The Briefing on Payments

The latest news, trends and data in Payments

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The Key Moments in
Payments This Month

 Subway chooses Worldline to provide payment solutions across Europe

Subway has chosen payments provider Worldline to roll out payment solutions to its restaurants across Europe.

Worldline won a three-year contract with the American restaurant franchise including POS and online acceptance. The roll-out is planned across multiple markets starting in 2020.

Worldline’s solution includes POS and e-commerce acceptance as well as payment terminals operating with NEXO retailer protocol.

Source: Verdict

 Fiserv solution enables merchants to use mobiles to accept payments

First Data, now part of Fiserv, has launched a new solution with Visa enabling merchants to use their own devices to accept payments.

The service allows businesses to accept PIN-based contactless transactions without the need for a separate card reader or PIN-entry device. In addition, the move is expected to boost the worldwide use of smartphones and tablets as point-of-sales terminals.

Earlier this year, Fiserv completed its first PIN on mobile payment via the app-based solution in collaboration with Visa, Samsung, and PayCore. Following testing, the solution is being piloted in Poland, with plans to expand in the EMEA and APAC regions.

 Swedbank, SIA and TietoEVRY partner to enable Instant Payments

Swedbank has selected SIA to enable instant payments through RT1, EBA Clearing’s pan-European system with TietoEVRY’s real-time payments platform.

Swedbank’s customers have already executed more than 30 million instant payments thanks to SIAnet.

The ultra-fast fiber optic network infrastructure leverages low-latency, secure messaging technology and stretches over 186,000 kilometres.

Source: Verdict

 Nuvei launches Spanish-language services for US merchants and partners

Nuvei, a major provider of global payment solutions and the first-ever community of payment experts, has launched of a Spanish-language services program for US merchants and distribution partners.

The programme includes comprehensive Spanish-language merchant sales, technology and reseller partnerships, plus technical support and client care.

With it, Nuvei becomes one of the few payment solutions providers at scale offering dedicated Spanish-language sales and support in the US.

Source: Verdict

 Standard Chartered, Assembly Payments agree payments JV 

Standard Chartered and Australia-based payments fintech Assembly Payments are setting up a next generation payment solutions joint venture.

Specifically, Standard Chartered and Assembly Payments will form a new company to be headquartered in Singapore.

Subsequently, the aim is to grow the business globally. The company will offer a sophisticated digital payment platform to manage transactions across multiple payment types and countries. This will include online, mobile and point-of-sale, digital wallets, debit and credit cards and real-time payments.

Source: Verdict

 Klarna launches ‘Consumer Council’ to provide smoother shopping experience

Klarna has launched a ‘Consumer Council’ allowing consumers to meet-up and share thoughts on their experiences using Klarna.

The aim of the council is to provide the smoothest and smartest experience when shopping and paying.

The first ‘Consumer Council’ meet-ups will take place in London on March 10 and Stockholm on March 16. Following this, meet-ups in Manchester, Berlin and New York will take place in the spring.

Source: Verdict

Automation in Action

The latest companies to use AI to streamline their workforce

Pandora Automates 5% of Workforce

Music streaming service and Spotify rival Pandora has announced that it is laying off about 5% of its workforce in a bid to save around $45m a year. Jobs across several departments are being automated, including advertising, marketing and investment, as part of a wider restructuring to the company in a bid to maintain its presence in the streaming market.

Source: TechCrunch

Amazon Restructuring Sees Key Tasks Automated

Online retail giant Amazon has cut hundreds of jobs at its Seattle headquarters as the company reorganises to remove older departments and shift a growing number of tasks onto AI-based software. The company, which is enjoying strong growth, is reportedly restructuring to support future ventures, cutting some operating costs in the process.

Source: Time

Driverless Trucks Replace Oil Sands Jobs

Canada-based Suncor Energy has announced the layoff of several hundred workers as the company introduces autonomous haul trucks into its Alberta-based oil sands operations. The layoffs, which have prompted strong reactions from unions, are likely to be only the start, with Suncor planning to build a fleet of over 150 driverless trucks over the next six years. 

Source: Global News

India Sees IT Layoffs in Tens of Thousands

Once one of the biggest employment sources in the country, India’s IT industry saw layoffs totalling over 56,000 in 2017, and is expecting to see further job cuts in the coming year. The layoffs have been largely due to digitisation and automation, which have dramatically reduced the number of workers required to maintain current operational levels.

Source: Quartz