9.26.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
AT&T is working with and Samsung's subsidiary Harman on a suite of connected car technology, including a feature that searches and pays for parking while on the road.
The two companies are using connected car technology from U.K. developer Tantalum to add virtual mechanics, Wi-Fi, family car locator apps and content delivery. The payment feature allows search, reservations and payment for lots in advance.
Parking payments are an important gateway for connected cars, given the obvious friction of the manual processes tied to parking a car in a public lot, which makes it an ideal habit-changer.
PayPal's smartphone deal
PayPal and youth mobile brand Voxi are partnering to market a smartphone with installment payments.
The two companies are targeting the under 30 demographic by offering zero down and zero interest on the cost of phones via PayPal Credit, a financing feature that PayPal has also used to increase its profile among e-commerce networks such as BigCommerce. Consumers pay for the phones over time, with the credit risk managed via the user's payment history.
The Voxi partnership comes at the same time as PayPal rival Stripe considers its own credit product.
Settling on crypto pay
Many companies are trying to find ways to turn cryptocurrency into more transactional currency rather than an investment asset.
South Korean financial firm SBI plans to test S-Coin (which stands for "settlement"), a virtual currency that is designed for smartphone use in point of sale transactions.
U.Today reports SBI will test the currency initially with its own employees, who will use the app and virtual coin at cashless cafes in SBI's building in Tokyo.
Mastercard expands in Africa
Mastercard, which already had an extensive network in Africa via Masterpass, is partnering with United Bank for Africa and MTN Uganda to support online payments via mobile phone relationships.
MTN mobile customers will use a virtual card to shop and make payments at Mastercard's global merchant network.
Mastercard and UBA hope the cards will boost travel in Uganda and other countries, given the easier payment experience.
From the Web
Mastercard’s Irish unit looks beyond digital payments to blockchain and AI
The Irish Times | Wed September 26, 2018 - Mastercard’s Irish subsidiary is increasingly focused on developing products and services that are are built on so-called “deep tech” such as blockchain, artificial intelligence and machine learning, the company has said.
Europe’s Payment Channel to Salvage Iran Deal Faces Limits
The Wall Street Journal | Tue September 25, 2018 - The European Union’s announcement that it would establish a special payments channel to maintain economic ties with Iran sent a clear message to Tehran and Washington: Europe is intent on trying to save the 2015 nuclear deal.
A cashless supermarket, a bunch of grapes and the growing digital divide in China’s economy
South China Morning Post | Wed September 26, 2018 - An argument between staff at a cashless supermarket in northern China and an elderly man who did not know how to use his smartphone to buy a bunch of grapes has revived calls for help for those left behind in the digital economy.
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