Today In Payments Around The World: Google Pay Teams With India’s Qwikcilver; New EU Guidelines Request Search Ranking Criteria Disclosure

In today’s top payments news around the world, Qwikcilver has launched its Woohoo digital gift card store on the Google Pay Spot Platform, while new European Union (EU) guidelines ask that online platforms provide an explanation as to how search results are ranked. Plus, talk of Flipkart Group hitting the public market is heating up.

Google Pay Partners With India’s Qwikcilver For Instant Digital Gift Cards

Qwikcilver, the end-to-end gift card platform, has rolled out its Woohoo digital gift card store on the Google Pay Spot Platform to let those in India purchase and send digital gift cards in real time. The relationship between Pine Labs company Qwikcilver and Google Pay provides users with an expanded selection of virtual gift card choices, with some 150 brands.

New EU Guidelines Ask Google, Digital Platforms To Disclose Search Ranking Criteria

Recently released European Union (EU) guidelines request that Amazon, Google and other online platforms offer an explanation regarding the way search results are ranked. “These guidelines set the standard for algorithmic ranking transparency and will increase fairness in the online platform economy, which drives innovation and welfare for millions of Europeans,” Margrethe Vestager, digital chief, EU, said in a statement.

Walmart’s Flipkart Reportedly Edging Closer To Launching IPO

Talk of Walmart-controlled Flipkart Group going public is heating up as the Indian firm continues to grow. Flipkart is an online shopping marketplace competing against the likes of Reliance Industries and Amazon. In the summer, it landed $1.2 billion in a funding round that was headed up by Walmart, putting the company’s valuation at $24.9 billion.

Top Chinese Watchdog Warns More Big Tech Rules Looming

The leading insurance and banking regulator in China is looking to clamp down on Big Tech’s perceived financial information monopoly and further reduce abuses of power. “Facing the rapid growth of FinTech, we will adopt a positive and prudent approach. We will encourage innovation while enhancing risk control, so as to address new problems and challenges,” China Banking and Insurance Regulatory Commission (CBIRC) Chairman Guo Shuqing said in a speech.

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