Morning Brief 2.18.20: Brexit forces EPA to open Luxembourg office
The information you need to start your day, from PaymentsSource and around the web:
The Emerging Payments Association, established in London in 2008 to drive payments innovation, is opening another office in Luxembourg in the wake of Britain formally leaving the European Union. The goal is to provide a European base for existing EPA members and to expand the original organization’s membership beyond the U.K., Tony Craddock, EPA director, said in a press release.
The Emerging Payments Association EU, established under a separate nonprofit legal structure, will be headed by Thibault de Barsy, former CEO of Keytrade Bank Luxembourg. Founding members include the original EPA along with Luxembourg for Finance and Banking Circle.
Rutter’s, a 70-store gasoline and convenience store chain based in York, Pa., is notifying customers of a payment card security breach caused by malware planted within POS hardware at fuel pumps and inside its stores, ZDNet reports. The attack wasn’t caused by hand-held skimmers placed on fuel pumps, according to Rutter’s.
The malware, which affected certain of the retailer’s POS locations between October 2018 and May 2019, looked for the names, card numbers, expiration dates and CVV codes of customers who swiped cards at gas pumps. In some cases where an EMV card inside Rutter’s stores, the malware only grabbed the card number and expiration date. Transactions at the chain’s car washes, ATMs and lottery machines were not affected.
Boston-based OneUnited Bank, which advertises itself as the nation's largest black-owned bank, has introduced a debit card featuring an image of abolitionist Harriet Tubman. The bank released the card to celebrate Black History Month and also show its support for the U.S. government putting Tubman on the $20 bill, according to a press release.
Demand for the Harriet Tubman Visa debit card, featuring a dramatic painting by Addonis Parker, has generated a flood of interest from new and existing customers, TMZ reports.OneUnited Bank will make the limited-edition Harriet Tubman Visa debit card available throughout 2020 and any customer who signs up may retain the design for life, the bank said in a press release.
Points to go
Engage People, which offers white-label loyalty solutions for banks and retailers, has partnered with Priceline to enable consumers to use credit card loyalty points from various banks for travel purchases.
Toronto-based Engage People, launched in 2008, already works with companies operating in more than a dozen e-commerce categories in North America to accept credit card loyalty points instead of cash for retail purchases. Priceline is another option for users to redeem accumulated points for flights, car rentals and hotels, according to a press release.
From the Web
The Battle For Tomorrow's Payment Infrastructure Is Heating Up
FORBES | Sat February 15, 2020
Fueled by PSD2 and open banking initiatives around the world, the account-to-account based payments will likely challenge and eventually replace card payments. No wonder the card networks, and those looking to challenge them, are battling it out to invest in, buy or take control over companies that play a significant role in account payments infrastructures.
80% of Chinese Banks Will Employ Cloud-based Fintech Solutions by 2024: IDC Report
CHINA BANKING NEWS | Mon February 17, 2020
The report from International Data Corp. (IDC) sees around 80% of Chinese banks purchasing and integration fintech solution from the cloud market by 2024. By the end of 2020, IDC forecasts that 20% of Chinese bank transactions will use digital platforms for presettlement.
Americans have $21B in unused gift cards and store credits
FOX BUSINESS | Tue February 18, 2020
Although gift cards have topped holiday wish lists in recent years, half of U.S. adults currently have unredeemed gift cards or store credits that are estimated to be valued at $21 billion in untouched money, according to a new survey released on Tuesday from personal finance resource Bankrate. For the people who haven’t used their gift cards, there are different approaches or reasons for why it occurs, according to the survey.
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