Morning Brief 7.6.20: Apple Card adds portal to simplify off-iPhone use

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The information you need to start your day, from PaymentsSource and around the web:

Lost iPhone?

Apple has added a portal to allow Apple Card account holders to view statements, schedule payments and manage their balance.

The portal allows people to more easily use the card outside of the iPhone. For example, people who have lost their iPhone could use the portal to pay a bill or use the card from a laptop, reports TechCrunch. Before the portal was added, consumers had to contact Apple Card partner Goldman Sachs to make Apple Card payments outside of an Apple device.

Cardholders use Apple ID to enter the site, and can access a feature to schedule payments in advance. This feature exists in the Wallet app, but is under a "more" menu and not directly identified, TechCrunch explains.

Senators pressure stores that ban cash

Sens. Bob Menendez, D-N.J., and Kevin Cramer, R-N.D., have introduced a bill that would mandate stores accept cash. Businesses that don't accept cash, post signs saying cash isn't accepted or charge more for cash would face fines of up to $5,000, reports CNBC.

Even before the pandemic caused a rise in contactless and digital payments, some stores were moving away from cash entirely. That caused political pushback with several states and cities passing laws requiring stores to accept cash, saying cashless stores shut out underbanked consumers.

Amazon Go added a cash option to its checkout-free stores, partly as a result of the pressure to maintain cash. Rep. Donald Payne, D-N.J., introduced a bill in 2019 that's similar to Menendez and Cramer's proposal.

Wearing biometrics

Authentication technology firm Zwipe and Italian smartcard manufacturer Publicenter are partnering to build a series of contactless payment products.

The firms are focused on using biometrics to support a mix of card and wearable payment devices with plans to sell to financial institutions and consumers.

Publicenter offers a mix of payment, incentive marketing and gift cards to merchants and banks in Europe.

Pushback

Swedish regulators are applying pressure to point of sale credit, creating potential headwinds for firms like Splitit and Klarna, which is based in Sweden.

The Swedish Payments Services Act requires merchants to offer payment methods that do not create debt, reports Finextra, adding Sweden's bank-supported payment app would appear on the list of "non debt" choices. Merchants are also barred from pre-selecting paying through an invoice or installments via online checkout pages.

Point of sale credit has expanded internationally over the past year, accelerating during the coronavirus pandemic as a way to avoid credit card debt. The Swedish government is concerned about debt in general.

New chair

Mastercard President and CEO Ajay Banga was elected chairman of the International Chamber of Commerce, which represents more than 45 million businesses in about 130 nations.

Banga replaces Paul Polman, the former Unilever global CEO, who will be ICC honorary chair. Banga has been ICC's first vice-chair since June 2018, and will be replaced in that role by Oresteia CEO Maria Fernanda Garza, the first woman to be ICC first vice-chair.

Banga will transition to executive chairman at Mastercard at the end of the year, and will be replaced as CEO by Michael Miebach, Mastercard's current chief product officer.

From the Web

Lydia expands credit offering in partnership with Younited Credit
TECHCRUNCH | Mon July 6, 2020
French startup Lydia is announcing a new partnership with Younited Credit, which lets people borrow between €500 and €3,000 and pay back within six to 36 months.

CBA customers hit by outage affecting payments, app and website
THE SYDNEY MORNING HERALD | Mon July 6, 2020
Commonwealth Bank has been hit by an IT outage, leaving customers across the country unable to make card payments, while others could not view their accounts on the bank's app and website.

Temasek-backed Pine Labs said to weigh bid for part of Wirecard's Asia business
BUSINESS TIMES | Thu July 2, 2020
Pine Labs, the Indian payments company, is potentiall interested in Wirecard’s regional point-of-sale business, which handles merchants’ payments transactions, a person familiar with the matter said.

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