Payments round-up: 20 November 2017
It pays to pay attention to the pacey payments precinct. Our latest round-up comprises Glint’s golden launch, BillPro’s licence and QR codes in Singapore.
Glint, an electronic payment system that enables gold to be used as a currency, has launched its account and app based technology in the UK. Jason Cozens, CEO, Glint, says: “Everyone is familiar with gold as one of society’s oldest means of exchange, its universal acceptance, its reliability, its history as a store of wealth and as a means of underpinning the value of ‘paper’ currencies. Unlike ‘paper’ currencies gold can’t be wiped out, devalued or corrupted.” As reported earlier this month, Glint closed its second fundraise of £3 million from investors in the UK, Canada, Europe and Japan.
Features of Glint’s platform include an iOS app linked to the Mastercard payment system, and the ability to make day to day payments by debit card with multicurrency capabilities. Pricing is based on interbank exchange rates. The start-up says it is authorised and regulated by the UK’s Financial Conduct Authority with clients’ money stored in segregated bank accounts. Following its UK launch, the firm will roll out in unnamed European territories through 2018 and then into Asia. No timelines or specifics were offered.
Amsterdam-based credit card acquirer BillPro has revealed it is now a licensed payment institution throughout the “entire continent” of Europe. The firm says its offerings include acquiring for Visa, Mastercard and Cartes Bancaires and processing for Amex, JCB and Discover. Its solutions incorporate bank transfers and SEPA (direct debit and credit transfer).
It adds it has a “direct connection” to Visa, Mastercard and Swift; and can issue debit and prepaid cards, multi-currency IBANs and payment accounts.
The Singapore Payments Council has endorsed the specification for a common Singapore Quick Response Code (SG QR) that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. As reported in August, the Monetary Authority of Singapore’s (MAS) new council planned to set up interoperable electronic payments and develop a common QR code for the city-state.
MAS says SG QR will be adopted and deployed by payment services providers in Singapore through 2018. For example, NETS QR and Singtel Dash QR will be part of the SG QR. For merchants currently accepting multiple QRs, payment service providers are developing a governance process for multiple payment schemes to be consolidated into SG QR.