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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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