Welcome to the PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
Irish banks cool on Apple Pay: It's not at the level of Australia's battle between banks and Apple, but Apple Pay is launching in Ireland with less than full support. 9to5Mac reports only two banks, Ulster Bank and KBC, are supporting Apple Pay, which went live in Ireland today. Among the country's other major banks, only AIB has said it's in talks with Apple, and has nothing to announce yet. At this point, there's no sign of the hostility that has accompanied Apple Pay's launch in Australia, where banks are pushing to get Apple to open up the iPhone NFC chip for third-party wallets. Despite the lack of bank support, 9to5Mac reports most of Ireland's major merchants are advertising Apple Pay. Apple Pay is also expected to launch in Italy shortly, according to 9to5Mac.
Feds warn on virtual currency: Government officials are getting worried about the security risks behind digital currency. Reuters reports Fed Governor Jerome Powell told an audience at Yale Law School that digital currencies are vulnerable to web attacks, cyber counterfeiting, and other criminal activities. Virtual currency privacy risks have also not been resolved, according to Powell. Security risks have dogged virtual currency for years, making banks reluctant to adopt Bitcoin beyond using the underlying distributed ledger technology. In Powell's case, the concern is central governments issuing their own virtual currency. Powell did not identify specific countries, but China is reportedly building its own virtual currency. The risks tied to virtual currency require a level of monitoring that could dilute its anonymous appeal, according to Powell.
No more outsourcing for Monzo: Digital payment company Monzo is insourcing its card processing after a third-party outage left clients unable to use the service for most of the day on Sunday. The company reports its services were working as of Monday. Monzo used a third-party processor when it started testing about a year ago. The decision "made sense," according to the company. But as it readies to launch a new account service later this year, Monzo will use a direct connection to Mastercard, which it has just completed. "Going forward our strategy is to bring all critical systems in-house and continue to develop our own platform atop modern technology which we control," said Oliver Beattie, head of engineering at Monzo, in the company's statement.
When will physical wallets die?: Traditional non-mobile leather wallets are still around, though at a number of retailers that won't be the case for long. New research from JPMorgan Chase and Forrester found 27% of merchants believe old school wallets will be obsolete in 20 years, while 44% believe cash will be a memory by that time. Those numbers fall in line with consumer expectations, as 40% predict cash will be obsolete in 20 years and 23% believe wallets will be in the dustbin. There's also good news for technology in the short term, as 39% of consumers say they will sign up to use digital wallets in the next year.
From the Web (powered by Wiser)
Mobiles, Blockchain and Cryptocurrencies Can Expand, Or Threaten, Banking
Forbes • Contributor, Tom Groenfeldt
Banking is contrary to some appearances, a fast-moving business, or at least a target. Chris Skinner's new book, Value Web suggests some ways to improve and offers excellent case studies.
Samsung Pay is Finally Available in India and Here’s How To Get It!
Trakin' the india business buzz • Abhishek Joshi
Korean electronics manufacturer, Samsung Mobile, was testing its NFC-enabled payment solution, Samsung Pay in India. Today, the company has finally unveiled this payment platform in India for select few Samsung Galaxy Android smartphones.
Banks may get incentives for digital push
The Economic Times of India • Dheeraj Tiwari
The incentive is aimed at encouraging banks to onboard merchants for the new payments ecosystem and build the requisite infrastructure.
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