5.16.17: Your morning briefing
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:
Switzerland preps ATMs for mobile: Swiss banks are developing a standard to simplify ATMs as cardless ATM technology starts to accelerate, reports MondoVision. Payments processor SIX leads the effort, which is called ATMFutura. The initiative includes multiple software vendors and the country's banks. ATMFutura's common standard will replace the 20 different self-service models from four different ATM manufacturers in Switzerland, and functions that are specific to individual banks will be possible across the entire ATMFutura Network. These functions include cash withdrawals and deposits using a smartphone QR code and the free selection of accounts for withdrawals. The first ATM with the new software is being tested at a Credit Suisse branch in Zurich, with UBS joining the pilot shortly. ATMFutura will also take over monitoring and managing machines after the full deployment, which is scheduled for 2018.
French wallet set to launch: The collaborative French mobile payments app Lyf Pay is set to debut on Thursday, according to a release from Carrefour, the large French retailer and one of the venture's supporters. Lyf Pay results from the combination of Wa!, a BNP Paribas-based mobile wallet, and Credit Mutuel's Fivory. Lyf Pay allows consumers to make in-store and online payments, send P-to-P transfers, settle invoices and use loyalty points and coupons. The parties first announced their joint wallet in October 2016, and also lured Auchan, another French retailer, Mastercard and other financial institutions. The app integrates payments, loyalty cards and coupons to produce alerts from stores that consumers frequently use. At launch, Lyf Pay's merchant supporters will include the petrol chain Total, hospitality groups, non-profits and student organizations.
That's one way to stop ransomware: As the huge ransomware attack from the past few days starts to settle, some odd stories are coming out, such as the inability of some people to pay ransom because they don't know how to use bitcoin. Then there's India. The Indian government, which set off chaos last year when it swapped out 85% of India's money with little notice, this week allegedly ordered ATMs shut down as a precautionary measure against the WannaCry ransomware, according to the Times of India. The government told banks to not operate ATMs until an update was installed to protect machines from the malware. However, a spokesperson for India's central bank said the shutdowns were not mandatory, but were suggested until the updates were complete. In February, India's finance department reported more than 70% of India's ATMs were still running on an older version of XP that could be vulnerable to WannaCry.
Innovation as regulation: As China's government negotiates terms that could result in more financial technology use in the country, Chinese authorities are seeking ways to use innovation as part of regulation. The People's Bank of China has formed a committee that will investigate the impact of financial technology on monetary policy and how big data and artificial intelligence can be used as part of regulatory oversight, reports Finextra. Much like private sector companies, the government predicts AI, the cloud and big data can remove inefficiencies and boost the speed and performance of supervision. The Chinese central bank is also working with other parties inside and outside of China to promote "healthy" innovation and a "stable" payments and settlement system.
From the Web (powered by Wiser)
Your Mobile Money: Surviving A Day In China Without Cash Or Cards
Forbes • Forbes Staff, Yue Wang
When people say cash and credit cards are a thing of the past in China, it's not hyperbole. Here's a firsthand glimpse into how mobile payments have become a fixture in the daily routines of many Chinese.
Department store troubles continue
Business Insider • Jonathan Camhi
Nordstrom and JCPenney both reported declining same-store sales for Q1 2017 on Friday, rounding out a week of department store earnings announcements that…
Digital Payments – Unlocking the World of Discounts and Rewards
MyVenturePad • Smith Big
Digital Payments – Unlocking the World of Discounts and Rewards Technology has evolved manifold in the last few years. It has affected every sphere of our lives, from the education system to payments. Easy and secure payments have always been a topic...
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