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June 16, 2017

Headline News from PaymentsNews.com - June 16, 2017

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

ON THE WEB

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

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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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