Payments technology company PruPay has teamed up with Paypal to develop a text-based payments system, allowing merchants to request one-time payments from customers.
Announced on Thursday, the two payments companies are adding some tools for both merchants and consumers to overcome the challenges of such payments, thus standing out in the crowded market of text-based payments.
Commenting on the importance of such payments, Bill Sedgwick, CEO at PruPay, said: “COVID-19 has instilled a legitimate fear of sharing or touching anything, both person to person and latently on devices such as keypads, so text payments make even more sense today than just weeks ago.”
Helping business to increase customer base
The Denver-based company is also waving its normal fees to help small/medium businesses during the global pandemic. The usual fee for using the platform is a flat 10 cents per transaction, which is now being waived off for three months.
Risk Management for Businesses in Today’s WorldGo to article >>
“We added security for merchants and optional add-on services like delivery fees, tipping, and a “Pay it Forward” option that are not provided on native text-to-pay platforms,” Sedgwick added.
All the touchless payments services of the platform are built with PayPal’s payment processing infrastructure.
“We wanted to offer consumers a turnkey way to support their favorite local merchants and provide merchants with a way to allow contributions without marking up their menu prices or adding additional fees if they don’t want to,” the CEO added.
“When payments are processed, there will be a prompt for the customer to add an amount of their choice to support the business voluntarily. Not everyone can contribute, but we have learned that those who are often very generous to the merchants that they want to help. It’s a goodwill gesture versus a requirement, and people appreciate that.”
Fintech Influencer Switzerland Interview Series: 7 Questions to Ralph Mogicato
In May 2020, Fintechnews.ch launched the Fintech Influencer Switzerland Interview series, which presents at least once a week a short interview we have conducted with a well-known, longtime Swiss Fintech Influencer to get his or her views on some of the industry’s most urging issues and hottest trends.
Hi Ralph, what has changed for you personally during this pandemic?
My business life hasn’t changed much during the Covid Crisis. Since many years I work as a digital nomad. Everything is in the cloud and I am a heavy user of communication tools like Skype, Webex or Zoom. I even like Teams as a tool.
Do you think COVID-19 is the digital accelerator that the industry has been missing so far?
The dramatic consequences of the lockdown and the containment measures showed in every business where the digital loop wholes still are. I don’t know any business person who is not realizing that more digital offerings and services are better than less. Hence I call Corona also a fire accelerator for all businesses.
What is your current focus?
In the first few weeks, I mainly was busy speaking in boards or as senior advisors about securing the liquidity and implement the recommendations of our federal health department. In the most board we did in the beginning weekly status meetings. Right now we concentrate on every startup to boost sales. The sales activity drop was to me (not surprisingly) the clearest negative impact of Corona.
You were often in Singapore and know the fintech trends there very well, what are we missing?
Both countries did an excellent job in creating a fintech startup hub. During the crisis we saw on both sides heavy governmental support and helping hands everywhere. Though the financial sector was not hit so hard by the Corona crisis as the travel industry, I look positively in both markets for fintech startups. The dynamics speak clearly for Asia, but this is true for many industries. But the reality check comes after the crisis. Who is able to secure more money from investors and who is able to accelerate growth.
What can Switzerland learn from Fintech in Singapore or vice versa?
Switzerland and Singaporean startups have one in common. The home market especially B2C is too small for a substantial business. I personally think the Swiss fintechs have realized this faster and a lot of them pivoted to B2B. But in general, I would say we can each learn a lot from each other, but the markets and customer needs are very different. Where in Asia the financial inclusion has more weight, the Swiss startups tend to concentrate more on innovation and process efficiency.
Which Swiss Fintech Startup should we have on our radar?
Please nominate a Global Swiss Fintech Influencer for our Swiss Fintech Influencer Survey
I nominate Gian Reto à Porta.
Swiss Fintech Influencer Ralp Mogicato*
Ralph Mogicato has over 25 years of experience in the financial industry in Switzerland, Germany, Austria and Singapore. He is now an active investor, board member or advisor for startup companies in the technology field (e.g. Starmind, unblu, APIAX, Sonect, IMburse) and guest lecturer at several universities of applied sciences as well as a lecturer at the University of Zurich.
Singapore Blockchain Map 2020 Shows Strong Ecosystem Growth
OpenNodes, powered by Tribe, unveiled the Singapore Blockchain Landscape Map 2020 at ‘Unitize’, a collaborative online blockchain conference organized by San Francisco Blockchain Week and Blockshow.
Since 2019, Singapore’s blockchain ecosystem has seen substantial growth. There are 91 new additions to Singapore’s Blockchain Landscape 2020 map with a total of 234 entities. These entities have been active in various blockchain related initiatives.
Some of these include Mastercard, VISA, Alibaba-backed Ant Financial, Tencent-backed WeBank, WireX, Phillip Securities, SAP, Contour, Facebook-backed Libra amongst others.
says Ng Yi Ming, Managing Partner, OpenNodes, powered by Tribe.
“IMDA’s tireless efforts and support for the blockchain community in Singapore and beyond, have fostered this ecosystem growth.
We are excited to see more local and international blockchain companies joining Singapore’s blockchain ecosystem and innovating across various sectors such as trade finance, smart cities and solutions & consulting. It is especially encouraging to see local companies such as DLT Ledgers, a Singapore-backed blockchain platform recently expand into MENA (Middle East and North Africa). IMDA looks forward to more collaborative efforts in anchoring Singapore as a blockchain hub in Asia,”
Singapore’s Blockchain Landscape 2020 map includes a new industry segment called the “Decentralised Finance” or better known as DeFI for most, which is a notable area for 2020 that has seen new companies emerge as well as incumbents extending their services into various areas.
There has been an increased activity due to numerous globally recognised projects. Temasek has recently partnered Facebook-backed Libra Association as its first Asian member and have also spun off several subsidiaries focusing on blockchain applications including digital identity and trade finance.
(Click image for higher resolution)
Singapore Blockchain Map 2020
MSC Trustees replace Sargon in trustee role
MSC Trustees has been appointed as a trustee for Spark Infrastructure’s $1 billion listed notes, replacing Sargon.
The notes form part of the firm’s stapled security capital structure.
Infrastructure firm Spark had interests in $18 billion of energy network assets across Australia which serve five million homes and businesses.
As well as Spark, MSC also worked with Sandhurst Trustees (Bendigo and Adelaide Bank) and Australian Unity.
MSC Group managing director, Matthew Fletcher, said: “We are delighted to accept this trustee appointment on behalf of all Spark noteholders. MSC continues to be active in providing trustee services for selective Australian companies issuing notes, bonds and debentures.
“We consider trustees have an important role to play in facilitating these types of capital structures which are critical to the Australian corporate landscape and provide worthwhile opportunities for investors.”
To read more, please click on the link below…
Evening Reading – July 6, 2020
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