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August 17, 2017

Headline News from PaymentsNews.com - August 17, 2017

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

ON THE WEB

  • Apple and PayPal have started to disable payment support from websites selling white nationalist and Nazi apparel - BuzzFeed - "On Wednesday, Apple confirmed to BuzzFeed News that it had disabled Apple Pay support for a handful of websites that sold sweaters with Nazi logos, T-shirts emblazoned with the phrase “White Pride,” and a bumper sticker showing a car plowing into stick figure demonstrators. Following Saturday’s Charlottesville demonstrations, where one woman was killed by a car driven by a white nationalist, the iPhone-maker blocked three white nationalist sites from using Apple Pay."
  • Mastercard Targets Mexico City, Where Cash Is King - Bloomberg (VIDEO) - "Mexico City is joining major cities across the globe by taking its first step toward cashless public transportation. Or at least Mastercard hopes so. This November, the card company will introduce a contactless, transit-enabled debit card for Mexico City’s Metro, the Sistema de Transporte Colectivo, allowing riders tap-and-go payment tied to their bank accounts. It’s an effort by Mastercard to capture millions of daily cash transactions while helping the government promote broader participation in the financial system."
  • Outback Franchisee Adding More Ziosk Tabletop POS Locations - Digital Transactions News - "Ziosk, a tabletop point-of-sale system owned by Tabletop Media LLC, said Wednesday that more than 100 Outback Steakhouse restaurant locations in the Southwest will use its devices."
  • Wirecard supports Singtel’s roll out of virtual Visa card - Finextra - "Singtel Dash is currently Singapore’s most widely accepted all-in-one digital wallet. The mobile payments platform, which allows customers to shop, pay transport fares and remit money, is part of Singtel’s strategy to transform Southeast Asia’s biggest phone carrier into a leading communications technology company by investing into digital and cyber security businesses."
  • The Token Effect - Yccombinator blog - "Cryptocurrencies and tokens are becoming increasingly popular. In this post, we’ll explore the context that triggered this frenzy, the new possibilities tokens unlock, and why people are excited about its future."
  • Trezor — security glitches reveal your private keys! - Medium - "As we all know, a few weeks ago there was a presentation about Trezor “glitches cause stitches” attacks at DEFCON 25. These attacks are possible because Trezor is using non-secure chips made by STMicroelectronics. "
  • Simple lays off 33 employees as top executives depart banking company - GeekWire - "“We have been acting like a bank instead of a technology company,” he wrote. “And that changes today.”"
  • Alipay continues its aggressive expansion with Yelp partnership - Business Insider - "Alipay, the Chinese mobile wallet, has partnered with Yelp to give its massive user base access to Yelp’s local business content when traveling in select US cities, according to Finextra."
  • Alibaba’s Revenue Surges, Fueled by Consumer Demand - Wall Street Journal (Paywall) - "The Chinese e-commerce giant posted adjusted earnings per share of $1.17 in the three months ended June, up 65% from a year ago. Quarterly revenue rose 56% from the year-earlier period to $7.4 billion, beating estimates of analysts surveyed by S&P Global Market Intelligence."
  • Bank-fraud malware not detected by any AV hosted in Chrome Web Store. Twice - Ars Technica - "Once installed, the Interface Online extension, uploaded at least twice in the past 17 days, surreptitiously monitors all connections made with the Chrome browser. When users visit specific pages programmed into the code, the extension activates a JavaScript routine that logs the user name and password entered into the form. The extension then uploads them to a server controlled by the attackers."
  • Shipping company Maersk says June cyberattack could cost it up to $300 million - CNBC - "Maersk first announced that it had been hit by NotPetya — a ransomware attack that prevented people from accessing their data unless they paid $300 in bitcoin — in late June. Merck and WPP also said NotPetya had affected operations."

ON THE WIRES

  • Trends in Consumer Mobility Report - "Our Bank of America Trends in Consumer Mobility Report explores timely mobile trends and forward-looking consumer behaviors that increasingly impact our everyday lives. The latest iteration includes the youngest generation – Generation Z – to better understand the future of mobile and the next era of banking."
  • Alpha Payments Cloud and Australia Post Launch Joint Venture: A Commerce Hub for the Nation - "ACH aims to transform the Australian digital commerce industry by providing vendors with the opportunity to expose their solutions instantly to thousands of Australian merchants as well as Payment Service Providers (PSP’s), helping to evolve PSP’s into vendor enablement platforms."
  • Digital Payment Platforms Primed to Topple Cash - "According to the recent U.S. Bank Cash Behavior Survey, 47 percent of consumers surveyed say they prefer the use of digital apps to make payments versus cash (45 percent). Breaking the results down by generations, 49 percent of millennials (aged 19-36), 44 percent of Generation X (aged 37-52), and 32 percent of baby boomers (aged 53-71) have made digital payments. That number is expected to grow with Zelle, a new P2P payments network that offers a fast, safe and easy alternative to checks and cash, says Gareth Gaston, executive vice president of Omnichannel at U.S. Bank."
  • Cayan Adds EMV Certification with Worldpay - "Cayan has announced it has achieved chip card certification with Worldpay US, a global leader in payments processing technology and solutions. Cayan's new certification marks the latest in a series of EMV certifications, including Chase, Vantiv, First Data and Elavon, solidifying Cayan's processor agnostic approach. "

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. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click 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!

    August 16, 2017

    Headline News from PaymentsNews.com - August 16, 2017

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

    ON THE WEB

    • Last Year Saw Double-Digit Drops in Fraud Rates for Debit Issuers, Pulse Study Says - Digital Transactions News - "The fraud-loss rate for signature-debit transactions fell 30% from 2015’s 2.6 cents per transaction to 1.8 cents in 2016, after increasing 18% from 2014 to 2015. For PIN-debit transactions, the fraud-loss rate decreased 25% to 0.6 cents from 2015’s 0.8 cents."
    • Mobile payment usage ‘remains low’, US debit card study finds - NFC World - "“Combined, Apple Pay, Android Pay and Samsung Pay account for only about one quarter of 1% of US debit transactions,” the annual Debit Issuer Study from debit and ATM network Pulse has found, while the country’s move to EMV chip cards has cut debit card fraud loss rates but “fraud continues to challenge issuers.”"
    • A Unique Position of the US Payments Industry – Interview With Sean Rodriguez, Faster Payments Strategy Leader for the Federal Reserve System - Let’s Talk Payments - "On the role of fast, safe, ubiquitous payment system and its benefit to the society in the long run, along with the dive into a remarkable initiative – The Faster Payments Task Force. We had the pleasure of speaking with Sean Rodriguez, the Faster Payments Strategy Leader for the Federal Reserve System."
    • Making Sense of the Emerging Technology Pipeline - Wall Street Journal CIO Journal blog - "There is a full pipeline of emerging technologies that could change the way companies do business, but the pace of adoption is very much an open question. A new report from Gartner Research Inc. finds some order amid the chaos, gauging which technologies are most likely to enter the mainstream in the near-term and long-term. First up: virtual reality, with some forms of artificial intelligence, augmented reality and blockchain a few steps behind."
    • New report suggests app makers should charge more if they want people to buy subscriptions - The Verge - "The Liftoff report, which analyzed data gathered between June 2016 and June 2017, categorized app subscriptions into low-cost monthly subs ($0.99 to $7), medium ($7 to $20), and high-cost subs ($20 to $50), while also factoring the cost of acquisition per customer. The company found that apps in the medium price range had the highest conversion rate — 7.16 percent — and the lowest cost to acquire a subscriber, at just over $106 dollars. This was five times higher than the rate of people who subscribed to apps when the apps were in the low-cost category."
    • Capital One eliminates 400 call center jobs from Rolling Meadows office - Chicago Tribune - "The cuts will come from the company's service operations, which support the credit card call center, spokesman Sie Soheili said Wednesday in an email. Investments in digital tools have improved customer service, allowing people to resolve issues themselves, Soheili said. "Even while our business has continued to grow, call volumes continue to decrease as customers increasingly self-service through a mix of our digital tools and contact center calls," he said."
    • APIs as infrastructure: future-proofing Stripe with versioning - Stripe blog - "An API represents a contract for communication that can’t be changed without considerable cooperation and effort. Because so many businesses rely on Stripe as infrastructure, we’ve been thinking about these contracts since Stripe started. To date, we’ve maintained compatibility with every version of our API since the company’s inception in 2011. In this article, we’d like to share how we manage API versions at Stripe."
    • Bank issues primary school kids with NFC smartwatches that let them make payments and track pocket money - NFC World - "Singapore’s POSB bank has provided 6,000 primary school children with smartwatches equipped with fitness tracking and mobile payments capabilities in a bid to “teach students how to save and spend wisely by helping them track their savings and spending habits digitally.”"

    ON THE WIRES

    • Report | 2017 Mobile Payment Usage in China - "Chinese consumers spent US$5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw its active mobile payment accounts exceed 600 million users per month and average payment transactions also exceed 600 million transactions per day. The cashless lifestyle is now becoming a reality in China. "
    • Flywire Offers Summertime Deal for International Tuition Payments with Mastercard - "SYDNEY, Australia, Aug. 16, 2017 (GLOBE NEWSWIRE) -- Flywire is providing students and their families discounted prices on cross-border tuition payments made with Mastercard this school season. The offer is available now to international students originating from 11 countries and attending any school around the world that offers Flywire as a preferred method for international tuition payments. The program will help students and families take a small bite out of the high cost of education while benefitting from the global reach and safety and security of Mastercard."
    • EasyPark Delivers Seamless Digital Gifting Experience with CashStar Commerce - "As the only Canadian parking firm to operate on its own mobile app, EasyPark recognizes the importance of providing its customers with a seamless digital experience. With the CashStar Commerce platform, EasyPark provides easy-to-use forms of digital payments to cater to the on-the-go lifestyles of its customers, such as the company’s FlexPass option that offers customers a 10 percent savings when used to purchase parking. Consumers no longer have to carry around a physical card and can instead enter a card number, stored on their smartphone, into the terminal."
    • NEW LITTLE CAESARS® RESERVE-N-READY™ SERVICE TRANSFORMS THE WAY CUSTOMERS PICK UP PIZZA - "In keeping with the convenience Little Caesars is known for, the new RESERVE-N-READY™ service is aimed at helping customers have an easier and faster way to get pizza. Customers just place an order and pre-pay via the Little Caesars mobile app. The app will notify the customer when the order is ready. When the customer arrives at the store, they skip the line and go directly to the Pizza Portal and input a 3-digit pin or scan a QR code. Then, the door on the customer’s secured compartment opens, and they take their hot, fresh order. It’s that easy."

    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. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click 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!

    August 15, 2017

    Headline News from PaymentsNews.com - August 15, 2017

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

    ON THE WEB

    • Swift to provide gateway to domestic real-time payments in the US - Finextra - "SWIFT’s solution for the U.S. market will provide banks with the opportunity to leverage a single platform, Alliance Messaging Hub (AMH) for both SWIFT high-value payments and low-value TCH real-time payments. AMH is an orchestration layer that includes a gateway to the TCH RTP network, as well as other gateways and API's which allow financial institutions to connect to other non-SWIFT networks. "
    • Beijing’s public transport system gets an app for paying fares — but Apple isn’t invited - TechCrunch - "Already Tencent’s WeChat Pay and Alibaba’s Alipay services dominate China’s mobile payment space, which is estimated to have processed $3 trillion last year, but now Apple has missed out being part of what is sure to be a very convenient usage case. The Financial Times reports that Beijing’s public transport payments company Yikatong launched an app for ‘most’ Android devices that allows commutes to ditch their physical card and pay fares via their phone."
    • Square founder Jack Dorsey talks bitcoin and says blockchain is the ‘next big unlock’ - The Verge - "If you’ve been hearing or reading a lot about blockchain but you still aren’t entirely certain how to define it, you’re not alone. It’s something that Jack Dorsey, the chief executive officer and chairman of Square (and CEO of Twitter), describes as the “next big unlock,” something that, he notes, is normally applied to accounting terms but has the potential to “be applied to so much more.”"
    • Americans Love Ordering Pizza on Facebook - Bloomberg Technology - "Last month, TGI Fridays began letting customers foot the bill using their Amazon accounts. And pizza chains are locked in an escalating battle to adopt new ordering methods -- a contest that involves chat bots, voice-activated devices and social networks. Papa John’s International Inc. went to so far as to declare itself an “e-commerce company” this month after delivering surprisingly strong results."
    • Community banks stand to gain from blockchain — if they work together - American Banker BankThink column - "Technologists are also using blockchain to try to replace our needlessly difficult residential mortgage loan origination processes so that the process, from application to closing, can be reduced from a few weeks to a few days. Blockchain can also serve banks in the realm of the Bank Secrecy Act — where a distributed ledger can allow banks to share information on a publicly accessible (yet secure) platform."
    • Mobile Wallets Facing Competition From The Website / Card Combination - Payment Week - "While there was a lot made out of mobile payment systems in India following the recent demonetization effort that saw around 80 percent of the country’s currency rendered worthless, it turns out that mobile wasn’t the first stop for many users. Reports note that mobile wallets did see some hefty gains, but the big winner turned out to be the combination of cards and websites."
    • Amazon Macie helps businesses protect their sensitive data in the cloud - TechCrunch - "The company says the fully managed service uses machine learning to monitor how data is accessed and to look for any anomalies. "

    ON THE WIRES

    • Factor4 Announces Integration With Click a Waiter POS System - "Factor4, LLC, the leading provider of gift card and loyalty solutions to the SMB marketplace, has integrated its software platform with Click a Waiter Inc. Click a Waiter's innovative POS system features online and Facebook ordering solutions."

    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. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click 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!

    August 14, 2017

    Headline News from PaymentsNews.com - August 14, 2017

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

    ON THE WEB

    • The NRF Expects Eight in 10 Small Retailers To Have EMV Terminals by Year’s End - Digital Transactions News - "Smaller retailers haven’t yet closed the EMV-acceptance gap with big ones, but they are making progress on installing EMV chip card readers at the point of sale, according to findings from a recent survey for the National Retail Federation. "
    • How Mastercard Is Targeting Millennials - Wall Street Journal (Paywall) - "Mastercard has set its sights on millennials. Martina Hund-Mejean, Mastercard Inc.’s chief financial officer, says the company is positioning itself to take advantage of a shift toward greater use of credit cards by millennials as they become more confident about managing credit and debt."
    • WhatsApp beta shows early signs of UPI based payments integration - techradar - "Since demonetization, digital payments have been gaining more and more importance in India. Popular apps like Hike Messenger and Truecaller had recently introduced digital payments on their platforms. Now, Facebook owned WhatsApp is soon going to launch UPI based payments in its app. UPI stands for Unified Payments Interface and it has been developed by National Payments Corporation of India (NPCI)."
    • OCIE Publishes Risk Alert Summarizing Observations from Recent Cybersecurity Examinations - Bryan Cave blog - "Despite maintaining robust policies and procedures, the majority of the firms examined came up short when it came to preparedness for responding to a data breach. In particular, less than two-thirds of the advisers and investment companies examined had a defined plan for responding to a data breach and notifying clients. "
    • Barclaycard pilots Alipay payments in eight retail stores across UK - Banking Technology - "Barclaycard is launching a pilot that enables merchants in the UK to accept in-store Alipay transactions. The pilot will commence on 14 August 2017 in eight retail stores across the UK, with Barclaycard providing the POS solution for payments via Alipay."
    • LaterPay brings its media payment technology to the US - TechCrunch - "LaterPay, meanwhile, is supposed to make the payment process as frictionless as possible. Users don’t even have to enter any payment information when they buy their first piece of content — they don’t have to make a purchase at all until their bill reaches $5. As a result, the company says that 78 percent of article purchases made through the LaterPay platform take 10 seconds or less."
    • SEPA instant payments threaten card schemes in Europe - Cards International - "Real time payments are already live in some domestic markets, and from November 2017, SEPA instant payments will be available across Europe. This cross border payments facility comes as a challenge to card schemes, as it represents the creation of a pan-European alternative to cards."
    • UnionPay International Collaborates with the Largest Commercial Bank in Kenya to Enhance Payment Innovation - Payments Afrika - "UnionPay International announced that it has deepened its cooperation with Kenya Commercial Bank (KCB), the largest bank in Kenya. First, the two will jointly issue the first UnionPay card with the mobile QuickPass function in Kenya this month, supporting the upgrade of the local payment industry through product enhancement. Second, with the official website of Kenya Airways supporting UnionPay Online Payment, hundreds of online merchants will be enabled to accept UnionPay by next January."
    • M-Pesa founder shares lessons learned from ten years of mobile money - NFC World - "“There are three key lessons we have learned,” Joseph says. “First, a supportive regulatory framework for enabling payments is essential in any market where you plan to launch services. Second, the service itself needs to be reliable, simple and accessible, delivered through a well-trained, widespread agent distribution network. Finally — and perhaps most importantly of all — for your service to be adopted, your customers need to trust your brand with their money."
    • AWS CloudHSM Update – Cost Effective Hardware Key Management at Cloud Scale for Sensitive & Regulated Workloads - Amazon Web Services blog - "Today, building on what we have learned from our first-generation product, we are making a major update to CloudHSM, with a set of improvements designed to make the benefits of hardware-based key management available to a much wider audience while reducing the need for specialized operating expertise. "
    • PAYABLE IS A BILLION RUPEE STARTUP AND GROWING - Readme.lk - "Incubated out of Ceylon Business Appliances Ltd (CBA), PAYable is a free mobile app for both iOS and Android that works with a Bluetooth card reader, thus enabling merchants and vendors to accept credit and debit card payments from customers. This essentially turns that smartphone or tablet into a portable Point of Sales device."
    • Bitcoin just passed $4,000 - TechCrunch - "So what happens next? No one knows. Bitcoin could crash 50% to $2,000 tomorrow or spike to $5,000 – and I don’t think anyone who truly knows crypto would be surprised at either option. Everyone has a different opinion – some say the bubble is oversized and should have popped months ago – others think that bitcoin is currently just a fraction of what it could eventually trade at."

    ON THE WIRES

    • PULSE Study: Debit Fraud Loss Rates Decline After Chip Cards Introduced - "According to the 2017 Debit Issuer Study, commissioned by PULSE, one of the nation’s leading debit/ATM networks, U.S. financial institutions substantially increased issuance of chip debit cards in 2016 and experienced reduced fraud losses. Since the fraud liability shift for most debit transactions took effect in 2015, an estimated 80 percent of U.S. debit cards have been converted to chip cards. The study also found that fraud loss rates dropped by approximately 28 percent in 2016 compared to 2015 levels."
    • ALDI Delivers to Your Door With New Instacart Partnership - "ALDI products for delivery in as little as one hour. Starting later this month, ALDI will launch the service in Atlanta, Dallas and Los Angeles, with potential for future expansion."

    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. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click 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!

    August 11, 2017

    Headline News from PaymentsNews.com - August 11, 2017

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

    ON THE WEB

    • Amazon, SoftBank Battle for One of Last Untapped Internet Markets - Wall Street Journal (Paywall) - "Amazon.com Inc. AMZN -2.55% founder Jeff Bezos appears set to tangle with a formidable new adversary in India: Masayoshi Son, the brash billionaire who helms Japan’s SoftBank Group. The prize: e-commerce superiority in one of the last great untapped internet economies."
    • Walmart deploying tech that lets in-store shoppers check out — on their own - Chain Store Age - "Walmart is expanding the deployment of its Scan & Go mobile app, which is being tested in approximately 12 stores across Northwest Arkansas, Florida, Texas and Georgia. The chain is now rolling out the app for use in at least 10 additional locations in the Dallas-Fort Worth and Nashville markets. The stores will offer the solution by the end of the month, said Walmart spokesman Justin Rushing in an interview with Chain Store Age."
    • China preps central clearing house for mobile payments providers - Finextra - "The People's Bank of China is set to make digital payment firms such as Ant Financial and Tencent use a new central clearing house, a move which will see companies forced to share transaction data with rivals."
    • $126 Billion: The Cryptocurrency Market Just Set a New All-Time High - Coindesk - "The total value of all cryptocurrencies set a new all-time high today, rising above $126 billion for the first time in history, according to data from CoinMarketCap. The new benchmark was set at 8:00 UTC and comes just four days after the crypto asset class set a previous record above $116 billion."

    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. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click 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!

    August 10, 2017

    Headline News from PaymentsNews.com - August 10, 2017

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

    ON THE WEB

    • Big banks on notice that they’re losing ground to China’s fintech giants - South China Morning Post - "“JPMorgan every year, as we speak, processes through our QuickPay 94 million payments,” she said, “But Tencent, the Chinese company, over Chinese New Year, in five days processed 46 billion payments. Basically that means 800 million payments per hour. “Visa has a maximum capacity of processing 25,000 payments per second. But Alipay can process 50,000 payments, twice as much, per second.”"
    • Coinbase raises $100M at a $1.6B valuation amid explosive growth - TechCrunch - "It may be hard to remember, but at the beginning of 2017 the cryptocurrency world was a different place. Bitcoin was below $1000 per coin and the entire market cap for all cryptocurrencies was about 7x less than it is today. Since then, the market has surged. And as arguably the most established wallet and exchange service that exists today, Coinbase has been in the right place at the right time to capitalize on the excitement in the industry."
    • Coco Revealed: Microsoft, JPMorgan & More Demo New Blockchain-Boosting Tech - Coindesk - "Microsoft is today revealing a new blockchain framework designed to make it easier to build enterprise networks using any distributed ledger. Out of the box, the new Coco platform – built to supercharge transaction speeds and simplify governance decisions – will be integrated with a number of popular open-source blockchains and distributed ledgers, including ethereum, R3's Corda, Hyperledger Sawtooth and JPMorgan's Quorum."
    • Baidu and JD to Send Search Users Straight to the Checkout - Business of Fashion - "BEIJING, China– Baidu Inc., China’s largest search engine, has struck a deal to funnel users looking for products to online retailer JD.com Inc. Under the arrangement, users browsing for product information on Baidu’s mobile search app can now access a dedicated section to buy items directly from JD, China’s second-largest e-commerce provider. By encouraging users to stay within its app and make purchases, the search giant can glean valuable data on its customers’ preferences."
    • PayPal to Acquire Swift Financial - PayPal blog - "As part of our continued efforts to support the hard work of small business owners and entrepreneurs, I am pleased to announce that PayPal has agreed to acquire Swift Financial, a leading provider of working capital solutions to small businesses in the U.S."
    • How mPOS And Card-Present Rates Could Open the Door to Higher Sales for Home Services - Digital Transactions News - "Speaking primarily to an audience of value-added resellers and independent software vendors, Wagner advised the audience to lay out for their clients the savings offered by card-present rates. In a pizza-delivery example, Wagner showed how 1,000 orders with a $20 average ticket processed at a card-not-present rate of 1.65% plus 15 cents would yield a cost of $480. But the same scenario at the card-present rate of 1.19% plus 10 cents would cost $340, resulting in a $140 savings. For plumbers, where the average ticket is much higher, the savings are likewise larger, Wagner pointed out."
    • WHY STATE REGULATION OF ONLINE SERVICES THREATENS THE INTERNET ECONOMY - Disruptive Competition Project - "As reported by Professor Eric Goldman and others, Congress is again considering problematic legislation to undermine what WIRED Magazine called “the most important law in tech”: Section 230 of the Communications Decency Act (47 U.S.C. § 230)."
    • Why the Dynamics of Competition for Online Platforms Leads to Sleepless Nights But Not Sleepy Monopolies - SSRN - "Recent claims that online platforms have secured permanent monopolies, protected by barriers to entry from network effects and stockpiles of data, and should be the focus of intense antitrust and regulatory scrutiny, are inconsistent with the economics, technology, and history of online competition. "
    • Malware Stored in Synthetic DNA Can Take Over a PC, Researchers Find - Wall Street Journal (Paywall) - "In theory, hackers could mix synthetic DNA strands containing malware into a solution and send it to a lab for sequencing. Once they gained control of computers, the hackers could launch other attacks, similar to efforts to gain control of PCs by tricking users into unknowingly running executable codes."

    ON THE WIRES

    • MagTek Unveils Dynasty, a Multi-Faceted EMV/Secure Card Reader Authenticator Case for iOS Devices - "MagTek, Inc., the world’s leading supplier of secure digital transaction technology and hardware, announces the launch of Dynasty, MagTek’s newest addition to its roster of mPOS offerings. As payment options expand, the need to accept Magnetic Stripe, Chip Card and Contactless payments via a certified PIN Entry Device is growing. Dynasty supports all of these needs with a rugged ergonomically designed case that surrounds certain iPad tablet devices for secure payment transactions."
    • U.S. ATM Population Reaches Half-Million Mark - "SIOUX FALLS, SD, August 8, 2017. After years of stagnant growth, likely brought on by a struggling economy, Windows updates, and a complex EMV migration, the U.S. ATM population has reached a significant milepost. A new analysis of industry data by the ATM Industry Association (ATMIA) indicates that there are now between 475,000 and 500,000 ATMs operating in the U.S. market."

    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. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click 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!

    August 09, 2017

    Headline News from PaymentsNews.com - August 9, 2017

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

    ON THE WEB

    • BofA’s New Premium Rewards Card Comes With a Twist - Wall Street Journal (Paywall) - "Bank of America is the last of the four largest U.S. credit-card issuers to enter the premium rewards card market. Rolling out in September, its Bank of America Premium Rewards credit card will have a $95 annual fee, said Jason Gaughan, a card product executive at the bank. That is well below fees of $450 for Sapphire Reserve or $550 for AmEx’s Platinum card."
    • Green Dot Provides Some Details About its Role in the Upcoming Apple P2P Service - Digital Transactions News - "Green Dot will be the merchant of record that accepts credit and debit cards using Apple Pay to fund person-to-person money-sending transactions, Streit said, according to a SeekingAlpha.com transcript of the call. “Then when users receive money in Apple Pay cash, their money is securely kept in a Green Dot bank-issued Apple Pay cash account that is then available for the recipient to spend with Apple Pay in stores, in apps, and on the Web, or they can send it to someone else, or transfer to their bank account,” Streit said."
    • Vantiv Agrees to Purchase Worldpay Group for $10.4 Billion - Bloomberg - "The deal values each Worldpay share at 397 pence and the combined payment processing firm will seek a secondary listing on the London Stock Exchange, according to a statement on Wednesday. Following the deal, the company will be called Worldpay and have a pro forma enterprise value of about 22.2 billion pounds, with Vantiv shareholders owning about 57 percent of the stock."
    • Bank of America Merrill Lynch rolls out mobile payment service in China - Cards International - "Bank of America Merrill Lynch (BofA Merrill) in collaboration with China UnionPay Merchant Services Company has introduced a new payments collection solution that will allow customers to manage virtual wallet and card payments via single platform. As a result of the collaboration with UnionPay, the subsidiary of Bank of America becomes the first non-Chinese bank to provide this end-to-end solution via multiple collection channels in China."
    • Oracle unveils new global payments solution for banks, Oracle Banking Payments - Banking Technology - "Oracle has unveiled its brand new development, Oracle Banking Payments. The product has been built from the ground up, leverages ISO 20022 and supports global and local payment standards (SEPA, Swift 2017, Fedwire, US ACH and Swift’s gpi). "
    • MobileBytes adds mobile payments options for counter, table service restaurants - Mobile Payments Today - "MobileBytes, a point-of-sale system provider for iPad, has launched mobile payment options for counter and table service restaurants and announced two additional major new features."
    • New Texas law allows merchants to decline card purchases without ID - Texas Tribune - "The aim of the law — which the Legislature passed during the regular session that ended in May — is to reduce debit and credit card fraud. Though merchants will sometimes pick up the tab for money lost to fraud, it often falls to banks to absorb the losses and replace compromised cards. "
    • The eyes have it: Bank of America, Samsung pilot iris-scan logins - American Banker - "This month, Bank of America will begin piloting technology from Samsung that lets customers log in to mobile banking by taking a picture of their eye. The pilot is part of a broader effort to gauge customers' affinity for various forms of biometric authentication, says Michelle Moore, head of digital banking at Bank of America."
    • Half a billion people in China use mobile payment - Ecns.cn - "More than 100 billion transactions were completed on cashless applications in China in 2016, while the number of mobile payment users has reached half a billion this year, according to official data. China is pioneering the way towards a cashless lifestyle."
    • Railsbank, a new fintech startup from founder of Currencycloud, raises $1.2M led by Firestartr - TechCrunch - "The company, yet to see its full launch and over a year in the making, offers what it describes as an open banking and compliance platform aimed at other companies, including other fintechs, that have global banking requirements that need to be accessed programatically via an API."
    • European consumers give thumbs up to biometric payment cards - NFC World - "Nine in ten consumers taking part in the first European trial of a biometric payment card developed by Mastercard say they “would upgrade or probably upgrade” their favourite card to one that includes the biometric security feature if it was available, a survey by issuing bank UniCredit Bulbank has found."
    • Credit Union Australia signs up for DigitaliD - Finextra - "Australia's largest credit union, CUA, and foreign exchange outfit Travelex are among the first four companies to adopt a new digital identity platform from Australia Post, which allows consumers to verify who they are without needing multiple forms of identification."
    • The New Copycats: How Facebook Squashes Competition From Startups - Wall Street Journal (Paywall) - "Tech startups live by the rule that speed is paramount. Houseparty, creator of a hot video app, has an extra reason for urgency. Facebook Inc., a dominant force in Silicon Valley, is stalking the company, part of the social network’s aggressive mimicking of smaller rivals. Facebook is being aided by an internal “early bird” warning system that identifies potential threats, according to people familiar with the technology."

    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. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click 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!