In an action designed to help India eliminate bribery and black market sales, the country's government removed 80 percent of banknotes from its payments system. Nothing so dramatic is going to happen in the United States, at least not in the foreseeable future, but it's worth watching because this move could hasten the global transition to digital payments. Most people in India who were accustomed to making payments with the now obsolete banknotes are shifting to various mobile payment options, skipping plastic cards entirely.
This issue's lead article examines India's bold move and the various digital payment methods coming to the fore in that market, discusses the issues involved when U.S. payment businesses seek to enter the Indian, Chinese and other foreign markets, and explores why some companies seeking to expand globally decide to partner with established experts rather than attempt to navigate each country's distinct rules, regulations and preferred payment methods.
Helping merchants expand their businesses globally is one way enterprising merchant level salespeople could distinguish themselves. Other ways of specializing in today's complex marketplace are recapped in this issue's Street SmartsSM column. Our contributing writers also delve into essential legal considerations for the popular payfac acquiring model, the need for fintech innovations to present a real value proposition, and the wisdom of putting merchants first and merchant services second.
News stories that made it into print cover Clearent's acquisition of Payment Alliance International's merchant card portfolio, the recent intrusion into Verifone's corporate network, continuation of the Mastercard-Oracle joint cross-channel initiative, and legal actions taken by the DoJ, SEC and iPayment against former executives of the company. You'll find additional news stories under Breaking Industry News at www.greensheet.com. You'll also see briefs on new milestones, awards, partnerships, research, acquisitions and appointments in Industry Update. As always, we've included company and individual profiles, new product stories and news on advances in the mobile sphere. And, sadly, we've included a farewell tribute to payment veteran Gary Payne on our Readers Speak page. A long-time friend and colleague of the McCormick family, he passed away in February.
It is with gratitude that we present this issue to you, dear readers. Thank you for the questions and suggestions you provide to help us continue to assist in educating and informing the payments industry's feet on the street. Keep sending your feedback to firstname.lastname@example.org, and send your news to email@example.com.
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