DoorDash evaluates Walmart experience; South Korea adding tougher crypto regs - PaymentsSource

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The toughest mile

DoorDash is polling its drivers to get their opinions on what it's like to deliver for Walmart, which is relying on mobile order and delivery in its battle with Amazon but has had problems retaining third party couriers.

DoorDash drivers have complained about heavy loads and long waits for pickups at stores, reports Reuters. Drivers also complained about not getting tipped, though tipping is more customary for restaurant delivery as opposed to groceries. Walmart has updated the DoorDash service to include an option for tips.

Walmart is expanding into financial services through a fintech partnership with Ribbit Capital. Walmart+, which offers delivery incentives, helps the retailer build an enrolled consumer base for the fintech initiative. Walmart has previously had several third party delivery relationships end, including Skipcart, Uber and Deliv. The big box retailer has also used its own staff to deliver groceries. Walmart did not return a request for comment by deadline.

Value search

Nigerian virtual currency startup Xend Finance has launched, using decentralized finance in an attempt to help credit unions hedge against currency devaluation, a common problem in emerging markets.

Credit unions access Xend to enable cryptocurrency transactions for the credit union's members, reports TechCrunch. Xend uses a blockchain and smart contracts to allow credit unions to pool crypto currency usage across increasingly larger groups of people.

The company will also introduce its own $XEND token to reward users for transacting on the blockchain.

Subscribe button

Spanish bank Banco Sabadell plans to deploy a subscription management system for mobile users in partnership with Swedish firm Minna Technologies.

The move follows the pilot of a portal that allows users to view subscriptions, receive alerts for due payments, compare prices, and enroll and cancel subscriptions, reports Finextra. The bank plans to add additional payment services though the integration, which uses an open banking connection.

Subscription billing has expanded over the past year due to the appeal of steady revenue for merchants and predictable bills for consumers.

Deadline

South Korea has passed new money laundering rules that will require companies to file suspicious activity reports, verify consumer identities and allow outside compliance inspections.

Companies that support custody, trading, sales, exchange and digital wallets will get a six-month break on the new rules, but will have to register by September, according to Coindesk.

South Korean regulators first called for stronger crypto AML regulations in November 2020, and the law was signed March 17 following passage in the National Assembly March 6.

U.S. bound

London fintech Revolut has launched business accounts in all 50 U.S. states and has applied for a banking license with plans to offer loans, deposit accounts and overdraft protection.

The move comes shortly after Revolut ended a pilot in Canada, reportedly because it did not have Canadian banking license to support its range of products. Among fintechs, Square in 2020 received a banking license, though the process took several years.

Revolut, which has a banking license in the U.K. recently applied for a banking license in theU.K.partly as a Brexit hedge to allow the firm to operate seamlessly in different markets.

From the web

Afriex raises $1.2M seed to scale its payments and remittances platform across Africa
_{TECHCRUNCH | Tuesday, March 23, 2021}
Sending money from the U.S. to Nigeria can be a painstaking process. For remittance platforms like Western Union, it will cost a transfer fee and take between one to five business days for money sent from a U.S. debit card to enter a Nigerian bank account.

Jumio raises $150M as its all-in-one ID authentication platform crosses 300M verified identities
_{TECHCRUNCH | Tuesday, March 23, 2021}
Digital identity services — used as a key link between organizations to verify that you are who you say you are online and individuals logging into those services — have come into their own in this past year. Now, one of the companies providing digital identity products is announcing a large round of funding, underscoring both the market size and its ambitions to be a central player in that space.

Shares in companies linked to non-fungible tokens soar
_{REUTERS | Monday, March 22, 2021}
Shares in some companies linked to non-fungible tokens (NFT) - a type of digital asset that is authenticated by blockchain - spiked higher on Monday, benefiting from their status as the latest hot trend on social media.

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