8.29.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Buffett's company gets closer to Paytm
Just a few days after taking a stake in Indian mobile payment company Paytm, Berkshire Hathaway is taking a seat on Paytm's board.
Todd Combs, an investment manager at Warren Buffett's company, will join Paytm's board, according to the Economic Times. Paytm's other investors include Ant Financial and SoftBank. Berkshire's holdings include Dairy Queen and Geico Insurance.
Paytm is expanding its services beyond payments to include more marketing and entertainment content.
Cross-border transfer company Xoom has entered a partnership with remittance company Ria to support cash pickups at more than 150,000 retail locations.
That would give Xoom, a PayPal subsidiary, access to more than 70% of the world's nations, which can be reached through online or mobile transfer, according to a release from PayPal.
Paved with gold
London-based fintech Glint is promising a global gold-based currency and is gradually expanding its geographic footprint.
The company is partnering with Sutton Bank of Attica, Ohio to support Mastercard issuance, and Galileo Processing of Salt Lake City for card and ACH payment processing.
Glint is designed to work across borders, enabling consumers to buy and store gold, then make payments in local currencies based on the consumer's gold holdings in the Glint account.
The real deal
Fresh off of helping the Chinese government's crackdown on cryptocurrency, Alipay is making another move to support its government.
The payment app will team with local governments to ensure the authenticity of rice, reports CoinTelegraph.
Alipay will use its blockchain to ensure payments for Wuchang rice are in fact really Wuchang rice. There have been recent incidents of counterfeiting Wuchang rice, CoinTelegraph reports.
Cloud in the clouds
Payments technology company Modo and Etihad Airways are collaborating on an airline marketing program.
Modo will supply its cloud-hosted utility that connects payment systems to Etihad's traveler loyalty program to support a virtual currency for travelers.
The goal is to better link airline incentive marketing to purchases outside of airfare and ticketing.
From the Web
UK data protection complaints more than double under new GDPR rules
TechCrunch | Tue August 28, 2018 - The number of complaints filed with the U.K. data protection watchdog has more than doubled since the introduction of new European regulations. There were 6,281 complaints filed with the Information Commissioner’s Office between May 25, when the new GDPR rules went into effect, and July 3, a rise of more than double from the 2,417 complaints during the same period a year earlier.
Data breach may have compromised data of up to 2 million T-mobile customers
Fox News | Tue August 28, 2018 - Roughly two million T-mobile customers were the victims of a recent data breach and the company is in the process of notifying victims of the incident. According to FOX Business, T-mobile said that breach didn’t jeopardize any financial information but details such as billing zip codes, email address, account data, phone numbers and names may have been compromised.
Fiserv Flaw Exposed Customer Data at Hundreds of Banks
Krebs on Security | Tue August 28, 2018 - Fiserv, Inc., a major provider of technology services to financial institutions, just fixed a glaring weakness in its Web platform that exposed personal and financial details of countless customers across hundreds of bank Web sites, KrebsOnSecurity has learned. Its account and transaction processing systems power the Web sites for hundreds of financial institutions — mostly small community banks and credit unions. According to FedFis.com, Fiserv is by far the top bank core processor, with more than 37 percent market share.
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