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:
Visa and Walmart end their feud in Canada: Walmart will begin accepting Visa cards in Canada today, following a dispute between the two companies, according to a statement from Walmart. The retailer’s statement was brief, and did not reveal terms of any new deal between Walmart and Visa. Walmart stopped accepting Visa cards in Canada in 2016, starting in Thunder Bay, Ontario, and then extending the ban across the country later in the year, contending Visa was charging too much for transactions. The ban was part of a broader squabble over fee negotiations as both companies build out their own mobile payment applications.
Amazon writes another retail page: Fresh of off the buzz from its "no checkout" concept store, Amazon is expanding what's perhaps its most ironic attempt to disrupt tradition retail. ReCode reports Amazon will open a bookstore in the Time Warner Center, near Central Park. The store, which will open at some point in 2017, will join retailers in the Time Warner Center's mall, such as J. Crew, Diesel and Microsoft. It won't be joining Borders, which once operated a bookstore in the upscale mall but no longer does. The Amazon store won't be entirely an old-school bookstore. While it will include bestsellers from Amazon's e-commerce book site, it will also showcase Amazon's new gadgetry, including Echo, which has attracted banks that are interested in financial uses for voice technology. Amazon already has a bookstore in Seattle, and ReCode reports Amazon also plans to open bookstores in Boston and Chicago.
Salesforce stakes a claim in e-commerce: Salesforce is already collaborating with other technology companies to enable transaction processing software, and it's now taking a stake in e-commerce. VentureBeat reports Salesforce Ventures, Salesforce's corporate investment unit, is part of a $20 million investment round in CloudCraze, an e-commerce startup that integrates into SalesForce's cloud service. CloudCraze sells technology that connects buyers and sellers across different digital channels, and touts a client list that includes Coke, GE and Kellogg's. Salesforce has been active on the investment front in e-commerce, recently acquiring Demandware, one of CloudCraze's competitors.
U.K. ATMs are busier than ever: While British competition watchdogs pressure ATM mergers, a robust picture of the country's ATM market is emerging. Finextra reports the holiday season was the busiest period ever for cash machines on the Link network, as nearly $1 billion was withdrawn over the holiday week. Link said more than $150 million was withdrawn on Dec. 24 alone. And people withdrew about $16 billion from 70,000 Link ATMs in December, an increase of 3.5% over December 2015. The U.K. government is pressuring Mastercard to address competitive issues related to its acquisition of VocaLink, which supplies the software that runs Link ATMs.
Tesco's sequel may be worse: The large data breach at the bank operated by the U.K. retail chain Tesco in late 2016 may be just the start, according to Richard Benham, chairman of the National Cyber Management Centre, the BBC reports. Drawing on the recent trend of hacks ranging from retailers to the U.S. presidential election, Benham suggests web criminals are gaining the upper hand and predicts a bank attack in the near future that will be large enough to cause the bank to fail due to a loss of confidence and a "run" on that bank. The BBC also cites research from Trend Micro that predicts a growth in ransomware due to crooks renting out technology that breaks into computer systems, encrypts data, then demands payment to decrypt it. Distributed denial of service attacks, which can overwhelm banking systems, are also expected to spike in the coming year, according to the BBC.
From the Web (powered by Wiser)
Paytm mobile wallet transactions hit 1 billion in 2016
Mobile World Live • Chris Donkin
Indian mobile wallet provider Paytm recorded one billion transactions across its user-base of 177 million customers ... The post Paytm mobile wallet transactions hit 1 billion in 2016 appeared first on Mobile World Live.
China spends more than ever on Alipay amid mobile payments boom
Tech in Asia • Steven Millward
Online and in-store cashless payments are rocketing in China, with the nation's top wallet app, a spin-off from Alibaba, leading the way.
Fast Casual CEOs predict the future
FastCasual.com • Cherryh Cansler
Several CEOs weigh in on the year's unfolding trends.
More from PaymentsSource
Why is the U.K. throwing up roadblocks for ATM deals?
When Diebold wrapped up its $1.8 billion Wincor Nixdorf acquisition last August, there was one asterisk on the deal: The U.K. Competition and Markets Authority (CMA)—which this week threw a flag on Mastercard’s proposed acquisition of VocaLink—wanted to explore whether the ATM network giants’ merger stifled local competition.
Federal e-invoicing is complex, but cross-agency tech sharing can ease the pain
The Office of Management and Budget (OMB) has issued a memorandum announcing the future mandating of electronic invoices by end of fiscal year 2018.
Many EMV roadblocks remain out of merchants' control
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Samsung launches $150M fund for startup collaboration
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