Daily Monitor
Tuesday April 06 2021
A virtual card allows mobile money users, even those without a bank account, to make payments to local and global online merchants across multiple digital payments. PHOTO/Eronie Kamukama
Summary
Now the competition with banks for online payments has started in earnest with the likes of Mastercard awakening to the possibilities that the mobile phone offers and a wake up call to banks to do something.
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The global pandemic forced businesses and workers across all industries to adapt to one of the most challenging and sudden waves of uncertainty: Technology.
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J.P. Morgan ties up with BillDesk for online payments partnership
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Synopsis
Through this partnership, J.P. Morgan’s clients in India will be able to independently initiate statutory and utility payments online with more than 100 merchants that BillDesk partners with, securely and without additional manual assistance from their partner banks.
ET Bureau
Payments aggregator BillDesk on Monday announced a partnership with global financial institution J.P. Morgan to offer online payments solutions to the bank’s corporate clients in India.
Through this partnership, J.P. Morgan’s clients in India will be able to independently initiate statutory and utility payments online with more than 100 merchants that BillDesk partners with, securely and without additional manual assistance from their partner banks.
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SumUp, a London-based startup that helps businesses power revenues through card payments by way of physical readers, online payments, invoices and other services is itself powering up in a big way. Today it announced financing totalling €750 million (around $895 million at today's rates), money that it will be using to continue expanding its business specifically, for acquisitions; to launch in new markets in Europe, Latin America and Asia; and to build out the suite of services that it provides to businesses. The company is already active in 33 countries (most recently Chile, Colombia and Romania) and has some 3 million businesses as customers.
(Bloomberg) Stripe Inc.’s valuation almost tripled in less than a year to $95 billion with its latest funding round, making it the most valuable U.S. startup.The online payments processing company drew $600 million in its latest fundraising, Stripe said in a statement.The valuation figure is at the top of the range Bloomberg News reported in November, when Stripe was in talks with investors that would boost its value to more than $70 billion, with the possibility of pushing it to as high as $100 billion. The valuation also overtook billionaire Elon Musk’s SpaceX and Instacart Inc., according to CBInsights data.Stripe was founded in 2010 by two Irish siblings: 32-year-old Patrick Collison and his younger brother John, 30. Their net worth surged to $11.4 billion each with the latest valuation, according to the Bloomberg Billionaires Index, up from $4.3 billion in the last funding round.The company’s software, which competes with Square Inc. and Paypal Holdings Inc.