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Headline News from PaymentsNews.com - August 10, 2017

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

ON THE WEB

  • Big banks on notice that they’re losing ground to China’s fintech giants - South China Morning Post - "“JPMorgan every year, as we speak, processes through our QuickPay 94 million payments,” she said, “But Tencent, the Chinese company, over Chinese New Year, in five days processed 46 billion payments. Basically that means 800 million payments per hour. “Visa has a maximum capacity of processing 25,000 payments per second. But Alipay can process 50,000 payments, twice as much, per second.”"
  • Coinbase raises $100M at a $1.6B valuation amid explosive growth - TechCrunch - "It may be hard to remember, but at the beginning of 2017 the cryptocurrency world was a different place. Bitcoin was below $1000 per coin and the entire market cap for all cryptocurrencies was about 7x less than it is today. Since then, the market has surged. And as arguably the most established wallet and exchange service that exists today, Coinbase has been in the right place at the right time to capitalize on the excitement in the industry."
  • Coco Revealed: Microsoft, JPMorgan & More Demo New Blockchain-Boosting Tech - Coindesk - "Microsoft is today revealing a new blockchain framework designed to make it easier to build enterprise networks using any distributed ledger. Out of the box, the new Coco platform – built to supercharge transaction speeds and simplify governance decisions – will be integrated with a number of popular open-source blockchains and distributed ledgers, including ethereum, R3's Corda, Hyperledger Sawtooth and JPMorgan's Quorum."
  • Baidu and JD to Send Search Users Straight to the Checkout - Business of Fashion - "BEIJING, China– Baidu Inc., China’s largest search engine, has struck a deal to funnel users looking for products to online retailer JD.com Inc. Under the arrangement, users browsing for product information on Baidu’s mobile search app can now access a dedicated section to buy items directly from JD, China’s second-largest e-commerce provider. By encouraging users to stay within its app and make purchases, the search giant can glean valuable data on its customers’ preferences."
  • PayPal to Acquire Swift Financial - PayPal blog - "As part of our continued efforts to support the hard work of small business owners and entrepreneurs, I am pleased to announce that PayPal has agreed to acquire Swift Financial, a leading provider of working capital solutions to small businesses in the U.S."
  • How mPOS And Card-Present Rates Could Open the Door to Higher Sales for Home Services - Digital Transactions News - "Speaking primarily to an audience of value-added resellers and independent software vendors, Wagner advised the audience to lay out for their clients the savings offered by card-present rates. In a pizza-delivery example, Wagner showed how 1,000 orders with a $20 average ticket processed at a card-not-present rate of 1.65% plus 15 cents would yield a cost of $480. But the same scenario at the card-present rate of 1.19% plus 10 cents would cost $340, resulting in a $140 savings. For plumbers, where the average ticket is much higher, the savings are likewise larger, Wagner pointed out."
  • WHY STATE REGULATION OF ONLINE SERVICES THREATENS THE INTERNET ECONOMY - Disruptive Competition Project - "As reported by Professor Eric Goldman and others, Congress is again considering problematic legislation to undermine what WIRED Magazine called “the most important law in tech”: Section 230 of the Communications Decency Act (47 U.S.C. § 230)."
  • Why the Dynamics of Competition for Online Platforms Leads to Sleepless Nights But Not Sleepy Monopolies - SSRN - "Recent claims that online platforms have secured permanent monopolies, protected by barriers to entry from network effects and stockpiles of data, and should be the focus of intense antitrust and regulatory scrutiny, are inconsistent with the economics, technology, and history of online competition. "
  • Malware Stored in Synthetic DNA Can Take Over a PC, Researchers Find - Wall Street Journal (Paywall) - "In theory, hackers could mix synthetic DNA strands containing malware into a solution and send it to a lab for sequencing. Once they gained control of computers, the hackers could launch other attacks, similar to efforts to gain control of PCs by tricking users into unknowingly running executable codes."

ON THE WIRES

  • MagTek Unveils Dynasty, a Multi-Faceted EMV/Secure Card Reader Authenticator Case for iOS Devices - "MagTek, Inc., the world’s leading supplier of secure digital transaction technology and hardware, announces the launch of Dynasty, MagTek’s newest addition to its roster of mPOS offerings. As payment options expand, the need to accept Magnetic Stripe, Chip Card and Contactless payments via a certified PIN Entry Device is growing. Dynasty supports all of these needs with a rugged ergonomically designed case that surrounds certain iPad tablet devices for secure payment transactions."
  • U.S. ATM Population Reaches Half-Million Mark - "SIOUX FALLS, SD, August 8, 2017. After years of stagnant growth, likely brought on by a struggling economy, Windows updates, and a complex EMV migration, the U.S. ATM population has reached a significant milepost. A new analysis of industry data by the ATM Industry Association (ATMIA) indicates that there are now between 475,000 and 500,000 ATMs operating in the U.S. market."

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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