The information you need to start your day, including top headlines from PaymentsSource and around the Web. In today's briefing:
A big week for the 'pays': Apple Pay, Samsung Pay and Android Pay are starting to pick up the pace. In addition to Apple Pay's suddenly dramatic uptake, Samsung Pay is also accelerating, adding technology and entering new markets--it's expected in Russia, Thailand and Malaysia by the end of the year. At the same time, Google has expanded Android Pay, cutting deals with the card networks to make its wallet available on sites that accept Visa Checkout and Masterpass, easing authentication and exposing Android Pay to hundreds of thousands of new merchant websites. For all three 'pays,' the deals are about more than just extending reach to new merchants and e-commerce sites. They also address interoperability, authentication and marketing, three necessary elements in the advancement of mobile payments.
Did 'Brexit' kill Misys' public offering?: Financial technology company Misys is becoming one of the more visible examples of the challenging political environment that followed this summer's U.K. referendum to leave the European Union. The London-based company, which sells core banking systems, wearable payment technology and a payment gateway, first slashed the size of its $7 billion IPO a few weeks ago amid a weakening market outlook tied to the Brexit vote. Now it's cancelling the offering due to a lack of investor interest, according to the Guardian. Brexit is the culprit, Bloomberg reports, adding the difficult post-Brexit environment will have a broader chilling effect on the British IPO market.
Amateur hour for PayPal attack: Last week's big denial of service attack that targeted major websites, including PayPal, Twitter, Amazon and the New York Times, was likely the work of amateurs instead of a professional weaponized hack funded by the Russian government, as has been speculated. Business intelligence firm FlashPoint reports the source was probably much less sophisticated. Why? Flashpoint reports the infrastructure used for the attacks was also recently used to target a video game company. The tech experts at FlashPoint say that's more in line with people who frequent online hacking forums than hacktivists, state-related hacking or political protest organizations. Also, the attack on Dyn DNS' domain name system was caused by technology tied to a hacking forum, which again makes it less likely be part of a formal conspiracy, according to Flashpoint.
Father of alleged JPMorgan hack suspect tied to payment crimes: A Florida resident whose son's bitcoin exchange is at the center of alleged nine-figure hacking schemes that targeted JPMorgan Chase and other companies, is expected to plead guilty to undisclosed financial crime charges today in New York, according to Bloomberg. Michael Murgio was initially charged with conspiring to commit money laundering. Murgio's son, Anthony Murgio, is accused of crimes connected to Coin.mx, a bitcoin exchange that has ties to Jose Freundt, a Coin.mx employee that pled guilty earlier in October to six criminal counts, including operating an illegal payments business. In addition to JPMorgan Chase, hackers allegedly used Coin.mx and related illegal payment activities as part of a scheme to launder money, fund and target web attacks on other finacial institutions and media companies including Dow Jones. The hacking ring also allegedly engaged in stock scams and illegal online gambling, generating hundreds of millions of dollars.
From the Web (powered by Wiser)
Accepting payment on jobsites may improve cash flow
Total Landscape Care • Jill Odom
Invoices that are not paid on time can result in major headaches for any number of businesses, but late payments can be especially troublesome for landscaping companies that depend on steady cash flow to keep things running smoothly. One way to improve.
The father of M-Pesa on being innovative in Africa
How We Made It In Africa – Insight into business in Africa • Kate Douglas
Listening to customers – and the data gathered from them – is key.
Souped-up SIM allows mobile payments where there’s no network
New Scientist • Hal Hodson
A new device lets people make mobile payments in areas without cell phone coverage, aiding in parts of the world with limited mobile and banking access
More from PaymentsSource
How South Korea's bold history made Samsung Pay possible
Samsung Pay, just over a year old and set to enter its 10th global market by the end of the year, is bringing more features to the U.S. that it first introduced in its home country — a place that is far different from the other markets the company targets.
Chargeback sharing gap hurts issuers, merchants and consumers
It is important to seek new ways to minimize credit card chargebacks and increase the availability of data. The most cost-effective way to do so is to ensure a steady stream of data is available to enable all parties involved to have the same information needed and at the time they need it most.
Merchants aren't matching shoppers' zeal for security: Report
If online merchants can keep their sites secure, they stand to make big gains from a consumer base that is overwhelmingly willing to play its part in protecting payment credentials.