3.14.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Fitbit Pay now costs extra
Fitbit Pay was never the biggest selling point of last year's Fitbit Ionic smartwatch, and this year's Fitbit Versa watch omits the wearable wallet entirely — unless users are willing to pay $20 extra for a "special edition," TechCrunch reports.
The difference in cost stems from the inclusion (or lack thereof) of an NFC chip for contactless payments. Ultimately, Fitbit may be letting the market decide whether a wearable wallet is worth driving up the cost of a smartwatch.
Doesn't want crypto money
Crypto.com would seem to be the perfect domain name to own in today's cryptocurrency-crazed market, but its owner, Matt Blaze, isn't interested in cashing in, The Verge reports.
Blaze, a cryptography researcher and an associate professor at the University of Pennsylvania, has owned the domain name since 1993, the article states. Niko Younts, who sold BitcoinWallet.com for $250,000 in 2014, told The Verge that crypto.com could sell for up to $10 million — if its owner was interested in selling.
Location data, location data, location data
A fitness app that lets users share location data sounds like a fun idea, but it could also threaten national security.
App maker Strava is restricting data-sharing after it learned the jogging routes its users voluntarily published were inadvertently exposing military deployments when used by military personnel, Reuters reports. The new version will share workout routes only when multiple people have shared that data, and non-registered users will get only a high-level view of the maps.
Even this might not be enough; the underlying data presumably still exists on Strava's servers, making the company an appealing target for spies to hack, the article notes.
Chase rewards PayPal
PayPal has made the cut as one of the rotating reward categories on JPMorgan Chase's Freedom credit card.
Chase typically uses its reward categories to nudge spending in certain use cases. In the current rotation, it is urging the use of mobile wallets — not just its own Chase Pay app — as a reward category.
In the new rotation, which begins next month and runs through June, PayPal joins Chase Pay transactions and grocery shopping to earn customers 5% cash back on up to $1,500 in purchases across all three categories.
From the Web
Coinbase gets e-money license in the UK, will add Faster Payments to speed up fiat deposits
TechCrunch | Tue Mar 13, 2018 - There will be welcome news for cryptocurrency fans in the U.K. and Europe. Coinbase, one of more popular and accessible cryptocurrency exchanges, has been granted an e-money license by the U.K. regulator the Financial Conduct Authority (FCA).
How a Bank's AI Credit Card Could Help Solve the Equifax Problem
Fortune | Tue Mar 13, 2018 - Capital One has figured out a way to harness artificial intelligence to keep consumers’ credit card data more secure. The bank will now allow its customers to pay with a separate, virtual credit card number—instead of their real one—every time they make an online purchase, Capital One announced at the South by Southwest conference in Austin, Texas.
Bitcoin start-ups in Asia take aim at remittances market
Reuters | Tue Mar 13, 2018 - Bitcoin, battered by warnings about volatility and bubble-like appreciation, may have found a way to play a niche role in a big market: overseas money transfers. Used as a transfer mechanism rather than a currency, bitcoin circumvents banks’ transaction fees.
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