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September 20, 2016

Headline News from PaymentsNews.com - September 20, 2016

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

ON THE WEB

  • Swift Creates Payment Pattern Anomaly Alerts for Customers - Wall Street Journal - "Cross-border financial messaging giant Swift is rolling out an anomaly detector to help banks monitor for fraud, as it moves to address a rash of cyberbreaches at customer sites. The company said Tuesday it was developing customer alerts displaying a snapshot of a day’s activity and any unusual messaging patterns detected by Swift."
  • What to expect at the Wells Fargo hearing - Boston Globe - "Details have been leaking out for years but last week the company was hit with a wrist-slapping $185 million fine and an embarrassing report showing how strangely counterproductive the whole operation was. It never helped the company make money; it just helped employees meet misguided sales targets."
  • Stripe Heads for Asian Turf War - Bloomberg - "Stripe has finally marked its official arrival in Asia with the opening of a Singapore office. After expanding to two dozen countries across the globe, it makes sense for the San Francisco-based payments provider to pick Singapore as its launchpad for an assault on Southeast Asia. The city-state is already the latter's financial hub, and it plays host to numerous startups that are attempting to tackle e-commerce in neighboring countries."
  • 7 Financial Firms Test Blockchain for Data Management - Coindesk - "Credit Suisse, Citi and HSBC are among seven financial firms to participate in a data management trial announced today and conducted with support from blockchain firms Axoni and R3CEV."
  • Santander Vies to Become First Bank to Issue Cash on Blockchain - Coindesk - "Spanish banking giant Santander is working on a project that explores how it could digitize customer cash using the public ethereum blockchain."
  • Corporate Judgment Call: When to Disclose You’ve Been Hacked - Wall Street Journal - "Companies are getting hacked more frequently but aren’t disclosing the incidents in their regulatory filings, a trend that worries investors."

ON THE WIRES

  • Noventis to Deliver Faster, Cost-Effective Payments to SMBs - "PreCash Inc. officially became Noventis, Inc. today to serve new markets and deliver faster payments at a lower cost to a broad base of businesses. Fueled by record growth, an infusion of capital and growing market demand for more efficient payment delivery, Noventis will make faster, more cost-effective digital payments available to a wider number of financial services and Fintech partners that serve small to medium businesses (SMBs). Leveraging the same technology that is already in use by over 4,000 partners, Noventis is optimizing payment delivery by providing electronic access to an ever-growing network of businesses."
  • Frost Bank® Joins Early Warning® clearXchange® Network - "Early Warning, the industry leader in real-time payments, authentication and risk mitigation, today confirmed San Antonio-based Frost Bank has joined Early Warning’s clearXchange network. Through the network, Frost Bank is now able to offer person-to-person (P2P) payments directly through its online and mobile banking platforms."
  • Mastercard Teams Up with Stripe to Make Getting Paid Faster and Easier in Today’s Shareconomy - "Today, Mastercard and Stripe announced that Mastercard Send is speeding payments for U.S. sellers on Stripe marketplaces using the instant payouts feature from Stripe. Getting paid as a caregiver, dog walker or hairstylist just became a lot faster and more convenient. Mastercard Send is a first-of-its-kind service that enables people and businesses to send and receive funds quickly and securely."
  • ACI Announces New Cloud-Based Payment Connectivity to SWIFT - "ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced a partnership with SWIFT for Alliance Lite2, the cloud-based connectivity to SWIFT. Available through ACI’s global payment processing solution, Money Transfer System (MTS), ACI is offering this new cloud-based connectivity to provide faster, cheaper access to SWIFT."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 19, 2016

Headline News from PaymentsNews.com - September 19, 2016

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

ON THE WEB

  • Bank of England aims to revamp interbank payment system by 2020 - Reuters - "Proposed enhancements include running the system continuously, rather than just during normal working hours, and making it easier for smaller banks, brokers and payment processing firms to access the system directly. "A key enabler for delivering these changes will be a comprehensive rebuild of the RTGS technology platform. The Bank will make decisions on its resilience, including in particular its cyber defenses, in consultation with intelligence partners," the BoE said."
  • The Chip-Card Ninjas Weaning America Off Swiping - Bloomberg - "The chip cards are resistant to forms of fraud to which the old magnetic stripes were vulnerable—so resistant, in fact, that companies have seen a recent surge of fraud as criminals try to burn through their old stolen credit-card data."
  • Banks trusted most to deliver biometric authentication of the future - Payments Cards and Mobile - "Consumers are nearly twice as likely to trust banks to store and keep their biometric information safe (60%), than they are to trust government agencies (33%)."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 16, 2016

Headline News from PaymentsNews.com - September 16, 2016

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

ON THE WEB

  • What the Wells Fargo Cross-Selling Mess Means for Banks - Wall Street Journal - "Concept of selling customers multiple products is Holy Grail of banking, but it’s tough to pull off in practice."
  • PayPal Reaches Deeper Into China With UnionPay Partnership - Bloomberg - "Merchants in European countries will be able to accept payments from UnionPay credit and debit cards through PayPal’s Braintree platform designed for mobile commerce, San Jose, California-based PayPal said Thursday in a statement. Adding a familiar payment option is a key step to enabling cross-border e-commerce, so the partnership will increase PayPal’s appeal to European merchants looking to reach Chinese shoppers. Alibaba Group Holding Ltd. uses a similar strategy to introduce foreign goods to Chinese shoppers through it’s payments service."
  • Domino’s joins chatbot movement, unveils Facebook Messenger ordering - Mobile Commerce Daily - "In an effort to cash in on the chatbot craze and expand its own digital ordering service, Domino’s is now allowing customers to order pizza through a Facebook Messenger chatbot."
  • Australia to Lead International Blockchain Standards Effort - Coindesk - "An Australian group has been selected by the International Organization of Standardization (ISO) to spearhead a technical committee developing standards for blockchain tech. Standards Australia announced its leadership role on the committee yesterday, revealing it will oversee members from 35 countries on the effort. The ISO, founded in the 1940s, is composed of representatives from more than 160 national standards-setting bodies."
  • Taking Proximity Tech Beyond Promotional Offers - Streetfight - "Another forward-thinking, and more complex, use of beacon technology is enabling mobile payments. When a shopper is using a mobile shopping app that includes the customer’s shopping list, beacons can automatically add the items to a customer’s digital cart as they pass and stop at the item’s in-store location. Shoppers can add additional items to their digital shopping cart by scanning or taking a photo of the item. When it’s time to exit the store, an in-store associate can easily verify the purchase, bag the items and print or email a receipt based on the customer’s preference."
  • Pushing the boundary of Enterprise Security with Verified Access - Google for Work Official Blog - "With security breaches that pose threats to businesses and their customers on the rise, CIOs are demanding more from their vendors when it comes to the security of their systems and devices. Advanced security is a mainstay of every Chrome device, regardless of price or type, and today we’re taking the next major step in bringing greater security to the enterprise with Verified Access for Chrome OS devices."

ON THE WIRES

  • UPDATE: Walmart Canada Statement Regarding Visa Credit Card Purchases - "Walmart Canada began informing customers this morning that we will stop accepting Visa credit cards at our 16 stores in the province of Manitoba beginning October 24, 2016. On July 18, 2016, Walmart Canada stopped accepting Visa credit cards in Thunder Bay."
  • The Bancorp Implements Cost Reduction Plan to Reduce Expenses and Improve Efficiencies - "The Bancorp, Inc. (NASDAQ: TBBK) today began the implementation of a board-approved cost reduction plan designed to streamline its businesses and corporate functions and better position the organization for the future. The first phase of the plan entailed a company-wide workforce reduction. The second phase will entail a close examination and identification of potential cost saving opportunities within the company’s supply chain network."
  • Kazkommertsbank and Diners Club International Launch Franchise Activity in Kazakhstan - "Diners Club International Ltd., as part of Discover Global Network, and JSC Kazkommertsbank, one of the largest acquirers and credit card issuers in Kazakhstan, will commence Diners Club card business operations in Kazakhstan."
  • Conformance Technologies to be Honored by PCI Security Standards Council - "“Participating organizations are critical in our mission to educate, empower and protect the payment card marketplace,” said PCI Security Standards Council General Manager, Stephen Orfei. “As the PCI Council celebrates its 10 year anniversary, we are appreciative of the continued involvement of Conformance Technologies and the commitment they have demonstrated to payment security since the Council’s inception,” adds Orfei. “We look forward to continuing this collaboration in the decade ahead.”"

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 15, 2016

Headline News from PaymentsNews.com - September 15, 2016

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

ON THE WEB

  • MasterCard Seeks To Stop Online Fraud With Selfies, Fingerprints - Wall Street Journal - "MasterCard plans to launch new biometric technology for verifying customer identities during online shopping transactions in the coming weeks with merchants and banks. The company has been testing facial and fingerprint recognition software, called Identity Check, in the Netherlands, Canada and the U.S., as a way to combat growing online fraud."
  • Naspers’ PayU buys Citrus Pay for $130M in cash to expand in India - TechCrunch - "PayU, an online payments company with a focus on developing markets that is owned by South Africa’s Naspers, has acquired India’s Citrus Pay for $130 million in cash, in what the companies say is the largest cash exit for a payments company in India to date."
  • Federal Prosecutors Investigating Wells Fargo Over Sales Tactics - Wall Street Journal - "Federal prosecutors are in the early stages of an investigation into sales practices at Wells Fargo & Co. that led to the bank being hit last week with a $185 million fine, according to people familiar with the matter."
  • Sydney Stock Exchange Taps Blockchain to Fight ASX Monopoly - Coindesk - "By immediately settling transactions, Joseph said she believes SSX can reduce its risk, while helping Australia emerge as a leader in harnessing blockchain technology. Still, Joseph, who also chairs the Australian Digital Currency Commerce Association (ADCCA), said there are regulatory reforms that are needed before the exchange could implement such a system. Currently, all four licensed clearing and settlement facilities in the country are owned by ASX, according to the Bank of International Settlements."
  • New Messenger Platform Features: Link Ads to Messenger, Enhanced Mobile Websites, Payments and More - Facebook developer blog - "Today, we're also rolling out a new way for businesses to sell products and services in Messenger. Payments can now be integrated into messages, making it easy for customers to shop and purchase without leaving the app. Messages with payments utilize industry-leading controls and financial information is protected with bank-level encryption. As of today, payments will be available for select developers in beta; businesses can apply through the Messenger developer webpage. We expect to roll out this capability more broadly by the end of the year."
  • Secret Service Warns of ‘Periscope’ Skimmers - Krebs on Security - "The U.S. Secret Service is warning banks and ATM owners about a new technological advance in cash machine skimming known as “periscope skimming,” which involves a specialized skimming probe that connects directly to the ATM’s internal circuit board to steal card data."

ON THE WIRES

  • Several Global Banks Join Ripple’s Growing Network - "Ripple is proud to announce the addition of several more financial institutions to our growing network. Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), Siam Commercial Bank and Shanghai Huarui Bank are now among the global banks that have adopted Ripple’s settlement technology to improve their cross-border payments and offer their customers improved service."
  • Ripple Raises $55 Million in Series B Funding - "Ripple is pleased to announce that we have raised $55 million in Series B financing. This includes participation from new investors, including Standard Chartered, Accenture and SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings. Additional investors participating in the round include Santander InnoVentures, the venture arms of CME Group and and Seagate Technology."
  • Amdocs Acquires Three Leading Technology Companies to Expand Digital Offering - "Vindicia is a market-leading provider of software-as-a-service (SaaS) subscription management and payment solutions. Vindicia makes it easy, flexible and frictionless for digital enterprises to onboard customers and process payments for digital content, over-the-top (OTT) entertainment, online subscriptions and on-demand services."
  • UATP Teams With Affirm To Deliver New Payment Solutions For Its Customers - "UATP announced today that they have teamed up with Affirm, an innovative financial services provider, to provide technology that will allow airlines' customers to purchase airfare in flexible installments, without a credit card. The partnership builds upon UATP's payment technology platform providing speed to market for the Affirm product."
  • SuperCom to Launch Mobile Wallet Solution with VeriFone and Nofshonit in Israel - "SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors announced today that Nofshonit, one of the largest loyalty club providers and operators in Israel, has selected SuperCom to provide an e-wallet solution to Nofshonit clients for digital loyalty and pre-paid shopping programs, to be supported at merchant locations over various devices and applications."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 14, 2016

Headline News from PaymentsNews.com - September 14, 2016

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

ON THE WEB

  • Sophisticated retailer apps see 54pc of transactions occur in-app: report - Mobile Commerce Daily - "As the debate between the conversion potential of mobile Web sites versus applications continues, a new report by Criteo revealed that retailers with sophisticated app presences saw up to 54 percent of their transactions generated in-app, up seven percent from last year."
  • Subway bolsters digital assets - Restaurant News - "In making the acquisition, Subway is buying a 20-person team, which will remain in Vancouver and help the chain bolster its mobile ordering and payment capabilities. It could also speed Subway’s development of in-store kiosks, something the chain is developing alongside Avanti. "
  • Let Siri Carry Your Wallet: Payments at the Speed of Conversation - Venmo blog - "Siri will draft a text message for you to review and send to Venmo. We’ll double check your grammar and make sure you are paying or charging one of your Venmo friends. If everything looks good, we’ll pay or charge your friend and send you and Siri a confirmation message."
  • Alibaba Pays $100 Million For Eye-Scan Firm Used by U.S. Banks - Fortune - "Alibaba’s payments arm, Ant Financial, has acquired EyeVerify, a maker of optical recognition technology used by Wells Fargo along with dozens of regional banks and credit unions across the country."
  • India Demands that Apple Devices be Embedded with New Government Biometric Security System - Patently Apple - "The report further notes that the new Indian Government "initiative is part of a national biometric identity program called Aadhaar (Hindi for foundation). Millions of Indians use fingerprint and iris-scan authentication to access a range of public and private services that now includes banking. Failure to join the effort could limit the tech industry's access to a vast and growing market, but companies like Apple and Google are expected to resist opening up their phones and operating systems to the Indian registration, encryption and security technology."
  • Bitcoin Technology Harnessed to Push Electricity Revolution - Bloomberg - "Bitcoin technology is starting to seep into the electricity business, shaking up the way payments are managed every time a light switch is flipped."
  • Someone Is Learning How to Take Down the Internet - Lawfare Blog (Bruce Schneier) - "Over the past year or two, someone has been probing the defenses of the companies that run critical pieces of the Internet. These probes take the form of precisely calibrated attacks designed to determine exactly how well these companies can defend themselves, and what would be required to take them down. We don't know who is doing this, but it feels like a large a large nation state. China and Russia would be my first guesses."

ON THE WIRES

  • JPMorgan Chase Signs Best Buy to Accept Chase Pay - "Chase has signed a multiyear agreement for Best Buy (NYSE: BBY) to accept Chase Pay in its stores, on BestBuy.com and in the Best Buy app, the company announced today."
  • CIBC to Join SecureKey Concierge Authentication Service - "SecureKey Technologies, a leading provider of identity and authentication solutions for simplifying consumer access to online applications, today announced that CIBC, a leading Canadian-based global financial institution with 11 million personal banking and business clients, has reached an agreement with SecureKey to become a Trusted Sign-In Partner participating in the SecureKey Concierge™ service, following integration and associated compliance approvals. CIBC is the fifth of the five largest banks in Canada to become a Trusted Sign-In Partner. It joins BMO Bank of Montreal, Choice Rewards MasterCard, Desjardins, RBC Royal Bank, Scotiabank, Tangerine, TD Canada Trust, Caisses Populaires Acadiennes, and Caisses Populaires."
  • Alliance Data's Card Services Business Extends Instant Issuance Capability To Include EMV Technology And Private Label Cards, Helping Brands Increase Credit Card Activation Rates And Enhance The Customer Experience - "Alliance Data Systems Corporation's card services business (www.knowmoresellmore.com), a premier provider of branded private label, co-brand and business credit programs, will extend its Instant Issuance capability to incorporate EMV technology for co-brand cards and offer private label credit cards that can be printed onsite at retail locations, with an eye towards grand openings and other special events. This will enable customers to apply for a credit card and have in-hand within minutes1, driving increased customer satisfaction and an immediate increase in sales."
  • SecValMSP Releases SecValSECURE™ to Bullet Proof Payment Applications - "SecValSECURE™ protects payment applications such as Point of Sales and Premise / Cloud Based Property Management Systems allowing them to run safely and communicate securely even on infected systems. SecValSECURE™ is not intended to be a replacement for PCI Compliance but rather acts to bullet proof payment applications allowing merchants time to implement and operationalize all of the required data security controls. "
  • Varo and The Bancorp Bank Announce Partnership to Support Mobile Checking and Savings Account - "Varo Money, Inc., a mobile-only banking start-up that will help consumers gain greater control of their financial lives, and The Bancorp, Inc. (NASDAQ: TBBK) announced today that they have signed an agreement whereby The Bancorp Bank will provide private label banking services to support Varo mobile checking and savings account products."
  • House Advantage And Sightline Payments Announce An Integration Partnership; Bringing Together Powerful Loyalty Capabilities With An Innovative Payments Platform - "As an integrated solution, Sightline Payments Play+® platform and SPAN™ Network will allow an account holder to transfer funds electronically from their Play+ account, directly to or from the casino and across other customer touch points through House Advantage's award-winning HALoÒ loyalty platform."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 13, 2016

Headline News from PaymentsNews.com - September 13, 2016

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

ON THE WEB

  • Incredible India! - Payments Views (Glenbrook’s Scott Loftiness - "A few weeks ago I joined my client Raj Jain, CEO of RS Software, for my third visit to India. RS Software is headquartered in Kolkata which was our first stop for the annual general meeting of shareholders. After that, we visited Mumbai and Bangalore – along the way we met with many of the key individuals helping drive the now rapid change that’s unfolding for payments in India."
  • Senate Banking Committee to Host Wells Fargo Hearing - Wall Street Journal - "The Senate Banking Committee’s Republican majority said late Monday that it expects to hold a hearing on Wells Fargo & Co., which was fined $185 million last week for questionable sales practices."
  • Value-Seekers Warm to a $450 Annual Credit Card Fee - New York Times DealBook - "But the Chase Sapphire Reserve card has done more than generate product hysteria at its finest. It has also intensified the arms race among large credit card issuers, which are introducing increasingly lavish rewards programs to capture affluent consumers who spend large sums on travel and recreation, but no longer want to be bound to one particular hotel or airline’s affinity program."
  • Visa Introduces Mobile-Money Product to Rival Safaricom’s M-Pesa - Bloomberg - "The mVisa app will initially facilitate transactions for people with accounts in four banks, including KCB Group Ltd. and Co-operative Bank of Kenya Ltd., according to Visa Emerging Markets Senior Vice President Uttam Nayak. The company estimates 84 million of Africa’s mobile-phone users still pay by cash."
  • Goldman Sachs wants to put foreign exchange trades on the blockchain - Quartz - "The patent application, published by the US Patent and Trademark Office (USPTO) on Sept. 8, 2016, was originally filed in March 2015. It outlines a distributed ledger (essentially an accounting ledger shared by a number of different parties, also known as a blockchain) that can process financial transactions in the foreign exchange market. It’s Goldman Sachs’ first blockchain-related patent (though another patent application published in Nov. 2015 showed the investment bank was looking at a bitcoin-esque digital currency for traders)."
  • NAB taps Visa Developer programme to revitalise mobile app - Finextra - "» View all retail banking newsNext retail banking story »left image1left image1left image0left image0left image0left image1NAB taps Visa Developer programme to revitalise mobile app2 hours ago | 1366 views | 0Online shopping buy now smartphoneNational Australia Bank is rolling out a series of card-linked enhancements to its mobile banking app, including a 'world-first' feature which enables consumers to use the app to pay for purchases while waiting for the arrival of new Visa credit cards."
  • What’s New at MIT’s Digital Currency Initiative - Medium - "Addressing these problems is vital. Perhaps surprisingly, I think that cryptocurrencies may offer the best chance to do so. That’s why I’m excited to be expanding my role within the MIT Digital Currency Initiative as its new research director. "
  • The bizarre world of bitcoin ‘mining’ finds a new home in Tibet - The Washington Post - "But here in Kongyu, most of the mining is virtual. It is here because of extremely cheap hydropower, cheap wages — and perhaps because Chinese entrepreneurs have a knack for the business."

ON THE WIRES

  • Wells Fargo to Eliminate Product Sales Goals for Retail Bankers - "Wells Fargo & Company (NYSE:WFC), announced today that it will eliminate all product sales goals in retail banking, effective January 1, 2017."
  • Visa and leading banks launch mVisa – Kenya’s first interoperable mobile payments service - "Visa Inc today introduced mVisa, a new mobile payment service that will accelerate digital commerce in Kenya and across Africa. As part of its initial roll-out, Visa has partnered with Co-Operative Bank, Family Bank, KCB, and NIC Bank to deliver this service to Kenyan consumers and merchants. "
  • On-line Sales (Card Not Present Transactions) Driving Need for User Authentication Standards and Better Adoption - "The Electronic Funds Transfer Association (EFTA), which works to advance electronic payments and commerce through responsible federal government relations and member education, today releases its second white paper on, “User Authentication,” which details the benefits and challenges of utilizing user authentication as a component of an overall security strategy. "
  • AnchorID Brings Custom Authentication to Credit Unions - "CU Wallet, a Los Angeles-based provider of white-label digital wallet solutions for regional and community FIs, has picked Finovate Best of Show winner AnchorID to provide multi-factor authentication. "
  • Jack Henry & Associates Integrates Banno Mobile into Core Environments - "As banks and credit unions adjust to rapidly changing consumer expectations, their services must be fast, dependable, flexible, and able to deliver the experience consumers demand. Financial institutions are deploying Banno Mobile to gain not just a list of features, but access to a complete platform that scales across all customer touchpoints. Its integration now to Jack Henry & Associates' cores gives financial institutions the agility to transition their digital channel from a self-service strategy to functioning customer-centric interactions."
  • Carrefour payment cards go mobile in Spain thanks to Gemalto’s proven Trusted Service Hub - "Gemalto (Euronext NL0000400653 GTO),the world leader in digital security, has been chosen by Market Pay, payment institution of the world’s second biggest retailer, to deploy a mobile payment solution for its “PASS” banking card in Spain. This project is part of a multi-channel strategy that leverages connected technologies to further enhance the shopping experience."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 12, 2016

Headline News from PaymentsNews.com - September 12, 2016

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

ON THE WEB

  • Facebook Messenger now allows payments in its 30,000 chat bots - TechCrunch - "To support payments in Messenger, Marcus says that the company is working with all the major players in the industry including Stripe, PayPal, Braintree, Visa, MasterCard and American Express."
  • CBA and Barclays announce UK-Australia mobile payments solution - Delimiter - "In a statement on the CommBank website, the firms said their retail customers will soon be able to move money between the two countries using “just a mobile number”. The payments will be enabled via a linkup between the two banks’ respective payment apps – CBA’s CommBank app and Barclays’ Pingit – to provide what they called a “seamless, secure and simple process for moving money across continents”."
  • The Blockchain: An Experiment in Governance Without Power - Coindesk - "According to conventional political ideas a decentralized and wholly voluntary system of governance should not be possible, let alone optimal. The success of bitcoin as a monetary and social experiment therefore could depend on shattering this very narrative.

 Unlike other systems, its organization is not defined by power structures, but by voluntary consensus and open competition."
  • Amex enables loyalty points for purchases - American Express Canada - "American Express Canada is enabling cardmembers to use rewards points to pay for purchases charged to their card. "

ON THE WIRES

  • Mastercard Chip Momentum: Reducing Fraud One Year In - "Mastercard fraud data shows a 54 percent decrease in counterfeit fraud costs at U.S. retailers who have completed or are close to completing EMV adoption, when comparing April 2016 to April 2015. Demonstrating the power of EMV and the risk of not adopting it, counterfeit fraud costs increased by 77 percent year-over-year among large U.S. merchants who have not yet migrated or have just begun the migration to chip."
  • Elavon & talech Launch Tablet Payment Solution in Canada for Small and Mid-Sized Businesses - "Elavon, a leading global payment solution provider and subsidiary of U.S. Bancorp (NYSE: USB), is launching a tablet-based payment solution in Canada that will provide small and medium-sized businesses with secure, interactive payment processing, powerful data analytics and affordability to help businesses effectively manage and grow their businesses."
  • VC Blockchain Investments Approach $300 Million in H1 2016 as Banks Lead Deployments - "A new study from Juniper Research has found that the total value of Venture Capital (VC) investment into blockchain technologies and Bitcoin companies totalled $290 million in the first 6 months of the year, with more than 30 startups receiving funding in that time."
  • Guardian Analytics® and Ocean Systems, Inc., Announce Joint Partnership to Expand Real-time Wire Fraud Prevention to FedLink Customers - "Guardian Analytics, the market leader in behavioral analytics solutions for preventing banking fraud, today announced a partnership with Ocean Systems, Inc (OSI), a software development company specializing in solutions for the financial and banking market, including their flagship wire service, FedLink. Together, the two firms have established a technical partnership at the request of their joint customers to ensure out-of-the box integration between FedLink and Guardian Analytics Wire. This integration will ensure faster time to deployment and real-time wire fraud protection for FedLink customers."
  • BrightHouse Makes Sure The Customer Comes First With New SMS and Mobile-Based Payments - "Fast-growing customer engagement leader VoiceSage has just announced that BrightHouse, the UK’s leading rent-to-own retailer, has introduced a new self-service mobile payments system to help customers make payments promptly and conveniently."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 09, 2016

Headline News from PaymentsNews.com - September 9, 2016

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

ON THE WEB

  • Wells Fargo to Pay $185 Million Fine Over Account Openings - Wall Street Journal - "Wells Fargo & Co. was slapped with a $185 million fine Thursday for “widespread illegal” sales practices that included opening as many as two million deposit and credit-card accounts without customers’ knowledge, federal and local authorities said."
  • Blockchain Requires Radical Change, Not Compromise - Coindesk - "Blockchain and distributed ledger technology are radical. Together, they could transform the way finance works, but people in the financial world are creatures of habit and old practices die hard. So, if these technological advances are to transform finance, they need to be championed by key financial organizations."
  • Revel Systems inks payments deal with Shell as rumors swirl of a sale to IBM - TechCrunch - "Reports claim that point-of-sale startup Revel Systems is in early acquisition negotiations with IBM, and while both Revel and IBM declined to comment when we asked about it, a deal that the startup announced today could provide an interesting clue for why a company like Big Blue might be interested in buying it. Today Revel announced a deal with Shell, the oil and gas giant, to implement its point-of-sale system across its retail network of gas stations globally."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 08, 2016

Headline News from PaymentsNews.com - September 8, 2016

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

ON THE WEB

  • MasterCard Facing Damages Claim of $18 Billion Over High Swipe Fees - Wall Street Journal - "LONDON— MasterCard Inc. is facing a damages claim of £14 billion ($18.72 billion) on behalf of U.K. consumers who were allegedly charged higher prices because of the card giant’s high swipe fees. The claim, filed Thursday in the Competition Appeal Tribunal, was described as the biggest in U.K. legal history by former Chief Financial Services Ombudsman Walter Merricks, who is bringing the claim."
  • Apple Pay comes to Japan, New Zealand and Russia this fall; hits the web on September 13 - Tech Crunch - "Apple Pay will arrive in three more countries this fall: Japan, New Zealand and Russia, and will hit the web alongside the launch of iOS 10 on September 13th. The web version of Apple’s payments service will be made available to Safari users on any Mac introduced from 2012 on, which is also running the latest operating system, macOS Sierra."
  • Workers Paid by Card Will Gain Protections in New York State - New York Times - "Workers in New York State who receive their wages on prepaid cards will gain consumer protections next year that advocates say are among the strongest in the nation. The new rules are intended to guarantee that employees do not have to pay any fees to gain access to their paychecks."
  • G20 proposes global platform to eliminate ecommerce barriers - The Paypers - "G20 summit has proposed the creation of a global ecommerce platform to eliminate barriers in online trade. B20 group, comprising business leaders from G20 countries, raised the idea of an electronic world trade platform (eWTP), as a policy recommendation to be considered during the two-day summit which opened in Hangzhou on Sunday."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 07, 2016

Headline News from PaymentsNews.com - September 7, 2016

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

ON THE WEB

  • iZettle buys intelligentpos to expand from mobile payments to commerce solutions - Tech Crunch - " iZettle — the Swedish mobile payments startup backed by the likes of Intel, American Express and Spanish banking giant Santander — has bought intelligentpos, whose cloud-based software lets businesses in the hospitality and other industries manage their inventory, loyalty programs and customer flow."
  • Walmart boosts MoneyGram co-branded money transfer service with mobile tools - Mobile Commerce Daily - "Walmart is teaming up with money transfer service MoneyGram to launch an upgraded version of the platform on walmart.moneygram.com, bringing new mobile money management tools to the retailer’s customers. The newly enhanced site is built on MoneyGram’s Money Transfer as a Service platform, which allows brands such as Walmart to co-brand the service and open up new marketing opportunities to users."
  • Barclays Completes Blockchain Trade Finance Transaction - Coindesk - "Barclays reported today that two partners (agriculture co-operative Ornua and food product distributor Seychelles Trading Company) were able to successfully transfer trade documentation via a blockchain platform created by its accelerator program graduate, Wave."
  • Opportunity for fintech entrepreneurs — up to $100k and 6 months support for your idea - Caribou Digital - "Announcing a great opportunity for entrepreneurs interested in launching a developing world fintech startup! Join Caribou Digital’s DFS Lab team for a 1-week bootcamp in Dar es Salaam with top experts and win 6-months support for your concept."

ON THE WIRES

  • Masterpass Adoption Delivers Simple and Secure Digital Payment Experiences for Consumers, Issuers and Merchants Around the World - "The continued transformation of Mastercard to an even more digital company continues to be driven by the rapid growth, support and success of Masterpass, the company’s digital payment service. As part of this momentum, Mastercard today announced issuers and merchants around the globe that are making Masterpass available to their customers, enabling fast, simple and secure digital payment experiences across devices and channels – online, in-app and in-store."
  • SunTrust: Electronic Payments Can Help Businesses Combat the Number One Cause of Fraud - "Even in the internet age, companies still make more than 57 percent of all payments through paper-driven processes and checks, according to a survey by SunTrust Banks, Inc. (NYSE: STI) of middle market and small business executives. Not only can these non-electronic processes have a negative impact on a company's cash flow and balance sheet, but also they can significantly increase exposure to fraud. In fact, 73 percent of organizations have experienced actual or attempted fraud, with non-electronic processes the number one source of fraud according to the 2016 AFP Payments Fraud and Control Survey."
  • TreasuryXpress Launches New Online Store for On-Demand Treasury Technology - "TreasuryXpress, global leader in frictionless and on-demand treasury management solutions today announced the launch of the TreasuryXpress Lab, the industry's first online store. "The Lab" offers a growing portfolio of both standalone and add-on financial and treasury products. The store allows treasuries and companies of all sizes to pick, choose, and use the capabilities they need to automate their finances on-demand and in the Cloud."
  • Chase Visa Cardholders Can Now Use Android Pay - "Chase customers with Android Pay-enabled devices can make purchases with their phone at millions of store locations nationwide that accept contactless payments, and within many Android apps. Chase cardholders maintain all of the rewards, benefits and services they have come to expect when using their Chase Visa credit and debit cards."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 06, 2016

Headline News from PaymentsNews.com - September 6, 2016

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

ON THE WEB

  • Expanded Frontiers in Mobile Payment - Glenbrook’s Payments Views (Elizabeth McQuerry) - "One of the payments obsessions here at Glenbrook is understanding the ways in which mobile payment and digital financial services are taking hold around the world. Once effectively limited to the early success of M-PESA and P2P payment in Kenya, today there are a number of services underway. M-PESA itself, in around a decade, has evolved to offer bill payment, savings options, small loans and is also working on merchant payments. "
  • New Cards Chip Away at Payment Companies - Wall Street Journal - "VeriFone said it hasn’t seen any significant change in its market share. But investors could be worried about new, cheaper alternatives luring in small merchants. In emerging markets, competition comes from low-cost providers like China-based PAX Global Technology. In the U.S., Square offers a chip reader that connects to a mobile device and costs just $49, a fraction of the price of an Ingenico or VeriFone terminal."
  • Ingenico Falls After Cutting 2016 Sales, Margin Forecasts - Bloomberg - "Ingenico’s announcement adds to evidence that the shift in the U.S. to payment cards with chips is problematic for the industry. Verifone Systems Inc. on Thursday cut its sales and profit forecasts, citing weakening demand in the U.S. Large merchants there have already shifted to payment terminals that accept credit and debit cards with chips, while smaller merchants are delaying adoption. In Brazil, the economy has shrunk for six straight quarters, damping retail activity and thus hurting payments companies. "
  • PayPal Strikes Deal with MasterCard to Allow Payments in Stores - Wall Street Journal - "The company has said the network deals, which will see PayPal place debit and credit cards on par with other ways to pay, make PayPal a “ubiquitous” payment tool. It argues that volume growth would outpace declines in revenue per transaction, and that merchants would want to pay for PayPal because it works seamlessly for every customer. The deals would also help its relatively newer services, such as Braintree, which processes payments for big merchants, and Venmo, a social peer-to-peer payments app popular with millennials."
  • Mobile is heaviest used banking channel as transactions multiply: report - Mobile Commerce Daily - "The survey found that 40 percent of consumers report having using mobile banking within the past 30 days, a number that jumps to 77 percent of early millennials. Of this 40 percent, 51 percent said they use the service more now than a year ago. Among users of mobile bill pay, 47 percent use it more now than a year ago."
  • Brits still not 100% sure about security of mobile payments - Contactless Intelligence - "“Part of the reason for the rapid increase in the use of contactless cards is the simple fact that they are now much more widely accepted. They’ve moved beyond coffee shops and sandwich bars and are now entirely commonplace. However, the real shift in behaviour has only come over the last few years. It’s easy to forget that contactless cards were first launched back in 2007, meaning that the technology has been on British high streets for almost a decade. People’s payment habits change slowly, as can be seen with the cheque’s stubborn refusal to disappear from the payments landscape,” said Rich Shepherd, Financial Services Analyst at Mintel."

ON THE WIRES

  • PayPal and Mastercard Expand Partnership to Benefit Consumers, Merchants and Financial Institutions - "Under the expanded partnership, consumers and small businesses will be able to instantly cash out funds held in their PayPal accounts to a Mastercard debit card. PayPal will also be provided certain financial volume incentives and, as a result of the commitments made under this agreement, will no longer be subject to the digital wallet operator fee."
  • PayPal’s Braintree to Offer Visa Checkout – Expanding Choice for Merchants and Consumers - "Braintree, a PayPal company that powers payments for companies like Airbnb, Eventbrite, Pinterest and Uber, offers simple solutions that enable merchants to accept a variety of payment options online, in app and in-stores, and soon Visa Checkout will be available as one of Braintree’s payment options. The online payment service allows Visa cardholders to pay on any connected device, in just a few clicks, using their Visa account. Visa Checkout is already part of the shopping experience at many leading online retailers including Starbucks, Walgreens and Best Buy."
  • Over 80% of Merchants in the US Accept UnionPay Credit Cards - "It is learnt on September 1 that almost all the ATMs in the US accept UnionPay cards for cash withdrawal and over 80% of the local merchants accept UnionPay credit cards. In tourists' favorite destinations like New York, Hawaii, San Francisco, Los Angeles, Orlando and Chicago, UnionPay's acceptance coverage in well-known shopping centers and Outlets has exceeded 90%. With one UnionPay debit card and one UnionPay credit card (card numbers both start with 62), cardholders can pay with ease and benefits in the US."
  • Basic Wearables Soar and Smart Wearables Stall as Worldwide Wearables Market Climbs 26.1% in the Second Quarter, According to IDC - "While the overall wearables market grew during 2Q16, its two categories traveled at different speeds and directions. Basic wearables (devices that do not support third party applications) grew 48.8% from 2Q15 levels while smart wearables (devices that support third party applications) declined 27.2% year over year."
  • Revel Systems Announces Partnership with Punchh - "Revel Systems, the world's leading iPad Point of Sale management solution for brick-and-mortar retail, food businesses and more, today announced they are partnering with Punchh, the premier provider of Mobile Engagement, CRM and Marketing Automation technologies for enterprise restaurant chains."
  • WEX Enters into Agreement with Ypsilon.Net AG - "WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, has today announced that they have entered into an international agreement with Ypsilon.Net AG, a global provider of internet travel technology and payment solutions for airlines, consolidators, travel portals and travel agencies. With the agreement in place, WEX is expanding its presence within the travel payment space in Germany."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 02, 2016

Headline News from PaymentsNews.com - September 2, 2016

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 Company Quietly Handling Your Online Purchases - Bloomberg - "Adyen processed $50 billion in transactions in 2015, and has become Silicon Valley’s payment system of choice."
  • Ad-blocking browser Brave launches payments, so you can support sites with cash, not ad clicks - Tech Crunch - "The ad-blocking web browser Brave, co-founded by Mozilla’s former CEO Brendan Eich, is today rolling out its grand experiment “Brave Payments,” which will encourage web users to reward their favorite sites by automatically and anonymously sending them Bitcoin-based micropayments. The idea here is fairly radical — online publishers have always relied on ad revenue to fund their sites, but Brave believes they would be happy to go ad-free if people were willing to fund them directly."
  • Visa Incubator to Test Blockchain for Interbank Payments - Coindesk - "Visa’s London-based innovation lab has announced its latest blockchain trial will focus on interbank payments. Visa Europe Collab revealed today it has partnered with Toronto-based BTL Group to explore how the startup’s interbank settlement system can leverage blockchain and smart contracts to streamline domestic and cross-border payments between banks."
  • Microsoft Launches Smart Contracts Security Working Group - Coindesk - "Microsoft has revealed it is organizing a working group dedicated to improving smart contracts security. Named 'Kinakuta', the group aims to make it easier for the industry to share information and tips about smart contracts, the term that somewhat loosely has come to refer to self-executing blockchain-based code."
  • The Traditional Customer Journey No Longer Exists - Mediumhttps://medium.com/@ProphetBrand/the-traditional-customer-journey-no-longer-exists-efac2d4088ce#.9v04d7fj3 - "Customer experience used to have a clear beginning, middle and end. And most customers followed a similar path. But traditional customer journeys no longer exist. Today, these experiences are non-linear, unpredictable, and shared; and only a few companies are taking advantage of this new reality. "

ON THE WIRES

  • PSCU and Glenbrook Release White Paper: Blockchain and the Credit Union: The Asset Transfer Revolution - "PSCU, the nation’s leading Credit Union Service Organization, and Glenbrook Partners, a payments industry strategy consulting and research firm, have collaborated on a white paper on blockchain technology and its potential for credit unions. The newly released white paper is now available for download online. Anyone interested in taking a deeper dive into the research can participate in a webinar on October 5."
  • Boku Raises $13.75 Million in Further Venture Funding - "Boku, the world’s largest direct carrier billing mobile payments company, is pleased to announce that it has secured $13.75 million in further venture funding to expand carrier billing across numerous carrier connections in developed and emerging markets around the globe."
  • Givex Launches Online Gift Card Customization for Small Business - "Givex, the proven platform for customer engagement and operational efficiency since 1999, announced today the launch of its latest innovation – an online gift card purchasing site and card builder for small businesses."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

September 01, 2016

Headline News from PaymentsNews.com - September 1, 2016

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

ON THE WEB

  • HSBC and GE go digital to fight rivals - Mobile World Live - "“If we don’t respond, we’ll have non-banks like Tencent, Alibaba and others moving in and taking our market share. Fin-techs are biting at our margins and we need to respond.” West said the bank aims to eliminate paper, improve the customer experience, improve controls and reduce costs. He predicts that in five years there will be no paper used at the bank and no more passwords, which are a major pain for customers."
  • Nigeria’s Central Bank is backtracking on plans to ban operators disrupting remittances - Quartz - "But almost a month later, the bank has seemingly reversed its decision. Adopting less stringent guidelines from 2014, the bank has issued licenses to eleven new MTOs. The bank says the change in tack is part of efforts to “liberalize the foreign exchange market, ensure liquidity and make foreign exchange more readily available to low end users.” "
  • Now You Can Earn Free Uber Rides By Shopping At Local Stores - Fast Company - "A new rewards program from Uber and Visa is kind of like earning air miles, except you get free Uber rides. "
  • Google Said to Tie Up With MUFG on Android Pay Mobile Payments - Bloomberg - "Starting as early as Japan’s autumn, users of certain Android-based mobile phones will be able to use MUFG’s debit cards for transactions made through Android Pay, the person said, asking not to be identified because the matter is private."
  • Xiaomi introduces mobile payment solution Mi Pay with support for cards from 20 banks in China - Android Police - "Chinese users with a Xiaomi phone will have one more option now: Mi Pay. Launching today with China UnionPay, a large payment network similar to Visa and Mastercard, Mi Pay supports credit cards from 20 banks and debit cards from 12, including Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank, as well as public transportation cards from six cities (that's another known payment method in China). The Mi Wallet app can tie up to 8 cards to one Xiaomi device and its users will also benefit from promos and rewards."

ON THE WIRES

  • China Union Pay Audio Bank Cards- Qilong and China Union Pay Will Jointly Issue Audio Bank Cards - "The card holders will be able to use their Audio Bank Cards directly on traditional phones, smart phones, computers and tablets. The Audio Bank Card can function as a regular bank card as well. Its audio recognition system greatly advances the safety of making payments and reduces the risks associated therewith. An end user may simply follow three steps to complete a transaction: 1) choose an Audio Bank Card to make the contemplated payment, 2) press the button on the card to help the back desk recognize the card, and 3) enter the passcode to complete the transaction. The Audio Bank Card will simplify the payment process and therefore save users' time. "
  • Kimpton Hotels & Restaurants Notifies Customers of Payment Card Incident - "Findings from the investigation show that malware was installed on servers that processed payment cards used at the restaurants and front desks of some of our hotels. The malware searched for track data read from the magnetic stripe of a payment card as it was being routed through the affected server. The malware primarily found track data that contained the card number, expiration date, and internal verification code, but in a small number of instances it may have found the track that also contains the cardholder name. "
  • Blackhawk Network to Acquire Grass Roots Group - "United Kingdom-based provider of employee engagement and customer engagement services will expand Blackhawk's growing incentives business portfolio"
  • New Digital River White Paper, "The Subscriptions Generation," Guides Companies Shifting to an Online, Global Subscriptions Strategy - "The white paper explores how the consumer’s growing desire for access over ownership is creating a shift in online purchase preferences and explains how brands can capitalize on this trend by taking a subscriptions business global."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 31, 2016

Headline News from PaymentsNews.com - August 31, 2016

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

ON THE WEB

  • News: Walmart pay exceeding expectations - The Wise Marketer blog - "More evidence that retailers are winning the battle for mobile payments loyalty through homegrown platforms: in his kickoff address at last week's CONNECT Mobile Innovation Summit in Chicago, Walmart Services SVP Daniel Eckert revealed that Walmart Pay, the retailer's proprietary mobile payment app, already boasts 20 million active users in the two months since its June launch across its 4,600 US stores."
  • Insurance Giant MetLife Joins R3 Blockchain Consortium - Coindesk - "In the latest sign that the insurance industry is embracing blockchain and distributed ledgers, MetLife has announced it will join banking consortium R3CEV."
  • Huawei Pay Mobile Payment Service in Collaboration with UnionPay Launched in China - Phone Radar - " Instead of getting a new license, the company opted to collaborate with Union Pay. By the time of launch, Huawei Pay supports 25 banks and also the travel card for buses. The Huawei Mate S launched at IFA 2015 is the first Huawei device to support mobile payments. It came included with NFC, Fingerprint sensor and built-in security chip."

ON THE WIRES

  • QikServe and FreedomPay Address the EMV Challenge in Hospitality - "QikServe's patented 'Waiter in Your Pocket' technology lets guests order and pay for their food and drinks directly from a smartphone, web site or kiosk. The integration with FreedomPay's Commerce Platform enables QikServe to quickly deploy mobile ordering solutions that require traditional and emerging payments technologies like magstripe, EMV, ApplePay and near-field communication (NFC)."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 30, 2016

Headline News from PaymentsNews.com - August 30, 2016

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

ON THE WEB

  • Merchants Just Want to Sell Stuff - Payments Views (Glenbrook’s Allen Weinberg) - "Anyone who’s been in a Glenbrook Payments Boot Camp session with me has heard me emphatically stress that merchants “just want to sell stuff – they don’t want to be in the payments business”."
  • Aadhaar-Based Cash Transfers: Promising Reform, but More Data Needed - Center for Global Development - "India’s shift towards direct benefit transfers (DBTs) is on the fast track. According to official statements, in the 2015-16 fiscal year the central government deposited nearly $5 billion of subsidy and welfare payments directly into the bank accounts of 300 million beneficiaries. It has also set an ambitious target to transfer all payments to the Aadhaar-based biometric DBT platform by the end of 2017. This will surely be the greatest subsidy reform in the world, but we need more data to accurately evaluate its impact."
  • Why Walmart Pay Doesn’t Measure Up To CVS, Starbucks And Taco Bell - Bryan Pearson blog (Forbes writer) - "Rewards, frequency, fringe benefits. Of all the features that describe a trip to Walmart, these are not high among them. Yet they may form the backbone of a successful retail payment app. Early reports indicate Walmart Pay, which launched nationally July 6 following seven months of testing, is struggling to get traction. The absence of these elements may be why."
  • How Same Day ACH Can be Advantageous for Small Businesses - Pay Simple Blog - "If your business does use ACH, you’ve probably heard rumblings about “Same Day ACH” which has been in the news recently as the date for initiating Phase 1 of the program approaches. That date is September 23, 2016. For consumers and businesses alike, it means the ability to move money faster, which is in most cases a good thing. But, will Same Day ACH help your small business operate more efficiently? If your business can benefit from sending and receiving funds more quickly, and the benefit warrants paying a premium for it, then Same Day ACH will be a welcome enhancement."
  • Get ready for Apple Pay on the Web - Stripe Blog - "Apple Pay on the Web will be available later this fall. (Apple has not yet published an exact date.) We’ve received a lot of questions about how the integration will work and we’ve been working closely with Apple to ensure that the implementation will be quick and easy for Stripe users."
  • Singapore Central Bank Proposes New Rules for Bitcoin Startups - Coindesk - "The proposed framework would require applicable companies to obtain a license from the Monetary Authority of Singapore (MAS), and divides payment activities into several categories. Digital currency exchanges would be covered by a provision overseeing startups that provide "money transmissions and conversion services"."

ON THE WIRES

  • Billtrust launches Quantum, the innovative end-to-end solution for Payment Cycle Management - "Today Billtrust announces the launch of Quantum Payment Cycle Management, a comprehensive, cloud-based, invoice-to-cash solution. Quantum supports businesses by improving efficiency, accelerating cash flow, and increasing customer satisfaction rates."
  • Online Purchases via Apple Pay & Android Pay to Reach $8Bn by 2018, Up Fifteen-fold from 2016 - "New findings from Juniper Research claim that the value of digital and physical goods purchased through mobile 'OS-Pay' platforms will increase by fifteen times in the next two years. A combination of in-app purchases and website retail payments is projected to drive annual spend via Apple Pay and Android Pay to $8 billion in 2018, up from $540 million this year."
  • Retail Takes Lead in Advanced Indoor Sensing as IoT Grows - "Retail has emerged as the most active adopter of advanced indoor sensing (AIS), a diverse toolkit of capabilities and technologies that offers strong potential to drive topline increases, rather than cost-related reductions, according to Lux Research."
  • Mobile Phones Replace Checkbooks, Fingerprints Trump Passwords, Says Fiserv Research - "The perception of security plays a key role in whether consumers choose to adopt a technology. Biometric security appears to have the potential to provide people with greater assurance than more conventional measures. While 41 percent of consumers indicated they would feel secure using a password as an authentication method to confirm their identity when using a mobile app, 62 percent said they would feel secure using fingerprint technology. This could have significant implications for overcoming consumer security concerns related to mobile payment methods."
  • Uber and Visa Introduce ‘Local Offers’ Program to Help Merchants Tap Into Local Spend Opportunities - "Uber and Visa Inc. (NYSE: V) today announced Uber Local Offers, a new way for riders to earn discounted rides by simply using the same Visa credit card on file with Uber at their favorite local merchants*. With Uber Local Offers, Uber riders get more out of shopping and dining, while merchants get a simple new way to acquire customers, drive loyalty and increase sales. Local Offers will initially be rolled out in phases to Uber riders in San Francisco and Los Angeles."
  • OT Introduces Flybuy, a Complete Range of Wearable Options Enabling Secure Payment on the Go - "According to IHS Technology, the number of wearable devices used for payments is projected to increase from 10 million units in 2015 to over 150 million units in 2020. As a pioneer in this market with the first payment sticker and keyrings, OT has been very active working with banks, processors and partners to propose a comprehensive range of wearable options."
  • New Micro Loan Lender Goes Completely Mobile, Bank Account Not Required - "CashOnCell is shaking up the traditional payday loan industry by offering small convenient loans that can be added to your cell phone bill."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 29, 2016

Headline News from PaymentsNews.com - August 29, 2016

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

ON THE WEB

  • Paytm Said to Get $300 Million in Funds at $5 Billion Valuation - Bloomberg - " Share on Twitter Indian digital-payments and e-commerce startup Paytm is raising $300 million in a funding round led by Taiwan’s MediaTek Inc. and other investors, more than doubling its valuation to $5 billion, a person with knowledge of the matter said."
  • Google Wallet debuts automatic transfers so you can skip “cashing out” - Tech Crunch - "Google today is stepping up its battle with Venmo, Square Cash and other person-to-person payment applications with an update to its Google Wallet mobile app, which now allows for automatic transfers to your bank account. That is, transfers will no longer require you to cash out money from your Wallet balance first. This will speed up the time it takes for Wallet users to gain access to their cash, something that has been slower in the past."
  • Prepaid Card Gets First New Features After Glitch - Wall Street Journal - "RushCard, which was founded more than a decade ago by hip-hop producer and entrepreneur Russell Simmons, will introduce a revamped mobile-phone application that lets customers temporarily put their accounts on hold if they misplace their cards. The revamp will also give customers the option to open the app by authenticating it with a fingerprint for additional security."
  • The Next Wave of EMV - NACS Online - "With the October 1, 2017, EMV liability shift looming for automate fuel dispensers, many U.S. convenience store operators are preparing for the switch—to the tune of $6 billion. Upgrading fuel dispenser point-of-sale technology comes with a price tag as high as $17,000 per pump, Gray Taylor, executive director of Conexxus, told CNBC, an expense that will cut into the bottom line of the more than 90,000 single-store operators with the 154,000-plus convenience store universe."
  • Meet Monero, the Currency Dark Net Dealers Hope Is More Anonymous Than Bitcoin - Motherboard - "Now, there’s an alternative. On Monday, AlphaBay—the largest online market for drugs and other unsavoury items like fraud tools—announced on Reddit that the platform is adding support for an ostensibly super-anonymous cryptocurrency called Monero starting on September 1st, citing its “security features.”"
  • Sorry Blockchain, Any Joe Schmoe Shouldn’t Be Able to Start a Bank - Coindesk - ""You can't really base the financial system of the future on computers rather than humans, on trusting to immutable code no matter what happens. Financial systems are supposed to work for humans. If the code rips off the humans, something has gone wrong.""

ON THE WIRES

  • Square Teams Up with TouchBistro and Vend Point-of-Sale Systems to Bring Payments and Financial Services to More Sellers - "Today, we’re announcing integrations that will give TouchBistro and Vend sellers the ability to process payments with Square. For the first time, these sellers can access the same affordable hardware, fast deposits, and financial services our sellers use to run and grow their businesses."
  • Innotribe and Innovate Finance launch Global FinTech Hubs Federation initiative - "nnotribe, SWIFT’s innovation arm, and Innovate Finance, the independent membership organisation for global FinTech, today announced the launch of the Global FinTech Hubs Federation (GFHF) to help foster innovation across the world’s financial services industry. To date, more than 20 countries - including Canada, China, Germany, Mexico, Switzerland, and the United Kingdom, to name a few – are participating in the GFHF, with more countries expected to join in the coming months."
  • UnionPay Offers Secure and Convenient Payment Service for Chinese Students Studying Abroad - "The US is students' first choice for overseas study. UnionPay credit cards are accepted at the campus bookstores in over 20 top colleges and universities. Almost all the local ATMs accept UnionPay cards, and 80% of the local merchants accept UnionPay credit cards. Students can pay with UnionPay cards at websites like Amazon and eBay. Some merchants, like B&H, provide exclusive privileges for students."
  • SafetyPay starts operations in Belgium, consolidating its footprint in 21 countries - "SafetyPay, a secure cash payment platform, has announced the start of its operations in Belgium. By entering this European country SafetyPay is now present in 21 countries in Europe and the Americas (North, Central and South)."
  • TerraPay Expands Footprint in 32 Countries in Europe Through Acquisition of Pay2Global - "Pay2Global is a regulated digital international money transfer company with passporting rights into the European Economic Area (EEA). One in five migrant workers - approximately 50 million people - live and work in Europe, making the region home to a quarter of global remittance flows[1]. The acquisition helps TerraPay instantly scale its service footprint in the 32 countries of the EEA, accelerating growth by expanding the reach and the range of its money transfer products."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 26, 2016

Headline News from PaymentsNews.com - August 26, 2016

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

ON THE WEB

  • America’s Biggest Banks Have a New Name for Their Venmo-Killer: Zelle - Wall Street Journal - "Early Warning, a bank-owned entity that is running the payment service, confirmed the name after The Wall Street Journal reported it earlier Wednesday. The service, which allows customers to use their mobile phones to zap money from their banks’ accounts to accounts at other financial institutions, has been operating for several years under the name clearXchange. That name, however, was never promoted as a corporate brand."
  • Apple Plans iPhone for Japan With Tap-to-Pay for Subways - Bloomberg - "Apple Inc. is planning a new iPhone feature for Japan that will enable users to pay for mass-transit rides with their smartphones instead of physical payment cards. A future iPhone will include technology called FeliCa, a mobile tap-to-pay standard in Japan developed by Sony Corp., according to people familiar with the matter."
  • Samsung Pay hits 100m transactions in first year - NFC World - "Users can add membership cards, gift cards and redeem coupons, and today there are more than 4m registered membership cards in the US and South Korea, providing more convenient and flexible payment experiences in users’ everyday lives. Samsung Pay also continues to add banking and merchant partners across the globe, with more than 440 bank issuers currently supported by the service."

ON THE WIRES

  • RETAILERS WELCOME RELEASE OF GOODLATTE ONLINES SALES TAX BILL - "“We hope this move will bring the attention needed to get Congress to move forward in treating purchases made online the same as those made in local stores when it comes to sales tax collection,” NRF Senior Vice President for Government Relations David French said. “With online shopping increasing every day, it’s time for Congress to act. The price advantage held by online sellers when they don’t have to collect sales tax has resulted in the shuttering of bricks-and-mortar retail stores in almost every community across the nation over the last few years. That cannot be allowed to continue.”"
  • Contactless spending outstrips 2015 total - "Spending on contactless cards in the first half of 2016 has already outstripped contactless spending for the whole of 2015, new figures show. Some £9.27 billion was spent using contactless methods between January and June of this year, new figures from The UK Cards Association show, more than the total 2015 contactless spend of £7.75 billion. There were 1.1 billion contactless transactions in the first half of the year, compared to 1.05 billion for the whole of 2015.Contactless card payments accounted for 18 per cent of total purchases in June, the latest monthly card expenditure statistics show. This is in contrast to the June 2015 figure of seven per cent."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 25, 2016

Headline News from PaymentsNews.com - August 25, 2016

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

ON THE WEB

  • Mobile Bank Heist: Hackers Target Your Phone - Wall Street Journal - "Malicious software programs with names like Acecard and GM Bot are gaining popularity around the world as criminals look for new and lucrative ways to attack the financial-services industry. Cyberthieves are using such so-called malware to steal banking credentials from unsuspecting consumers when they log onto their bank accounts via their mobile phones, according to law-enforcement officials and cybersecurity specialists."
  • If cash is king, it’s time for a revolution - Boston Globe - "There’s a professor at Harvard University who’d like to take all your cash, and not for tuition. In a witty new book, “The Curse of Cash,” economist Kenneth Rogoff argues the human race would be better off without paper money. He’s onto something. The US is adopting digital payment systems so universal and — in theory — so secure there will be little need for cash. But America is taking its sweet time about it."
  • NIST declares the age of SMS-based 2-factor authentication over - Tech Crunch - "2-factor authentication is a great thing to have, and more and more services are making it a standard feature. But one of the go-to methods for sending 2FA notifications, SMS, is being left in the dust by the National Institute of Standards and Technology."
  • Ant Financial, Tencent Win Digital Wallet Licenses in Hong Kong - Bloomberg - "Ant Financial and Tencent Holdings Ltd. have won approval to operate digital wallets for customers in Hong Kong, a significant step in the two Chinese internet giants’ overseas expansion."
  • Case Study: Small Retailers Are Going Bigger When It Comes To Payments Security - Point of Sale News - "Combating cyber criminals can be tough for businesses that lack the technical and budgetary resources of a large enterprise. Partners with the expertise and perspective to support the unique needs of small businesses can be few and far between. Epicor Software Corporation is one such partner. It was founded to serve just these types of businesses, and today the company supplies state-of-the-art enterprise resource planning (ERP) solutions to small and mid-sized retailers in North America."

ON THE WIRES

  • China Leads Global Fintech Investments, Accenture Finds - "Investments in Asia-Pacific have eclipsed North America, which as of July 31 garnered $4.58 billion in fintech investments; and also tops Europe, which attracted $1.85 billion in the same period. However, deal volume remains higher in North America and Europe, as the Asia-Pacific increase is due to big investments in a few select fintech companies in China. There have been 192 deals in Asia-Pacific so far this year, as compared with 509 in North America and 230 in Europe."
  • The Password is Dead: MobileIron and Entrust Datacard Partner on Derived Credentials for Next-Generation Multi-Factor Authentication - "MobileIron (NASDAQ: MOBL), the stand-alone EMM leader, and Entrust Datacard, a leader of trusted identity and secure transaction technologies, today announced a technology alliance partnership to deliver derived credentials for next-generation multi-factor authentication. MobileIron Derived Credentials with Entrust IdentityGuard Mobile Smart Credential ("Derived Credentials") will provide government agencies that want to use mobile technologies the ability to protect sensitive data while eliminating the need for passwords and hardware tokens."
  • Conexxus and National ATM Council Announce Issuance of Skimming Detection & Deterrence Guide for Convenience Stores ATMs - "Conexxus and the National ATM Council (NAC) today announced issuance of their jointly developed ATM Skimming Detection & Deterrence Guide (Guide) for use at U.S. convenience stores. The Guide was created to help ensure that America's convenience stores and retail ATM providers maintain their excellent track record for providing safe and secure transactions at in-store ATMs, despite a heightened near term card "skimming" risk from current implementation of EMV at U.S. ATMs."
  • OT’s Leading eSE Gets 4 New Certifications for Biometric-Compliant Payment and for Transport - "OT (Oberthur Technologies), a leading global provider of embedded security software products and services, today announces that its embedded Secure Element, PEARL by OT®, is the first eSE worldwide to be certified by Visa, MasterCard and Amex for biometric-compliant payment applets (VISA VMPA v1.4, MasterCard MCM v1.1 and AMEX v2.0), as well as by OSPT Alliance (CIPURSE™ V2) for urban transport applications and value added services. With these new certifications granted to PEARL 800K Classic v4, OT confirms the position of PEARL by OT® as the most advanced multi-application eSE on the market."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 24, 2016

Headline News from PaymentsNews.com - August 24, 2016

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

ON THE WEB

  • Why the chip-card transition in the U.S. has been such a disaster - ReCode - "Why are we bothering? Because EMV is already working. MasterCard said counterfeit card fraud is down at its Top 5 EMV-enabled merchants by more than 60 percent since October 2015."
  • Big Banks Band Together to Launch 'Settlement Coin' - Coindesk - "BNY Mellon, Deutsche Bank, Santander and UBS – the latter of which first disclosed its work on a so-called "settlement coin" last year – are hoping to launch a commercial-grade blockchain system by 2018, according to The Financial Times. The banks are working with blockchain startup Clearmatics, based in London."
  • How Nigeria’s Central Bank disrupted the disruptors trying to cut remittance fees - Quartz - "It is difficult to explain just how infuriating this move by the CBN really is. It is nakedly using its powers to benefit big players who were deservedly losing market share due to their costs and bad service. It has rolled back all the progress of the last five years and taken Nigerians hostage to achieve its aim. All of a sudden, people in Nigeria now have to go to the bank again to get money sent to them. "
  • China Imposes Caps on P2P Loans to Curb Shadow-Banking Risks - Bloomberg - "China imposed limits on lending by peer-to-peer platforms to individuals and companies in an effort to curb risks in one part of the loosely-regulated shadow-banking sector."
  • Remind enters the payments space by letting parents pay for field trips with a credit card - TechCrunch - "So what makes this better than PayPal or Venmo or any other established payment provider? Mainly the fact that so many parents and teachers already use Remind on a daily basis to communicate. It would be hard to convert an entire of classroom of parents to a “new” service like Venmo, but if they are already using Remind to check their child’s homework every night, why not just ask them to quickly enter their credit card?"
  • Australian Retailers Back Banks' Right to Negotiate With Apple - MacRumors - "Australian retail giant Coles, the Australian Payments Clearing Association (APCA), and the Australian Retailers Association have all expressed their support to allow some of the country's banks to collectively negotiate with Apple over access to its NFC-based digital payment technology."

ON THE WIRES

  • Ingenico Group and Datacap Deliver Seamless and Secure Pay-at-the-Table Solution to the Restaurant Industry - "Using Ingenico Group’s iCMP mobile smart terminals and Datacap’s NETePay™ EMV-enabled payments solution, Uncle Oogie’s is now able to manage tableside and curbside payments using a Quest tablet from Touch Dynamic. "
  • Paying College Tuition with a Credit Card Comes with a High Cost - "College students who pay their tuition bills with a credit card incur an average "convenience fee" of 2.62%, according to a new CreditCards.com report, which surveyed 300 of the largest U.S. public, private and community colleges. That can amount to $262 for every $10,000 of tuition. Community colleges are the most fee-friendly. Out of the 100 largest community colleges surveyed, 97% accept credit cards for tuition payments and only 8% charge convenience fees. By contrast, 93% of public universities and 77% of private institutions that accept credit cards charge convenience fees."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 23, 2016

Headline News from PaymentsNews.com - August 23, 2016

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

ON THE WEB

  • Silicon Valley Lender Raises Nearly $50 Million for Subprime Credit-Card Push - Wall Street Journal - "LendUp Global Inc., the startup online lender that has attempted to reinvent the payday loan, is plotting to take on a more mainstream financial product: the credit card. The San Francisco-based lender said it raised $47.5 million in an equity deal designed to expand its card business. The investment values LendUp at about $500 million, people familiar with the matter said."
  • Android Pay adds Walgreens for first retail store loyalty card integration - 9to5Google - "To get the most out of purchases, users can add their Balance Rewards card information to the Android Pay app downloaded on Google Play. Before payment, members simply hold their Android device near the PIN pad and the appropriate rewards information is applied. To checkout, members then hold their Android device again near the PIN pad for payment. Android Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by credit and debit cards."
  • Shopify launches its POS app and card reader in the UK - Techcrunch - "Shopify is launching its retail hardware and point-of-sale app for merchants in the UK. The reader supports tap, chip and swipe payments, letting retailers accept both contactless and traditional card-based payments, and the free app works in tandem with the reader device on either iPhone or iPad."
  • Digital Asset to Open Source Smart Contract Language - Coindesk - "Though no date has been set for the transition, the Blythe Masters-led blockchain startup credited its bid to "advance industry adoption" of the tech as the impetus for the move."
  • Happy 25th birthday to the World Wide Web - CNET - "On August 23, 1991 -- 25 years ago today -- the public gained access for the first time to the World Wide Web, designed and deployed by computer scientist Tim Berners-Lee at CERN in Switzerland. It gave rise to the internet as we know and use it today. "

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 22, 2016

Headline News from PaymentsNews.com - August 22, 2016

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

ON THE WEB

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 17, 2016

Headline News from PaymentsNews.com - August 17, 2016

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

ON THE WEB

  • How Millennials Became Spooked by Credit Cards - The New York Times - "It is clear to economists who study payment patterns that millennials are gravitating toward payment methods that skirt both cash and credit. Why carry cash when you can whip out a debit card for the smallest transaction — a sandwich or a bottle of soda — or use an app like Venmo or an online payment service like PayPal? All of those typically draw funds directly from a bank account."
  • UnionPay’s mobile payments land in North America with Canada debut - TechCrunch - "The launch today brings UnionPay’s QuickPass mobile payments system to a number of “daily-spending” merchants in Canada, which is the first North American availability of the system."
  • Peer-to-peer payment app Cookies launches in Germany - TechCrunch - "You can add an emoji with your payment. Cookies call them paymojis, and some of them have special powers. For instance, the lightning paymoji lets you send a lightning-fast super payment. While it takes 1 to 3 business days for a normal payment, a super payment only takes 5 to 120 minutes."
  • Self-Service Checkouts Can Turn Customers Into Shoplifters, Study Says - The New York Times - "Self-service checkout technology may offer convenience and speed, but it also helps turn law-abiding shoppers into petty thieves by giving them “ready-made excuses” to take merchandise without paying, two criminologists say."

ON THE WIRES

  • JPMorgan Chase Signs Phillips 66 to Accept Chase Pay - "Phillips 66 joins a host of merchants in signing up to accept Chase Pay, which gives Chase customers an easy, secure and rewarding way to pay for purchases. The fuel retailer is also a key member of the Merchant Customer Exchange (MCX), a strategic Chase Pay relationship."
  • ACI Worldwide Integrates Ethoca Alerts into Global eCommerce Payments Gateway - "ACI will integrate Ethoca’s flagship service, Ethoca Alerts, into its UP eCommerce Payments solution, making it available to payment service providers (PSPs) worldwide, and by extension, to thousands of leading online merchants worldwide."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 15, 2016

Headline News from PaymentsNews.com - August 15, 2016

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

ON THE WEB

  • Europe's Disappearing Cash - Emptying the tills - The Economist - "As countries become richer, they tend to move away from cash on grounds of security, convenience and cost. Consumers may think that cash is free but for banks and retailers it is not; it needs to be counted, bundled, transported, cleaned, replaced, checked for forgery, stored and guarded."
  • USA's 5th largest bank adds support for Contactless Payments via Microsoft Wallet - MSPoweruser - "PNC bank joins Bank of America as one of the few banks that support NFC payments for Windows Phones, but I suspect given the low usage of the technology in general in USA it is enough to say this is no longer an area where Windows Phones are left behind."

ON THE WIRES

  • Worldpay heads down under with Australia licence - "Ecommerce in Australia accounted for $42bn of the country’s GDP in 2015, and the country’s consumers lead the world in terms of eWallet adoption, which is favoured by 21% of shoppers buying goods online."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 12, 2016

Headline News from PaymentsNews.com - August 12, 2016

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 future of financial infrastructure: An ambitious look at how blockchain can reshape financial services - World Economic Forum - "Our findings suggest this technology has the potential to “live-up to the hype” and reshape financial services, but requires careful collaboration with other emerging technologies, regulators, incumbents and additional stakeholders to be successful."
  • EMV Impacting Other Payment Initiatives - Convenience Store Decisions - "EMV is important, but chip cards alone won’t do the job of making data secure, especially if they’re only chip-and-signature rather than more-secure chip-and-PIN,” NRF Vice President for Retail Technology Tom Litchford said. “That’s why retailers are working hard on technology like point-to-point encryption and tokenization that will ultimately do more to achieve the goal of putting hackers out of business. And the sooner security issues can be resolved the sooner retailers can bring new innovations to the way shoppers pay for their purchases like mobile and digital wallets."
  • PayPal is an original disruptor, but now it’s being disrupted - AdNews - "PayPal VP Ben Edwards said the industry is facing a “boiling ocean of disruption in”, in which the product is changing and the customer expectations are evolving rapidly."

ON THE WIRES

  • FICO Survey: Millennials 2 To 3 Times More Likely To Switch Banks - "When it came to reasons for switching, 45 percent of Millennials aged 25-34 cited high fees as a key reason for leaving their bank. For younger Millennials aged 18-24, the number was also high at 36 percent. A negative experience when they missed a payment was the second biggest reason for 25-34 year-olds to switch banks. Inconvenient branch locations and too few ATMs were tied for third. In addition to these reasons, younger Millennials said they switched banks because they had a negative fraud-related experience."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 11, 2016

Headline News from PaymentsNews.com - August 11, 2016

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

ON THE WEB

  • CVS Pharmacy launches its own mobile payments and loyalty solution, CVS Pay - Techlear - "CVS Health today is launching its own mobile payments solution that will allow customers to pay for products, pick up prescriptions, earn ExtraCare loyalty rewards, as well as pay – just by scanning the barcode in the CVS mobile app. The idea, the company explains, is to eliminate the number of steps it takes today to complete a checkout, which today is a very manual process."
  • Self-checkout services make theft more likely, report says - Minneapolis Star Tribune - "Self-service checkout technology may offer convenience and speed, but it also helps turn law-abiding shoppers into petty thieves by giving them “ready-made excuses” to take merchandise without paying, two criminologists say. In a study of retailers in the U.S., Britain and other European countries, professor Adrian Beck and Matt Hopkins of the University of Leicester in England said the use of self-service lanes and smartphone apps to make purchases generated a loss rate of nearly 4 percent, more than double the average."
  • Ethereum Scaling Advances With Off-Blockchain Payments - Coindesk - "Sent from Copenhagen, Denmark, to Mumbai, India, the test saw the developers behind micropayments project Raiden send ether via clients operated by members in those cities last week. While small in scale, ethereum developers more broadly see the proof-of-concept as a key technical step toward solving one of the pressing issues facing not only the network, but all public blockchains. Ethereum and bitcoin, for example, currently each support only a fraction of the transactions seen daily on centralized payment networks like Visa or MasterCard. As developers seek to take on this challenge, scaling is widely seen as a fundamental issue yet to be solved."

ON THE WIRES

  • US Payments Forum Publishes Update to Payment Networks Minimum Requirements for US EMV Chip Deployment - "As U.S. issuers, merchants, acquirers and processors continue their migrations to EMV chip technology for more secure payments, many stakeholders may ask: “What is the least complex way to deploy chip for my organization?” To help merchants and acquirers develop their strategies for implementation, payment network members of the U.S. Payments Forum (formerly the EMV Migration Forum) have updated the guide outlining their minimum requirements for chip deployment, including changes to incorporate requirements for the recently announced faster EMV solutions from American Express, Discover, MasterCard and Visa."
  • CVS Pharmacy Launches Breakthrough, End-to-End Mobile Payment Experience - "CVS Pay offers more than just a payment solution: customers can now use their CVS Pharmacy mobile app to streamline their checkout experience at the store – combining multiple steps into one easy scan. For customers picking up a prescription, CVS Pay offers a simple, private and end-to-end pharmacy experience. Customers will have the ability to refill, manage multiple prescriptions and get alerts when prescriptions are ready, all within the app – and then pick up and pay using a single barcode. Customers can also link their ExtraCare card with CVS Pay, meaning a single scan at checkout will process all ExtraCare deals, earn new rewards and handle payment for the transaction. "
  • BlueSnap Empowers Developers with Frictionless Checkout Solutions - "BlueSnap has launched a new suite of developer-centered resources, including an Android SDK, a comprehensive Developer Hub, and more API enhancements designed to empower developers to build frictionless checkout for their shoppers across mobile and web devices."
  • Boku Brings Carrier Billing to Windows 10 Devices in UK and Italy - "Boku, the world’s largest direct carrier billing mobile payments company, is pleased to announce an expansion to bring direct carrier billing to Windows Store customers in two premier European markets: the UK and Italy. As part of Microsoft’s integration with Boku, Windows 10 customers in the UK on O2 and in Italy on Wind will be able to use their mobile account as a payment option when making purchases in the Windows Store. Customers in these markets can make purchases across the full range of Windows 10 devices, including mobile phones, tablets, PCs, or laptops."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 10, 2016

Headline News from PaymentsNews.com - August 10, 2016

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

ON THE WEB

  • Samsung Pay hack lets attackers skim cards to make fraudulent payments - The Verge - "The difficulty, as Samsung describes it, is that the attacker must be physically close to the target while they are making a legitimate purchase. This might mean mean waiting for someone to buy something in a shop, jamming the signal between the smartphone and the payment terminal, skimming the token from their phone, and then using that token before the user completes their intended purchase. Samsung describes this process as "extremely difficult," but it could be as simple as setting up fake payment terminal in a shop."
  • New York Fed: Credit-Card Use Increasing Among People with Low Credit Scores - Wall Street Journal - "While auto loans have been rising at a steady clip for the past six years, rising credit-card balances are a new development. After the recession, households cut back on credit-card use until 2014. Since then, card balances have risen by about $70 billion. The report underscores how the nation’s credit cycle has evolved, from broadly deleveraging in the aftermath of the financial crisis to a renewed—but still tentative—embrace of credit."
  • Bank of America, HSBC Unveil Blockchain Supply Chain Project - Coindesk - "Announced today, Bank of America, HSBC and the Infocomm Development Authority of Singapore (IDA) revealed they have built a blockchain application based on the Hyperledger protocol that aims to replicate the letter of credit (LC) transaction process between banks, exporters and importers."

ON THE WIRES

  • CMA paves the way for Open Banking revolution - "The final report of the Competition and Markets Authority’s (CMA) retail banking market investigation, published today, concludes that older and larger banks do not have to compete hard enough for customers’ business, and smaller and newer banks find it difficult to grow. This means that many people are paying more than they should and are not benefiting from new services."
  • CSI Consumer Survey: Nearly 3 in 10 Consumers Willing to Use Mobile Wallets in the Next Six Months - "According to the results, CSI found that 12 percent of Americans strongly agree that they plan to use mobile wallet technology within the next six months. This willingness was even more prevalent among millennials, with 19 percent of consumers age 18-34 planning to use it."
  • Ride More, Save More: Transit Riders in Hoboken, NJ Reap Rewards with New Digital Couponing App - "The Shop and Ride app, powered by Xerox (NYSE:XRX), delivers personalized, hyperlocal, mobile offers to transit riders based on their preferences and travel patterns. Beacon technology placed in local bus shelters and at merchant sites communicates with the app so users are notified of existing offers in the area or at a particular store. With a single touch, riders can save a coupon to redeem it immediately or at a later time."
  • Mastercard Helps Chinese Students Pay U.S. Tuitions - "Parents and students can send tuition and other payments globally with peace of mind as their money is protected by the safety and security of the Mastercard network and delivered to this site powered by Plastiq and Planet Payment,” said Linda Kirkpatrick, executive vice president, U.S. Market Development, Mastercard. “Our new alliance with these two companies supports the Mastercard objective of making payments smart, simple and safe."
  • Square Capital Provides More Businesses Access To Funding Through New Partnership With Upserve - "Square (NYSE:SQ) and Upserve today announced a partnership providing Upserve customers access to fast, flexible, and straightforward funding for their restaurants through Square Capital. This is the first time loans through Square Capital will be available to businesses that operate outside of Square’s payment processing ecosystem. Working with Upserve, Square will apply its innovative machine learning models to enable Upserve customers to select loan offers through Square Capital within their existing suite of Upserve software purpose built for restaurateurs."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 09, 2016

Headline News from PaymentsNews.com - August 9, 2016

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

ON THE WEB

  • Marwan Forzley, Align Commerce, and the Evolution of Blockchain Business - Payments Views (Payments on Fire podcast) - "Bitcoin’s reliability and transaction-level security has inspired today’s explosion of blockchain pilots, companies, and consortia. But the bitcoin rails already have solid commercial applications. Circle Internet Finance has focused on person to person payments. Align Commerce has focused on international B2B payments for smaller businesses. With growth, both have blended bitcoin rails with more traditional methods to accomplish fast, cost effective transfers."
  • Just Released: Recent Developments in Consumer Credit Card Borrowing - Federal Reserve Bank of NY Liberty Street Economics blog - "The total outstanding credit card balance now stands at $729 billion, up $17 billion from the first quarter, but still well below the peak of $866 billion reached in the fourth quarter of 2008. Credit card delinquency rates have continued to improve since peaking in 2008. "
  • When Fraud Hits Home: Questioning Today’s Authentication Methods - Atlanta Fed Portals and Rails blog - "In Singapore, the government has mandated two-factor authentication while allowing consumers to retain some choice in the authentication factor. In the United States, the Federal Financial Institutions Examination Council, or FFIEC, issued guidance in 2011 regarding the use of multi-factor authentication for Internet transactions. Is guidance concerning authentication enough? Without favoring any particular solution or technology, is it time to adopt better authentication methods in the United States"
  • Isle of Man Tests Blockchain Prototype for IoT - Coindesk - "The idea behind [the experiment] is that IoT has a promise of assigning a unique, non-forgeable identity to physical items and what the blockchain provides is the way of managing and maintaining an identity."

ON THE WIRES

  • Debit Begins Its Shift to More Secure Types of Transactions - "Issuers saw sustained growth in penetration, activation and usage metrics in 2015. On consumer debit cards, transactions per active card increased four percent year-over-year to 22.1 per month. The penetration rate ticked up slightly from 76 percent to 77 percent. Business debit also saw similar gains, with transactions per active card per month growing from 14.5 in 2013 to 15.0 in 2015."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 08, 2016

Headline News from PaymentsNews.com - August 8, 2016

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

ON THE WEB

  • How to properly secure cryptocurrencies exchanges - Medium - "The root causes of these hacks are various and often complex, but most of these breaches could have been prevented — or at least severely limited — with a best practice security approach. And when we say best practice, we are referring to what banking institutions, telecoms and governments have been relying upon for the last decades: secure hardware."
  • Australia's Postal Service Tests Blockchain Identity - Coindesk - ""If we're going to successfully digitize the economy and the hard parts of the economy that haven't been digitized yet ... the hard things like health, education and government services, those things require trust. If we're going to digitize some of those things, then we need to know someone is who they say they are.""
  • Password Hacking Forces Big Tech Companies to Act - Wall Street Journal - "In the past few months, hackers have taken over the social-media accounts of Facebook Inc. Chief Executive Mark Zuckerberg, Google CEO Sundar Pichai and Twitter Inc.’s CEO, Jack Dorsey. Behind the scenes, security teams at every major technology company—and many smaller firms, too—are scrambling to protect others from the same fate."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 05, 2016

Headline News from PaymentsNews.com - August 5, 2016

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

ON THE WEB

  • New ATM hack allows thieves to make off with up to $50k from a single chip-and-pin card - TNW - "A new ATM hack demonstration shows just how vulnerable they are. In the demonstration, hackers were able to use a common chip-and-pin card to withdraw money from an ATM in under 15 minutes. Rapid7, a small team of security engineers, demonstrated the hack at Black Hat, a hacker conference in Las Vegas."
  • New security flaw in credit card chip system revealed - CNN Money - "On Thursday, a banking and retail industry group that monitors the EMV system cast doubt on the theory. "If the data on the magnetic stripe is altered it might fool the terminal," said U.S. Payments Forum director Randy Vanderhoof. But on the back end, the system would "reject the transaction.""
  • Nigeria’s Central Bank wants to keep remittances expensive - Quartz - "On Aug. 2, the bank issued a new directive (pdf) which will oblige all but three of Nigeria’s money transfer operators (MTOs) to suspend operations, and could reverse years of progress made in cutting the costs of remittances. The directive will also severely reduce competition among money transfer operators in Nigeria."
  • Best Buy spurs omnichannel purchases with real-time in-app inventory filter - Mobile Commerce Daily - "Shoppers on the Best Buy application can now filter their searches by which products are available for pickup that day at a store, pointing to the growing importance of real-time inventory insight for driving omnichannel shopping experiences."

ON THE WIRES

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!

August 04, 2016

Headline News from PaymentsNews.com - August 4, 2016

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

ON THE WEB

  • No cash allowed: Stores refusing to accept money - Boston Globe - "As technology allows us to make purchases with a barcode scan or an iPad click, more and more retail outlets, restaurants in particular, are experimenting with no-cash policies, from the salad chain SweetGreen to Amsterdam Falafelshop to Clover Food trucks. They join parking garages and state toll roads in shunning cash payments in favor of credit cards or scanners."
  • Square up over 9% in after-hours trading following $439 million in revenue for Q2 2016 - Venture Beat - "One area that shareholders and analysts have been watching is how well Square Capital continued to perform. For the second quarter, the company reported that $189 million had been extended to its business customers, an increase of 123 percent from last year and 23 percent from last quarter. More than 34,000 business loans were provided in Q2. It said that to date, Square has had an advance and loan loss rate of approximately 4 percent."
  • The Bitfinex Bitcoin Hack: What We Know (And Don't Know) - Coindesk - "More than $60m worth of bitcoin was stolen from one of the world's largest digital currency exchanges yesterday, and nearly 24 hours later, the event is still shrouded in mystery. What is clear, though, is that the impact is far-reaching."
  • Two-thirds of smartphone users now paying by mobile - South China Morning Post - "Close to two-thirds of smartphone users in China now make regular payments on their devices, according to a new report on internet development in the country."
  • The coming revolution in Indian banking - Product Nation - "The move to a “cashless” economy will be accelerated by the Aadhaar-enabled biometric smartphones. So credential checking in banking will move from “proprietary” approaches (debit card and PIN) to “open” approaches (mobile phone and Aadhaar authentication). As such, the holy grail of one-click two-factor authentication, now available only to giants like Apple, will be available to kids in a garage to develop innovative solutions."

ON THE WIRES

  • Technology Companies and Financial Institutions Select Visa Direct for Real Time Payments - "The Visa Direct platform has the ability to transfer funds within minutes to and from more than 200 million Visa debit cards in the United States. Visa can also transfer funds to and from non-Visa branded debit cards. Funds are transferred into the customer’s account linked to a debit card without the need for complicated deposit account number and routing code details."
  • Rio de Janeiro launches Gemalto contactless transport ticketing wristband - "Gemalto is supplying RioCard with its waterproof Celego Contactless MiniTag wristband and its Celego Contactless MiniTag Sticker both embedded with a contactless chip from Gemalto and certified by Visa and MasterCard enabling all the secure functionalities of traditional contactless EMV cards. Contactless transit cards were first adopted by RioCard in Rio de Janeiro in 2003 and they are now a part of daily life for millions of users."
  • Vantiv Launches New Program to Fuel Growth for Partners - "Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, announced today the launch of its enhanced partner program, Vantiv Advantage. The Vantiv Advantage program includes financial rewards, value-added resources and product support to help fuel the growth of the company’s partners across all of its channels, large and small."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!

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!