into their mobile accounts in July. Earlier this month Chime announced that it had grown to 5 million customers, making it the fastest growing challenger bank in the world. The bank reported 3 million customers in March when it announced $200 million in Series D funding.

Chime also launched a service called SpotMe, which provides overdraft protection on debit purchases for customers with direct deposits of at least $500 a month.  

Cover image courtesy of Chime.


Topics: Mobile Apps, Mobile Banking, Security

Companies: Chime


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