7.31.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
An open book?
Amazon, JPMorgan Chase and Warren Buffett made a lot of headlines in January when they announced a collaborative health care venture, but their move was scant on details.
In an interview with CNBC, JPMorgan CEO Jamie Dimon didn't offer a lot more info on the venture, other than to say it won't be a massive overhaul at first. In the health care industry, there are challenges to cut losses from fraud, administration, end-of-life care and drugs, though Dimon offered few details beyond that.
Since the companies employ more than 1.1 million workers, any health care program they develop will have a major influence on how other companies provide and fund health care, and manage transactions.
Cherry picking Apple
Apple Pay's story has always been one of relative underperformance given the hype and brand recognition, but there are signs the app is maturing, if one only counts Apple Pay's own contactless niche.
Apple will account for 50% of all mobile contactless payment users by 2020, with the total market reaching 450 million by that time, according to Juniper Research. That would make Apple Pay's share equal to that of Samsung Pay, Google Pay and all other OEM Pay wallets combined.
But as has always been the case with Apple Pay, that dominance is a relatively small chunk of a much larger market. Juniper estimates contactless 'OEM Pay' volume will reach $300 million by 2020, though the total contactless market (including contactless cards) will reach $2 trillion, giving all of the "Pays" a total share of 15% — and making Apple Pay's share of the total contactless market no more than 8%.
The use of blockchain for incentive marketing is gaining some steam, with a travel platform being the latest use.
KeyoCoin plans to launch a rewards platform built on blockchain, with a "gamified" experience that will allow hospitality, tour, travel and merchants to offer cryptocurrency rewards for making purchases.
The platform will also offer incentives for playing location-based games, such as Pokemon Go, that are tailored for travelers.
Crooks are using Square's recognizable brand as part of a phishing attack that attaches malware to the victim's computers.
The Victoria Advocate, a newspaper near Austin, reports the attack shows up in an email that appears to be from Square, using Square's logo.
The messages say a client has requested a refund, or the target has received a payment. Both of these messages are fake, the Advocate reports.
From the Web
Singapore FinTech Enables Instant Blockchain Remittance for Myanmar Migrant Workers in Thailand
CCN | Mon July 30, 2018 - Everex, a Singapore-based financial technology firm, has partnered with Myanmar’s Shwe Bank to introduce blockchain-Powered remittance Services between Myanmar and Thailand. The blockchain firm claims that the partnership will enable millions of Myanmar migrant workers living in Thailand to send money home instantly and securely at much lower transaction costs than traditional remittance methods.
Dixons Carphone says data breach affected 10 million
BBC News | Tue July 31, 2018 - Dixons Carphone has said a huge data breach that took place last year involved 10 million customers, up from its original estimate of 1.2 million. The Carphone Warehouse and Currys PC World owner has been investigating the hack since it was discovered in June.
PayPal Is Beginning to Deploy Its Massive Cash Resources
The Motley Fool | Mon July 30, 2018 - The dynamic transactions pioneer intends to combine a cash windfall with its already formidable free cash flow to bolster its economic prowess, while rewarding shareholders with share repurchases. PayPal Holdings continued to impress across a range of vital metrics upon release of its second-quarter 2018 earnings report on July 25.
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