May 2, 2019

Facebook Inc. has entered discussions with numerous financial companies and online merchants in hopes of launching a blockchain-based payments system, according to a report by the Wall Street Journal. Facebook, seeking about $1 billion in investments in the space, has approached a number of high profile players in the digital payment space, including Visa Inc., Mastercard Inc. and First Data Corp., a financial data and POS platform being acquired by Fiserv.

The social media company, led by Mark Zuckerberg, has been working on a payments effort in the blockchain arena for some time, while it has faced intensive regulatory scrutiny for alleged violations of privacy involving personal data of members being shared without their consent.

Facebook officials declined to comment on specifics of the report, however, reiterated the company's long-time interest in virtual currencies.

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," a Facebook spokesperson told Mobile Payments Today, via email. "This new small team is exploring many different applications. We don't have anything further to share."

Seth Eisen, senior vice president, communication,  Mastercard said "We don't comment on rumor or speculation."

Officials at First Data and Visa were not immediately available for comment. 

Facebook earlier this year acquired a small team from the blockchain startup Chainspace, a firm that specializes in smart contracts.

Facebook has also recently opened up a position for a blockchain lawyer to assist in finding potential business partners.

Topics: Bitcoin, Mobile Payments

Companies: First Data, Facebook, Facebook, Fiserv, Visa, MasterCard

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May 2, 2019

Shares of Square Inc. fell sharply on Thursday after the digital payments firm issued a quarterly earnings and revenue forecast that fell short of consensus estimates late Wednesday.

Company executives warned that second-quarter revenue would come in between $1.09 billion to $1.11 billion, while adjusted revenue would be $545 million to $555 million.

Adjusted earnings would come in at between 14 cents and 16 cents a share, or a net loss of five cents to 7 cents a share.

For the year, adjusted revenue is expected to come in between $2.25 billion and $2.28 billion, while adjusted earnings are expected between 74 cents and 78 cents a share. 

Consensus estimates call for Square to earn 19 cents a share in the June quarter and 74 cents for the year, while revenue estimates call for $555 miillion in the quarter and $2.26 billion.

Shares of Square were down more than 8% in mid-afternoon trading at $67.49 after falling as low as $66.05 on the day.

Subscription and services based revenue for the first quarter rose 126% to $219 million.

The company reported a wider net loss of $38 million, or 9cents a share, compared with a net loss of $24 million, or 6 cents, in the year-ago quarter. After excluding the loss of $14 million related to the company’s Everbright investment, Square had a net loss of $24 million or 6 cents. 

Square reported a 59% gain in first quarter revenue to $489 million, after factoring in one-time adjustments, however absent the adjustments reported a 43% gain in first-quarter revenue to $959 million.

Topics: Mobile Apps, Mobile Payments, POS

Companies: Square

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May 2, 2019

DoorDash has entered an agreement with Wyndham Hotels & Resorts to provide free delivery for guests at more than 3,700 properties across the country.

The agreement will allow guests at nearly all of the hotel company's 20 brands, which include Days Inn by Wyndham, Super 8 by Wyndham and La Quinta by Wyndham, to have no delivery fees and receive discounts for first-time customers and special perks for Wyndham Rewards loyalty members.

"We are thrilled to partner nationwide with Wyndham Hotels & Resorts, our first partner within the travel and hospitality segment," Matt Rotella, head of corporate development at DoorDash. "This partnership extends our continued commitment to meeting our customers wherever they are, allowing them to have the same access to great restaurants and fantastic service while traveling."

New DoorDash customers will get $5 off their first order, plus zero delivery fees when they order through the DoorDash platform and use order code WR5. Wyndham Rewards members who start their order www.wyndhamrewards.com/doordash, will also get 250 rewards points, plus 2,000 bonus points.

Existing customers can order online at www..DoorDash.com or through the app on iOS or Android. Wyndham Rewards members who order through the website will get 250 points.

Other fees, including service fees, gratuities and taxes still apply.

Topics: Loyalty Programs, Mobile Apps, Mobile Payments, Restaurants

Companies: DoorDash

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May 2, 2019

Indio Technologies, a platform designed to streamline the application process for business insurance, has secured $20 million in Series B funding led by Menlo Ventures, with participation from 8VC, according to a company release.

The company, founded in 2016 by Adam Bratt and CEO Mike Furlong, plans to use the new funding to build platform connectivity to insurance carriers, making it easier for brokers to collaborate and get quotes faster.

"Before Indio, the painful and redundant paper-based business insurance process was considered a necessary evil to attaining insurance coverage," Furlong said in the announcement. "We moved that entire process to a secure online platform that reduces steps, eliminates entirely data duplication and improves the experience for both the business and the insurance broker."

More than 250 brokers process thousands of business clients through the Indio platform every month, according to the company.

Topics: Mobile Apps, Software, Technology Providers

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