Welcome to the new PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
China investment in mobile payments, fintech: China, which has already passed the U.S. by some measures when it comes to financial technology innovation, is putting its foot on the gas in the new year. A group of state owned companies and private enterprises has formed a $1.44 billion fund dedicated to financial technology dealmaking. Finextra reports the fund, Asia FinTech Merger and Acquisition Funds of Funds, is lead by Credit China FinTech Holdings and other companies such as Shanghai Xinhua Distribution Group, China Huarong International and more than a half dozen others. The group will look for investments and acquisition targets in all of the hot spots in financial technology, including mobile payments, blockchain, artificial intelligence, data analytics and automated supply sourcing. Finextra reports Chinese investments grew by nearly $9 billion last year, and have doubled since 2010.
"No computer is safe," Trump says: Meanwhile, incoming President Donald Trump verbally attacked computers twice in the past week, contending technology can be less secure than more traditional means of communication. The Verge reports Trump told reporters at his New Year's Eve party at the Mar-a-Lago club in Florida that "no computer is safe...I don't care what they say." Trump added it's more secure to do things "the old fashioned way," and if something is really important, "write it out and have it delivered by courier." Last week, he told reporters that the "age of the computer" has created an environment in which "nobody knows exactly what's going on." Trump's missives on emerging technology have been mixed. He's voiced opposition to net neutrality, a position that many developers say will stifle innovation. But he's also linked his incoming administration to accelerated financial technology investment.
The breach train continues: Topps, which makes trading cards for sports leagues and movies, has told customers its system has been breached and attackers may have gained access to debit and credit card information, as well as other personal data, according to Sports Collectors Daily. The breach dates to the summer of 2016, and some consumers report their card numbers have been used to make fraudulent purchases after ordering through the Topps NOW platform. The trading card company said it's working with its web developer and a security company to address the security vulnerability.
The U.K.'s slow coin swap out: While India's recent cash replacement was sudden and chaotic, the U.K. is going slower with its new coin. The BBC reports a new One Pound coin will enter circulation on March 28. The coin is constructed to be less prone to counterfeiting due to its materials and extra measures the government is not disclosing. The public is being urged to either spend their existing coins over the next three months, or deposit them in the bank. The U.K.'s efforts to introduce new money have not been entirely smooth, however. Some of its new bills have drawn protests due to the money's imbedded materials.
From the Web (powered by Wiser)
Pizza Hut slashes mobile ordering prices in a bid to entice diners
CNBC • Sarah Whitten
Pizza Hut is offering a new promotion to entice diners to place digital orders.
Bitcoin tops $1,000 for first time in three years as 2017 trading begins
The Guardian • Simon Goodley, Agencies
Digital currency outperformed all its central bank counterparts in 2016 with 125% rise in value Bitcoin has started 2017 with a bang, with its value hitting a three-year high of more than $1,000 (£815). .
PSA: Venmo Is a Low-Key Amazing Way to Stalk Celebs
StyleCaster • Hilary George-Parkin
Who else remembers the days before Instagram, when finding any scrap of personal information about a celebrity—an unseen family photo, perhaps, or a clipping from an old high-school yearbook—was akin to digging up gold? In 2017, there’s a veritable ocean of information.
More from PaymentsSource
Is Amazon Go a threat to banks and payment companies?
Amazon's checkout-free shopping model, currently in testing with employees, is a clear threat to the status quo for retailers. But does it also pose a risk for banks?
Payments and fraud are proliferating. So should monitoring tools.
Online fraud isn't going away. In fact, it will get much worse in the coming year.
7 predictions for 2017
2017 promises to be a defining year for many in the payments industry. Here's a look at what to expect.