Paysafe to Acquire Merchants’ Choice Payment Solutions for USD 470 mln

Paysafe Group has announced plans to acquire Merchants’ Choice Payment Solutions (MCPS), a US-based payment processor.

MCPS is a data-focused full service payment processor for merchants and high-volume Independent Sales Organisations (“ISOs”) in North America. The company provides payments services to approximately 60,000 merchants in 50 states and processes over USD 14 billion in sales volume annually.

This acquisition will help Paysafe to get a foothold in North America. The company will add MCPS’s point-of-sale (POS) infrastructure to its Paysafe Processing division increasing its ability to process POS, online and order ahead payments.
MCPS reported revenue of $446 million and earnings before tax of USD 18.4 million in the year ended 31 December 2016. At that date, MCPS had gross assets with a value of USD 90.4 million.

Paysafe is a global provider of payment solutions. Merchants can, through their websites, use their services and gateway platforms, and innovative prepaid products and solutions, to simplify how they accept credit and debit card, direct-from-bank, and alternative and local payments.

Source: The Paypers

Safaricom Looks to PhotoID to Curb M-Pesa Fraud

Safaricom is set to give merchants access to photo identification technology in a bid to reduce fraud on its m-Pesa platform, Business Daily reported.

According to the newspaper, Safaricom is already distributing pre-programmed smartphones to m-Pesa agents to verify the identity of customers. These handsets have software built-in to enable verification against images taken when the SIM card was purchased and other nationally held data.

Vendors with the devices will also be required to take images of all new registrants, which will then be stored in a database for verification of future transactions. This is in addition to current procedures, which include recording the new user’s name, ID card number and postal address.

M-Pesa is Kenya’s dominant mobile payment service and become a blueprint for similar services across developing markets. However, its wide usage also made the platform and its users a target for criminals.

In addition to well-documented hacking attempts against the company, there are regular reports in the Kenyan media of scams targeted at users to extort money using the platform.

Announcing the new photo ID scheme, Safaricom corporate affairs director Stephen Chege told the publication the new system of registration would eliminate the use of stolen personal ID to commit fraud.

Source: Mobile World Live

Sumitomo Mitsui, MUFG Join Ripple’s Japanese Banks Consortium

Ripple, a US-based provider of financial settlement solutions, has added two new members to its Japanese banks consortium, Sumitomo Mitsui and MUFG.

As a result, the Asian consortium has 61 members, representing over 80% of total assets in Japan. SBI Ripple Asia created the consortium in August 2016, and consisted of 15 banks connected by a network, focused on Ripple’s blockchain technology for payments and settlement.

The consortium later grew to 47 banks that successfully completed a pilot implementation of the startup to enable real-time money transfers, both domestically and internationally.

The announcement said that three major banks, Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho have joined the Japan bank consortium. Apart from these banks, Ripple also welcomes Japan Post Bank to the roster of the banks using Ripple for payments in Japan.

Furthermore, the startup said that it plans to launch a common mobile application later in 2017, for payments that will unite all the member banks’ customers worldwide.

Stripe Enables Merchants To Accept Alipay and WeChat Pay

Silicon Valley payments company Stripe has partnered with digital payment providers Alipay and WeChat Pay to enable merchants using its platform globally to accept payments from hundreds of millions of Chinese consumers.

Starting Sunday, the partnerships allows online merchants using Stripe to integrate the ability for Chinese users to pay with Alipay and WeChat Pay on their websites, the company said.

Stripe hopes the integration will help boost its revenues by allowing clients to tap China’s vast consumer market, where credit cards account for only a fraction of online spending, the company said.

See the full article here.

Apple Adds PayPal as a Payment Option

Apple has announced that it will enable PayPal payments in its digital stores, including iTunes, iBooks, Apple Music and the App Store.

The deal struck on 11 July 2017 will enable Apple customers in US, UK, Canada, Mexico, Australia and parts of Europe to choose PayPal as a payment option. The US-based payments service provider has also stated that it will integrate with Siri and bring the One Touch feature to Apple ID accounts, allowing for faster purchases.

Customers with an Apple ID will be able to select “PayPal” as a preferred payment method, which will make it the default payment method and all future purchases will be charged to the PayPal account. This includes one-time purchases as well as monthly fees such as Apple Music subscriptions and iCloud storage.

PayPal will also be added as a payment option directly on iOS, the company says. This will be available in all 12 markets, including the U.S. Dates to be announced.