News Roundup: PF MCPayment Takes Controlling Stake in Alipay Acquirer Genesis Payment Solutions

In our roundup of this week’s industry news, a Singapore PF looks to expand with an Alipay acquirer and Intuit comes to an agreement over data sharing with JPMorgan Chase.

Singapore payment facilitator MCPayment announced that it has taken a controlling stake in Genesis Payment Solutions, a company licensed to acquire merchants on behalf of Alipay.

According to a press release, the deal helps facilitate MCPayment’s goal of expanding the payment services it provides with access to Genesis’ Alipay license, as well as helping it gain new merchant customers. MCPayment will support Genesis with backend technology.

Payment facilitator Intuit and JPMorgan Chase announced that they have reached an agreement to enable sharing data using APIs. The deal allows Chase customers to agree to share their data with Intuit’s financial management programs, such as Mint and TurboTax Online.

The agreement involves the use of a token to authorize Intuit to download requested information without requiring customers to give Intuit their Chase user name and password, the companies said in a press release.

“The most important part of this is giving control to the customer,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “Customers will get to decide what they want to share and when they want to share it – without having to hand over their password.”

The agreement aligns with the guidelines laid out by the Center for Financial Services Innovation’s “Consumer Data Sharing Principles.” These guidelines address security and privacy as well as consumer control issues around the sharing of data between financial technology companies and financial institutions.

Square introduced a promotion encouraging its customers to pay with Apple Pay. The company said it would waive the fee for the first $12,000 worth of Apple Pay transactions, which equates to $350 in savings.

“It’s no secret that chip cards can be slow, which is why we built our reader to also accept contactless payments, a faster and safer way to pay,” said Jesse Dorogusker, Square’s Hardware Lead, in a press release. “Anything we can do to make a seller’s experience faster and safer, including working with Apple to encourage Apple Pay usage, is an investment worth making.”

PayPal announced its 4Q and year-end 2016 earnings, reporting a 126% increase year over year in total payments volume for Venmo.

According to a report on Bloomberg.com, PayPal CEO Dan Schulman confirmed that the company is in talks with Amazon to enable PayPal as a payment method for Amazon customers.

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