Today in the connected economy, Chinese eCommerce giant Pinduoduo opens Temu, its U.S. online shopping site. Also, Google tests alternative payment methods in new countries, and cryptocurrency financial institution Sygnum gets ready to open a branch in the metaverse.
Chinese eCommerce Firm Pinduoduo Launches US Offshoot
Chinese eCommerce firm Pinduoduo has debuted an online shopping site in the U.S., marking its first major expansion overseas.
The site, known as Temu, reportedly launched Sept. 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 U.S. launch last month. Pinduoduo has become the top online marketplace in China for agricultural products and has attracted sellers from all categories, especially low-priced daily necessities and home products.
Google Extends 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 developers of non-gaming Android apps can test offering payment alternatives.
Developers will see the typical 15% to 30% service fee charged by Google decrease by 4% when users choose a third-party billing option. That means app developers who go that route will then have to handle 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 increase the choices available to developers and users while maintaining our ability to invest in the ecosystem,” a Google spokesperson said.
Crypto Bank Sygnum Arrives in the Metaverse
Cryptocurrency financial institution Sygnum is readying a “metaverse hub” in Decentraland, a Web3 virtual world built on the Ethereum blockchain.
The Swiss bank and digital asset specialist included stills and a video tour of the new Decentraland location in its announcement. The location features a CryptoPunk receptionist, interactive NFT gallery and event space.
Sygnum’s Decentraland hub is due to be launched with a livestream event on Sept. 27, with entrance open to the public — or at least open to their Decentraland avatars.
FinTech Kevin Teams With Monet+ on in-Store A2A Payments
U.K.-based FinTech kevin is working Monet+ to deliver account-to-account (A2A) payments via the Monet+ Switchio platform, the company announced on its website.
In integrating the FinTech’s infrastructure into the Switchio platform, Monet+ becomes the first firm that can offer its clients and partners A2A payments in physical stores.
“Monet+ continues to offer great solutions to a digital world, and with Switchio they simplify transactions for plenty of businesses every day,” kevin Co-founder and CEO Tadas Tamošiūnas said in the announcement. “It goes without saying that their technology plays an important role in today’s payment industry.
Vbank, Autochek Partner to Offer Quicker Auto Loans in Nigeria
Digital bank Vbank and automotive technology company Autochek have teamed up to provide customers in Nigeria with quicker and easier auto loans.
The companies say their new loan origination and offtaking partnership will answer loan applications within 48 hours and will offer competitive interest rates.
“We wanted to create a product that would make the most of our combined expertise to deliver real change in how people across Nigeria access financing for their vehicles,” Autochek Senior Vice President, West Africa Mayokun Fadeyibi said in a news release.
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