6.12.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
No app for that
Apple has banned bitcoin and other cryptocurrency mining on iOS devices, apparently out of concerns over the high amount of energy required.
The app store guidelines say mining must happen "off-device," according to Ars Technica, adding that stipulation was not in the guidance as recently as a few weeks ago. There's also concern that iPhones have insufficient hardware for cryptocurrency mining, according the technology website.
The amount of power bitcoin mining requires has been the subject of controversy for months, with the German government adding it to the overall list of bitcoin risks.
P2P apps have become a very popular way to send money, but there's a precision in the technology that could be off-putting.
Researchers at the University of Virginia, Harvard and Columbia say these social payment apps allow users to pay the exact amount, as opposed to the traditional in-person cash-based "settling up," in which people usually round up This exact amount, along with the ability of most of these apps to include specific messages about the payments, makes the users appear "petty," according to research.
In an interesting view into how technology is outpacing sentiment, the research found that 81% of people would rather befriend someone who rounded up a payment ($20 instead of $19.87) than someone who transferred an exact amount.
Swedish central bank needs a consult
As digital payments and faster processing start to take hold, Sweden's central bank is asking for input on settlement services.
Sveriges Riksbank is seeking banks, acquirers and other parties to provide views on how the central bank's settlement services may change because of real-time payments or instant payments, which requited almost immediate settlement.
Riksbank is particularly interested in how non-Euro payments will be handled as part of this new settlement environment.
In his latest move, the mayor is claiming London is the European capital of artificial intelligence, and is home to double the number of artificial intelligence than Paris and Berlin combined, reports Finextra.
The mayor contends London is home to more than 750 AI companies, with a particular strength in financial services and insurance. The city also boasts more than a dozen universities with AI and machine learning academic programs.
From the Web
The latest brew from Starbucks and Chase: A prepaid card for collecting coffee points
CNN Money | Mon June 11, 2018 - Coffee drinkers who aren't interested in opening another credit card now have a new way to rack up Starbucks rewards points. Chase Bank and Starbucks announced Monday a prepaid Visa debit card that's linked to the Starbucks Rewards loyalty program.
NXP Launches Mobile Wallet Solution for Wearables, IoT
EE Times | Tue June 12, 2018 - Addressing the mobile wallet ecosystem, NXP Semiconductors has developed an end-to-end hardware and software solution for OEMs looking to add mobile payment capability to wearable, mobile or IoT devices. German high-end luxury goods manufacturer Montblanc is set to use NXP’s new solution, mWallet 2Go, in a smart watch strap.
Square’s Caviar agrees to pay $2.2 million to settle class-action lawsuit over gratuity
TechCrunch | Mon June 11, 2018 - Square, the payments company led by Jack Dorsey, has agreed to pay $2.2 million to settle a class-action lawsuit involving its on-demand food delivery service, Caviar .Today, customers who ordered food from Caviar between January 20, 2012 and August 31, 2015 received a notice of the proposed class-action settlement.
More from PaymentsSource
RBC’s Caribbean contactless push paves way for mobile wallet
Royal Bank of Canada is one of three Canadian banks with a presence in the Caribbean, and is deploying contactless card readers throughout the region to ride a wave of digital payment adoption.
Surge in Asia’s digital marketplace a boon for N.Y.’s Payoneer
Cross-border payments firm Payoneer is seeing growth in Asia from local marketplaces, digital platforms, and merchants selling internationally. It is also benefiting from a rise in payments from India to foreign marketplaces and contractors.
Retailers build tech labs to vet new payment methods
Merchants that want to use technology to boost sales can establish in-house systems labs to test new payment technology and apps, or find an external lab to do so.
How Mastercard is using mobile to keep cash alive
Mastercard's Cardless ATM service, developed with Diebold Nixdorf, resembles the technology many banks have adopted in the last few years — but Mastercard's offering sheds the limitation of being tied to a specific bank's ATMs.