Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!
ON THE WEB
- Payments on Fire Podcast: "Biometrics, Big Data, and Tossing the Password - PaymentsViews.com (George Peabody) - "We talk with MasterCard’s biometrics and authentication leader, Bob Reany, about where biometrics work and the intersection of device-based tools with what the cloud provides through Big Data, particularly device profiling and behavioral analytics. Your fingerprint’s not just for unlocking the phone anymore."
- Visa, MasterCard Class-Action Settlement With Retailers Rejected by U.S. Court - Wall St. Journal - "A U.S. Court of Appeals rejected the 2012 swipe-fee settlement, originally valued at $7.25 billion, between the retail industry and payments companies Visa Inc. and MasterCard Inc., calling the agreement “unreasonable and inadequate.”"
- Apply Now: MIT Intro to Cryptocurrencies Bootcamp for Underrepresented Minorities and Women - Medium (Gina Vargas) - "The MIT Digital Currency Initiative is excited to announce a week-long intensive bootcamp covering key cryptocurrency concepts for women and underrepresented minority (URM) students."
- Why Visa Says Walmart Is Acting in 'Bad Faith' - Fortune - "Visa said in a counterclaim filed Wednesday in New York State court in Manhattan that Walmart had violated the terms of their contract..."
- Citi: Bitcoin Won’t Disrupt Banks, Remittances or Card Networks - CoinDesk - "Published today, the 56-page report argues bitcoin and digital currencies are better equipped to open up new markets and reach new consumers, and that today’s centralized payment systems are already efficient enough for commerce in the developed world."
- Shoppers prefer retailers’ payment apps to Apple Pay, Android Pay: report - Mobile Commerce Daily - "...consumers use retailer-specific apps more frequently, such as the Starbucks app, which accepts 5 million transactions per month."
- Hard Rock Las Vegas Reports Card Data Breach - Wall St. Journal - "The company said the card-scraping malware identified data including cardholder name, card number, expiration date and internal verification code, in some cases. Hard Rock said that cards used at some restaurant and retail outlets between Oct. 27 and March 21 could have been impacted."
- Pinterest bets on shopping bag feature to corner social media commerce - Mobile Commerce Daily - "With the buy button struggling on social media, Pinterest is exploring a different way of capturing the buying opportunity on mobile with a new shopping bag that spans multiple platforms."
- A PayPal Takeover by MasterCard Would 'Destroy Value,' Bernstein Says - Bloomberg - "Shares of PayPal spiked Tuesday, climbing 3 percent, the most in more than three months. Twitter users buzzed about a potential acquisition by MasterCard — an idea that isn't novel."
- 'Not technology for technology's sake': Why AmEx is betting on its digital partnerships - DigiDay - “As the payment form factors continue to change, it is safe to say, you will be swiping a physical plastic card at the point-of-sale less and less often,” said Dave Wolf, vp of digital partnerships and development at American Express.
- Barclaycard turns 50: How five decades of credit cards have changed money for good - Telegraph - “It’s an awesome business, I refer to it as a kickass business,” says Amer Sajed, the newly-appointed chief executive of Barclaycard.
ON THE WIRES
- Retailers Applaud Circuit Court Decision Rejecting Visa/MasterCard Settlement - "RILA enthusiastically welcomes the circuit court's decision to throw out this harmful settlement," said Deborah White, executive vice president and general counsel. "Quite simply, the settlement orchestrated by the card networks and banks would have undermined merchants' legal rights forever and would have allowed Visa and MasterCard to impose higher and higher swipe fees with impunity. Today's decision is a victory for all merchants and consumers."
- IBM and Crédit Mutuel Arkéa Pioneer the Use of Blockchain to Manage Customer Identity and Improve Customer Satisfaction - "Blockchain is a transformative agent in our operational application, as proven by this project -- the first of its kind in France. This pilot offers a complete view of customers' documents across our distributed network," said Frédéric Laurent, COO Innovation & Operations, Crédit Mutuel Arkéa. "The project helped us to understand and master blockchain for other client uses. Now, we are ready to incorporate this technology in our ecosystem."
- Number of debit cards reaches 100 million for first time - Richard Koch, Head of Policy at The UK Cards Association, said: “Since they were first launched in the UK in June 1987, debit cards have become a prime feature in the nation’s wallets. Now, almost 30 years later, more than half of all retail sales in the UK are made using a debit card. More recently, it has been the growth of contactless, as well as the increasing use of debit cards for online shopping, that has been driving the changes.”
- Danish local and regional banks launch a mobile wallet powered by Nets - "We are excited to be the first in Denmark to announce our plans to deliver bank-issued mobile wallets from our members, providing a mobile payment solution that delivers real payment convenience to our customers. End users will be able to pay just by 'tapping' their phone at the contactless point-of-sale," comments Søren Nicolaisen, Managing Director, Danish Regional Bankers Association.
- J.P. Morgan Announces In-Residence Program for Fintech Startups - “In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by J.P. Morgan’s global resources,” said Sanoke Viswanathan, Chief Administrative Officer of J.P. Morgan’s Corporate & Investment Bank. “By giving them unparalleled access to J.P. Morgan’s people and network, we hope to enhance their ability to create technology-led solutions that can be put into practical use for our industry.”
- MGT Announces Initial Phase of Multi PetaHash Bitcoin and Blockchain Project - "The current pricing environment of bitcoin and other digital assets coupled with the release of new 16 nanometer ASIC chips provides a significant opportunity to generate excellent profit margins. "
GLENBROOK PAYMENTS EDUCATION EVENTS
Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City - we hope to see you there!
- Payments Boot Camp - Palo Alto - October 11-12
- Insight Workshop - Palo Alto - Data in Payments - October 13
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.
COMING UP IN ATLANTA ON FRIDAY, JULY 15
TAG FinTech presents: Lunch & Learn on Real Time Payments - After years of discussion, the notion of faster payments in the U.S. is rapidly becoming reality thanks to the efforts of the Federal Reserve's Payments Improvement Task Force and its participating firms. These new systems could fundamentally change how we think about person to person transfers as well as business payments. Of these efforts, The Clearing House's real-time payments initiative is among the furthest along and most ambitious. Get the details on its functionality, rollout and potential uses. Glenbrook's Elizabeth McQuerry is moderating the session.
UPDATES FROM GLENBROOK
- We're hiring! Passionate about payments? Love solving tough client problems? If that describes you, come join us! Click here to learn more!
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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: firstname.lastname@example.org!