2.21.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
That's causing heavier volume for some counties, including the Netherlands, which reports the Dutch central bank is processing about 20 PSD2 licences for U.K. firms wishing to offer payments and account initiation services, reports Finextra.
PSD2, which is designed to enable data sharing between banks and third parties such as fintechs, went into effect this month in the Netherlands. PSD2 is already in effect in the U.K., though firms want to ensure they also have an additional license in EU, according to Finextra.
Crypto state of mind
New York's bitlicense has paved the way for government actions in other states to support cryptocurrency, with Wyoming taking steps to lure cryptocurrency businesses.
The state's House of Representatives has passed a bill that classifies digital assets as property, in a move to encourage bank support, according to Coindesk.
Wyoming's state House additionally passed bills that allow tokenized securities and special depository businesses to serve blockchain businesses, which often have a hard time establishing relationships with banks.
Map of payments
Transit app Citymapper is trying to respond to the proliferation of new ticketing and payment methods on mass transit systems via a prepaid card to serve myriad services in London.
The card is a subscription service that applies a monthly fee for zone-based access to TfL's network of metro trains, commuter rail, trams and buses, with added costs for bike and car sharing access, reports Wired.
Citymapper plans to add ancillary services such as e-scooters and private transportation services to the prepaid card, though that would require the technology company to enter separate deals with each company.
Paytm hires former Amazon exec
Suresh Vasudevan is the new CTO at Paytm Money, the wealth management unit of Indian mobile payment company Paytm.
Vasudevan, who was most recently the head of engineering for Amazon's Alexa Skills Certification Platform, will work on AI and data science for Paytm Money, TechCircle reports.
He also has experience with several payment, e-commerce and fintech startups in the Indian market, according to TechCircle.
Bluefin, an early provider of point-to-point encryption (P2PE) services, has received certification from the PCI Security Standards Council enabling the Atlanta-based firm to sell components of its services to other companies.
The certification means Bluefin can take over the device management tasks—which can be a compliance headache—for other companies with their PCI-validated P2PE systems, including payment gateways, processes and third-party providers, Bluefin said in a recent press release.
Bluefin’s P2PE Manager, announced last year, enables any company with its own P2PE solution—including larger merchants—to outsource the job of managing payment devices, which requires ongoing monitoring and maintenance.
From the Web
Elon Musk: 'Paper money is going away'
CNBC | Wed February 20, 2019 - Silicon Valley billionaire Elon Musk has sounded the death knell for cash. "Paper money is going away," Musk said. In particular, he said the technology behind bitcoin is "quite brilliant" and "it seems like there is some merit to etherium and maybe some of the others."
Zuckerberg Eyeing Blockchain For Facebook Login And Data Sharing
Forbes | Thu February 21, 2019 - Zuckerberg said he is “potentially interested” in putting the Facebook login on the blockchain as well as implementing a blockchain system “that’s fully distributed” which could let individuals pick and choose which apps to allow access to and limit the amount of data shared.
AlipayHK sees broad scope for mobile payments
China Daily | Wed February 20, 2019 - AlipayHK is poised to ride on the wave of the newly released outline for the Guangdong-Hong Kong-Macao Greater Bay Area megaproject, amid hopes of a broader scope for its mobile payment service within the would-be super powerhouse in the Pearl River Delta.
More from PaymentsSource
5 key developments in P2P adoption
Consumers are expressing an ever-increasing interest in making digital Person-to-Person payments to friends, families and even businesses for bills, shared expenses or temporary loans. Digital P2P payments are quickly beginning to displace other payment forms such as cash and checks due to their convenience and growing ubiquity.
Adyen and KLM use open banking to skirt payment cards
Through a partnership with Adyen, Dutch airline KLM is one of the first large merchants to adopt an online payments approach that bypasses payment cards, powered by PSD2's open banking framework.
Bottomline, UMB try 'easy' tech to solve B2B's paper problem
As blockchain and other emerging innovation pour into the B2B market, Bottomline Technologies believes bank collaborations with smooth deployment and user experience can lure anxious businesses away from checks.
Regulators can loosen crypto rules, but they can’t change minds
States are changing how they regulate bitcoin, but convincing merchants and consumers to jump-start a dreary cryptocurrency payments market is another matter.