Times of India — Apple Inc plans to launch its mobile payment system Apple Pay in China by early February, the Wall Street Journal reported. The iPhone maker has struck deals recently with China’s big four state-run banks, the newspaper reported, citing people familiar with the discussions.
IT News — American Express customers can start using Apple’s mobile payments solution on their iDevices from today for the first time as the service goes live in Australia. Apple last month confirmed the deal, which marked the first expansion outside the US and UK for Apple Pay. From today, American Express card holders can add their cards to Apple’s mobile wallet to pay for purchases through their iDevice.
Myanmar Times — The link-up, called Wave Money, will allow customers to transfer and receive money through local storefronts called “Wave Shops”, according to its new Facebook page. Myanmar has overhauled its telecommunications industry, liberalising the market to include two new foreign operators, but mass adoption of mobile payment systems has remained out of reach so far – with nearly all transactions still involving kyat changing hands.
MIS Asia — We all know that customers are demanding more services, at all times, instantaneously and at the best price — think about how we book transportation or entertainment tickets these days. When it doesn’t work, we are annoyed. At the heart of this digital revolution are payments. Banks were initially playing ostrich: hiding their heads in the sand, not admitting that all these “customers” were “their customers”.
Deal Street Asia — With cryptocurrency technologies emerging as a major force in the financial industry across the Asia Pacific, and rapidly gaining traction, Bitcoin and associated financial technology (fintech)innovations are increasingly a necessity for companies to maintain their competitive advantage.
ZDNet — Perhaps more than its dual-edged smartphones, Samsung Pay has proven the hidden champion for Samsung Electronics in 2015, in terms of both public opinion and its potential. The company’s bottom line still comes from handsets and semiconductors, but the initial success of Samsung Pay may just be the catalyst the South Korean tech behemoth needs to sustain it in the coming years.
Ratan Tata and American Express yesterday announced strategic investments in US-based cryptocurrency startup Abra. This is a part of Abra’s US$14 million Series A round, led by Arbor Ventures, RRE Ventures, and First Round Capital. Although Ratan Tata is one of India’s most active angel investors, this is his first entrance into the world of bitcoin.
Tech in Asia — Apple Pay, Apple’s much-hyped cashless payment service, will be available in Singapore next year, according to a press release by credit card provider American Express. The company announced that consumers will be able to use Apple Pay with its products in Canada and Australia this year, and in Singapore, Spain, and Hong Kong in 2016. The service is currently only available in the US and the United Kingdom.
Myanmar Times — MyPAY will operate like a mobile wallet, and users can deposit money on the app by visiting registered cash points staffed by agents, he said, adding the firm plans to offer peer-to-peer as well as peer-to-merchant services. Its parent, MySQUAR, announced yesterday it has linked up with MyPAY, a new company specialising in solving Myanmar’s mobile payment problems.
Tech in Asia — The Myanmar market is getting online micropayments through social media, thanks to a deal between Singaporean social payments company Fastacash and MyPay, a Myanmar-focused payments provider. Fastacash will make a strategic investment into MyPay, powering the latter’s payments system with its paying-through-your-social-networks tech.
Myanmar Times — One hundred percent of donated funds will go to two local NGOs:Ayeyarwady Foundation and Hero Foundation, according to the company. People can visit any Red Dot location to give money, in denominations from K500 to K10,000. So far, the initiative has brought in more than K2.6 million. The firm has also been offering free mobile phone top-up in the wake of the devastating flooding.
Want China Times — Swiss watchmaker Swatch Group announced the launch of its first near-field-communication (NFC)-based payment watch, the Swatch Bellamy, at an event in Shanghai on Oct. 14. Swatch has teamed up with two Chinese partners, the country’s largest credit card issuer China UnionPay and the Bank of Communications, Shanghai-based online media outlet the Paper reports.
MIS Asia — Mobile messaging app company LINE has partnered CyberSource — an e-commerce payment management service provider that is part of Visa — to enable mobile payments for its users in Thailand. Through the partnership, LINE Thailand’s acquirer Krungsri (Bank of Ayudha) will leverage CyberSource’s global payment gateway to process a wider spectrum of mobile payments from multiple card brands and issuers, as well as certain alternative payment methods.
Want China Times — The first phase of China International Payment System (CIPS) was officially launched Thursday in Shanghai, a milestone in the internationalization of the Chinese currency, the renminbi or yuan. The system, which provides capital settlement and clearing services for cross-border yuan transactions for financial institutions domestically and abroad, will enhance efficiency and increase global use of the Chinese currency by cutting costs and processing times, said Fan Yifei, vice president of the People’s Bank of China, the central bank.
ZDNet — Samsung’s mobile payment service has seen $30 million in transactions and recorded approximately 36 percent of its users as active in its first month, with about 10 percent of those using Samsung Pay daily, according to the South Korean tech giant. Samsung Pay is currently available for Galaxy S6 and S6 Edge owners, as well as those using the Galaxy Note 5. The firm said around 60 percent of transactions took place with the Note 5, which was launched earlier this month.
PRNewswire — NEW YORK: With E-Commerce Booming Online and Mobile Payments Develop in Asia-Pacific, Online and mobile payments worldwide are forecasted to top three trillion Euros in the next five years. Mobile payment is the growth leader, outpacing online and the total payments market, with further growth expected following the launches of varying mobile payment solutions, including Apple Pay. Fast and one-touch checkout is a trend on the global online and mobile payment market, with one-touch solutions released by Amazon, PayPal and Apple Pay.
Times of India — MUMBAI: Visa, one of the largest payment companies in the world, has junked its mobile payment venture in India after leading telecom companies refused to share their network. The company Movida India, the joint venture that Visa had formed five years ago in partnership with Monitise Plc UK, has shut shop and Naushad Contractor, head of the 50:50 JV, has quit, three persons aware of the development told ET.
PRNewswire — NEW YORK: Online and mobile payments worldwide are forecasted to top three trillion Euros in the next five years. Mobile payment is the growth leader, outpacing online and the total payments market, with further growth expected following the launches of varying mobile payment solutions, including Apple Pay.
Forbes — I am the editor of China Money Network. I cover China-focused private equity, hedge fund and venture capital industries. Previously, I worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York. While in New York, I also served as part-time correspondent for China Business Network and China Radio International.
Times of India — BENGALURU: With the launch of the Freecharge wallet on Tuesday, e-commerce biggie Snapdeal is taking on market leader Paytm head on. And whichever way you look at it, consumers will be the big winners, with banks and a host of independent ventures now launching similar wallets and making attractive offers to win users into this segment.