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.
Times of India — MUMBAI: Digital payments firm PayPal said it tied up with e-commerce platform solutions provider Shopmatic to enable its merchants to expand their sales globally. This is PayPal’s first tie-up with an Indian partner. The company has been getting increasingly aggressive in the Indian market since it was split from eBay and listed separately last year.
Enterprise Innovation — PayPal launched One Touch in Hong Kong ahead of the busiest shopping season of the year. Previously launched in Canada, select markets in EMEA, and the US, One Touch provides faster checkout experience for consumers, requiring no username, password or payment information after the first login. The company said the Hong Kong launch will connect seven million global consumers with the more than one million merchants around the world that are activated on One Touch.
Want China Times — US online payment service provider PayPal is to team up with China’s bank card issuer UnionPay and major banks introducing Japanese e-commerce platforms to Chinese consumers and expanding its online payment service, the tech news portal of China’s Global Times reports.
Tech in Asia — The recent events of PayPal and eBay splitting into two separate entities and the newly released version of Alibaba’s mobile payment app Alipay 9.0 inspired me to take a closer look at these two unequal rivals. However, comparing Alipay with PayPal directly doesn’t seem to do the former much justice. As with many of the leading Chinese digital players, Alipay is an integral part and closely connected within Alibaba’s ecosystem.
IT News — PayPal will buy digital money transfer provider Xoom for US$890 million (A$1.2 billion) as it muscles into a growing international remittance market and expands in countries like Mexico, India and China ahead of a spinoff from eBay. The offer price of US$25 per share in cash represents a premium of about 21 percent to Xoom’s closing price of US$20.70.
NSW residents should be able to pay for a licence renewal or parking fine with PayPal, Apple Pay from their smartphone, or streamlined credit card payment processes like Visa Checkout within 12 months. NSW Minister for Finance and Services Dominic Perrottet today announced the state government would integrate the modern payment capabilities into Service NSW’s new whole-of-government payments platform.
TAIPEI, Taiwan — Silicon Valley is underestimating the distance to which the Chinese government is willing to go boost its global expansion, said PayPal cofounder Peter Thiel in Taipei recently. Thiel was asked to assess whether Jack Ma’s (馬雲) e-commerce platform Alibaba Group, the face of China’s entrepreneurship success story, can be a game-changer overseas.
Currently, there are 17 epayment companies in Indonesia. Names like Veritrans, Coda, and 2c2p come to mind. Some people say competition is good for a tech startup scene. It forces the players in a given space to one-up each other to better serve a market. Folks like Peter Thiel may disagree, however, arguing “creative monopolies” are better. With this in mind, one question to answer is: Which school of thought can best be applied to Indonesia’s epayments space?
Every cent counts for startups. Which makes the PayPal Startup Blueprint welcome news for entrepreneurs. The payment giant announced this week that it will extend the program, which gives startups free payment processing, to eight markets in Asia-Pacific. The program waives processing fees for transactions up to the US$1.5 million mark for PayPal and US$100,000 for Braintree. The latter is only available in Australia for now, but will be available for the rest of Asia soon, according to the press release.
Chinese third-party Internet payment company Alipay revealed that the company has reached a deal with South Korean website Lotte.com to provide a RMB payment channel to Chinese users who shop on the website. Furthermore, the products purchased on the website will be directly shipped from South Korea to China.
One Japanese startup is looking to challenge PayPal by attracting ecommerce merchants and businesses to its new, zero-commission epayment service. Metaps has launched the brand-new Spike into private beta, and it’s now available to online sellers in the US. Choy Wai Cheong, the Singapore-based director and CEO of Metaps, says the aim is to get 30,000 clients using Spike by the end of this year.
Singaporeans – if you’re looking for a reason to purchase the Samsung Galaxy S5, you might have one. The Korean hardware manufacturer will be partnering with PayPal, the global third-party payment service, to launch PayPal fingerprint login for all Galaxy S5 owners residing in the city-state. This means that Galaxy S5 owners who want to buy a pair of shoes on their mobile phones via PayPal, or at a shoe store that accepts offline payments from PayPal, now don’t have to go through the tedious process of thumbing in one’s PayPal username and password. Swiping one’s finger across the phone’s fingerprint sensor does the trick.
GoCoin, a California and Singapore-based company that is creating a PayPal for digital currencies, has closed a US$1.5 million series A venture round led by former Facebook COO Owen Van Natta and Bitcoin Shop, an ecommerce website that transacts in Bitcoin. Crypto Currency Partners also joined the round. GoCoin’s competitors in Bitcoin payment processing include the well-funded Coinbase and BitPay. Brock Pierce, co-founder of GoCoin, told CoinDesk that his company is the number three cryptocurrency payment provider globally.