Payments News

May 22, 2018

Headline News from PaymentsNews.com

Jamie Dimon Is Not Messing Around

“In the past two years alone, JPMorgan has poured more than
$20 billion into new products for digital banking, investment advice, trading, and cybersecurity. A frequent visitor to Silicon Valley, Dimon has partnered his bank with fintechs in peer-to-peer consumer payments and small business loans, online mortgages, and auto financing. Instead of fearing fintechs as disrupters, JPMorgan treats them as subcontractors — and has invested in more than 100 of them.”

Tags:
JPMorgan Chase

On The Web

Companies

Online Lender Kabbage To Launch Payment Services By Year-End

"The Atlanta-based startup will offer tools to enable clients, mostly brick-and-mortar businesses, to accept card payments in-store and online, Petralia said in an interview. “The monoline businesses have a hard time succeeding long term,” Petralia said, adding that Kabbage hopes the move would deep...More

Domains

Grab Collaborates With Maybank To Bring Digital Wallet To Malaysia

Tags:
Mobile Payments

"The move, which is subject to regulatory approvals, will enable Grab users to use GrabPay at Maybank’s key merchants and allow Maybank customers to make payments through Maybank QRPay at GrabPay merchants. The tie-up will also allow consumers to directly top-up cash to their mobile wallet through M...More

Domains, Tech

A Bank In Argentina Is Now Using Bitcoin For Cross-Border Payments

"Argentina's Banco Masventas has revealed that starting Monday it will enable customers to send cross-border payments using bitcoin. A partnership with Latin America-focused exchange startup Bitex, founded in 2014, the news finds the regional bank using bitcoin as a payments rail in international tr...More

Investment / IPO / M&A

Alibaba’s Entry In Pakistan Hailed As Boost For Digital Economy

"Alibaba Group Holding's recent purchase of a Pakistan-based online retailer has positioned the Chinese technology conglomerate to make inroads in e-commerce across South Asia, but the acquisition has raised expectations of robust growth in an industry that many experts say performs well below its p...More

Investment / IPO / M&A

Adobe to Acquire Magento For $1.68B

"Adobe announced today that it was acquiring Magento for $1.68 billion. The purchase gives Adobe a missing e-commerce platform piece that works in B2B and B2C contexts and should fit nicely in the company’s Experience Cloud. It should also help Adobe compete with Salesforce, which offers its own mar...More

Regulation

Wyoming Changed Its Laws To Attract Cryptocurrency Startups

"The cowboy state’s Republican Governor Matt Mead signed a number of laws that are set to attract the booming crypto industry to the state. The state also has tried to explain what cryptocurrency is, terming it as a type of digital currency that can be redeemed for goods and services. It’s laws also...More

On The Wires

Investment / IPO / M&A

TransUnion Announces Agreement To Acquire iovation To Strengthen Fraud And Identity Solutions

"iovation pioneered the device intelligence industry and provides a highly advanced digital device reputation consortium, with insight into nearly 5 billion unique devices from more than 35,000 leading brands across more than 50 countries. With technologies that can dynamically identify new fraud pa...More

May 21, 2018

Headline News from PaymentsNews.com

Companies

Worldpay Shoots to Top U.S. Merchant Acquiring Spot as Integrated Software Model Takes Over

“Released Monday, the directory ranks industry participants by their estimated total processing volume in 2017. Vantiv, number 4 last year, and Worldpay, number 11, merged in January, adopting the Worldpay name for the company. The merger moved the company to the top spot, with an estimated $1.12 trillion in U.S. processing volume. The new Worldpay serves an estimated 1.2 million merchants across the globe, according to the 2017 documents related to the merger.”

On The Web

Companies, Tech

Walmart Looks to Blockchain for Retail Product Resales

"The document, released last Thursday by the U.S. Patent and Trademark Office, outlines a blockchain ledger which would track the items that stores sell to a particular customer. It's the latest example of an intellectual property play by Walmart, which has filed a number of related applications and...More

Domains, Uncategorized

Banks are turning branches into coworking spaces

"As megabanks like JPMorgan Chase and Bank of America work on improving business banking by enabling things like digital onboarding and Zelle for business customers, small banks are working on branch innovation, mostly by turning them into coworking spaces. Earlier this year, JPMorgan Chase said des...More

Investment / IPO / M&A

Fifth Third to buy MB Financial for $4.7 billion

"Fifth Third Bancorp will buy Chicago-based MB Financial Bank for $4.7 billion, the banks announced Monday. The merger will create the fourth-largest Chicago bank in total deposits with a 6.5 percent market share and give the combined company 20 percent of the city’s “middle-market” commercial banki...More

Risk & Fraud

U.S. and Canadian regulators open probes into cryptocurrency scams

"The North American Securities Administrators Association announced the wide-ranging series of probes on Monday, dubbed “Operation Crypto-Sweep.” The investigations, some of which have already concluded, are aimed at unregistered securities offerings and initial coin offerings that promise significa...More

Standards

EMVCo releases QR Payment Mark

"EMVCo has developed a QR Payment Mark that can be used by merchants to indicate that they accept mobile payments which conform to the standards body’s QR Code payment specifications. The goal is to “help promote worldwide acceptance and interoperability,” EMVCo says. The move follows the organizati...More

Tech

In Faddish China, Even Glorified Vending Machines Raise Billions

Tags:
Mobile self-checkout

"Names from Alibaba Group Holding Ltd. and Tencent Holdings Ltd. to Walmart Inc. and Sequoia have poured more than $1.7 billion into startups such as Mr. Fresh and Xingbianli (Gorilla Convenience) that for now offer little more than tricked-out vending machines or kiosks...It’s a high-tech twist on ...More

Tech

AT&T’s Dash-like smart button doesn’t need WiFi

Tags:
IoT

"AT&T has launched a new product called LTE-M button, which allows users to place an order online in one click. Yes, it sounds just like Amazon Dash -- in fact, it's powered by Amazon Web Services -- but since it's connected to AT&T's LTE-M network, it doesn't need a WiFi connection to work....More

May 18, 2018

Headline News from PaymentsNews.com

On The Web

Companies, Tech

Apple Pay Expands To Ukraine And UK App-Based Bank Monzo

9to5Mac

"Apple Pay has today expanded to the Ukraine; customers who bank with PrivatBank can now register their cards on their iPhones, iPads, Apple Watch and Macs. The Ukrainian Finance Minster announced the news on Facebook. Apple Pay support has also rolled out for Monzo, a UK ‘bank of the future’ which ...More

Companies, Use

Cash App Expands Cash Boost Rewards To Shake Shack, Chipotle, More

Cult of Mac

Tags:
Loyalty
Square

"Square’s Cash App just got far more rewarding. The Cash Boost program now offers cash back at several well-known restaurants and stores, including Shake Shack and Chipotle. Even better, now anybody can participate."

On The Wires

Companies, Use

Mastercard and U.S. Bank Voyager Put Fleet Managers in the Driver’s Seat

"Today, company car drivers have to manually enter in their driver ID and odometer reading every time they use a fleet card to pay at the pump. This can lead to mistakes and potential overspending on fuel. Mastercard today unveiled a new service to automatically integrate fuel and maintenance data f...More

Companies, Tech

Bank of America Delivers First Widely Available AI–Driven Virtual Financial Assistant

"Bank of America is rolling out the first widely available AI-driven virtual assistant of its kind in financial services, Erica, to its 25 million mobile clients. This latest innovation reflects the bank’s continued investment in digital capabilities as part of its high-tech, high-touch client exper...More

May 17, 2018

Headline News from PaymentsNews.com

Companies

PayPal Confirms That It Is Buying Payments Startup iZettle For $2.2B In An All-Cash Deal

TechCrunch

“PayPal is taking its biggest bet yet on point-of-sale transactions, small businesses and markets outside of the U.S. as it looks to raise its game against Square, Stripe and others in the world of payments: The company has confirmed that it is buying iZettle — the Stockholm-based payments provider commonly referred to as the “Square of Europe” — for $2.2 billion in an all-cash deal.”

Tags:
mPOS
PayPal

On The Web

Companies, Use

PayPal CFO Sees Opportunity In Consumers Who Have Mobile Devices, But Not Bank Accounts

CNBC

"PayPal is doubling down on the idea of helping the "unbanked" — people who don't use typical financial services — by chasing one key group, CFO John Rainey told CNBC on Wednesday. "There's something like two billion people across the world that don't have things that you and I take for granted – a ...More

Domains

Capital One Is Using Foursquare To Push Offers To Customers

Tearsheet

Tags:
Mobile Banking & Payments

"Capital One is piloting the use of location-based customer data to push offers to customers who shop at partner retailers. The bank has been working with data and analytics platform Foursquare to roll out real-time notifications within the mobile banking app. Foursquare, a nine-year-old company tha...More

Systems

Coinbase’s First Investment, Compound, Earns You Interest On Crypto

TechCrunch

Tags:
Cryptocurrencies

"Compound wants to let you borrow cryptocurrency, or lend it and earn an interest rate. Most cryptocurrency is shoved in a wallet or metaphorically hidden under a mattress, failing to generate interest the way traditionally banked assets do. But Compound wants to create liquid money markets for cryp...More

On The Wires

Domains

CanPay Continues To Blaze Cannabis Trail With Ecommerce Integration

Tags:
Mobile Payments

"CanPay, the first legitimate debit payment solution for the cannabis industry, today announced it processes ecommerce payments, bringing greater convenience, safety, and efficiencies to retailers and their customers. In addition to expanding payments online, CanPay has doubled the number of states ...More

May 16, 2018

Headline News from PaymentsNews.com

On The Web

Companies, Security

Future Apple Biometric Security May Include Scanning Veins In A User’s Face

AppleInsider

"The U.S. Patent and Trademark Office published a patent on Tuesday called "Vein imaging using detection of pulsed radiation," granted to Apple. First applied for on November 12, 2015, the patent describes the use of an infrared emitter and a receiver that can detect blood vessel patterns below the ...More

Context, Domains

Why Paypal’s CEO Doesn’t Fear Amazon Entering Mobile Payments

TheStreet

Tags:
Mobile Payments

"Amazon began offering to pass along discounts it scores on credit card fees to retailers if they use its digital payments services, Bloomberg reported on May 2. The news sent shares of mobile payments leaders PayPal and Square sharply lower on the session. Visa also came under pressure. Here's what...More

Tech

Goldman Sachs-Backed Start-Up Circle Introducing A Crypto Version Of The US Dollar

CNBC

Tags:
Blockchain

"Fintech company Circle is looking make a better, faster, digital version of the U.S. dollar. The Goldman Sachs-backed start-up announced a new cryptocurrency pegged to the dollar and a $110 million investment round led by profitable crypto-mining company Bitmain, which brings Circle's value near $3...More