ON THE WEB
- Brexit: Possible Impacts on UK Consumer Payments - PSE Consulting - "Following Britain’s momentous decision to leave the European Union our thoughts must inevitably turn to the potential impact on UK consumer payments. In this blog we provide some early thoughts on how the UK market may be affected, beginning with recent European regulation which will have to be untangled."
- Costco’s Transition to Visa Cards Riddled With Problems - New York Times - "A transition that executives promised would be seamless has turned into a customer service fiasco."
- The DAO Shows Blockchain Can't Code Away Social Problems - CoinDesk - "Everyone loved The DAO. They couldn’t say enough about how it was going to change the future for the better. And now, after the code-based crowdfunding platform was exploited with a perpetrator taking 3.6 million ether (valued at $60m at the time), The DAO has become the red-headed stepchild of the cryptocurrency community."
- Bank Regulators Aim at Online Small Business Lending - Wall St. Journal - "Leading marketplace lenders originated about $1.9 billion in small-business loans last year..."
- 31 Chinese Firms Form Financial Blockchain Consortium - CoinDesk - "Chinese financial services firm Ping An Bank and a subsidiary of QQ instant message app maker Tencent are among more than 30 technology and financial firms in China that have formed a new consortium dedicated to blockchain tech."
ON THE WIRES
- American Express Previews Amex bot for Facebook Messenger - "The concept demonstrated how American Express® Card Members could sign up to receive real-time notifications about their purchases, and important information about Card benefits and services related to those purchases, via an Amex bot for Messenger."
- FICO Survey: Online Payments Taking Off, But Alternative Lending Stalls - "Online payment services are the most popular alternative to traditional banking, with 19 percent of consumers currently using them and 24 percent indicating interest in using them in the next year. Customers who borrowed money from peer-to-peer or marketplace lenders remained flat at 1 percent year-over-year, with no signs of growth."
- Hensarling Repeal Proposal Would Double Debit Card Fees Paid by Retailers and Consumers - “Repealing this cap would double the fees that banks charge retailers and their customers when they use a debit card to pay for purchases,” NRF Senior Vice President and General Counsel Mallory Duncan said. “Doubling swipe fees and driving up prices paid by consumers seems like a strange platform to ask members of Congress to run on during an election year. A vote to repeal the Durbin Amendment is a vote for higher consumer prices and isn’t likely to win many votes in November.”
- Mexico's route to financial inclusion begins with commitment to reduce the use of cash - "One of the largest economies in Latin America keeps growth momentum going by joining the United Nations' Better Than Cash Alliance to foster a financially inclusive economy."
- SafetyPay drives inclusion in e-commerce for consumers without a bank account or a credit card - "Consumers who decide to use this new method of payment pay in cash through bank intermediary or convenience store using a reference number issued via e-commerce channels by SafetyPay at the time of purchase."
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!
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews
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!