ISSUE NO. 83 – November 2020
GOOGLE PAY RELAUNCHES WITH CARD-LINKED OFFERS
A redesigned Google Pay was launched this month. Available in the US on Android and iOS, the updated app expands the payments and commerce ecosystem across a broader range of platforms, devices and payment types. The multinational tech company also announced plans to offer smart banking via FI partnerships. The changes are being made to give consumers more control over their transactions.
Consumer demand for a more streamlined way to track spending, take advantage of offers and manage their money prompted the moves. Google is taking a leadership role in addressing a fragmented financial ecosystem, giving users more insight and control into their transactions. The announcement signals the mainstreaming of digital commerce mainstream, and brings us closer to the reality of smart DDAs.
COLLINSON PLAYS KEY ROLE IN COVID-19 TRAVELER TESTING TRIAL IN UK
CardLinx member Collinson launched a service at London’s Heathrow airport enabling passengers arriving from the US to get a free Covid-19 test. A negative result eliminates the government-imposed 14-day quarantine requirement for travelers arriving in the UK on select airlines from select US cities.
Collinson is built around delivering meaningful experiences for its clients’ customers—in this case for passengers of American Airlines, British Airways and the oneworld alliance of airlines. The company delivers services to travelers i.e. hospitality, medical, insurance and security—and its programs increase the value of loyalty and rewards programs. The newly announced free coronavirus testing, which started on Nov. 25, provides the convenience and confidence needed for the travel sector to recover.
CALIFORNIA PASSES NEW DATA PRIVACY MEASURES
Proposition 24, also known as the California Privacy Rights and Enforcement Act of 2020, passed. The new law protects sensitive consumer financial data, allowing consumers to request personal information not be shared; requiring businesses to get permission before collecting data from consumers younger than 16; and requiring businesses to correct data inaccuracies upon request. Prop 24 also creates an agency responsible for enforcing the rules, the California Privacy Protection Agency.
The provisions passed easily, reflecting rising consumer demand for more control over personal financial data. The CardLinx Association’s groundbreaking industry data transparency principles, published in 2019, are reflected in the new legislation and reflect the current best practices of current CardLinx Member companies. Separately, the US Federal Consumer Protection Bureau announced in October that it’s developing new regulations for consumer privacy, further evidence of a groundswell of demand for privacy measure. With the election complete, market participants should expect additional legislative and regulatory scrutiny over data practices.
LARGEST FIN-TECH IPO STOPPED BY CHINA
The world’s largest initial public offering has been disqualified by Chinese regulatory agencies. Fin-tech giant Ant Financial Group’s controlling shareholder Jack Ma and two other top executives got the news from Chinese regulators. As a result, The Shanghai Stock Exchange suspended the IPO, which was scheduled for Nov. 5th. A concurrent Hong Kong listing will also be suspended. The halted IPO was scheduled to raise nearly $40 billion and value the company at over $250 billion.
Amidst a turbulent economy and a challenging tech/trade war with the USA, the Chinese government is taking a more assertive role in policing technology companies in China, particularly in fin-tech. The startling news of the halted IPO comes amid increasing concern about the data and market power of Ant Financial and its mobile payments network Alipay in the Chinese economy. Both are now part of Ant Group, an affiliate of Alibaba Group and were founded just six years ago. Despite the youth of Ant Financial, the company has a huge impact on how the majority of Chinese citizens pay for goods and services, communicate and borrow money. The Chinese government has become increasingly concerned about how Ant impacts monetary policy as China emerges from the recession caused by the global pandemic.
FIN-TECH'S SECRET SOLUTION TO EMPLOYEE ENGAGEMENT
MEMBER SPOTLIGHT: PLEBICOM
HOW DOES YOUR COMPANY FIT INTO THE CARD-LINKING OR ONLINE-TO-OFFLINE COMMERCE ECOSYSTEMS?
WHO ARE YOU TRYING TO REACH?
We negotiate with retailers for on line and in-store cashback offers. We build an international network of publishers by negotiating with Banks, Fintechs, Airlines, etc.
HOW WILL YOUR COMPANY APPROACH ONLINE-TO-OFFLINE COMMERCE THAT IS NEW OR DIFFERENT?
We propose all the methods of tracking an in-store purchase through monetics data, aggregation of bank accounts, cookies, finger print, flashing of the receipt and we allow all kind of actors to publish offers and participate to the growth of this market.
WHAT ARE SOME INSIGHTS OR CHALLENGES IN IMPLEMENTING OF YOUR SOLUTION?
For a publisher that already has the technology to track and publish offers, we provide API to access to our catalog of offers so the integration could be done within two weeks. For a publisher that wants to integrate our platform in white label, the integration needs minimum 3 months.
WHAT ARE SOME NEW PROJECTS FOR THIS YEAR?
- Launch new programs in Europe and outside Europe
- Increase the number of offers of our catalog (online and offline)
- Increase IA research to provide more targeted offers
HOW WILL THE ONLINE-TO-OFFLINE COMMERCE INDUSTRY DEVELOP OVER THE NEXT FIVE YEARS?
We believe it will increase quickly, but we need to set up rules for deduplication and attribution.
IS THERE ANYTHING ELSE YOU WOULD LIKE CARDLINX MEMBERS TO KNOW?
Upcoming CardLinx Conferences
LOOKING BEYOND 2021: THE AGE OF DIGITAL COMMERCE POST COVID-19
Personal and professional lives have been upended, yet industry innovation is in full swing. At this CardLinx Conference hear from leaders as they discuss opportunities presented since the pandemic began, including: Online-only card-linked offers that drive e-commerce spending; the convergence of ecommerce and brick-and-mortar shopping to boost consumer satisfaction; and the role delivery is taking in vitalizing merchants large and small.
NEW DIGITAL SERVICES
CARDLINX WEBINAR SERIES
The rise in e-commerce, the surge of contactless payments and mobile wallets: These industry trends are defining the new normal—and the role loyalty will play as we head into the new year. Learn more about what to expect in 2021 from CardLinx member Kirsty Rankin, Senior Vice President of Product Development, Data and Services at Mastercard.
This month only, non-members attend the monthly CardLinx webinar for free. CardLinx hosts a live, interactive webinar each month featuring speakers from some of the most influential companies in the world. They share insights on important and relevant topics for your business—including the impact of Covid-19 on consumer credit behavior, mobile wallet adoption, card-linking and lending trends. The webinar is always free to members, and in December, non-members are invited to attend at no cost (a savings of $149). Members and non-members are encouraged to register now as space is limited.
Please contact [email protected] with questions or if you need additional information.
Curated 1:1 Video Meeting Among Webinar and Conference Attendees
CARDLINX COMMERCE TRACKER
The CardLinx Association brings to you an interactive world map that tracks the top 20 national economies of the world. Stay up to date with the constantly changing restrictions and reopenings of economic activity related to Covid-19. Find out which of the top world economies are open for business with the CardLinx Commerce Tracker.