3.13.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Hungry for rewards
Chipotle is hoping to invite hungry Venmo users to promote its food on their Venmo feeds for a chance to win up to $500 in giveaways, CNN reports.
To enter, customers enroll in Chipotle's rewards program. The promotion, which runs through March 15, capitalizes on the social nature of Venmo payments. Winners receive a payment to their Venmo accounts with a link to the rewards program and a pepper emoji, the article states.
"Venmo, to us, is becoming an untapped social network," Curt Garner, Chipotle's chief technology officer, told CNN.
PayPal puts money into Argentina
PayPal is investing $750 million in MercadoLibre, an Argentina-based e-commerce and financial services marketplace, TechCrunch reports.
The investment firm Dragoneer is adding $100 million to the investment, and MercardoLibre plans to raise an additional $1 billion by offering common stock, the article states.
MercadoLibre reportedly plans to support Mexico's CoDi mobile payment system, which has also reportedly drawn the interest of Amazon.
ATM skimming devices are often paired with a hidden camera to observe the user's PIN code, which is why customers are asked to look for anything out of place. But the one place they wouldn't expect to see a hidden camera is in the ATM's camera itself.
A drive-up ATM in Texas had a scammer's camera affixed over the ATM's built-in camera, security researcher Brian Krebs reports.
One drawback of hijacking the ATM's camera? It got a clear view of the scammer installing her own device.
From the Web
Investing app Stash raises $65M, launches banking and ‘stock-back’ rewards with Green Dot
TechCrunch | Tue March 12, 2019 - Stash, the fintech startup and app that aims to introduce new people to the world of investing, is unveiling some interesting new services while also announcing that it has raised more funding to expand its business.
Texas may demand identification for crypto payments
CoinGeek | Tue March 12, 2019 - One of the biggest worries by those who don’t really understand blockchain technology is that cryptocurrencies can be used anonymously for criminal activity. In an effort to prevent that from happening, Texas will be considering a bill that will force businesses to ask for identification before accepting crypto payments.
Square's Cannibalizing Its Biggest Revenue Growth Driver
The Motley Fool | Tue March 12, 2019 - Square named Instant Deposit first in its list of revenue growth drivers. Next on the list was Cash Card, the prepaid debit card that allows Cash App users to spend their balance directly instead of transferring it to a traditional bank first. However, the two products oppose one another.
More from PaymentsSource
Swift's message to banks on dual standards: Do both
Ideally, Swift would like to see its worldwide bank network fully adopt its Global Payments Innovation initiative as well as the ISO 20022 messaging standard for cross-border payments.
Mastercard to buy Canadian fraud-detection firm Ethoca
Mastercard is bringing Ethoca—a fraud solution powered by collaboration between banks and merchants—in-house.
PayPal expands Instant Transfer to bank accounts
PayPal is expanding its Instant Transfer service beyond debit cards, establishing a service for instant money movement from PayPal accounts to bank accounts.
Norway’s Vipps P2P app adds bill payment
Vipps, which launched in Norway in 2015 as a P2P app accessible to all local bank customers, is integrating invoice and bill-payment capabilities through a collaboration with Nets Group, a Nordic payment service provider.