Investments

Ant Financial To Invest In Mobile Payment Company Mynt

Ant Financial, the financial services arm of China's Alibaba, is making an investment in Mynt, a mobile payment and credit service in the Philippines.

According to a report, Mynt is owned by Globe Telecom, the mobile operator based in the Philippines. Ant Financial is teaming up with Ayala Corp., the local Philippines conglomerate, to make an investment in Mynt. Mynt's GCash micropayment service is available for customers to buy prepaid card, pay bills, send money, make donations, shop online and purchase goods without having to have cash. The report noted Mynt has the biggest mobile base in the country with more than 3 million registered customers. Mynt also runs Fuse Lending, a personal and business loan service for people who are unbanked and underserved. The loans are issued via mobile technology and are based on alternative data and different credit scoring methods.

Once the deal closes, Ant Financial will own a "substantial minority interest" in Mynt. "We believe this is a great platform to redefine the country's financial services space amidst a robust consumer market and an increasingly digital environment. With the combined strengths of Ayala, Globe and Ant Financial, we believe we can help more Filipinos gain access to safer, more convenient and extensive payment and lending platforms," said Ayala Chairman and CEO Jaime Augusto Zobel de Ayala in the report.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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