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In today’s major worldwide payments news, Flipkart is investing $ 204 million for a portion of Aditya Birla Fashion and Retail Limited, while Ripple is considering moving its headquarters overseas. Additionally, Ant Group filed documents for its long-awaited Initial Public Offering (IPO).
Walmart’s Flipkart invests $ 204 million for a stake in a fashion retailer
Flipkart is investing $ 204 million for a 7.8% stake in Aditya Birla Fashion and Retail Limited (ABFRL), which is augmenting its fast-growing fashion categories – ethnic clothing, casual wear, and athleisure – and expects categories they will fuel its expansion. Flipkart Group CEO Kalyan Krishnamurthy said the company is always looking for relationships that help it satisfy “the discerning Indian consumer seeking quality and value.”
Ripple’s CEO looks to London for a new headquarters
Ripple is considering moving its headquarters to another country due to frustration with the US regulatory climate. The company is best known for its XRP cryptocurrency. CEO Brad Garlinghouse says he went to London last month and told CNBC that the Financial Conduct Authority doesn’t consider XRP as a stock. A “security” classification could subject XRP to new and strict rules. The UAE, Switzerland and Singapore are also reportedly vying for the company’s potential international relocation.
Ant Group seizes the moment, files for a successful $ 34.4 billion IPO
Investors have become increasingly eager for Ant Group to present an initial public offering. China-based FinTech has reportedly now officially filed documents for the offer. Ant is looking to raise $ 17.2 billion in Hong Kong and Shanghai for a total of over $ 34.4 billion. At present, the largest initial public offering is the $ 29.4 billion share sale of Saudi Aramco in 2019.
The second wave of outbreaks forces Europe to tighten restrictions
Governments across Europe are re-enacting social distancing measures as COVID-19 returns from a slow period of summer, leading to major concerns over a new round of negative economic impacts. Spain introduced a state of emergency, allowing authorities to impose social distancing and urgent health procedures. Italy has imposed the most severe restrictions on residents since closing the blocks, closing all restaurants and bars at 6pm
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NEW PYMNTS DATA: HOW WE BUY – SEPTEMBER 2020
The How We Shop report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research is based on a series of studies conducted since March, which examined over 16,000 consumers on how their shopping habits and payment preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their growing appetite for online commerce and touchless digital methods, such as QR codes, contactless cards, and digital wallets, is poised to shape the post-pandemic economy.
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