Connected economy: Pinduoduo launches an American platform

Today in the connected economy, the Chinese e-commerce giant Pinduoduo is opening Temu, its American online sales site. Additionally, Google is testing alternative payment methods in new countries, and cryptocurrency financial institution Sygnum is set 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 United States, marking its first major overseas expansion.

The site, known as Temu, was reportedly launched on September 1 and sells products in various categories, including clothing, pet supplies, and home and garden products.

PYMNTS said the company was gearing up for a US launch last month. Pinduoduo has become China’s leading online marketplace for agricultural products and has attracted sellers from all categories, especially daily necessities and low-priced household products.

Google expands Play Store third-party payments to more countries

Google’s response to allowing third-party payment options in the Google Play Store – User Choice Billing – is currently being tested in more countries so developers of non-gaming Android apps can test payment alternatives.

Developers will see the typical 15%-30% service fee charged by Google reduced by 4% when users choose a third-party billing option. This means that app developers who go this route will then have to deal with customer billing disputes. The test is open to developers from the European Economic Area (EEA), India, Japan, Indonesia, and Australia.

“Android has always been a unique 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,” said a Google spokesperson.

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 included stills and a video tour of the new Decentraland site in its announcement. The location includes a CryptoPunk receptionist, interactive NFT gallery, and event space.

Sygnum’s Decentraland hub is set to launch with a live event on September 27, with entry open to the public – or at least open to their Decentraland avatars.

FinTech Kevin teams up with Monet+ on in-store A2A payments

UK-based fintech kevin is working with Monet+ to provide account-to-account (A2A) payments through the Monet+ Switchio platform, the company announced on its website.

By integrating the FinTech infrastructure into the Switchio platform, Monet+ becomes the first company to be able to offer its customers and partners A2A payments in physical stores.

“Monet+ continues to deliver great solutions in a digital world, and together with Switchio, they are making transactions easier for many 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 payments industry.

Vbank partners with Autochek to deliver faster car loans in Nigeria

Digital bank Vbank and car technology company Autochek have teamed up to provide Nigerian customers with faster and easier car loans.

The companies say their new loan origination and loan origination partnership will respond to loan applications within 48 hours and offer competitive interest rates.

“We wanted to create a product that would make the most of our combined expertise to bring about real change in the way Nigerians access financing for their vehicles,” said Autochek Senior Vice President, West Africa. , Mayokun Fadeyibi, in a press release.

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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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