3.25.19 Your morning briefing

Register now

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

Apple's plan for plastic
In addition to announcing subscription services for media and news, Apple is expected to unveil a credit card on Monday in partnership with Goldman Sachs.

The card will be linked to the iPhone and Apple Pay, and will tie into a new version of Apple's wallet app that comes in iOS version 12.2, Bloomberg News predicts.

The card will also have a virtual rewards and tracking system, designed to encourage timely payments, the article states.
Putin's payments salvo
The Russian government is in talks with China, India, Iran and Turkey to expand an alternative payment messaging system that would counter the Swift network and be a workaround for sanctions.

Russian lawmakers have approved expanding the network outside of Russia, reports Finextra, adding about 400 mostly Russian companies have expressed an interest in using the system.

Putin has long sought to build a distinct payment system to dilute Western political pressure, including attempts to build a national system in 2014 after U.S. sanctions. Putin also helped Venezuela develop a state cryptocurrency and has pushed a regulatory system to govern a cryptocurrency market in Russia.

Bad breakup
Shopify will no longer support the Mailchimp app, which allowed merchants to use Shopify data to build email campaigns. Shopify claims the Mailchimp app was not following Shopify's partner program agreement.

Mailchimp was not synchronizing customer information captured on merchants' online stores and email opt-out preferences. "As a result, our merchants, other apps and partner ecosystem can't reliably serve their customers or comply with privacy legislation," claims Shopify.

Mailchimp contends Shopify's terms weren't practical, telling TechCrunch Shopify's terms would have had a negative business impact and put its users at risk.

Retail games
Walmart is reportedly in talks with developers to build a game streaming platform, which would build on other digital distribution strategies at the big box retailer, reports GameandGadgets.

Walmart's efforts come as Google demoed its Stadia platform at the Game Developers Conference, which allows users to access games on myriad devices without requiring high-end hardware.

The move makes sense for Walmart, which is testing new retail technology in labs in New York and Texas. The concept is designed to streamline checkout by making the payment less visible for the user.

Sands through the hourglass
A big PSD2 deadline has passed--banks had to provide a "sandbox" by March 14—and 41 percent of Europena banks are out of compliance.

The sandboxes are for third-party providers to test the APIs that are used to enable the data sharing that PSD2 requires, reports Tink, the research company that conducted the study.

The banks are at a disadvantage because the deadline for data sharing to be functional is September 14, reducing the testing and adjustment windows for the banks' APIs.

From the Web

Western Union Makes Key Partnership To Deliver Money To Mobile Wallets
CCN | Fri March 22, 2019 - Western Union is pushing further into the crypto world, teaming up with a cross-border payments network so its customers can take advantage of mobile wallets. The network is Thunes.

Hack Brief: FEMA Leaked the Data of 2.3 Million Disaster Survivors
WIRED | Fri March 22, 2019 - FEMA publicly acknowledged hat the emergency response agency wrongly shared personal data from 2.3 million disaster survivors with a temporary-housing-related contractor.

Fed Reserve Payments to U.S. Treasury Declined in 2018
The Wall Street Journal | Fri March 22, 2019 - Federal Reserve payments to the U.S. Treasury declined last year, the central bank said Friday in its updated annual financial statements.

More from PaymentsSource

Will Apple's media streaming service learn from MoviePass' mistakes?
With Apple widely expected to unveil a new media service on Monday, it would do well to make sure it does not fall into the same traps that ensnared MoviePass.

Yosemite's small-scale take on MCX uses blockchain instead of ACH
Blockchain technology provider Yosemite X is following the spirit of the mega-retailers' disbanded Merchant Customer Exchange (MCX) joint retailer venture, but on a local level.

Savvy boomers are ready to embrace payment tech
Attracting surprisingly technology-savvy older consumers is a lucrative—and surprisingly easy—goal for online retailers, as long as payments fraud protection is solid and understandable, argues Monica Eaton-Cardone, co-founder and CEO of Chargebacks911.

How much does P2P drive engagement for banks?
The market for P2P payments is finally taking off after years of false starts, but there are still many unanswered questions. The biggest one: How do banks get value out of offering this service free of charge?

Marqeta raising $250 million in new funding round
Marqeta, which launched in 2010 with a payments platform to support payments through mobile and virtual channels, reportedly has attracted $250 million in a new funding round, which would bring its total funding amount to more than $350 million.

For reprint and licensing requests for this article, click here.
MORE FROM PAYMENTSSOURCE