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June 22, 2017

Headline News from PaymentsNews.com - June 22, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Stripe refocuses European effort with 6 new markets and expanded payments platform - Venture Beat - "Stripe has announced a handful of tidbits that underscore the fast-growing fintech startup’s aspirations in Europe. Thus far, Stripe has only been fully available to businesses in the U.K., Ireland, Denmark, France, Spain, Norway, Finland, and Sweden. But as of this week, another six markets have been added to the mix: Germany, Switzerland, the Netherlands, Austria, Belgium, and Luxembourg."
  • Square gets green light to take on banks with 'PIN on glass' mobile technology - Financial Review - "The PCI Security Standards Council, which comprises the five largest global credit card companies, is expected to green light the way Square captures PIN numbers through smartphones. The move will frustrate big banks that make significant profit from older proprietary payments terminals with buttons. The Australian Financial Review understands payment industry executives have been briefed by the standards body that it is close to finalising a new global standard for "PIN on glass", or "Mobile PIN", technology. This allows merchants to turn smartphones or tablets into a payments terminal by downloading software and plugging a small card reader into the headphone jack."
  • What works in e-commerce - a meta-analysis of 6700 online experiments - Quit Digital white paper - "We conduct a meta-analysis on over 6700 large e-commerce experiments, mainly from the retail and travel sectors, grouping together common treatment types performed on websites. We find that cosmetic changes have a far smaller impact on revenue than treatments grounded in behavioural psychology"
  • Amazon and Alibaba Use Same Means to Different Ends - Wall Street Journal (Paywall) - "In retail, fashions are now moving from east to west. Online giant Amazon’s $13.7 billion deal to buy Whole Foods has shaken up the sector in the U.S. That isn’t unusual in China, where e-commerce behemoth Alibaba has already been snapping up brick-and-mortar stores for some time, spending some $5 billion on physical retail companies in recent years."
  • Jack Ma's Ant Financial Nearly Doubles Profits Amid Deal Push - Bloomberg - "Since starting as Alipay in 2004, Ant Financial has grown into an online giant that controls more than half of China’s $5.5 trillion mobile payments market. The company expanded into money-market funds and is now ramping up assets overseas via deals in India, Thailand and the U.S. The profit surge could shore up investor confidence for an initial public offering, which is said to be planned for as soon as next year."
  • TrueLayer raises $3M Series A to provide fintech companies with easy access to bank APIs - TechCrunch - "TrueLayer, a London startup that’s built a developer platform to make it easy for fintech companies to access bank APIs — and ride the PSD2 gravy train — has raised $3 million in Series A funding. The round was led by Anthemis Group, with participation from existing investor Connect Ventures, and will be used by TrueLayer to expand its team and increase coverage of supported banks before opening up beyond beta testers later this year."
  • The API for your bank account is here - Teller blog - "Every Teller API call hits your bank to return current live data reflecting the current state of your account. Not only does Teller return live data, it does so extremely quickly, in most cases under a second."
  • A Cyberattack ‘the World Isn’t Ready For’ - New York Times (Paywall) - "The ransom demand was just a smoke screen for a far more invasive attack that stole employee credentials. With those credentials in hand, hackers could have run free through the company’s computer network, taking confidential information or destroying machines."

ON THE WIRES

  • Usage of Mobile Banking and Digital Payment Grows Dramatically in India Post Demonetisation, New FIS Survey Shows - "FIS’ third annual Performance Against Customer Expectations (PACE) report, which surveyed 1,000 banking consumers in India, found that more than 60 percent of survey respondents said they have used mobile devices this year to check their account balances, view recent transactions, pay bills, transfer funds or other banking needs. This was up from 39 percent of survey respondents in 2016 and 34 percent in 2015."
  • WEX Survey Reveals CFOs’ Thoughts on Future of Payments - "The survey of 500 CFOs around the United States found that nearly three-quarters of respondents (72 percent) already have an electronic payables initiative underway, while 26 percent are considering one—with 93 percent of those respondents indicating that they are working to launch an electronic payables system in the next six to 12 months. Further, more than half of respondents (57 percent) are currently outsourcing platforms or technology to perform accounts payable functions."
  • Leumi Card To Use Feedzai’s Artificial Intelligence Platform to Fight Fraud - "Leumi Card, one of Israel’s leading consumer credit card service providers, will implement Feedzai’s Artificial Intelligence (AI) platform to enhance its fraud detection and prevention capabilities, while continuing to provide a frictionless omnichannel experience for its customers."
  • Verifone Launches Two PCI 5.0 Certified Payment Solutions to Offer Portability and Mobility for On-the-Go Businesses, Line-Busting, and Pay-at-the-Table Service - "Designed for the 21st century merchant in fast-paced environments, both devices are commerce-enabled and certified with the highest level of global security, PCI 5.0. This important certification, granted by the PCI Security Standards Council, ensures strong device protection for cardholder payment data and ensures the strongest possible protection in a multi-layered security approach."
  • Offline, Online, Everywhere – SumUp Launches Omnichannel Payment Suite - "SumUp, the leading mobile point-of-sale provider, today announces a major extension of its offer with the launch of a number of new payment functionalities that allow businesses to accept payments online. Merchants can now process payments through a payment form that is sent via SMS to customers as well as via SumUp’s Virtual Terminal in the SumUp Merchant Dashboard on their computer. In addition, merchants can also accept online payments through an integration of SumUp as a payment tool in their web shop."

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics such as digital payments and the global phenomenon of real-time push payments. Take a discount for attending all three days. Our workshop schedule is all set for the fall. Check it out here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

June 21, 2017

Headline News from PaymentsNews.com - June 21, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Is WeChat Pay Taking Over Alipay? - Forbes - "Is WeChat Pay taking over Alipay? The situation can be better characterized as WeChat Pay and Alipay settling into a stable duopoly, not unlike how MasterCard and Visa have a virtual duopoly in the credit card world. According to market research firm Analysys, in Q1 2017 Alipay enjoyed approximately 54% share of mobile transaction value while WeChat Pay took 40% share. Average Alipay transaction values are higher than WeChat Pay transactions, so if you are just counting number of digital transactions, it is pretty much even at this point."
  • Final: One credit card account to rule them all - TechCrunch - "A startup called Final wants to change the way people use credit cards — or rather, the company wants to change the credit card industry to fit consumers’ lifestyles. With a 1 percent cash-back bonus and no annual fee, Final offers a competitive credit card product, but it really excels in the flexibility it provides in the way consumers can manage virtual cards across multiple vendors."
  • YES Bank inks pact with TerraPay for swift international remittance - Banking & Finance Post - "Private sector lender Yes Bank has collaborated with mobile payments switch TerraPay to ensure real-time money transfer to bank accounts in India.This feature by TerraPay’s global clearing and settlement service, the collaboration will make it faster and convenient for the consumers to send money to any bank account."
  • Transfer Money Instantly to Your Bank Account with PayPal - PayPal - "PayPal users in the U.S. will soon be able to instantly transfer money to their bank accounts via eligible debit cards linked to their PayPal account. We expect that funds will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes. Our beta of this is now available to select PayPal users and will be made available to all U.S. PayPal users with eligible Visa or Mastercard debit cards over the coming weeks and months."
  • Visa Prepares for the Future of Payments With API Push - Wall Street Journal CIO Journal blog - "Visa has had to think beyond traditional payments to maintain its relevancy, especially in an era where digital and physical worlds are constantly colliding. E-commerce and mobile apps have upended the traditional idea of going to the store, walking up and down aisles, putting items in a cart, queuing in line and finally paying at a cash register, said Jim McCarthy, Visa’s executive vice president of innovation and strategic partnerships. People now want immediacy and frictionless experiences when it comes to purchasing items."
  • US consumers turn to digital payments for online purchases - NFC World - "More than 70% of online shoppers across the US have used digital payment services including mobile wallets, one-click checkout buttons and peer-to-peer (P2P) payment apps, research released by American Express reveals, with 41% “always or sometimes” choosing to use digital solutions when they pay. "
  • How PSD2 and GDPR may improve retail payments for all - Finextra blog - "There is much talk about Payment Service Directive 2 (PSD2) and the opportunities, threats and costs to meet this regulation. However, when PSD2 is coupled with the requirements of General Data Protection Requirements (GDPR), significant challenges emerge for retail payments. "
  • A Bitcoin Scaling Upgrade: How It Could Finally Happen (And How It Could Fail) - Coindesk - "Bitcoin, it seems, has one of two futures. Either the $40bn economic network that still defies scientists is on the verge of the biggest change in the network's history, or the most advanced of its many long-theorized scaling compromises is headed toward its biggest political failure. In recent weeks and months, the likely outcome has shifted quickly, often daily, as the varying stakeholders and competing proposals have jockeyed for position, media attention, and in some cases, actual headspace in the form of creative political attire."

ON THE WIRES

  • Verifone and SITA are First to Enable Integrated, Scalable, and Highly Secure Payment Acceptance for Shared Check-In Desks and Kiosks at Airports Worldwide - "With the goal to offer passengers seamless, secure, and convenient payment acceptance at shared check-in desks, kiosks, and baggage areas in airports, Verifone (NYSE: PAY), a world leader in payments and commerce solutions, announced that it is working with SITA, the world's leading air transport IT and communications specialist, to offer a unique payment solution integrating an airport’s shared IT infrastructure and Verifone payment devices."
  • KAL Launches Open Banking Technology Ahead of Europe’s PSD2 Initiative - "KAL, a trusted provider of transaction software to banking giants around the world, will supply core technology to enable banks to achieve PSD2 compliance with its secure, scalable and cost-effective open banking solution, KTH for PSD2. This is just one of several technologies due to be launched by KAL as part of its KAL-Payments initiative. EU banks have until January 2018 to implement PSD2 APIs meaning that banks must act now to ensure they are compliant with PSD2 and can play a key role in this new banking landscape. For banks to thrive in this open market, it is vital they implement an Open API enabling third parties to access customer data securely using “SCA” (secure customer authentication)."
  • RETAILERS TO LOSE $71 BILLION IN CARD-NOT-PRESENT FRAUD OVER THE NEXT 5 YEARS - "New data from Juniper Research has found that retailers stand to lose $71 billion globally from fraudulent CNP (Card-Not-Present) transactions over the next 5 years. The research found that a number of factors, such as the USA’s shift to EMV cards, delays in 3DS 2.0 (3D-Secure) and click-and-collect fraud were key drivers behind the rise. "
  • Harris Poll: PayPal Leads Mobile Payment Brands, Yet Up-And-Comers Making Brand Equity Gains - "PayPal -- followed closely by Amazon brands -- retains its Brand of the Year designation, leading mobile payment brands for the third consecutive year. However, up-and-coming brands Venmo (owned by PayPal), Square, and Apple Pay are making significant gains, according to new research from The Harris Poll's 29th annual EquiTrend Study, which measures brand health over time."

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics such as digital payments and the global phenomenon of real-time push payments. Take a discount for attending all three days. Our workshop schedule is all set for the fall. Check it out here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

June 20, 2017

Headline News from PaymentsNews.com - June 20, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Instant bank transfers are coming to PayPal and Venmo - TechCrunch - "PayPal announced this morning a plan to speed up money transfers between its service, Venmo and users’ bank accounts for those with supported MasterCard and Visa debit cards. This new “instant transfers” service will be available at a rate of $0.25 per transaction, and will deliver funds in a matter of minutes, instead of the day or so it typically takes when using PayPal or Venmo."
  • Paytm Payments Bank to join the UPI bandwagon in August - Economic Times - "The newly-launched Paytm Payments Bank will go live on the unified payment interface (UPI) by August. This will allow its customers to transact using a virtual payment address issued by the bank. The payments bank will be the latest to join the UPI bandwagon, with 50 banks already live on the platform."
  • India's Paytm Said to Seek License to Offer Money Market Fund - Bloomberg - "India’s largest digital-payments company, Paytm, is seeking a license to set up a money market fund where users can store cash and earn interest, in competition with the country’s banks, according to a person familiar with the matter."
  • Indian messaging unicorn Hike moves into payments, taking notes from Tencent's WeChat - CNBC - "India's home-grown instant messaging service Hike on Tuesday announced wide-ranging updates to its app, including a new mobile wallet that lets users send and receive money instantly. The Hike Wallet has several features, including a linkage to the government-backed unified payments interface that allows free and instant bank-to-bank money transfer, even if the recipient does not use the Hike app."
  • Here’s how Klarna could demolish the banking sector as we know it – and poach millennials away from the big guys - Business Insider Nordic - "Yesterday’s news about Klarna’s newly granted banking license hit the Swedish – and European – fintech and banking sectors with a bang. Klarna Bank, as the company is officially called, can now move into big bank territory and start offering its customers a broader range of financial services. “This is something we have been longing for. It's a fresh start for the company, as we’re moving into a new segment,” said CEO Sebastian Siemiatkowski in an interview with Di Digital."
  • The Virtual-Currency War That Threatens to Tear Bitcoin Apart - Wall Street Journal (Paywall) - "A calcifying rift in the bitcoin world is pitting two camps with competing visions for what the virtual currency should be against each other, accentuating the volatility that has come to define this market."
  • Move Over, Bitcoin. Ether Is the Digital Currency of the Moment. - New York Times - "The price of Bitcoin has hit record highs in recent months, more than doubling in price since the start of the year. Despite these gains, Bitcoin is on the verge of losing its position as the dominant virtual currency. The value of Ether, the digital money that lives on an upstart network known as Ethereum, has risen an eye-popping 4,500 percent since the beginning of the year."

ON THE WIRES

  • FICO Survey: US Firms May be Overconfident About Cybersecurity Protection - "Senior executives at US firms may be overconfident in their cybersecurity protection, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. Twenty-seven percent of executives from US firms said they were better prepared than their competitors, and an additional 27 percent of these executives said their firm was a top performer. US respondents were more likely to rate their firms as above average than respondents in Canada."
  • Clearent Expands Quick Chip Technology to PAX Devices - "Today, Clearent is expanding its integrated payments solution for Independent Software Vendors (ISVs) by offering Quick Chip technology for EMV on PAX devices. Last month, Clearent announced their Quick Chip technology for ISVs on Dejavoo’s line of POS terminals. Now, with more payment device options, ISVs can give their merchants greater flexibility when integrating payments. ISVs can offer their merchants a wide range of PAX devices, including the new PX series. "

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics such as digital payments and the global phenomenon of real-time push payments. Take a discount for attending all three days. Our workshop schedule is all set for the fall. Check it out here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

June 19, 2017

Headline News from PaymentsNews.com - June 19, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Meet the Chinese Finance Giant That’s Secretly an AI Company - MIT Technology Review - "The smartphone payments business Ant Financial is using computer vision, natural language processing, and mountains of data to reimagine banking, insurance, and more."
  • Instant Payments and the Post-PSD2 Landscape - Ovum - "This ground-breaking study quantifies the detrimental effect Instant Payments and PSD2 will have on traditional credit and debit card payments in Europe and provides the only quantitative insights into exactly how and when this decline will take place. It also shows how Instant Payments under PSD2 will change the way consumers pay for goods and services, revolutionising e-commerce, and delves into potential ways banks can mitigate these threats."
  • Klarna gets a full banking license, gears up to go beyond financing payments - TechCrunch - "The license will give Klarna — which up to now has powered payments for 60 million customers and works with 70,000 merchants — the ability to turn on a range of new banking products and services for its customers across Europe. These could include issuing payment cards; and moving into products to become an all-in-one digital wallet."
  • The Amazon-Walmart Showdown That Explains the Modern Economy - New York Times - "With Amazon buying the high-end grocery chain Whole Foods, something retail analysts have known for years is now apparent to everyone: The online retailer is on a collision course with Walmart to try to be the predominant seller of pretty much everything you buy."
  • San Francisco retailers offer special discounts and prizes through Apple Pay - NFC World - "US consumers will be given exclusive offers and discounts on purchases when they choose to make a payment using Apple Pay in stores across the Hayes Valley Shopping District and San Francisco Marina as part of Apple’s Lose your Wallet promotion."
  • Contactless now the favoured way to pay for British shoppers as spending leaps 34 per cent since the start of 2017 - Barclays Bank - "As the tenth anniversary of Barclaycard introducing contactless technology to the UK approaches in September, this latest insight reveals ‘touch and go’ is now the preferred way to pay among British shoppers. More than half (51 per cent) of all transactions up to the eligible spending limit of £30 are now made using contactless, which shaves seven seconds off the time taken to process a transaction compared to Chip and PIN."
  • Bitcoin Is Digital Gold. But Will You Buy a Sandwich With It? - Bloomberg - "Even as the euphoria over bitcoin reached a fever pitch last week as the price surged to almost $3,000, slow transaction times and inertia are helping to prevent it from achieving widespread usage. Adoption has slowed, according to Morgan Stanley, after a slew of companies from Microsoft Corp. to Expedia Inc. initially trumpeted its use, and hurdles remain when it comes to longer-term viability."
  • 5 billion people now have a mobile phone connection, according to GSMA data - VentureBeat - "Planet Earth has hit a notable technological milestone, with five billion people globally — or two-thirds of the world’s population — now laying claim to a mobile phone connection."
  • ARM Cortex-A75: ground-breaking performance for intelligent solutions - ARM - "Artificial intelligence (AI) and machine learning (ML) are coming to your device, on the ‘edge’, in addition to being a key capability delivered from the data center or the ‘cloud’. This is one of the strongest new trends we see emerging in every kind of edge device. From your connected thermostat, to your self-driving or autonomous car, to your mobile handset and wearable tech, you are starting to see the emerging use of ML algorithms to enable machines to help us live better lives."
  • Credit Card Breach at Buckle Stores - Krebs on Security - "The Buckle Inc., a clothier that operates more than 450 stores in 44 U.S. states, disclosed Friday that its retail locations were hit by malicious software designed to steal customer credit card data. The disclosure came hours after KrebsOnSecurity contacted the company regarding reports from sources in the financial sector about a possible breach at the retailer."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics such as digital payments and the global phenomenon of real-time push payments. Take a discount for attending all three days. Our workshop schedule is all set for the fall. Check it out here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

June 16, 2017

Headline News from PaymentsNews.com - June 16, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • The Amazon-Walmart Showdown That Explains the Modern Economy - New York Times - "If retail were the only industry becoming more concentrated, it would be one thing. But a relative few winners are taking a disproportionate share of business in a wide range of industries, including banking, airlines and telecommunications. A study by the Obama White House’s Council of Economic Advisers found that in 12 of 13 industry sectors, the share of revenue earned by the 50 largest firms rose between 1997 and 2012."
  • Monese adds Direct Debits to become even more like a regular bank account - TechCrunch - "Monese, the London-based fintech startup that offers a mobile banking app and current account, continues to fill in missing features that might otherwise stop it from replacing your bank altogether."
  • More evidence that credit card companies are lending to riskier customers - MarketWatch - "Capital One, Omaha-based First National Bank, and Synchrony Financial are three of the companies that saw the largest increase in charge-offs between the first quarter of 2016 and first quarter of 2017, Moody’s found. Capital One had a 5.31% charge-off rate in the first quarter of 2017, up from 4.23% in 2016, a 1.08% increase year over year, Moody’s said."
  • Aadhaar mandatory for opening bank account, financial transactions of Rs 50,000 and above - The Economic Times - "Anyone looking to open a bank account will have to furnish his Aadhaar number along with the income tax permanent account number (PAN). The Aadhaar will also be needed for any financial transaction above Rs 50,000 (~$775 USD), underscoring the increasing degree to which the biometric identity is becoming the cornerstone of government measures to curb unaccounted income along with PAN. "
  • Gilbarco Announces the First U.S. EMV Chip Card Transaction From a Fuel Pump - Digital Transactions News - "The U.S. conversion to EMV chip card payments took a step forward Thursday when fuel-pump maker Gilbarco Veeder-Root announced what it says is the first EMV chip card transaction from a fuel dispenser."
  • Amazon buys Whole Foods for $13.7 billion - Ars Technica - "Amazon announced today it will acquire the Whole Foods Market for approximately $13.7 billion. The acquisition comes as the two companies agreed to enter a definitive merger agreement in which Amazon will acquire the supermarket chain for $42 per share in an all-cash transaction, and it will include Whole Foods' net debt."
  • Goldman-backed startup Circle launches no-fee foreign payments service - Reuters - ""We don't think there is any money to be made in payments anymore," said Allaire. "The entire business model of extracting a toll or having time delays around the movement of value is going away completely.""

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics such as digital payments and the global phenomenon of real-time push payments. Take a discount for attending all three days. Our workshop schedule is all set for the fall. Check it out here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

June 15, 2017

Headline News from PaymentsNews.com - June 15, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Amazon India gears up to expand scope of digital payments service in India - livemint - "Amazon India indicated that it is witnessing rapid growth from its Amazon Prime membership programme amid a healthy increase in the number of new users from second and third-tier cities and towns, even as the e-commerce giant looks to broaden the scope of its digital payments service in India after getting the go-ahead from the Reserve Bank of India to potentially launch its own digital wallet service."
  • India’s MobiKwik is raising new funding at $1B valuation to battle payment rival Paytm - TechCrunch - "MobiKwik, the mobile payments startup that is number two to Paytm in India, is quietly confident that it can take advantage of its rival’s focus on e-commerce and recent entry to banking to even the playing field. To strengthen its case, MobiKwik, which is solely focused on payments, is in the process raising its largest financing from investors to date."
  • Amazon unveils $20 Dash Wand with Alexa for voice-enabled grocery ordering and home controls - GeekWire - "Amazon just introduced a new Alexa device: a $20 version of its Amazon Dash Wand with the voice-enabled smart assistant built in for ordering food, getting recipes and controlling smart-home devices. The new device is exclusive to Prime members, and works in conjunction with the AmazonFresh grocery service."
  • Swedish commuters validate tickets using NFC microchips implanted in their hands - NFC World - "Commuters travelling on trains run by Swedish transport operator SJ are trialling a system that lets them have their ticket validated using an NFC microchip implanted in their hand. The microchip ticket is being piloted with customers who are SJ Prio members and the project “will be assessed on an ongoing basis”."
  • Your money: Consumers grapple with tip inflation - Reuters - "But with the advent of pre-calculated tipping options, and apps like Square that allow businesses to customize payment screens, consumers are prompted for tips in unfamiliar circumstances. Options in the 20-25-30 percent range pop up with increasing frequency. Welcome to the phenomenon of "tip inflation.""
  • Game of Bluffs? With Bitmain Plan, Bitcoin Scaling Becomes Digital 'Missile Crisis' - Coindesk - "Long a sort of Cold War, bitcoin's scaling debate is escalating into what may be best described as a digital Cuban Missile Crisis. No longer open for diplomacy, users of the $40bn economic network, which hit an all-time high in value last weekend, are now in the midst of evaluating an ever-increasing array of threats from various network stakeholders, each of whom is seeking to steer discourse and development."
  • The Bitcoin Selloff You Knew Was Coming Has Arrived - Wall Street Journal - "The parabolic gains in bitcoin and digital currencies this spring have reversed course sharply in the last day. Bitcoin was down as much as 12% on Thursday, pulling down virtually every of the “altcoins” along with it. Since cresting over the $3,000 mark on Monday, bitcoin has fallen about 27%. By traditional capital market standards, that drop would constitute a new bear market, but bitcoin is not a traditional capital asset."

ON THE WIRES

  • Financial Solutions Lab Announces Winners of $3 Million Fintech Competition to Improve Financial Health of Overlooked Populations in America - "Today the Financial Solutions Lab (FinLab) at the Center for Financial Services Innovation (CFSI) with founding Lab partner JPMorgan Chase & Co. (NYSE:JPM) announced eight financial services innovators as the winners of its third competition, aimed at identifying solutions that can help Americans improve their financial health. Each winner will receive $250,000 in capital and additional resources to test, enhance and scale their products, many of which are designed to address the needs of often overlooked populations, such as people of color, low-income women, aging Americans, and individuals with disabilities."
  • Worldwide Spending on the Internet of Things Forecast to Reach Nearly $1.4 Trillion in 2021, According to New IDC Spending Guide - "The IoT use cases that are expected to attract the largest investments in 2017 include manufacturing operations ($105 billion), freight monitoring ($50 billion), and production asset management ($45 billion). Smart grid technologies for electricity, gas and water and smart building technologies are also forecast to see significant investments this year ($56 billion and $40 billion, respectively). While these use cases will remain the largest areas of IoT spending in 2021, smart home technologies are forecast to experience strong growth (19.8% CAGR) over the five-year forecast. The use cases that will see the fastest spending growth are airport facilities automation (33.4% CAGR), electric vehicle charging (21.1% CAGR), and in-store contextual marketing (20.2% CAGR)."

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics such as digital payments and the global phenomenon of real-time push payments. Take a discount for attending all three days. Our workshop schedule is all set for the fall. Check it out here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

June 14, 2017

Headline News from PaymentsNews.com - June 14, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • Amazon gives 2% rewards back to Prime members who deposit cash via their bank account - GeekWire - "Amazon today added a new way for Prime members to earn cash-back. “Amazon Prime Reload” gives customers 2% back when they reload their Amazon Gift Card Balance with a connected checking account and linked debit card. For example, if you load $100 onto your Gift Card Balance from your checking account, you’ll get an extra $2 in Amazon dollars added within minutes."
  • Visa rolls out new framework to speed up B2B payment services - Cards International - "Visa has introduced a new strategic framework, known as Visa Ready Program for Business Solutions, which will help speed up business-to-business (B2B) payment services. The new programme will help technology firms that integrate with Visa’s B2B payment services and data solutions ensure that they are in line with Visa’s standards. At the outset, Bora Payment Systems, Bottomline Technologies, CSI globalVCard, MineralTree and Priority Commercial Payments will receive Visa Ready for Business Solutions approval and bring latest Visa payments to business customers."
  • The blockchain paradox: Why distributed ledger technologies may do little to transform the economy - Oxford Internet Institute - "Bitcoin’s underlying technology, the blockchain, is widely expected to find applications far beyond digital payments. It is celebrated as a “paradigm shift in the very idea of economic organization”. But the OII’s Professor Vili Lehdonvirta contends that such revolutionary potentials may be undermined by a fundamental paradox that has to do with the governance of the technology."
  • Paytm Mall to bring brick-and-mortar stores online via QR codes - livemint - "Paytm Mall, the e-commerce arm of payments firm Paytm, on Wednesday said it will enable physical stores to display QR codes (quick response), allowing customers to scan the code, browse and shop from the stores’ catalogue on Paytm Mall."
  • Mastercard and Oxford University unveil framework for mobile biometric banking - Biometric Update - "Since 93 percent of consumers prefer biometrics to passwords, according to researchers, and 92 percent of banks want to adopt biometric technology, its adoption should be advancing rapidly. Only 13 percent have deployed biometrics, and only 36 percent of the involved decision-makers say they have adequate experience to tackle the situation, however, and this shortfall motivated Oxford and Mastercard to release a “Five Factor Framework” for mobile biometrics."
  • What Canada is doing to transform the way we pay for almost everything - Financial Post - "The friction is why credit card payments can take a couple of days to hit a merchant’s account, he says, and partly why international cheques can take up to a month to clear. The friction is why credit card payments can take a couple of days to hit a merchant’s account, he says, and partly why international cheques can take up to a month to clear."
  • Report: How Involuntary Churn Threatens the Growing Subscription Payments Model - Digital Transactions News - "The report, which canvassed more than 200 subscription and recurring payments professionals and was conducted by Forrester Research Inc., found that payment-related failures are the most common reason for involuntary churn. In these cases, the recurring payment fails because of insufficient funds or a technical reason. Overall, 66% of the surveyed companies are able to retain 66% of their subscribers, but lose an average of 34% to churn."

ON THE WIRES

  • New FICO Fraud Solution Can Identify the Source of Compromised Cards Faster - "Silicon Valley analytics firm FICO today announced the availability of FICO® Card Compromise Manager, an anti-fraud solution that proactively detects and prioritizes compromised merchants and data breaches involving card data. A powerful companion to FICO® Falcon® Platform, Card Compromise Manager is capable of detecting card present, card not present and ATM fraud. It uses advanced analytics to provide a ranked list of potential compromises and recommended actions to minimize losses and customer impact."
  • Early Warning & Payfone Sign Agreement To Provide Mobile Identity Authentication Solutions For Zelle (SM) - "Payfone, a leader in mobile identity authentication for digital channels, today signed an agreement with Early Warning Services to provide mobile authentication technologies for ZelleSM. Payfone risk assessment solutions will help streamline consumer enrollment and transaction authentication processes, enabling more consumers to take advantage of the speed and simplicity of person-to-person (P2P) payments."

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics such as digital payments and the global phenomenon of real-time push payments. Take a discount for attending all three days. Our workshop schedule is all set for the fall. Check it out here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!