Headline News from PaymentsNews.com – June 19, 2017

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ON THE WEB

  • Meet the Chinese Finance Giant That’s Secretly an AI Company – MIT Technology Review – “The smartphone payments business Ant Financial is using computer vision, natural language processing, and mountains of data to reimagine banking, insurance, and more.”
  • Instant Payments and the Post-PSD2 Landscape – Ovum – “This ground-breaking study quantifies the detrimental effect Instant Payments and PSD2 will have on traditional credit and debit card payments in Europe and provides the only quantitative insights into exactly how and when this decline will take place. It also shows how Instant Payments under PSD2 will change the way consumers pay for goods and services, revolutionising e-commerce, and delves into potential ways banks can mitigate these threats.”
  • Klarna gets a full banking license, gears up to go beyond financing payments – TechCrunch – “The license will give Klarna — which up to now has powered payments for 60 million customers and works with 70,000 merchants — the ability to turn on a range of new banking products and services for its customers across Europe. These could include issuing payment cards; and moving into products to become an all-in-one digital wallet.”
  • The Amazon-Walmart Showdown That Explains the Modern Economy – New York Times – “With Amazon buying the high-end grocery chain Whole Foods, something retail analysts have known for years is now apparent to everyone: The online retailer is on a collision course with Walmart to try to be the predominant seller of pretty much everything you buy.”
  • San Francisco retailers offer special discounts and prizes through Apple Pay – NFC World – “US consumers will be given exclusive offers and discounts on purchases when they choose to make a payment using Apple Pay in stores across the Hayes Valley Shopping District and San Francisco Marina as part of Apple’s Lose your Wallet promotion.”
  • Contactless now the favoured way to pay for British shoppers as spending leaps 34 per cent since the start of 2017 – Barclays Bank – “As the tenth anniversary of Barclaycard introducing contactless technology to the UK approaches in September, this latest insight reveals ‘touch and go’ is now the preferred way to pay among British shoppers. More than half (51 per cent) of all transactions up to the eligible spending limit of £30 are now made using contactless, which shaves seven seconds off the time taken to process a transaction compared to Chip and PIN.”
  • Bitcoin Is Digital Gold. But Will You Buy a Sandwich With It? – Bloomberg – “Even as the euphoria over bitcoin reached a fever pitch last week as the price surged to almost $3,000, slow transaction times and inertia are helping to prevent it from achieving widespread usage. Adoption has slowed, according to Morgan Stanley, after a slew of companies from Microsoft Corp. to Expedia Inc. initially trumpeted its use, and hurdles remain when it comes to longer-term viability.”
  • 5 billion people now have a mobile phone connection, according to GSMA data – VentureBeat – “Planet Earth has hit a notable technological milestone, with five billion people globally — or two-thirds of the world’s population — now laying claim to a mobile phone connection.”
  • Credit Card Breach at Buckle Stores – Krebs on Security – “The Buckle Inc., a clothier that operates more than 450 stores in 44 U.S. states, disclosed Friday that its retail locations were hit by malicious software designed to steal customer credit card data. The disclosure came hours after KrebsOnSecurity contacted the company regarding reports from sources in the financial sector about a possible breach at the retailer.”

ON THE WIRES

  • DailyPay Powers Instant Access to Pay for Hourly Workers Through Digital Disbursements from Fiserv – “Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that financial technology start up DailyPay is leveraging Fiserv money movement technology to allow companies to provide employees instant access to their earned wages. DailyPay is utilizing Digital Disbursements from Fiserv to enable these payments, providing people access to their pay 24 hours a day, even on weekends and holidays.”
  • New Mobile Payment Option For PNC Bank’s Visa® Commercial Cardholders – “PNC Bank, N.A., announced today a new mobile payment option enabling Visa® commercial cardholders to use a smartphone or mobile device to make corporate purchases via Apple Pay™, Android Pay™ and Samsung Pay®. PNC is one of the first U.S. banks to enable mobile wallet payments for commercial cards that may be used to make travel-related and in-store purchases.”
  • A New Voice in E-Commerce: SnatchBot, the Free Bot-Building Platform-as-a-Service, Now Allows Bot Admins to Accept Payments via PayPal – “SnatchBot is a free complete platform-as-a-service (PaaS) designed to eliminate the complexity of bots and help customers build the best possible messaging experience for consumers. Already the company boasts a clientele of some of the world’s premiere brands, and is now among the first PayPal merchant bots that can accept payments on all of its supported channels.”

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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!