Today in the connected economy, Chinese e-commerce giant Pinduoduo launches Temu, its US online shopping site. Also, Google is testing alternative payment methods in new countries, and cryptocurrency financial institution Sygnum is preparing to open a branch in the Metaverse.
Chinese e-commerce company Pinduoduo launches US subsidiary
Chinese e-commerce company Pinduoduo has launched an online shopping site in the US, marking its first major overseas expansion.
The website, known as Temu, was reportedly launched on September 1 and sells goods in various categories, including clothing, pet supplies, and home and garden products.
PYMNTS reported that the company was preparing for a US launch last month. Pinduoduo has become China’s leading online marketplace for agricultural products, attracting sellers from all categories, especially budget-priced daily necessities and household products.
Google is expanding third-party Play Store payments to more countries
Google’s answer to allowing third-party payment options in the Google Play Store – User Choice Billing – is now being tested in more countries so that developers of Android apps without games can test whether they offer payment alternatives.
Developers will find that the typical 15% to 30% service fee charged by Google drops by 4% when users choose a third-party billing option. This means that app developers who go down this route then have to deal with customer billing disputes. The test is open to developers in the European Economic Area (EEA), India, Japan, Indonesia and Australia.
“Android has always been a uniquely open operating system and we continue to evolve our platform and expand choices for developers and users while maintaining our ability to invest in the ecosystem,” said a Google spokesman.
Crypto Bank Sygnum arrives in the Metaverse
Cryptocurrency financial institution Sygnum is preparing a “Metaverse Hub” in Decentraland, a Web3 virtual world built on the Ethereum blockchain.
The Swiss banking and digital asset specialist has attached photos and a video tour of the new Decentraland location to its announcement. The location features a CryptoPunk receptionist, an interactive NFT gallery, and an event space.
Sygnum’s Decentraland hub is set to launch on September 27th with a livestream event open to the public — or at least their Decentraland avatars — to access.
FinTech Kevin partners with Monet+ for A2A payments in business
UK-based fintech Kevin is working on Monet+ to provide account-to-account (A2A) payments through the Monet+ Switchio platform, the company announced on its website.
By integrating FinTech infrastructure into the Switchio platform, Monet+ becomes the first company able to offer its customers and partners A2A payments in physical stores.
“Monet+ continues to provide great solutions for a digital world, and with Switchio, they simplify transactions for many companies every day,” said Kevin, co-founder and CEO Tadas Tamošiūnas, in the announcement. “It goes without saying that their technology plays an important role in today’s payments industry.
Vbank, Autochek partner, offers faster car loans in Nigeria
Digital bank Vbank and automotive technology company Autochek have partnered to offer customers in Nigeria faster and easier car loans.
The companies say their new lending and underwriting partnership will respond to loan applications within 48 hours and offer competitive interest rates.
“We wanted to develop a product that would make the most of our combined expertise to truly transform how people across Nigeria access financing for their vehicles,” said Mayokun Fadeyibi, senior vice president of Autochek, West Africa, in a press release.
NEW PYMNTS SURVEY FIND 3 OF 4 CONSUMERS WITH STRONG DEMAND FOR SUPER `PS
Around: The results of PYMNTS’ new study, The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy, a collaboration with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US and showed a strong demand for a single multifunctional super app instead of using dozens of individual apps.
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https://www.pymnts.com/news/b2b-payments/2022/today-in-b2b-payments-2-banks-announce-new-services-businesses/partial/
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