Headline News from PaymentsNews.com – August 8, 2017

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ON THE WEB

  • J.P. Morgan Chase Axes Popular Debit Card Feature – Wall Street Journal (Paywall) – “J.P. Morgan Chase & Co. has quietly canceled a popular program that allowed customers to replace lost debit cards at many of its 5,300 branches, responding to factors including an uptick in fraud, according to people familiar with the matter. The change means that customers who lose their debit card or have it stolen will have to wait for a new one to be mailed to them. “
  • Worldpay wins more time for Vantiv talks – Financial Times – “Worldpay has been granted a last-minute extension for Vantiv to make a firm takeover offer, in a move that pushes back both payment processing companies’ earnings results until later this week. “
  • Marriott Will Accept Alipay As Part of an Ambitious Joint Venture With China’s Alibaba – Digital Transactions News – “Through the partnership, Bethesda, Md.-based Marriott, a $14.5-billion business that also owns the Starwood and Ritz-Carlton hotel brands, will cater to a market that will include a projected 700 million trips by Chinese tourists over the next five years, according to figures from Alibaba. Beyond this, Alibaba’s mobile platform boasts 500 million monthly users, the online-marketplace company says.”
  • Modernizing the U.S. Payments System: Faster, Cheaper, and more Secure – The Big Picture – “With these considerations in mind, two years ago the Fed convened the Faster Payments Task Force (FPTF), a group of more than 300 experts and interested parties from a wide range of backgrounds with the objective to “identify and evaluate alternative approaches for implementing safe, ubiquitous, faster payments capabilities in the United States.” Earlier this month, the FPTF issued its second and final report, which contains a set of 10 recommendations for making the payments system faster, cheaper and more secure.”
  • Transactions Bloom on First Data’s Clover Devices, but Merchant-Acquiring Ventures Lag – Digital Transactions News – “The company has now shipped more than 350,000 Clover devices. Excluding payments on the Clover card-accepting dongle for mobile devices, volume on Clover systems is now running at $45 billion annually, up 75% from a year ago, chief financial officer Himanshu Patel said Monday on First Data’s second-quarter earnings conference call with analysts.”
  • Crypto Researchers Brace For Quantum Computing’s Threat To Security – Wall Street Journal CIO Journal blog – ““Classes of problems that are impossible to solve on a classical supercomputer become easy to solve when you have a large-scale quantum computer. One of those is the underlying math that protects (our) secure transactions today,” said Scott Totzke, co-founder and CEO of Isara Corp.”

ON THE WIRES

  • WEX Launches New Buyer/Supplier Integrated Payables Solution on a Single Platform – “oday, WEX Inc. (NYSE: WEX) introduced a comprehensive B2B electronic payments platform designed to simplify the accounts payable process and optimize the value of every supplier disbursement. WEX’s Integrated Payables application will enable companies across a wide variety of industries to reduce costs, streamline processes and mitigate risk, while capitalizing on discount and working capital opportunities.”
  • New Tesco Bank Mobile App Feature Provides Extra Help To Customers If Their Credit Card Is Lost Or Stolen – “Tesco Bank is to make it easier for customers to report their card lost or stolen by adding a new ‘block / unblock’ feature to the Bank’s Mobile Banking App. With over 300,000 customers contacting the Bank over the last year to report their card lost or stolen, customers can now use the Mobile Banking App to quickly and easily block their card ensuring that it cannot be used further, while keeping their account active.”
  • Absent Federal Banking Support, Cannabis Market Shows Growing Interest in Proprietary Bitcoin Payment Solutions – “Because of federal regulations barring traditional financial institutions and credit card companies from offering their services, the booming marijuana industry, with almost $7 billion in reported sales[2] last year, is facing a massive cash flow problem. Cannabis merchants are forced to accept cash-only transactions, which create a constant security threat and accounting issues, further limiting most companies’ ability to grow and expand their business. “

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