8.6.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Stepping on the gas
Apple is launching a digital wallet promotion to accelerate Apple Pay's growth, which expanded 300% over the past year in transactions, reaching $1 billion in volume, reports Forbes.
The campaign includes discounts at about 100 merchants in San Francisco.
Apple is also hoping to secure relationships with merchants as fees become more contentious, reports Forbes, noting Kroger's dispute with Visa.
Just like riding a bike
Ant Financial and Didi, a Chinese ride hailing company, are negotiating a possible joint buyout of Ofo, a Chinese bike sharing company. A deal could be worth up to $2 billion, according to Reuters.
China's bike sharing industry is consolidating after a wave of startups created a bubble, and a deal would extend Ant's relationship with Ofo to develop payment technology.
Up in the air
Aimia has rejected a bid from Air Canada, TD, CIBC and Visa to acquire the Aeroplan incentive program.
The consortium contends the deal would have allowed Aeroplan miles to transfer to Air Canada's new loyalty program when it debuts in 2020. The Aeroplan program has recently slowed down because of the uncertainty over its future.
The National Post reports Aimia has entered a partnership with Porter Airlines while it continues negotiations with Air Canada.
Artist crowdfunding site Patreon is declining payments to some creators, causing a substantial income gap for some, reports The Verge, adding the problem appears to be due to "banking issues" and changes to Patreon operations.
These creators are also not being told why their payments were declined, The Verge contends.
Patreon is blaming the problem on "external forces" and its effort to create a stable and global platform, according to the article. It also confirmed the decline rate is higher than normal and it would reach out to those affected.
From the Web
Why American credit card companies can't break into China
CNN Money | Fri August 3, 2018 - Visa, Mastercard and American Express have been campaigning to enter China for years. After more than a decade of trying, they may have missed their chance. Beijing has repeatedly signaled it will open up foreign access to its credit card market, and in 2017 it opened the door for American card companies to apply for licenses.
The NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?
Fortune | Fri August 3, 2018 - The Intercontinental Exchange—the trading colossus that owns the New York Stock Exchange and other global marketplaces—announced that it is forming a new company called Bakkt. The new venture, which is expected to launch in November, will offer a federally regulated market for Bitcoin.
India says storing copies of foreign payment firms' data a likely solution
Reuters | Sun August 5, 2018 - Foreign payment firms could keep copies of customer data in India while retaining offshore storage operations, the government said, as a way to resolve a row with MasterCard, Visa and American Express over the localization of such information. A decision by India’s central bank in April that all payments data should, within six months, be stored only in the country for “unfettered supervisory access” has led to furious lobbying by global firms that worry it would cost them millions of dollars.
More from PaymentsSource
How electric vehicles will make or break U.S. Bank’s fleet card business
The fleet card industry is deep in the throes of change, with many truck drivers still switching from clunky paper-based payments to mobile technology with streamlined, data-laden payment apps. The next big challenge is the rise of electric vehicles (EVs), followed eventually by self-driving cars and trucks.
Legal pot sellers can't grow until banks get green light from Washington
Banks and marijuana dispensaries are getting closer to having a more cohesive relationship. But not close enough to bring cannabis sellers out of the high-risk category.
Starbucks joins bitcoin platform, but will it put crypto on the menu?
Perhaps seeking to dispel rumors that Starbucks can’t innovate in payments without Howard Schultz, the company is joining a platform that could one day enable customers to trade bitcoins for caramel lattes and mocha frappuccinos.
6 keys to Uber, Grab and Lyft's innovations in payments
While mass transit has long been seen as a potential catalyst for changing payment habits, it's apps such as Uber, Grab and Lyft that are making the biggest difference in how people pay for transportation.