6.6.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Under the hood
Amazon is reportedly using synthetic data to embed intentional mistakes to "train" Amazon Go's computer vision technology to respond to factors that could impact the user experience for automatic checkout.
Factors such as sunlight streaming into stores or unanticipated delays due to consumer movements were introduced to diversify data for the AI engine that supports workflow for the cashierless stores, reports VentureBeat, which quoted Amazon execs at a technology conference.
As Amazon Go's network scales toward its goal of 3,000 stores, the designs and layouts will become more varied and the factors that can hinder the stores' non-payment operations will multiply. Synthetic data is used for a variety of purposes in general technology, including training AI systems and robotics.
PSD2 and open banking are considered compliance headaches, but large financial brands are starting to pick up the pace.
PayPal and Mastercard this week have accelerated their work on open banking with separate deployments, and Rabobank has also weighed in with an API for sharing payments and general account information among parties.
Rabobank will include account information from other institutions in its Rabo app, which is designed to make it easier for consumers to get a more complete view of their payment histories and finances in a centralized location. Rabobank spent more than six months in a sandbox environment with about 750 developers, and expects to bring other companies on board in the coming months.
Russian supermarket chain Dixy has deployed an ethereum-based supply chain payments engine.
The system will allow the supermarket chain's suppliers to receive payments in one day instead of the usual two-week window, reports Coindesk. Russian blockchain company Factorin is supplying the technology.
Have mobile will travel
Wirecard has inked a deal with NK, one of Sweden's most well-known department stores, to enable Chinese mobile payment methods.
Chinese mobile payments have become a major source of revenue for merchants outside of China as foreign travelers seek to make purchases in their home currency.
About 60% of Chinese tourists paid with mobile apps when traveling in 2018, according to a Wirecard release, which cited data from Alipay.
From the Web
China's Alibaba to invest $100 million in Russian e-commerce JV
Reuters | Wed June 5, 2019 - China’s Alibaba and Russia’s RDIF sovereign wealth fund will each invest $100 million in a Russian joint venture, RDIF said in a statement. RDIF also has an option to buy a further $194 million worth of shares in the joint venture from Alibaba, it said.
Bunq launches travel card to make foreign exchange fees disappear
TechCrunch | Thu June 6, 2019 - Fintech startup Bunq provides full-fledged bank accounts. But if you’re happy with your existing bank, the company is launching a new free tier so that you can cut down on banking fees. The Bunq Travel Card is a Mastercard without any foreign exchange fee.
LabCorp says 7.7 million customers may have been affected by data breach
Fox Business | Wed June 5, 2019 - LabCorp said about 7.7 million customers’ personal information may have been compromised due to a data breach at a billings collections firm — a day after competing lab testing company Quest Diagnostics also announced nearly 12 million patients were potentially affected by a similar security incident.
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