In today’s top payments news, China is finalizing its rules for online-only banks, Mastercard names Raj Seshadri as its new president of data and services and Visa buys FinTech startup Plaid for $5.3 billion.
China is finalizing its rules for online-only banks, a move which would empower foreign financial institutions in the country to establish independent digital banks and lure new pivotal companies. Introducing online banks will make it easier for foreign financial institutions to tap China’s vast financial markets, where none are profitable and many have yet to break even.
Mastercard named Raj Seshadri as its new president of data and services. She will report directly to President and CEO Ajay Banga.
While most U.S. business are aware of and interested in real-time payments, some firms still feel technical barriers stand in the way of implementing the system. In the Making Real-Time Payments a Reality: Rising Demand for Real-Time Payments report, PYMNTS surveyed more than 500 financial executives to reveal what it will take to translate RTP interest into real-world adoption.
Visa announced its $5.3 billion purchase of Plaid, the startup that develops APIs for financial services. According to Visa, one in four U.S. bank account holders have used Plaid’s offerings, and the firm sees this as an opportunity to bolster its open banking efforts.
The Competition Commission of India has called for a probe into Walmart’s Flipkart and Amazon, claiming certain practices put the eCommerce giants at an unfair advantage over small businesses. Both companies have denied the claims.
Healthcare firms Cigna and Oscar announced a partnership to provide plans and coverage to small businesses across the U.S. “Cigna + Oscar” is a signal of widespread anticipation in the healthcare sector for wider payment structures.
Visa announced on Tuesday, Jan. 14, that participants in its Visa Token Service have processed eCommerce volumes of $1 trillion since the service’s debut in 2014, and that it will transition Visa Checkout merchants to the click-to-pay service on Jan. 21 in the U.S.