Welcome to Five at Five, your late look at the payments and commerce news of the day. Coverage includes a new acquisition by online payment firm PayU, European finance ministers pushing for more progress on taxing digital firms and SoftBank planning to launch a new mobile payment service in Japan. In addition, your favorite do-it-yourself retailer IKEA is opening in India and giving customers assistance, while Pinterest may do an IPO after hitting an expected $1 billion ad sales target.
PayU, the online payment company owned by Naspers, has announced the acquisition of ZOOZ, a payments technology platform. The deal would bring the company’s combined acquisitions since 2016 to about $350 million.
European finance leaders have called for more progress to be made on rules for taxing digital firms. The goal is to overhaul the international tax system by 2020, taking into account the changing digital economy.
SoftBank of Japan has reached an agreement under a partnership with Paytm, a digital payments startup in India, to launch a new mobile digital payment service in Japan. The service would rely on artificial intelligence, and dozens of workers from Paytm are reportedly preparing for the launch.
IKEA, the store known for handing out big bags and measuring tape, is doing something a little different by launching its first store in India, near Hyderabad. Research shows that locals don’t like having to put together their own furniture, so the store will have a 150-person team of associates.
Social media firm Pinterest is expected to hit $1 billion in advertising revenue and is considering an IPO by the middle of 2019. CNBC reported that the social media firm had $500 million in revenue last year and is on pace to double that amount.