In today’s top news, Facebook is developing its own operating system to increase its independence, and PayPal is acquiring a 70 percent stake in China’s GoPay, making it the first foreign online-only payments platform to be licensed in China. Also, Ant Financial buys a stake in Vietnamese eWallet eMonkey.
Facebook is planning to develop its own operating system in order to minimize its dependence on Google, Apple, and Android. The plans are related to the tech giant’s heightened focus on AR for the future.
PayPal has acquired a 70 percent stake in Guofubao Information Technology (GoPay). The FinTech is the first foreign online-only payments platform to be licensed in China, where it will compete against locals like Alibaba and WeChat Pay.
Vietnam’s booming eCommerce market is attracting tech giants across the globe. Latest in the mix is China’s Ant Financial, which is investing an undisclosed amount in Vietnam’s eWallet startup eMonkey. Ant’s parent company Alibaba will be buying less than 50 percent of the company, giving it “significant influence” over the eWallet.
Bigger online sales in November and December will likely trigger record returns, upwards of $40 billion. Merchants lose about $50 billion annually as a result of the poor handling of returns.
The holidays are rife with opportunities for fraudsters to wreak havoc, especially on online shopping and travel platforms. In the latest Fraud Decisioning Playbook, PYMNTS highlights fraud news and trends and examines how online platforms are looking to more fully protect their users and online shoppers as fraud mounts.
It seems that everyone is looking to make friends and influence the market this week. Flywire CEO Mike Massaro joined Karen Webster to talk about why the pair-up rush is happening, who the big winners will be — and when exactly the present is going to start looking a little more like the Jetsons. Spoiler alert — sooner than you think.