Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes the latest about eCommerce and payments in India, where big players are increasingly competing for revenue and the loyalty of the middle class. Tesco tries a new concept to boost sales, more anti-money laundering is coming to cryptocurrency and a new product targets online bill pay fraud.
The move comes as Amazon has been expanding its grocery offerings in India, and as the company anticipates that the market will account for over half of its business in India in the next five years. Amit Agarwal, the head of Amazon India, said in an interview that groceries and items such as creams, soaps and cleaning products were already the largest product category on the site in terms of number of units sold in India.
Customers can receive an instant credit line, then have the option to pay for products they buy on the eCommerce site later in month, or through easy monthly installments.
Tesco has been working on new initiatives to boost sales. Last year, the retailer launched both a one-hour and two-hour delivery option in London via its Tesco Now app on both Android and iOS. Customers are limited to 20 items or fewer for delivery by moped.
The leader of the global anti-money laundering (AML) task force said he was “optimistic” that it is closer to establishing worldwide standards that apply to virtual currencies.
The solution provides banks and FIs with enhanced fraud analytics capabilities, automatically flagging items in their bill pay functions that may signal fraudulent transactions.