Tech in Asia — India’s biggest ecommerce company, Flipkart, finally launched its own digital wallet PhonePe this week. The wallet officially started working on subsidiary Myntra today. Flipkart tied up with India’s Yes Bank to launch what it is calling “India’s first unified payments interface-based mobile payments app.”
China Tech News — China’s Xiaomi cooperated with China UnionPay in launching its payment service MI Pay. With this move, Xiaomi becomes yet another smartphone maker that chas ooperated with China UnionPay in launching mobile payment services, following Apple and Samsung. Prior to this, China’s Huawei also launched its payment service, but Huawei’s partner is Bank of China.
Link to http://www.chinatechnews.com/2016/09/05/24157-xiaomis-online-payment-service-opens-in-china
Enterprise Innovation — Credit Suisse has released an enhanced private banking app available to customers with accounts in Hong Kong. The bank’s initial digital private banking platform was first rolled out in Singapore in March 2015. More than 12 months of client usage analysis and usability testing led to the launch of an enhanced version of the app launched in Hong Kong, with a brand new design and client user interface as well as additional language capabilities.
FT — Banks in Singapore are collaborating on a new service that would allow customers to make payments using Facebook IDs or Twitter username. The system will allow electronic transfers between account holders who have registered their social media identities with their banks, allowing users to make payments by selecting the payee’s Facebook ID instead of typing in an account number and sort code.
9TO5 Google — Android Pay has been very slowly making its way around the world and today the service has finally arrived in Asia — or at least for those in Singapore. Users in Singapore are able to download and activate Android Pay on their devices right now as long as their bank is compatible with the service.
Forbes — After launching in both the United States and the United Kingdom, Android Pay, Google’s contactless smartphone payment solution is finally making landfall in Asia. Singapore will be the first Asian market to gain access to Android Pay with Singaporeans able to load and MasterCard credit and debit cards from six banks including DBS and Standard Chartered onto their Android smartphones.
Mobile World Live — Chinese internet giant Tencent is partnering with Japanese social data provider Hotto Link to roll out its WeChat Pay service to 10,000 stores in Japan by the end of the year. According to Nikkei Asia Review, only a few Japanese stores have adopted WeChat Pay, which is targeted at Chinese travellers who account for a quarter of all visitors to Japan and spend a lot more than other groups.
Telecom Asia — Smartphone and tablet-based mobile point-of sale (POS) terminals will handle 40% of all retail transaction value by 2021, up from an expected 12% in 2016, a new study from Juniper Research showed. The research firm forecasts that the use of mPOS systems will account for more than 1 in 3 POS terminals by 2021, driven by larger retailers adopting mPOS as part of an array of point-of-sale options.
The Standard — Six banks will bring Apple Pay to Hong Kong this summer with their Visa, Master-Card and American Express credit cards, including the Hongkong and Shanghai Banking Corporation and Hang Seng Bank. Other banks taking part are Standard Chartered, BOC Hong Kong, The Bank of East Asia and DBS Hong Kong.
Tech in Asia — Apple Pay is finally making its big move towards becoming ubiquitous in Singapore. AsChannel NewsAsia reports: Tech giant Apple announced the expansion of its mobile payment service, Apple Pay, in the Republic on Wednesday (May 25). Before this, only customers with cards issued directly by American Express were able to use the service.
Times of India — NEW DELHI: Paytm , MobiKwik and Oxigen have rebuffed PayU’s comment that the era of mobile wallets is over, pointing to the millions of Indians who are still unbanked and the growth of smartphones. They, however, admit that there may be no space for new entrants or smaller companies, especially with the new payments system – Unified Payments Interface (UPI) – coming in.
China Tech News — During the late Steve Jobs’ entire tenure as chief of Apple, he never visited China. But now the company is hoping it’s not too late to the invest resources into country Jobs ignored. Chinese ride-hailing app Didi announced an important part of its latest round financing and said that Apple will invest USD1 billion in the company. This is reportedly the largest single investment received by Didi. With this investment, Apple will become a strategic investor of Didi.
Japan Today — Japan has passed a law regulating virtual currency, after the country found itself at the epicenter of a multi-million dollar embezzlement scandal following the spectacular collapse of the Tokyo-based MtGox Bitcoin exchange. Once one of the largest, most established exchanges for the cryptocurrency, MtGox collapsed in 2014 after a suspected theft worth nearly half a billion dollars, which hammered the digital currency’s reputation.
Enterprise Innovation — Starbucks expanded its digital ecosystem with the launch of its mobile app in Japan, which introduced mobile payment and eGifting to the company’s fourth largest market. With the app, customers can pay for their in-store purchases at more than 1,100 stores across the market simply by scanning a bar code linked to their registered Starbucks card.
ZDNet — MasterCard has unveiled the first commerce application for Softbank’s Pepper, with the humanoid robot to be trialled by Pizza Hut Restaurants Asia for order taking and payments processing. To use Pepper, a customer will need to pair their MasterPass account either by tapping the Pepper icon within the wallet or by scanning a QR code on the tablet that the robot holds.
ZDNet — Eight in 10 Singaporeans say they will use their smartphones instead of cash or physical payment cards to pay for goods and services in physical retail stores. The survey finding from Visa signalled positive consumer sentiments towards mobile payments, as adoption of contactless payment continued to grow, said Ooi Huey Tyng, Visa’s country manager for Singapore and Brunei.
Enterprise Innovation — A Forrester study commissioned by Microsoft revealed vastly different levels of maturity in cloud understanding and adoption among financial services institutions (FSIs) in Hong Kong and across Asia Pacific. The report titled ‘Cloud is Critical to Digital Transformation in the Asia Pacific Financial Sector’ analyzed the impact of regulatory compliance, security and privacy, and reliability concerns on current and future cloud initiatives.
Tech in Asia — Singaporean telco Singtel announced today the overhaul of its Dash mobile payments app to enable cashless payments everywhere from retail outlets to the MRT subway system using just your smartphone – even if you’re not a Singtel mobile subscriber.
Enterprise Innovation — XL Axiata has selected the Amdocs Mobile Financial Services (MFS) solution to enhance its existing XL Tunai mobile financial services platform and introduce new services under a seven-year managed services revenue-sharing contract. Amdocs’ solution is expected to enable XL Tunai customers, both banked and unbanked customers across Indonesia, to use a single wallet for all financial services including airtime top-up, money transfer, credit purchase, as well as online and retail payments.
Enterprise Innovation — Singtel has enhanced its mobile wallet app, Singtel Dash, with new features in its bid to claim a larger slice of the mobile payments pie. Singtel Dash was first launched in 2014 as a collaboration between Singtel and Standard Chartered Bank in Singapore. The carrier-agnostic service is open to all users in Singapore with an iOS or Android mobile device.
Tech in Asia — PayPal is getting in the startup incubation game in Singapore, rather unsurprisingly in the fintech space. The nine-month-long incubation program is called Start Tank and will be housed in PayPal’s Technology Center at Singapore’s Suntec City office tower complex. The company today put out a call for interested startups to apply.
Tech in Asia — Till now, if you were an Uber user in India who wanted to hail a cab anywhere outside the country, you would have had to mandatorily register a credit card on your account. But most Indian internet users don’t have a credit card. India, with its over 350 million internet users, has just 21 million credit card users. But today onwards, Paytm wallet users can hail an Uber cab and pay with the online wallet at any of the 400-odd cities Uber runs in. Paytm has tied up with Uber for this.
Tech in Asia — Uber and Alibaba’s spin-off mobile payments service today announced the launch of a joint program to allow Chinese ride-hailers to use Alipay to pay for their trips anywhere in the world. The first inklings of this deal came in February, when the companies announced that mainland Chinese users would be able to use their Alipay accounts to pay for rides in Hong Kong, Macau, and Taiwan. Today’s news expands that scope to include all of the 400-plus cities where Uber operates around the world.
Enterprise Innovation — Visa unveiled a 7,000 square foot innovation facility in Singapore as a destination for clients, partners and developers across the region to work alongside Visa experts and jointly create the next generation of commerce applications.
Nikkei — HONG KONG — A financial affiliate of China’s e-commerce giant Alibaba Group Holding has received $4.5 billion from state-backed investors, in a fundraising round said to be the biggest ever for a privately held Internet company.
Myanmar Times — The Central Bank announced yesterday that it had issued rules on mobile financial services at the end of last month to build an enabling regulatory framework for efficient and secure mobile financial services in Myanmar. For some, the country seems primed for these services. Few of its 51.4 million population have bank accounts, and distrust of the financial sector remains high.
Singapore’s StarHub has introduced the ability for its customers to use Apple Pay for secure mobile payments. When customers use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on the device. Each transaction is authorised with a one-time unique dynamic security code.
Telecom Asia — Telecom Asia — Financial inclusion in Bangladesh just took a stride closer to reality with the launch of a new international remittance receiving service via a partnership between MasterCard, Western Union, bKash and BRAC Bank. The new service enables bKash’s registered customers to use their mobile phones to receive remittances from abroad directly into their bKash accounts.
Tech on Asia — Bitmex, a financial trading platform that aims to let anyone bet on anything, has claimed the top prize at the Arena startup pitch battle at Tech in Asia Singapore 2016. The startup has clinched US$10,000 in cash. It also earlier won the Fintech Pitch Battle powered by DBS. Here’s our in-depth profile of Bitmex.