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July 17, 2017

Headline News from PaymentsNews.com - July 17, 2017

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

ON THE WEB

  • In Urban China, Cash Is Rapidly Becoming Obsolete - New York Times (Paywall) - "Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay — the two smartphone payment options — before bringing up cash as a third, remote possibility."
  • You'll soon be able to use PayPal to fund Samsung Pay purchases - The Verge - "Samsung Pay will soon accept PayPal as a payment method in addition to bank accounts, credit cards, and gift cards. It’s a tiny update that could be useful for PayPal customers who want more avenues to spend their PayPal balance in stores, as Samsung Pay is widely accepted anywhere a credit card is. The new partnership also allows merchants who use Braintree, PayPal’s subsidiary, to add Samsung Pay as a checkout option. The update, coming soon, will be available first for customers in the US, with a more global expansion to follow."
  • The Plan to Make Chip Credit Cards Less Annoying - Bloomberg - "The fastest, most convenient option is contact-less payments, in which customers check out by waving a card or phone in front of a payment terminal. Unfortunately, widespread adoption of the technology would be another logistical challenge for an industry still adjusting to basic EMV chips. "
  • Plastic-Versus-Cash Battle Heats Up After Visa, Mastercard Deals - Bloomberg - "Visa and Mastercard already have made big inroads in expanding credit-card usage. They handled $4.3 trillion in payments in the U.S. last year, more than double from a decade ago. Still, the amount of currency in circulation also has doubled in that period, and cash remains the most widely used payment instrument in the U.S."
  • Paytm Mall Delists 85K Sellers; Overhauls Sellers Onboarding Process - Inc42 - "The delisting of a huge chunk of sellers can be seen as an effort to establish the authenticity of the ecommerce platform. The Alibaba-backed ecommerce marketplace is also gearing up to compete against ecommerce giants Amazon India and Flipkart. Earlier this month, reports surfaced that Paytm Mall was in talks with online grocery startup Bigbasket to invest $200 Mn for a substantial stake in order to enter the hyperlocal space."
  • Visa touts free money transfers in Kenya via mVisa service - Mobile Payments Today - "Visa announced that customers of a Visa-affiliated banks in Kenya will be able to send money to each other domestically without paying transaction fees using mVisa, according to a press release."
  • The Crazy Security Behind the Birth of Zcash, the Inside Story - IEEE Spectrum - "In Zcash, verifying transactions requires some seriously experimental computation, mathematical proofs called zk-SNARKS that are so hot-off-the-presses that they’ve never been used anywhere else. In order to set up the zk-SNARKS in the Zcash protocol, a human being must create a pair of mathematically linked cryptographic keys. One of the keys is essential to ensuring the proper functioning of the currency, while the other one—and here’s the big risk—can be used to counterfeit new coins."
  • Watch this extorted money get lost in the expanse of the blockchain - Quartz - "The paradox of bitcoin is that it’s both public and anonymous. Every bitcoin transaction that has ever occurred is recorded on the blockchain, the digital ledger that organizes the currency, which can be viewed by anyone. Determining who owns the bitcoins behind those transactions, however, can be impossible if the owners are careful."

ON THE WIRES

  • UnionPay promotes EMVCo to issue the EMVCo QR code specifications - "Promoted by UnionPay, EMVCo officially releases the EMVCo QR Code Specification for Payment Systems: Consumer-Presented Mode Version 1.0 on its website on July 15, 2017, providing one of the first globally interoperable technical solution for QR code payment. The issuing of this specification also marks a new breakthrough in UnionPay's promotion of the international application of China's payment standard."

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics. Take a discount for attending all three days. Here's our fall schedule:

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

    Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

    UPDATES FROM GLENBROOK

    Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

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