July 1, 2019

Klarna Bank AB, a Sweden-based payments provider and digital bank, announced an enhanced agreement with Abercrombe & Fitch to allow the apparel retailer's U.S. and U.K. customers to finance their purchases through multiple installments. 

Klarna said that customers of Abercrombe & Fitch, Abercrombie Kids and Hollister Co. will have access to Klarna's Pay in 3 product in the U.K. and Pay in 4 product in the U.S. The installment programs allow customers to pay in three or four payments over a 2-month period without interest or fees.

Klarna currently provides its Pay Later service to A&F in Germany, under which customers can pay up to 14 days after delivery. 

"At Klarna, we are delighted that A&F Co. is part of our global portfolio of retail partners," Michael Rouse, chief commercial officer of Klarna, said in a company release. "Our continued partnership is based on a shared vision that the future of retail consists of a high-touch shopping and payment experience, which will not only drive engagement and reach, but also build customer loyalty."

Matt Weger, chief information officer at A&F, said the retailer wants to continue providing options that meet the needs of its customers.

"We aim to provide engaging, seamless brand experiences from product discovery to checkout and fulfillment, and adding Klarna, which has already seen success with our customers in Germany, supports that goal."

Klarna works with 130,000 merchants in 14 countries around the world.

Late last month, Klarna announced an agreement to extend an existing partnership with H&M to the U.S. market. The expanded partnership is scheduled to go live in the fall, following a previously announced agreement in Switzerland starting in August, followed by a U.K. rollout shortly afterwards and five additional markets later this year. 

Topics: In-App Payments, Mobile Apps, Mobile Payments, POS, Region: Americas, Region: EMEA, Retail, Technology Providers

Companies: Abercrombie & Fitch

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June 28, 2019

Goldman Sachs CEO David Solomon told Les Echos, a French newspaper, that the investment bank is pursuing its own plan in cryptocurrency and pursuing plans to expand digital bank Marcus into new markets. 

Soloman told Les Echos that the bank is looking at the potential for "tokenization" and frictionless payments, following plans by rival JPMorgan Chase and social media giant Facebook to launch Libra. 

Solomon also said that the bank is more and more looking at personal services, beyond just an investment bank, and said the bank has great ambitions beyond its existing Marcus presence in the U.S. and U.K., but would not elaborate. 

Topics: Bitcoin, Mobile Banking, Mobile Payments, Region: EMEA

Companies: Goldman Sachs

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July 1, 2019

Brazilian bank Banco Safra has introduced SafraWallet, a mobile phone app that allows customers to make transfers, bank withdrawals and purchases using a QR code.

SafraWallet withdrawals and payments are exempt from bank fees. Customers do not need to have a Banco Safra account to use the app. And the registration process is free, simple and quick and does not require proof of income, the bank said in a press release.  

Consumers can load money into the SafraWallet in one of three ways: they can transfer funds from another bank account, they can port their salary into the wallet or they register a credit card.

Then, when they go to make a purchase, they can use the balance of the wallet or any of the registered credit cards without requiring a plastic card.

The digital wallet is also integrated into SafraPay, that bank's card payment machine for retailers.

Clients who need paper money can use SafraWallet to make cash withdrawals at Safra Bank's more than 23,000 cash machines and ATMs using the QR Code.  

SafraWallet is available on the App Store and Google Play.

Topics: ATMs, Mobile Banking, Mobile/Digital Wallet, Region: Americas

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June 28, 2019

Coinsource, a Texas-based Bitcoin ATM operator, is adding the Dai stablecoin to its machines this summer in preparation for a full remittance service, according to a report in Reuters. 

A stablecoin is a virtual currency that has a stable value and is backed by another asset. MakerDao, a decentralized organization, issues Dai, which is backed by an underlying basket of crypto assets. Dai is pegged one-to-one to the US dollar, so that one Dai is worth roughly $1. 

Stablecoins allow traders to manage the wild volatility of cryptocurrencies, such as bitcoin. When the prices go down, they can move funds into a stablecoin and wait till the market picks up again. The idea is similar to keeping funds in cash, as opposed to other investment vehicles. 

As part of the move, Coinsource will update all of its more than 230 bitcoin ATM machines in 29 US states and the District of Columbia to allow customers to buy, sell, and store Dai stablecoins.

Eventually, the company plans to launch a remittance service allowing Bitcoin ATM and Dai users to send the virtual dollars from one user to another via digital wallet. Recipients will then be able to instantly redeem funds at any Coinsource machine or supported location.
 

Topics: Bitcoin, Mobile Banking, Mobile/Digital Wallet, Money Transfer / P2P

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