In today’s top news, Amazon is facing antitrust charges in the EU over seller data, and India’s competition watchdog is looking into whether Google has abused its power in pushing its payment app. Plus, Ant Group’s valuation could be cut in half over its stalled IPO.
Formal antitrust charges against Amazon will be announced by EU Competition Commissioner Margrethe Vestager over how the eCommerce giant handles data from the merchants on its platform and how it has positioned itself as a rival with competing merchandise.
India’s competition watchdog is taking aim at Google for allegedly abusing its market power to push its payments app in one of the world’s fastest-growing markets. The Competition Commission of India (CCI) is particularly looking at how Google Pay is promoted when an Android phone is being set up, and whether phone companies have a choice in the matter.
Ant Group’s stalled initial public offering (IPO) could cut the company’s valuation in half, with one report putting the firm’s value at just $140 billion. The IPO itself could be halted for six months, and the company is facing increased capital requirements from the Chinese government that would incur substantial costs.
The RealReal reported on Monday (Nov. 9) as part of its third-quarter earnings that over the last 12 months, active buyers have increased 14 percent.
For 40 million U.S. immigrants, opening bank accounts and cost-effectively sending funds to other countries can mean using multiple banking and payment apps. But in the Smarter Payments Tracker, CEO Joaquin Ayuso de Paul of Rayo, explains the role that Banking-as-a-Service integrations play in providing financial institutions (FIs) with an inclusive, one-stop, mobile banking experience.
Global shoppers want more than a slick, mobile-optimized site – they want 10 key features that only half of all cross-border merchants offer. New data points to the role those features play in boosting conversion.
The transition into a new presidential administration heralds changes, with some gradual — and in other cases, sweeping — shifts in financial services. Front and center may be the Consumer Financial Protection Bureau (CFPB), which has seen its very structure called into debate during the Trump administration.