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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!

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