May 10, 2019

Klarna Bank AB announced an agreement with Alipay and Adyen to use its Pay Later  technology on AliExpress, the global ecommerce marketplace owned by Alibaba Group.

The agreement will allow customers of the site in Germany, the Netherlands, Austria and Finland to pay for purchases over time using the Klarna Pay Later financing technology, which is enabled by Adyen. Additional markets will be added throughout the year.

"We are delighted to be partnering with a global powerhouse and ecommerce leader such as AliExpress and together with Adyen enabling shoppers to have greater choice for how to pay at checkout," Michael Rouse, chief commercial officer at Klarna said in a company release.

He said AliExpress will be able to drive consumer preference, increase average order value and decrease cart abandonment rates.

Klarna late last month reported a 36% increase in annual sales volume to reach $29 billion. The company said that it partners with more than 130,000 merchants across verticals, with more than 25,000 added in 2018.

Topics: In-App Payments, Mobile Apps, Mobile Payments, Region: EMEA

Companies: Alibaba

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May 10, 2019

U.S. Bank and Chrome River recently unveiled a mobile payment and expense management tool, called the U.S. Bank Expense Wizard, which uses chatbots and artificial intelligence to help infrequent travelers manage company business trips.

Expense Wizard is a virtual assistant and mobile app that allows employees to book travel within company policies, pay with a virtual mobile wallet and capture receipts instantly while they are still traveling.

"When talking with customers, we found consistent frustration around managing expenses for both non-employees and employees and employees who travel without a corporate card," Bradley Matthews, senior vice president, U.S. Bank corporate payment systems, said in a company release.

The app is designed to help companies manage travel not only for infrequent company employee travel, but also for outside contractors and candidates that may be visiting on a job interview.

Chrome River, which develops expense management software, has long sought the ability to create what it calls the zero touch expense report, according to CEO Alan Rich, which uses advanced image processing, AI and bot technology.

"U.S. Bank and Chrome River share the same commitment to innovation, and to making the business travel payment and expense process streamlined and risk free," he said.

Topics: Bill Payment, In-App Payments, Mobile Apps, Mobile Banking, Technology Providers

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May 9, 2019

Galileo Processing Inc., through its Galileo Money division, has announced that its white label, FDIC-insured mobile banking program will be offered to individual investors through wealth management firms.

The Carson Group, a family of companies advising individual investors, will be the first company to offer the mobile banking service, which will deploy in the third quarter.

The mobile banking service will provide Carson Group clients with two accounts: the Galileo Money Plus Reserve Account pays 2.0% APY for wealth accumulation; the Galileo Money Plus Spending Account facilitates routine spending with bill payment, a Mastercard debit card, the ability to send money to family and friends, and access to 32,000 fee-free ATMs.

Galileo program partner Bancorp Bank will serve as custodian for the accounts, which will not charge service fees.

"In partnership with financial advisors which have a fiduciary responsibility to their clients, we’ve launched a scalable, sustainable banking solution that puts people before profit and offers market-based interest rates," Galileo CEO Clay Wilkes said in a company release.

The average high net worth family keeps about $450,000 in checking, savings and CDs in traditional banks, he said.

Asked why Galileo had chosen Carson as their initial wealth management partner, a spokesman for Galileo said that Carson Group founder and CEO Ron Carson is "an influencer in the industry" who recognized the potential value of the mobile app.

"Since they’ve never had a viable solution for keeping these assets, they were basically sending revenue out the door to someone else," the spokesman told Mobile Payments Today. "Now all advisers will have an extremely competitive opportunity to keep that cash with them."

Topics: Mobile Apps, Mobile Banking, Transaction Processing

Companies: Galileo Processing

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May 9, 2019

Square Inc. has entered an agreement with Postmates that provides on-demand delivery for Square's small business customers, according to a press release.

Square's small business sellers will be able to schedule and track on-demand deliveries to their customers using this new platform integration with Postmates.

"By partnering with Square to offer on-demand delivery, together we are enabling millions of small businesses to extend their reach and grow their business using our delivery platform," James Butts, Postmates senior vice president of product, said in the release. "Demand for Postmates Delivery as a Service has been growing quickly as all types of merchants look to add on-demand delivery capability."

Postmates, which launched Delivery as a Service in 2014, operates in more than 3,500 cities in the U.S. and Mexico. The service provides access to more than 500,000 merchants and recently launched Postmates Party, an app feature that highlights trending merchants in certain cities. Customers who order from these merchants within a specified time period receive free delivery on their order, the release said.

Square sellers can find Postmates in the Square marketplace or at square.postmates.com; the service does not require merchant setup fees or contracts. For the first two weeks following setup, the service provides free delivery for new users.

Topics: In-App Payments, Mobile Apps, Restaurants

Companies: Square, Postmates

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