3.6.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Amazon in Mexico
Mexico's pending mobile payment system is drawing attention from e-commerce companies Amazon and MercadoLibre, which have reportedly approached the Mexican government about supporting the system.
Amazon and the Argentine MercadoLibre are "in talks" with Mexcio's central bank about participating in the system, called CoDi, according to The New York Times and Reuters. The central bank confirmed the talks to the paper and wire service, but Amazon did not; and MercadoLibre said it was in contact with the government.
CoDi, which is designed for underbanked users but is also available through banks, is slated to go into pilot this month.
More trouble for Revolut
Revolut is already facing regulatory heat for money laundering compliance, and is now the subject of a fraud investigation by the City of London Police.
The police received a complaint from a former foreign exchange trader, Paul Carlier, who said his wife had not received a payment of about $100,000 that was owed to her in January. Mr. Carlier contends Revolut told his wife his account was "shut down," though the funds had been sent to another person's account by mistake, the Financial Times reports.
Carlier contents he tried to reach Revolut for weeks, but Revolut "ignored" requests for information. The FT quoted Revolut as apologizing for any distress that it may have caused.
Gaming clips add pay button
Video game company Medal has acquired Donate Bot to support payments through the gaming site.
The acquisition will support a service for Medal users with more than 100 followers to accept donations, subscriptions and other payments through embedded clips on Medal, reports TechCrunch.
Medal will also integrate with other content crowdfunding sites such as Patreon, Shopify, PayPal.me to streamline the user experience, according to TechCrunch.
Square's original app developer Tristan O'Tierney dies
Tristan O'Tierney, an engineer who developed Square's first iPhone app, died in Florida on Feb 23. He was 35.
Jack Dorsey hired O'Tierney, who is generally credited as a Square co-founder, in 2009. O'Tierney left the company in 2013. O'Tierney also worked for Apple and VMWare.
From the Web
Indian central bank fines 19 lenders for non-compliance on SWIFT use
Reuters | Tue March 5, 2019 - India’s central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT. Four bankers whose institutions were fined said that most of the issues related either to interpretation of the RBI’s guidelines or minor technical matters.
London-based Soldo has secured an e-money license from Ireland as a hedge against ‘crazy’ Brexit
TechCrunch | Tue March 5, 2019 - Soldo, the London-based fintech startup that offers a multi-user spending account primarily for businesses, has secured an Electronic Money Institution licence from Ireland’s Central Bank, a move the company says is designed to mitigate against the uncertainty of Brexit.
UK Investment Bank Barclays Fine Tunes their Payment Services to Fend off Apple and Amazon Pay Services
Patently Apple | Tue March 5, 2019 - Barclays has always been trying to beat Apple Pay and we're learning today that Barclays Plc is preparing to merge its wearable mobile payments product BPay with its more popular Pingit app, after it struggled to attract users.
More from PaymentsSource
FleetCor to buy Nvoicepay to digitize global corporate payments
Fuel-card giant FleetCor has been working to diversify its payments operations by expanding corporate payments services, and now it’s buying Nvoicepay to speed up the process.
How a new NFC spec could break QR's grip on mobile payments
It may take several more months of testing before it is deployed in a payments application, but a new money transfer specification the NFC Forum has developed carries the organization's promise of becoming an alternative to QR-code technology.
UnionPay-Barclaycard deal connects Chinese tourists with U.K. merchants
Chinese mobile payment apps Alipay and WeChat Pay have made deep inroads into Western markets, and now UnionPay, China’s state-run card network, is catching up.
Cybercrime is now a war of machine vs. machine
As companies invest heavily in artificial intelligence and other high-tech defenses, it is becoming more apparent that criminals are investing in equally powerful technology.