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:
Capital of innovation: Asia's the top spot in the world for new payments technology, and the race isn't even close, according to the Global Payments Innovation Jury for 2017. Based on a survey of 70 industry executives from 37 countries, Asia received 64% of the vote to finish in first place, as it has in each survey since the inaugural poll in 2008. The jury cites the impact of China and its huge e-commerce market as a large part of Asia's performance, though it also recognizes innovation in other local markets such as South Korea, Singapore, Japan and Malaysia. Among other locales, Europe was in in second place with 14%, Africa 12%, North America 8% and Latin America 2%. Europe has improved over past surveys due to an improved regulatory environment and the emergence of innovation hotspots such as Berlin.
Razer's game currency finds players: Shortly after launching a virtual currency and wallet for gaming programs, Razer has inked a deal with MOL AccessPortal, an e-payment enabler in Asia, to distribute Razer's virtual currency, according to Tech in Asia. The currency will branded ZGold-MOLPoints, and will be available to gamers at more than 1 million points of purchase in 17 countries. Users can purchase more than 2,500 content titles from PlayStation Store SEA, Facebook Game Room, Nexon, Wargaming and other game distributors. Razer's zSilver currency rewards will be available to MOL users who top their wallets and pay for digital content with zGold-MOL Points. The digital wallet, Razer Z-Vault, is available to more than 35 million users.
GlobeOnePay's route to China: The huge UnionPay base has attracted merchant acquirer GlobalOnePay, which predicts it can win more retailer share through expanded UnionPay support. The Plano, Texas-based GlobeOnePay has added PIN debit acceptance, giving merchants an addressable market of more than 6 billion cards globally. Debit is key since only 10% of UnionPay's cards are credit cards, making debit the better and faster route to reach Chinese consumers, according to GlobalOnePay. "By enabling credit and PIN debit UnionPay acceptance, merchants on the GlobalOnePay platform have access to millions of potential new clients without requiring any foreign infrastructure set up," said John Hughes, general manager of GlobalOnePay, in a press release. "It’s a simple, effective way to reach Chinese consumers and tap into the world’s most important e-commerce market."
Shields up: The ATM Security Association has formed a working group to study improvements to Intelligent Banknote Neutralization Systems (IBNS), or the stealth marking of money to make it unusable after a theft. IBNS uses ink or another marking agent when an attack on a cash storage system is detected, such as an ATM, an ATM network, a Brinks truck or a vault. Once the money is marked, it can be linked back to a crime scene and cannot be easily put back into circulation, a process designed to make it harder for crooks to use stolen money and easier to catch. The ATM workgroup hopes to make IBNS more "holistic" to protect money throughout its cycle, not just at ATMs and cash machines, but for notes in transit or storage. It will develop a set of guidelines or IBNS requirements for embedded sensors, network monitoring and the replenishment of cash cassettes, or the containers inside ATMs that store paper money.
From the Web
Wall Street says PayPal shares will keep surging due to its Venmo app
CNBC | Wed Jun 21, 2017 - The company will report earnings above Wall Street expectations next year, according to Pacific Crest, which raised its rating on the online payments giant to overweight from sector weight. "PayPal is moving beyond the 'investment' phase of Consumer Choice [credit card or bank account funding] and Venmo to the harvesting phase. Pricing, capital deployment, and opex improvements may become more fully appreciated as most of these opportunities are in an early stage," analyst Josh Beck wrote in a note to clients Tuesday.
Precise Biometrics sells mobile smart card solutions unit
Reuters | Wed Jun 21, 2017 - Precise Biometrics AB sells Mobile Smart Card Solutions business to German IDENTOS. Precise Biometrics further increasing its focus on the Fingerprint Technology business area. Net sales for remaining business operations in 2017 are expected to be on par with comparable net sales for 2016. The company expects positive f/y net result for remaining operations. As compensation for the divested business area, IDENTOS will pay Precise Biometrics commission on sales of Tactivo during 2018-2020. Precise Biometrics estimates commission will not have significant impact on earnings.
Credit card skimmers found at Teachers Credit Union locations
Fox | Wed Jun 21, 2017 - Dozens of people may be a risk for credit card fraud after skimmers were found at two Teachers Credit Union ATMs. Bank officials say they were alerted to the breach on Tuesday after customers reported suspicious charges after visiting a branch at 2331 N Meridian Street. Later that day they say another customer at their Avon branch reported finding a skimmer on an ATM.
More from PaymentsSource
Amex's aggressive, hands-on strategy for Facebook chatbots
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Amazon's pressuring banks to engage merchants more directly
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Denmark cracks down on money laundering as bankers face prison
Denmark is tightening its anti-money laundering laws in response to revelations in the so-called Panama Papers, with the government targeting tougher prison sentences for individual bank managers and consultants involved in breaches.
Payoneer's Brexit play targets companies moving to non-EU markets
Cross-border payment gateway Payoneer has opened a new office in London, citing demand among U.K. businesses that want to expand beyond Europe as the U.K. starts its separation from the European Union.