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August 31, 2016

Headline News from PaymentsNews.com - August 31, 2016

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

ON THE WEB

  • News: Walmart pay exceeding expectations - The Wise Marketer blog - "More evidence that retailers are winning the battle for mobile payments loyalty through homegrown platforms: in his kickoff address at last week's CONNECT Mobile Innovation Summit in Chicago, Walmart Services SVP Daniel Eckert revealed that Walmart Pay, the retailer's proprietary mobile payment app, already boasts 20 million active users in the two months since its June launch across its 4,600 US stores."
  • Insurance Giant MetLife Joins R3 Blockchain Consortium - Coindesk - "In the latest sign that the insurance industry is embracing blockchain and distributed ledgers, MetLife has announced it will join banking consortium R3CEV."
  • Huawei Pay Mobile Payment Service in Collaboration with UnionPay Launched in China - Phone Radar - " Instead of getting a new license, the company opted to collaborate with Union Pay. By the time of launch, Huawei Pay supports 25 banks and also the travel card for buses. The Huawei Mate S launched at IFA 2015 is the first Huawei device to support mobile payments. It came included with NFC, Fingerprint sensor and built-in security chip."

ON THE WIRES

  • QikServe and FreedomPay Address the EMV Challenge in Hospitality - "QikServe's patented 'Waiter in Your Pocket' technology lets guests order and pay for their food and drinks directly from a smartphone, web site or kiosk. The integration with FreedomPay's Commerce Platform enables QikServe to quickly deploy mobile ordering solutions that require traditional and emerging payments technologies like magstripe, EMV, ApplePay and near-field communication (NFC)."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 30, 2016

Headline News from PaymentsNews.com - August 30, 2016

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

ON THE WEB

  • Merchants Just Want to Sell Stuff - Payments Views (Glenbrook’s Allen Weinberg) - "Anyone who’s been in a Glenbrook Payments Boot Camp session with me has heard me emphatically stress that merchants “just want to sell stuff – they don’t want to be in the payments business”."
  • Aadhaar-Based Cash Transfers: Promising Reform, but More Data Needed - Center for Global Development - "India’s shift towards direct benefit transfers (DBTs) is on the fast track. According to official statements, in the 2015-16 fiscal year the central government deposited nearly $5 billion of subsidy and welfare payments directly into the bank accounts of 300 million beneficiaries. It has also set an ambitious target to transfer all payments to the Aadhaar-based biometric DBT platform by the end of 2017. This will surely be the greatest subsidy reform in the world, but we need more data to accurately evaluate its impact."
  • Why Walmart Pay Doesn’t Measure Up To CVS, Starbucks And Taco Bell - Bryan Pearson blog (Forbes writer) - "Rewards, frequency, fringe benefits. Of all the features that describe a trip to Walmart, these are not high among them. Yet they may form the backbone of a successful retail payment app. Early reports indicate Walmart Pay, which launched nationally July 6 following seven months of testing, is struggling to get traction. The absence of these elements may be why."
  • How Same Day ACH Can be Advantageous for Small Businesses - Pay Simple Blog - "If your business does use ACH, you’ve probably heard rumblings about “Same Day ACH” which has been in the news recently as the date for initiating Phase 1 of the program approaches. That date is September 23, 2016. For consumers and businesses alike, it means the ability to move money faster, which is in most cases a good thing. But, will Same Day ACH help your small business operate more efficiently? If your business can benefit from sending and receiving funds more quickly, and the benefit warrants paying a premium for it, then Same Day ACH will be a welcome enhancement."
  • Get ready for Apple Pay on the Web - Stripe Blog - "Apple Pay on the Web will be available later this fall. (Apple has not yet published an exact date.) We’ve received a lot of questions about how the integration will work and we’ve been working closely with Apple to ensure that the implementation will be quick and easy for Stripe users."
  • Singapore Central Bank Proposes New Rules for Bitcoin Startups - Coindesk - "The proposed framework would require applicable companies to obtain a license from the Monetary Authority of Singapore (MAS), and divides payment activities into several categories. Digital currency exchanges would be covered by a provision overseeing startups that provide "money transmissions and conversion services"."

ON THE WIRES

  • Billtrust launches Quantum, the innovative end-to-end solution for Payment Cycle Management - "Today Billtrust announces the launch of Quantum Payment Cycle Management, a comprehensive, cloud-based, invoice-to-cash solution. Quantum supports businesses by improving efficiency, accelerating cash flow, and increasing customer satisfaction rates."
  • Online Purchases via Apple Pay & Android Pay to Reach $8Bn by 2018, Up Fifteen-fold from 2016 - "New findings from Juniper Research claim that the value of digital and physical goods purchased through mobile 'OS-Pay' platforms will increase by fifteen times in the next two years. A combination of in-app purchases and website retail payments is projected to drive annual spend via Apple Pay and Android Pay to $8 billion in 2018, up from $540 million this year."
  • Retail Takes Lead in Advanced Indoor Sensing as IoT Grows - "Retail has emerged as the most active adopter of advanced indoor sensing (AIS), a diverse toolkit of capabilities and technologies that offers strong potential to drive topline increases, rather than cost-related reductions, according to Lux Research."
  • Mobile Phones Replace Checkbooks, Fingerprints Trump Passwords, Says Fiserv Research - "The perception of security plays a key role in whether consumers choose to adopt a technology. Biometric security appears to have the potential to provide people with greater assurance than more conventional measures. While 41 percent of consumers indicated they would feel secure using a password as an authentication method to confirm their identity when using a mobile app, 62 percent said they would feel secure using fingerprint technology. This could have significant implications for overcoming consumer security concerns related to mobile payment methods."
  • Uber and Visa Introduce ‘Local Offers’ Program to Help Merchants Tap Into Local Spend Opportunities - "Uber and Visa Inc. (NYSE: V) today announced Uber Local Offers, a new way for riders to earn discounted rides by simply using the same Visa credit card on file with Uber at their favorite local merchants*. With Uber Local Offers, Uber riders get more out of shopping and dining, while merchants get a simple new way to acquire customers, drive loyalty and increase sales. Local Offers will initially be rolled out in phases to Uber riders in San Francisco and Los Angeles."
  • OT Introduces Flybuy, a Complete Range of Wearable Options Enabling Secure Payment on the Go - "According to IHS Technology, the number of wearable devices used for payments is projected to increase from 10 million units in 2015 to over 150 million units in 2020. As a pioneer in this market with the first payment sticker and keyrings, OT has been very active working with banks, processors and partners to propose a comprehensive range of wearable options."
  • New Micro Loan Lender Goes Completely Mobile, Bank Account Not Required - "CashOnCell is shaking up the traditional payday loan industry by offering small convenient loans that can be added to your cell phone bill."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 29, 2016

Headline News from PaymentsNews.com - August 29, 2016

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

ON THE WEB

  • Paytm Said to Get $300 Million in Funds at $5 Billion Valuation - Bloomberg - " Share on Twitter Indian digital-payments and e-commerce startup Paytm is raising $300 million in a funding round led by Taiwan’s MediaTek Inc. and other investors, more than doubling its valuation to $5 billion, a person with knowledge of the matter said."
  • Google Wallet debuts automatic transfers so you can skip “cashing out” - Tech Crunch - "Google today is stepping up its battle with Venmo, Square Cash and other person-to-person payment applications with an update to its Google Wallet mobile app, which now allows for automatic transfers to your bank account. That is, transfers will no longer require you to cash out money from your Wallet balance first. This will speed up the time it takes for Wallet users to gain access to their cash, something that has been slower in the past."
  • Prepaid Card Gets First New Features After Glitch - Wall Street Journal - "RushCard, which was founded more than a decade ago by hip-hop producer and entrepreneur Russell Simmons, will introduce a revamped mobile-phone application that lets customers temporarily put their accounts on hold if they misplace their cards. The revamp will also give customers the option to open the app by authenticating it with a fingerprint for additional security."
  • The Next Wave of EMV - NACS Online - "With the October 1, 2017, EMV liability shift looming for automate fuel dispensers, many U.S. convenience store operators are preparing for the switch—to the tune of $6 billion. Upgrading fuel dispenser point-of-sale technology comes with a price tag as high as $17,000 per pump, Gray Taylor, executive director of Conexxus, told CNBC, an expense that will cut into the bottom line of the more than 90,000 single-store operators with the 154,000-plus convenience store universe."
  • Meet Monero, the Currency Dark Net Dealers Hope Is More Anonymous Than Bitcoin - Motherboard - "Now, there’s an alternative. On Monday, AlphaBay—the largest online market for drugs and other unsavoury items like fraud tools—announced on Reddit that the platform is adding support for an ostensibly super-anonymous cryptocurrency called Monero starting on September 1st, citing its “security features.”"
  • Sorry Blockchain, Any Joe Schmoe Shouldn’t Be Able to Start a Bank - Coindesk - ""You can't really base the financial system of the future on computers rather than humans, on trusting to immutable code no matter what happens. Financial systems are supposed to work for humans. If the code rips off the humans, something has gone wrong.""

ON THE WIRES

  • Square Teams Up with TouchBistro and Vend Point-of-Sale Systems to Bring Payments and Financial Services to More Sellers - "Today, we’re announcing integrations that will give TouchBistro and Vend sellers the ability to process payments with Square. For the first time, these sellers can access the same affordable hardware, fast deposits, and financial services our sellers use to run and grow their businesses."
  • Innotribe and Innovate Finance launch Global FinTech Hubs Federation initiative - "nnotribe, SWIFT’s innovation arm, and Innovate Finance, the independent membership organisation for global FinTech, today announced the launch of the Global FinTech Hubs Federation (GFHF) to help foster innovation across the world’s financial services industry. To date, more than 20 countries - including Canada, China, Germany, Mexico, Switzerland, and the United Kingdom, to name a few – are participating in the GFHF, with more countries expected to join in the coming months."
  • UnionPay Offers Secure and Convenient Payment Service for Chinese Students Studying Abroad - "The US is students' first choice for overseas study. UnionPay credit cards are accepted at the campus bookstores in over 20 top colleges and universities. Almost all the local ATMs accept UnionPay cards, and 80% of the local merchants accept UnionPay credit cards. Students can pay with UnionPay cards at websites like Amazon and eBay. Some merchants, like B&H, provide exclusive privileges for students."
  • SafetyPay starts operations in Belgium, consolidating its footprint in 21 countries - "SafetyPay, a secure cash payment platform, has announced the start of its operations in Belgium. By entering this European country SafetyPay is now present in 21 countries in Europe and the Americas (North, Central and South)."
  • TerraPay Expands Footprint in 32 Countries in Europe Through Acquisition of Pay2Global - "Pay2Global is a regulated digital international money transfer company with passporting rights into the European Economic Area (EEA). One in five migrant workers - approximately 50 million people - live and work in Europe, making the region home to a quarter of global remittance flows[1]. The acquisition helps TerraPay instantly scale its service footprint in the 32 countries of the EEA, accelerating growth by expanding the reach and the range of its money transfer products."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 26, 2016

Headline News from PaymentsNews.com - August 26, 2016

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

ON THE WEB

  • America’s Biggest Banks Have a New Name for Their Venmo-Killer: Zelle - Wall Street Journal - "Early Warning, a bank-owned entity that is running the payment service, confirmed the name after The Wall Street Journal reported it earlier Wednesday. The service, which allows customers to use their mobile phones to zap money from their banks’ accounts to accounts at other financial institutions, has been operating for several years under the name clearXchange. That name, however, was never promoted as a corporate brand."
  • Apple Plans iPhone for Japan With Tap-to-Pay for Subways - Bloomberg - "Apple Inc. is planning a new iPhone feature for Japan that will enable users to pay for mass-transit rides with their smartphones instead of physical payment cards. A future iPhone will include technology called FeliCa, a mobile tap-to-pay standard in Japan developed by Sony Corp., according to people familiar with the matter."
  • Samsung Pay hits 100m transactions in first year - NFC World - "Users can add membership cards, gift cards and redeem coupons, and today there are more than 4m registered membership cards in the US and South Korea, providing more convenient and flexible payment experiences in users’ everyday lives. Samsung Pay also continues to add banking and merchant partners across the globe, with more than 440 bank issuers currently supported by the service."

ON THE WIRES

  • RETAILERS WELCOME RELEASE OF GOODLATTE ONLINES SALES TAX BILL - "“We hope this move will bring the attention needed to get Congress to move forward in treating purchases made online the same as those made in local stores when it comes to sales tax collection,” NRF Senior Vice President for Government Relations David French said. “With online shopping increasing every day, it’s time for Congress to act. The price advantage held by online sellers when they don’t have to collect sales tax has resulted in the shuttering of bricks-and-mortar retail stores in almost every community across the nation over the last few years. That cannot be allowed to continue.”"
  • Contactless spending outstrips 2015 total - "Spending on contactless cards in the first half of 2016 has already outstripped contactless spending for the whole of 2015, new figures show. Some £9.27 billion was spent using contactless methods between January and June of this year, new figures from The UK Cards Association show, more than the total 2015 contactless spend of £7.75 billion. There were 1.1 billion contactless transactions in the first half of the year, compared to 1.05 billion for the whole of 2015.Contactless card payments accounted for 18 per cent of total purchases in June, the latest monthly card expenditure statistics show. This is in contrast to the June 2015 figure of seven per cent."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 25, 2016

Headline News from PaymentsNews.com - August 25, 2016

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

ON THE WEB

  • Mobile Bank Heist: Hackers Target Your Phone - Wall Street Journal - "Malicious software programs with names like Acecard and GM Bot are gaining popularity around the world as criminals look for new and lucrative ways to attack the financial-services industry. Cyberthieves are using such so-called malware to steal banking credentials from unsuspecting consumers when they log onto their bank accounts via their mobile phones, according to law-enforcement officials and cybersecurity specialists."
  • If cash is king, it’s time for a revolution - Boston Globe - "There’s a professor at Harvard University who’d like to take all your cash, and not for tuition. In a witty new book, “The Curse of Cash,” economist Kenneth Rogoff argues the human race would be better off without paper money. He’s onto something. The US is adopting digital payment systems so universal and — in theory — so secure there will be little need for cash. But America is taking its sweet time about it."
  • NIST declares the age of SMS-based 2-factor authentication over - Tech Crunch - "2-factor authentication is a great thing to have, and more and more services are making it a standard feature. But one of the go-to methods for sending 2FA notifications, SMS, is being left in the dust by the National Institute of Standards and Technology."
  • Ant Financial, Tencent Win Digital Wallet Licenses in Hong Kong - Bloomberg - "Ant Financial and Tencent Holdings Ltd. have won approval to operate digital wallets for customers in Hong Kong, a significant step in the two Chinese internet giants’ overseas expansion."
  • Case Study: Small Retailers Are Going Bigger When It Comes To Payments Security - Point of Sale News - "Combating cyber criminals can be tough for businesses that lack the technical and budgetary resources of a large enterprise. Partners with the expertise and perspective to support the unique needs of small businesses can be few and far between. Epicor Software Corporation is one such partner. It was founded to serve just these types of businesses, and today the company supplies state-of-the-art enterprise resource planning (ERP) solutions to small and mid-sized retailers in North America."

ON THE WIRES

  • China Leads Global Fintech Investments, Accenture Finds - "Investments in Asia-Pacific have eclipsed North America, which as of July 31 garnered $4.58 billion in fintech investments; and also tops Europe, which attracted $1.85 billion in the same period. However, deal volume remains higher in North America and Europe, as the Asia-Pacific increase is due to big investments in a few select fintech companies in China. There have been 192 deals in Asia-Pacific so far this year, as compared with 509 in North America and 230 in Europe."
  • The Password is Dead: MobileIron and Entrust Datacard Partner on Derived Credentials for Next-Generation Multi-Factor Authentication - "MobileIron (NASDAQ: MOBL), the stand-alone EMM leader, and Entrust Datacard, a leader of trusted identity and secure transaction technologies, today announced a technology alliance partnership to deliver derived credentials for next-generation multi-factor authentication. MobileIron Derived Credentials with Entrust IdentityGuard Mobile Smart Credential ("Derived Credentials") will provide government agencies that want to use mobile technologies the ability to protect sensitive data while eliminating the need for passwords and hardware tokens."
  • Conexxus and National ATM Council Announce Issuance of Skimming Detection & Deterrence Guide for Convenience Stores ATMs - "Conexxus and the National ATM Council (NAC) today announced issuance of their jointly developed ATM Skimming Detection & Deterrence Guide (Guide) for use at U.S. convenience stores. The Guide was created to help ensure that America's convenience stores and retail ATM providers maintain their excellent track record for providing safe and secure transactions at in-store ATMs, despite a heightened near term card "skimming" risk from current implementation of EMV at U.S. ATMs."
  • OT’s Leading eSE Gets 4 New Certifications for Biometric-Compliant Payment and for Transport - "OT (Oberthur Technologies), a leading global provider of embedded security software products and services, today announces that its embedded Secure Element, PEARL by OT®, is the first eSE worldwide to be certified by Visa, MasterCard and Amex for biometric-compliant payment applets (VISA VMPA v1.4, MasterCard MCM v1.1 and AMEX v2.0), as well as by OSPT Alliance (CIPURSE™ V2) for urban transport applications and value added services. With these new certifications granted to PEARL 800K Classic v4, OT confirms the position of PEARL by OT® as the most advanced multi-application eSE on the market."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 24, 2016

Headline News from PaymentsNews.com - August 24, 2016

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

ON THE WEB

  • Why the chip-card transition in the U.S. has been such a disaster - ReCode - "Why are we bothering? Because EMV is already working. MasterCard said counterfeit card fraud is down at its Top 5 EMV-enabled merchants by more than 60 percent since October 2015."
  • Big Banks Band Together to Launch 'Settlement Coin' - Coindesk - "BNY Mellon, Deutsche Bank, Santander and UBS – the latter of which first disclosed its work on a so-called "settlement coin" last year – are hoping to launch a commercial-grade blockchain system by 2018, according to The Financial Times. The banks are working with blockchain startup Clearmatics, based in London."
  • How Nigeria’s Central Bank disrupted the disruptors trying to cut remittance fees - Quartz - "It is difficult to explain just how infuriating this move by the CBN really is. It is nakedly using its powers to benefit big players who were deservedly losing market share due to their costs and bad service. It has rolled back all the progress of the last five years and taken Nigerians hostage to achieve its aim. All of a sudden, people in Nigeria now have to go to the bank again to get money sent to them. "
  • China Imposes Caps on P2P Loans to Curb Shadow-Banking Risks - Bloomberg - "China imposed limits on lending by peer-to-peer platforms to individuals and companies in an effort to curb risks in one part of the loosely-regulated shadow-banking sector."
  • Remind enters the payments space by letting parents pay for field trips with a credit card - TechCrunch - "So what makes this better than PayPal or Venmo or any other established payment provider? Mainly the fact that so many parents and teachers already use Remind on a daily basis to communicate. It would be hard to convert an entire of classroom of parents to a “new” service like Venmo, but if they are already using Remind to check their child’s homework every night, why not just ask them to quickly enter their credit card?"
  • Australian Retailers Back Banks' Right to Negotiate With Apple - MacRumors - "Australian retail giant Coles, the Australian Payments Clearing Association (APCA), and the Australian Retailers Association have all expressed their support to allow some of the country's banks to collectively negotiate with Apple over access to its NFC-based digital payment technology."

ON THE WIRES

  • Ingenico Group and Datacap Deliver Seamless and Secure Pay-at-the-Table Solution to the Restaurant Industry - "Using Ingenico Group’s iCMP mobile smart terminals and Datacap’s NETePay™ EMV-enabled payments solution, Uncle Oogie’s is now able to manage tableside and curbside payments using a Quest tablet from Touch Dynamic. "
  • Paying College Tuition with a Credit Card Comes with a High Cost - "College students who pay their tuition bills with a credit card incur an average "convenience fee" of 2.62%, according to a new CreditCards.com report, which surveyed 300 of the largest U.S. public, private and community colleges. That can amount to $262 for every $10,000 of tuition. Community colleges are the most fee-friendly. Out of the 100 largest community colleges surveyed, 97% accept credit cards for tuition payments and only 8% charge convenience fees. By contrast, 93% of public universities and 77% of private institutions that accept credit cards charge convenience fees."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 23, 2016

Headline News from PaymentsNews.com - August 23, 2016

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

ON THE WEB

  • Silicon Valley Lender Raises Nearly $50 Million for Subprime Credit-Card Push - Wall Street Journal - "LendUp Global Inc., the startup online lender that has attempted to reinvent the payday loan, is plotting to take on a more mainstream financial product: the credit card. The San Francisco-based lender said it raised $47.5 million in an equity deal designed to expand its card business. The investment values LendUp at about $500 million, people familiar with the matter said."
  • Android Pay adds Walgreens for first retail store loyalty card integration - 9to5Google - "To get the most out of purchases, users can add their Balance Rewards card information to the Android Pay app downloaded on Google Play. Before payment, members simply hold their Android device near the PIN pad and the appropriate rewards information is applied. To checkout, members then hold their Android device again near the PIN pad for payment. Android Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by credit and debit cards."
  • Shopify launches its POS app and card reader in the UK - Techcrunch - "Shopify is launching its retail hardware and point-of-sale app for merchants in the UK. The reader supports tap, chip and swipe payments, letting retailers accept both contactless and traditional card-based payments, and the free app works in tandem with the reader device on either iPhone or iPad."
  • Digital Asset to Open Source Smart Contract Language - Coindesk - "Though no date has been set for the transition, the Blythe Masters-led blockchain startup credited its bid to "advance industry adoption" of the tech as the impetus for the move."
  • Happy 25th birthday to the World Wide Web - CNET - "On August 23, 1991 -- 25 years ago today -- the public gained access for the first time to the World Wide Web, designed and deployed by computer scientist Tim Berners-Lee at CERN in Switzerland. It gave rise to the internet as we know and use it today. "

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 22, 2016

Headline News from PaymentsNews.com - August 22, 2016

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

ON THE WEB

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 17, 2016

Headline News from PaymentsNews.com - August 17, 2016

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

ON THE WEB

  • How Millennials Became Spooked by Credit Cards - The New York Times - "It is clear to economists who study payment patterns that millennials are gravitating toward payment methods that skirt both cash and credit. Why carry cash when you can whip out a debit card for the smallest transaction — a sandwich or a bottle of soda — or use an app like Venmo or an online payment service like PayPal? All of those typically draw funds directly from a bank account."
  • UnionPay’s mobile payments land in North America with Canada debut - TechCrunch - "The launch today brings UnionPay’s QuickPass mobile payments system to a number of “daily-spending” merchants in Canada, which is the first North American availability of the system."
  • Peer-to-peer payment app Cookies launches in Germany - TechCrunch - "You can add an emoji with your payment. Cookies call them paymojis, and some of them have special powers. For instance, the lightning paymoji lets you send a lightning-fast super payment. While it takes 1 to 3 business days for a normal payment, a super payment only takes 5 to 120 minutes."
  • Self-Service Checkouts Can Turn Customers Into Shoplifters, Study Says - The New York Times - "Self-service checkout technology may offer convenience and speed, but it also helps turn law-abiding shoppers into petty thieves by giving them “ready-made excuses” to take merchandise without paying, two criminologists say."

ON THE WIRES

  • JPMorgan Chase Signs Phillips 66 to Accept Chase Pay - "Phillips 66 joins a host of merchants in signing up to accept Chase Pay, which gives Chase customers an easy, secure and rewarding way to pay for purchases. The fuel retailer is also a key member of the Merchant Customer Exchange (MCX), a strategic Chase Pay relationship."
  • ACI Worldwide Integrates Ethoca Alerts into Global eCommerce Payments Gateway - "ACI will integrate Ethoca’s flagship service, Ethoca Alerts, into its UP eCommerce Payments solution, making it available to payment service providers (PSPs) worldwide, and by extension, to thousands of leading online merchants worldwide."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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, 2016

Headline News from PaymentsNews.com - August 15, 2016

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

ON THE WEB

  • Europe's Disappearing Cash - Emptying the tills - The Economist - "As countries become richer, they tend to move away from cash on grounds of security, convenience and cost. Consumers may think that cash is free but for banks and retailers it is not; it needs to be counted, bundled, transported, cleaned, replaced, checked for forgery, stored and guarded."
  • USA's 5th largest bank adds support for Contactless Payments via Microsoft Wallet - MSPoweruser - "PNC bank joins Bank of America as one of the few banks that support NFC payments for Windows Phones, but I suspect given the low usage of the technology in general in USA it is enough to say this is no longer an area where Windows Phones are left behind."

ON THE WIRES

  • Worldpay heads down under with Australia licence - "Ecommerce in Australia accounted for $42bn of the country’s GDP in 2015, and the country’s consumers lead the world in terms of eWallet adoption, which is favoured by 21% of shoppers buying goods online."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 12, 2016

Headline News from PaymentsNews.com - August 12, 2016

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 future of financial infrastructure: An ambitious look at how blockchain can reshape financial services - World Economic Forum - "Our findings suggest this technology has the potential to “live-up to the hype” and reshape financial services, but requires careful collaboration with other emerging technologies, regulators, incumbents and additional stakeholders to be successful."
  • EMV Impacting Other Payment Initiatives - Convenience Store Decisions - "EMV is important, but chip cards alone won’t do the job of making data secure, especially if they’re only chip-and-signature rather than more-secure chip-and-PIN,” NRF Vice President for Retail Technology Tom Litchford said. “That’s why retailers are working hard on technology like point-to-point encryption and tokenization that will ultimately do more to achieve the goal of putting hackers out of business. And the sooner security issues can be resolved the sooner retailers can bring new innovations to the way shoppers pay for their purchases like mobile and digital wallets."
  • PayPal is an original disruptor, but now it’s being disrupted - AdNews - "PayPal VP Ben Edwards said the industry is facing a “boiling ocean of disruption in”, in which the product is changing and the customer expectations are evolving rapidly."

ON THE WIRES

  • FICO Survey: Millennials 2 To 3 Times More Likely To Switch Banks - "When it came to reasons for switching, 45 percent of Millennials aged 25-34 cited high fees as a key reason for leaving their bank. For younger Millennials aged 18-24, the number was also high at 36 percent. A negative experience when they missed a payment was the second biggest reason for 25-34 year-olds to switch banks. Inconvenient branch locations and too few ATMs were tied for third. In addition to these reasons, younger Millennials said they switched banks because they had a negative fraud-related experience."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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, 2016

Headline News from PaymentsNews.com - August 11, 2016

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

ON THE WEB

  • CVS Pharmacy launches its own mobile payments and loyalty solution, CVS Pay - Techlear - "CVS Health today is launching its own mobile payments solution that will allow customers to pay for products, pick up prescriptions, earn ExtraCare loyalty rewards, as well as pay – just by scanning the barcode in the CVS mobile app. The idea, the company explains, is to eliminate the number of steps it takes today to complete a checkout, which today is a very manual process."
  • Self-checkout services make theft more likely, report says - Minneapolis Star Tribune - "Self-service checkout technology may offer convenience and speed, but it also helps turn law-abiding shoppers into petty thieves by giving them “ready-made excuses” to take merchandise without paying, two criminologists say. In a study of retailers in the U.S., Britain and other European countries, professor Adrian Beck and Matt Hopkins of the University of Leicester in England said the use of self-service lanes and smartphone apps to make purchases generated a loss rate of nearly 4 percent, more than double the average."
  • Ethereum Scaling Advances With Off-Blockchain Payments - Coindesk - "Sent from Copenhagen, Denmark, to Mumbai, India, the test saw the developers behind micropayments project Raiden send ether via clients operated by members in those cities last week. While small in scale, ethereum developers more broadly see the proof-of-concept as a key technical step toward solving one of the pressing issues facing not only the network, but all public blockchains. Ethereum and bitcoin, for example, currently each support only a fraction of the transactions seen daily on centralized payment networks like Visa or MasterCard. As developers seek to take on this challenge, scaling is widely seen as a fundamental issue yet to be solved."

ON THE WIRES

  • US Payments Forum Publishes Update to Payment Networks Minimum Requirements for US EMV Chip Deployment - "As U.S. issuers, merchants, acquirers and processors continue their migrations to EMV chip technology for more secure payments, many stakeholders may ask: “What is the least complex way to deploy chip for my organization?” To help merchants and acquirers develop their strategies for implementation, payment network members of the U.S. Payments Forum (formerly the EMV Migration Forum) have updated the guide outlining their minimum requirements for chip deployment, including changes to incorporate requirements for the recently announced faster EMV solutions from American Express, Discover, MasterCard and Visa."
  • CVS Pharmacy Launches Breakthrough, End-to-End Mobile Payment Experience - "CVS Pay offers more than just a payment solution: customers can now use their CVS Pharmacy mobile app to streamline their checkout experience at the store – combining multiple steps into one easy scan. For customers picking up a prescription, CVS Pay offers a simple, private and end-to-end pharmacy experience. Customers will have the ability to refill, manage multiple prescriptions and get alerts when prescriptions are ready, all within the app – and then pick up and pay using a single barcode. Customers can also link their ExtraCare card with CVS Pay, meaning a single scan at checkout will process all ExtraCare deals, earn new rewards and handle payment for the transaction. "
  • BlueSnap Empowers Developers with Frictionless Checkout Solutions - "BlueSnap has launched a new suite of developer-centered resources, including an Android SDK, a comprehensive Developer Hub, and more API enhancements designed to empower developers to build frictionless checkout for their shoppers across mobile and web devices."
  • Boku Brings Carrier Billing to Windows 10 Devices in UK and Italy - "Boku, the world’s largest direct carrier billing mobile payments company, is pleased to announce an expansion to bring direct carrier billing to Windows Store customers in two premier European markets: the UK and Italy. As part of Microsoft’s integration with Boku, Windows 10 customers in the UK on O2 and in Italy on Wind will be able to use their mobile account as a payment option when making purchases in the Windows Store. Customers in these markets can make purchases across the full range of Windows 10 devices, including mobile phones, tablets, PCs, or laptops."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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, 2016

Headline News from PaymentsNews.com - August 10, 2016

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

ON THE WEB

  • Samsung Pay hack lets attackers skim cards to make fraudulent payments - The Verge - "The difficulty, as Samsung describes it, is that the attacker must be physically close to the target while they are making a legitimate purchase. This might mean mean waiting for someone to buy something in a shop, jamming the signal between the smartphone and the payment terminal, skimming the token from their phone, and then using that token before the user completes their intended purchase. Samsung describes this process as "extremely difficult," but it could be as simple as setting up fake payment terminal in a shop."
  • New York Fed: Credit-Card Use Increasing Among People with Low Credit Scores - Wall Street Journal - "While auto loans have been rising at a steady clip for the past six years, rising credit-card balances are a new development. After the recession, households cut back on credit-card use until 2014. Since then, card balances have risen by about $70 billion. The report underscores how the nation’s credit cycle has evolved, from broadly deleveraging in the aftermath of the financial crisis to a renewed—but still tentative—embrace of credit."
  • Bank of America, HSBC Unveil Blockchain Supply Chain Project - Coindesk - "Announced today, Bank of America, HSBC and the Infocomm Development Authority of Singapore (IDA) revealed they have built a blockchain application based on the Hyperledger protocol that aims to replicate the letter of credit (LC) transaction process between banks, exporters and importers."

ON THE WIRES

  • CMA paves the way for Open Banking revolution - "The final report of the Competition and Markets Authority’s (CMA) retail banking market investigation, published today, concludes that older and larger banks do not have to compete hard enough for customers’ business, and smaller and newer banks find it difficult to grow. This means that many people are paying more than they should and are not benefiting from new services."
  • CSI Consumer Survey: Nearly 3 in 10 Consumers Willing to Use Mobile Wallets in the Next Six Months - "According to the results, CSI found that 12 percent of Americans strongly agree that they plan to use mobile wallet technology within the next six months. This willingness was even more prevalent among millennials, with 19 percent of consumers age 18-34 planning to use it."
  • Ride More, Save More: Transit Riders in Hoboken, NJ Reap Rewards with New Digital Couponing App - "The Shop and Ride app, powered by Xerox (NYSE:XRX), delivers personalized, hyperlocal, mobile offers to transit riders based on their preferences and travel patterns. Beacon technology placed in local bus shelters and at merchant sites communicates with the app so users are notified of existing offers in the area or at a particular store. With a single touch, riders can save a coupon to redeem it immediately or at a later time."
  • Mastercard Helps Chinese Students Pay U.S. Tuitions - "Parents and students can send tuition and other payments globally with peace of mind as their money is protected by the safety and security of the Mastercard network and delivered to this site powered by Plastiq and Planet Payment,” said Linda Kirkpatrick, executive vice president, U.S. Market Development, Mastercard. “Our new alliance with these two companies supports the Mastercard objective of making payments smart, simple and safe."
  • Square Capital Provides More Businesses Access To Funding Through New Partnership With Upserve - "Square (NYSE:SQ) and Upserve today announced a partnership providing Upserve customers access to fast, flexible, and straightforward funding for their restaurants through Square Capital. This is the first time loans through Square Capital will be available to businesses that operate outside of Square’s payment processing ecosystem. Working with Upserve, Square will apply its innovative machine learning models to enable Upserve customers to select loan offers through Square Capital within their existing suite of Upserve software purpose built for restaurateurs."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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, 2016

Headline News from PaymentsNews.com - August 9, 2016

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

ON THE WEB

  • Marwan Forzley, Align Commerce, and the Evolution of Blockchain Business - Payments Views (Payments on Fire podcast) - "Bitcoin’s reliability and transaction-level security has inspired today’s explosion of blockchain pilots, companies, and consortia. But the bitcoin rails already have solid commercial applications. Circle Internet Finance has focused on person to person payments. Align Commerce has focused on international B2B payments for smaller businesses. With growth, both have blended bitcoin rails with more traditional methods to accomplish fast, cost effective transfers."
  • Just Released: Recent Developments in Consumer Credit Card Borrowing - Federal Reserve Bank of NY Liberty Street Economics blog - "The total outstanding credit card balance now stands at $729 billion, up $17 billion from the first quarter, but still well below the peak of $866 billion reached in the fourth quarter of 2008. Credit card delinquency rates have continued to improve since peaking in 2008. "
  • When Fraud Hits Home: Questioning Today’s Authentication Methods - Atlanta Fed Portals and Rails blog - "In Singapore, the government has mandated two-factor authentication while allowing consumers to retain some choice in the authentication factor. In the United States, the Federal Financial Institutions Examination Council, or FFIEC, issued guidance in 2011 regarding the use of multi-factor authentication for Internet transactions. Is guidance concerning authentication enough? Without favoring any particular solution or technology, is it time to adopt better authentication methods in the United States"
  • Isle of Man Tests Blockchain Prototype for IoT - Coindesk - "The idea behind [the experiment] is that IoT has a promise of assigning a unique, non-forgeable identity to physical items and what the blockchain provides is the way of managing and maintaining an identity."

ON THE WIRES

  • Debit Begins Its Shift to More Secure Types of Transactions - "Issuers saw sustained growth in penetration, activation and usage metrics in 2015. On consumer debit cards, transactions per active card increased four percent year-over-year to 22.1 per month. The penetration rate ticked up slightly from 76 percent to 77 percent. Business debit also saw similar gains, with transactions per active card per month growing from 14.5 in 2013 to 15.0 in 2015."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 08, 2016

Headline News from PaymentsNews.com - August 8, 2016

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

ON THE WEB

  • How to properly secure cryptocurrencies exchanges - Medium - "The root causes of these hacks are various and often complex, but most of these breaches could have been prevented — or at least severely limited — with a best practice security approach. And when we say best practice, we are referring to what banking institutions, telecoms and governments have been relying upon for the last decades: secure hardware."
  • Australia's Postal Service Tests Blockchain Identity - Coindesk - ""If we're going to successfully digitize the economy and the hard parts of the economy that haven't been digitized yet ... the hard things like health, education and government services, those things require trust. If we're going to digitize some of those things, then we need to know someone is who they say they are.""
  • Password Hacking Forces Big Tech Companies to Act - Wall Street Journal - "In the past few months, hackers have taken over the social-media accounts of Facebook Inc. Chief Executive Mark Zuckerberg, Google CEO Sundar Pichai and Twitter Inc.’s CEO, Jack Dorsey. Behind the scenes, security teams at every major technology company—and many smaller firms, too—are scrambling to protect others from the same fate."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 05, 2016

Headline News from PaymentsNews.com - August 5, 2016

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

ON THE WEB

  • New ATM hack allows thieves to make off with up to $50k from a single chip-and-pin card - TNW - "A new ATM hack demonstration shows just how vulnerable they are. In the demonstration, hackers were able to use a common chip-and-pin card to withdraw money from an ATM in under 15 minutes. Rapid7, a small team of security engineers, demonstrated the hack at Black Hat, a hacker conference in Las Vegas."
  • New security flaw in credit card chip system revealed - CNN Money - "On Thursday, a banking and retail industry group that monitors the EMV system cast doubt on the theory. "If the data on the magnetic stripe is altered it might fool the terminal," said U.S. Payments Forum director Randy Vanderhoof. But on the back end, the system would "reject the transaction.""
  • Nigeria’s Central Bank wants to keep remittances expensive - Quartz - "On Aug. 2, the bank issued a new directive (pdf) which will oblige all but three of Nigeria’s money transfer operators (MTOs) to suspend operations, and could reverse years of progress made in cutting the costs of remittances. The directive will also severely reduce competition among money transfer operators in Nigeria."
  • Best Buy spurs omnichannel purchases with real-time in-app inventory filter - Mobile Commerce Daily - "Shoppers on the Best Buy application can now filter their searches by which products are available for pickup that day at a store, pointing to the growing importance of real-time inventory insight for driving omnichannel shopping experiences."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 04, 2016

Headline News from PaymentsNews.com - August 4, 2016

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

ON THE WEB

  • No cash allowed: Stores refusing to accept money - Boston Globe - "As technology allows us to make purchases with a barcode scan or an iPad click, more and more retail outlets, restaurants in particular, are experimenting with no-cash policies, from the salad chain SweetGreen to Amsterdam Falafelshop to Clover Food trucks. They join parking garages and state toll roads in shunning cash payments in favor of credit cards or scanners."
  • Square up over 9% in after-hours trading following $439 million in revenue for Q2 2016 - Venture Beat - "One area that shareholders and analysts have been watching is how well Square Capital continued to perform. For the second quarter, the company reported that $189 million had been extended to its business customers, an increase of 123 percent from last year and 23 percent from last quarter. More than 34,000 business loans were provided in Q2. It said that to date, Square has had an advance and loan loss rate of approximately 4 percent."
  • The Bitfinex Bitcoin Hack: What We Know (And Don't Know) - Coindesk - "More than $60m worth of bitcoin was stolen from one of the world's largest digital currency exchanges yesterday, and nearly 24 hours later, the event is still shrouded in mystery. What is clear, though, is that the impact is far-reaching."
  • Two-thirds of smartphone users now paying by mobile - South China Morning Post - "Close to two-thirds of smartphone users in China now make regular payments on their devices, according to a new report on internet development in the country."
  • The coming revolution in Indian banking - Product Nation - "The move to a “cashless” economy will be accelerated by the Aadhaar-enabled biometric smartphones. So credential checking in banking will move from “proprietary” approaches (debit card and PIN) to “open” approaches (mobile phone and Aadhaar authentication). As such, the holy grail of one-click two-factor authentication, now available only to giants like Apple, will be available to kids in a garage to develop innovative solutions."

ON THE WIRES

  • Technology Companies and Financial Institutions Select Visa Direct for Real Time Payments - "The Visa Direct platform has the ability to transfer funds within minutes to and from more than 200 million Visa debit cards in the United States. Visa can also transfer funds to and from non-Visa branded debit cards. Funds are transferred into the customer’s account linked to a debit card without the need for complicated deposit account number and routing code details."
  • Rio de Janeiro launches Gemalto contactless transport ticketing wristband - "Gemalto is supplying RioCard with its waterproof Celego Contactless MiniTag wristband and its Celego Contactless MiniTag Sticker both embedded with a contactless chip from Gemalto and certified by Visa and MasterCard enabling all the secure functionalities of traditional contactless EMV cards. Contactless transit cards were first adopted by RioCard in Rio de Janeiro in 2003 and they are now a part of daily life for millions of users."
  • Vantiv Launches New Program to Fuel Growth for Partners - "Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, announced today the launch of its enhanced partner program, Vantiv Advantage. The Vantiv Advantage program includes financial rewards, value-added resources and product support to help fuel the growth of the company’s partners across all of its channels, large and small."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 03, 2016

Headline News from PaymentsNews.com - August 3, 2016

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

ON THE WEB

  • Bitcoin Drops Nearly 20% as Exchange Hack Amplifies Price Decline - Coindesk - "Earlier this afternoon, Hong Kong-based exchange Bitfinex halted trading after discovering a security breach, which included taking its website offline and pausing all withdrawals and deposits. Representatives from the exchange told CoinDesk engineers were seeking to uncover issues at press time, though the company had confirmed roughly 120,000 BTC (more than $60m) was lost or stolen via social media."
  • 67% Of Consumers Still Label Facial Recognition Technology As 'Creepy' - Retail Touch Points - "For one, 67% of shoppers think it’s creepy when retailers use facial recognition technology to identify prior shopping habits and relay this information to a salesperson. Additionally, 64% say they would be creeped out if a salesperson greeted them by name on the store floor because their mobile phone or app signals their presence."
  • Barclays Set to Roll-Out Voice Biometrics - Info Security - "Barclays is the latest major bank to use biometrics technology to authenticate its customers after sharing plans to roll out voice recognition to its telephone banking service this week."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 02, 2016

Headline News from PaymentsNews.com - August 2, 2016

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

ON THE WEB

  • Under Pressure, Big Banks Vie for Instant Payment Market - New York Times - "The stakes are high: Banks are under broad pressure both from the Federal Reserve, which has a “faster payments committee” aimed at requiring immediate improvements, and from tech companies like PayPal and Apple, whose Apple Pay service was a bright spot in its recent earnings report."
  • Venmo expands to third-party checkout as successes pile up - Mobile Commerce Daily - "PayPal’s Venmo is now a major competitor in mobile payments with the launch of its checkout service on retail applications that features innovative sharing capabilities and follows a successful year marked by 140 percent growth. "
  • Chip Card Nightmares? Help Is on the Way - Wall Street Journal - "Think about it this way: If you made two purchases every day for a year with a chip card, instead of a swipe or smartphone, you’d spend 85 extra minutes at the checkout counter. That’s nearly an hour and a half of your time, to give someone your money."

ON THE WIRES

  • Early Warning® Selects Mastercard Send™ to Expand clearXchange® Network - "Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today announced it will leverage Mastercard Send™ to enable U.S. debit card holders to send and receive money through the clearXchange network."
  • Early Warning® to Expand Reach of clearXchange® with Visa Direct - "-Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today announced it has signed an agreement with Visa to enable person-to-person (P2P) payments on its clearXchange network using U.S.-issued debit cards through the Visa Direct platform."
  • US Payments Forum Provides EMV Chargeback Best Practices for Merchants, Issuers in New White Paper - "With the U.S. migration to EMV chip payments and accompanying fraud liability shifts, new types of chargeback reason codes have been established for both counterfeit and lost/stolen fraud that issuers, acquirers and merchants need to fully understand. The U.S. Payments Forum (formerly the EMV Migration Forum) released today a white paper, “EMV Chargeback Best Practices,” which provides guidelines on how to ensure proper authorization of transactions and how to avoid and/or mitigate invalid chargebacks."
  • CellPoint Mobile Introduces Velocity, a Mobile PSP-as-a-Service (MPaaS) Solution for Quick Deployment of Payment Apps & APMs for Airlines - "Created specifically for airlines and travel operators, CellPoint Mobile's Velocity turns Payment Service Provider (PSP) functionality into a plug-and-play business service, enabling airlines to leverage the revenue potential that arises from the unparalleled growth and promotion of mobile payment technologies, while meeting rising passenger demand for secure and very convenient shopping on payment-enabled smartphones, wearables and mobile devices."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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 01, 2016

Headline News from PaymentsNews.com - August 1, 2016

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

ON THE WEB

  • Pact With Visa Puts PayPal on Defensive - Wall Street Journal - "The pact, though anticipated by many investors, sparked a selloff in PayPal shares that has put the fast-growing company and CEO Dan Schulman on the defensive. It also underscored that in the battle between Silicon Valley and entrenched financial firms, the newer players may eventually ally with firms they once hoped to compete against."
  • IBM Set to Launch One of the Largest Blockchain Implementations to Date - Wall Street Journal blog - "The implementation, which will help its financing unit resolve disputes with customers and partners, could send a signal to a market where enormous amounts of money have been invested in blockchain companies and their technology. The move also will make IBM one of the largest organizations to date to shift beyond limited tests of the emerging technology to real-world business transactions."
  • MasterCard and PayPal mull strategic alliance - Banking Technology - "Ajaypal Banga, MasterCard’s chief executive, says it is holding a “constructive dialogue” with PayPal."
  • UK Cash & Cash Machines Summary - Link - "In 2015 cash was still the most commonly used payment mechanism in the UK. However, for the second year in a row cash represented less than half of total payments. "
  • Banking Customers Still Want Human Interaction. But don’t count out mobile apps—users are there too - eMarketer - "In March 2016, Accenture polled 4,013 banking customers in North America about what they want from their banking relationships. A strong majority (86.7%) of that group said they expected to still use physical bank branches two years in the future."
  • ITA report sees China leading fintech payments market in 2017 - GT News - "China will emerge as the world’s leading export market in the payment sector in 2017, while Japan will become the leading export market for the overall financial technology (fintech) sector, forecasts the International Trade Administration (ITA)."
  • The Payments Association of South Africa Announces Countrywide Biometrics Standard for Payments - Payments Afrika - "Working in partnership with Mastercard and Visa, this technology framework is designed to ensure open interoperable solutions in South Africa. The specification enables a range of biometric solutions, from fingerprint verification to palm, voice, iris, or facial biometrics."
  • Dirty truth about omnichannel retail - Mobile Commerce Daily - "The dirty secret of omnichannel retail – that is, secret to all but the people who suffer it every day – is that the smooth, polished, we’ve-got-it-all-together exterior that retailers present to consumers masks the reality that most of the time, retailers do not have it all together and do not know what is going on with their inventory behind the scenes."
  • Real-World Security and the Internet of Things - Schneier on Security - "On the Internet of Things, integrity and availability threats are much worse than confidentiality threats. It's one thing if your smart door lock can be eavesdropped upon to know who is home. It's another thing entirely if it can be hacked to allow a burglar to open the door -- or prevent you from opening your door. A hacker who can deny you control of your car, or take over control, is much more dangerous than one who can eavesdrop on your conversations or track your car's location."

ON THE WIRES

  • Total Merchant Services Announces Groovv POS Countertop and Mobile Point of Sale Solutions - "Total Merchant Services, a leader in payment services and solutions, today announced Groovv POS, a comprehensive and easy to use point of sale (POS) solution for merchants who want to grow and optimize their business. The new system includes advanced EMV-compliant and NFC-enabled payment features as well as powerful software for inventory management, robust reporting and integrated marketing tools."
  • Baskin-Robbins Launches New Mobile App Available for iPhone and Android Users - "Baskin-Robbins' guests now have a cool new way to enjoy their favorite frozen treat as Baskin-Robbins today launched its new mobile app for iPhone and Android users. In addition to money-saving deals, ice cream fans can use the app to pay for their favorite flavored ice cream treats, frozen beverages and ice cream cakes with a Baskin-Robbins card and send virtual Baskin-Robbins cards to friends and family by text or email."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

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