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eBay tests small business loans | Payments Source

By on March 11, 2021 0

The information you need to start your day, from PaymentsSource and on the web:

Capital idea

eBay and LendingPoint have partnered to extend financing to U.S. sellers, an important service for fintechs looking to nurture relationships with small businesses affected by the pandemic.

Both companies will provide digital access to installment loans and various repayment options. Called eBay Seller Capital, the feature is currently in pilot testing ahead of its planned nationwide rollout by the end of 2020. PayPal separation from eBay recently completed, giving eBay the ability to more aggressively add merchant services.

Companies like PayPal, Kabbage and Square have also made the loan part of their reach with sellers on their sites. These are existing programs that gained momentum during government relief programs.

PSD2 in the mail

PostePay hired payment and financial messaging company Volante Technologies to accelerate the Poste Italiane Group upgrade, including open banking, instant payments and a gateway to interbank networks.

Volante will provide a cloud-based architecture to adhere to the European PSD2 regulation, which requires data sharing between banks and third parties. The partnership will also provide better access to Postpay’s contactless QR code payment function.

Poste Italiane has over 14 million accounts, making it one of the largest electronic money institutions in Italy, with over 28 million cards in circulation and around 1.4 billion payments processed in 2019.

Go to High Street

Amazon is reportedly looking for locations in London with plans to open Go stores without payment by the end of 2020.

The e-commerce company is reviewing bookstores and mini-markets, which have layouts most conducive to the relatively small spaces that can currently accommodate cashless stores, reports OnlyinLondon, adding that these stores are often near public transport hubs.

Amazon recently opened a larger Go store at Seattle, in a place as big as an average Whole Foods place. Amazon is also testing baskets that contain non-payment technology

Last installment

Point-of-sale credit firm Splitit has raised $ 71.5 million in a private placement after record growth in the last quarter. Splitit reported sales volume of over $ 65 million, a growth rate of 260% year-over-year and 176% higher than in the previous quarter.

Woodson Capital Management was among the investors and Splitit will use the funds to accelerate sales and marketing. Splitit’s model is different from most other buy it now / pay later companies in that it builds on existing card accounts for easy enrollment.

BNPL businesses have grown rapidly during the pandemic, as consumers seek alternatives to credit card debt and companies like Affirm and Klarna report exponential growth.

Uncorked

California wineries haven’t fully reopened – only outdoor tastings allowed – but Pasadena-based Vertical Finance is preparing for post-pandemic life by launching the Grand Reserve World Mastercard rewards credit card with perks exclusive to wineries nationwide.

The new card defies conventional industry wisdom by charging an annual fee of $ 149 at a time when travel and leisure credit card issuers are facing steep losses due to coronavirus restrictions and financial pressures.

The Grand Reserve Card is issued by Celtic Bank & Trust, based in Salt Lake City, Utah, and powered by Silicon Valley-based Deserve, a digital card issuing platform that specializes in placing on the market for new credit card programs within 90 days. Merit launched in 2017 and has raised nearly $ 240 million in venture capital funds to date, including $ 50 million unique financing round last year it involved Goldman Sachs, the Apple Card backer.

Go social

Klarna, which is approaching the mark five years from its launch in the United States, has gradually shifted its shopping experience now, paying later from retailer websites to its own app.

This week, Klarna added a touch that allows consumers to create product wishlists from any online store for items others can follow in the app or on social media sites like Instagram.

Buyers, brands and style influencers can create wishlists and share them on social media sites by clicking a link, with Sephora and Adidas among the first brands to launch shoppable wishlists. The move is intended to give Klarna a one-stop destination to manage purchases now, pay for subsequent purchases in an increasingly competitive niche.

On the Web

Buy Now, Pay Later Sezzle Company Testing India’s Waters for Year-End Launch
REUTERS | Thursday August 6, 2020
Sezzle Inc is testing its Buy It Now service in India for a potential launch at the end of the year, its CEO said, capitalizing on the rapid global growth in online shopping as competition intensifies in the industry.

DoorDash launches a convenience store
TECHCRUNCH | Wednesday August 5, 2020
On-demand delivery startup DoorDash has launched a digital storefront to sell housewares, as well as the types of things you find in a convenience store.

Why Ukraine is Ripe for Cryptocurrency Adoption
COINDESK | Wednesday August 5, 2020
A relatively unstable state – with a technically sophisticated population – creates fertile ground for the adoption of crypto. Now, regulators are working with Ukrainian crypto entrepreneurs to decide the future of digital currency.

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