10.9.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
The big 30
Apple Pay is set to launch in Saudi Arabia, the app's 30th market, with a launch following in Germany shortly, according to MacRumors.
After a slow start relative to its buzz, Apple Pay has been expanding quickly over the past few months, adding markets and winning over long-time merchant holdouts.
NCR has received EMV contactless certification for its NCR OPTIC terminal, which is designed for outdoor deployment at gas stations and convenience stores.
The move will help NCR push EMV technology for U.S. gas stations, which face a 2020 liability shift date that's similar to the 2015 deadline for other companies.
While gas stations have more complex payment systems than most other retailers, many merchants and processors predict the gas EMV migration will be smoother due to new payment technology introduced since 2015.
Smart city card
ICICI Bank has entered a partnership with the Bhubaneswar and Bhubaneswar Smart City Ltd. to offer a card that will support various payments.
The card will cover property taxes, water bills, parking and license fees for businesses in Bhubaneswar, the largest city in the Indian state of Odisha. The card can also support retail and e-commerce payments.
California outlaws dumb passwords
California has passed a law banning a range of obvious default passwords, such as 1234, or "password," or "admin," on new connected devices starting in 2020.
The state will mandate all devices have a means to require users to generate distinct authentication, reports TechCrunch.
From the Web
Can Blockchain Really Bust Through Its Barriers In The Payment Space?
Forbes | Mon October 8, 2018 - Many of the pioneering cryptocurrencies leave much to be desired in payments. Transactions can take minutes and even hours to confirm. Most cryptocurrencies are also too volatile to use by businesses.
Klarna raises $20M from H&M, will build financing and payment services for the fashion retailer
TechCrunch | Mon October 8, 2018 - As more traditional brick-and-mortar retailers look to capitalise on the growth of e-commerce and mobile to compete against the likes of Amazon, fintech startups are reaping the rewards. In the latest development, Klarna, the payments startup out of Sweden that helps online shoppers arrange for financing at the point of sale, has picked up $20 million from H&M, the fashion retailer with 4,800 stores in 70 markets.
Dubai to Launch Blockchain Payments with State Digital Currency ‘emCash’
CCN | Mon October 8, 2018 - Dubai residents will soon have the means to make payments for school fees, bills and other retail purchases with emCash, a state-developed blockchain-based digital currency. The UAE’s first official credit bureau – emCredit – under the Dubai Department of Economic Development is pushing its official blockchain-encrypted state digital currency emCash for wider adoption by rolling out point-of-sale (PoS) devices at government storefronts across Dubai.
More from PaymentsSource
Canadian blockchain project urges banks to proceed with caution
Despite the real-world use cases being found around blockchain and distributed ledger technology, banks are being warned to be cautious about committing to any such projects.
How migrant markets are paying off for U.K. fintechs
International migration has hit an all-time high in recent years, with 250 million migrant workers across the globe. According to the World Bank, these workers now collectively send more than $600 billion home to their families every year, which has created a booming new international payments market for remittance providers.
Singtel launches cross-border mobile payments alliance to rival Alipay
Singtel Group, owner of Singapore Telecom, launched a QR code-based cross-border mobile payments alliance with Thailand’s largest digital bank, Kasikornbank and Thailand’s largest mobile phone operator Advanced Info Service or AIS.
Circle to buy SeedInvest to help startups raise cash with crypto
Circle Internet Financial Ltd., one of the most valuable U.S. cryptocurrency marketplaces, agreed to acquire crowdfunding firm SeedInvest as it seeks to help startups issue digital tokens and allow its own customers to trade a wider variety of coins.