7.11.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Hold the cash
Domino's is dumping cash as an option at five locations in Australia as part of a pilot, deploying what it calls a "tap and take" system in which consumers tap their card or phone on a keyboard to pay for their orders, reports News.com.au.
The cashless approach fits Domino's speed and line-busting model, and the chain often jumps on new retail trends, starting with a mobile app as early as 2013 and in-car ordering earlier this year.
But getting rid of cash entirely has drawn a backlash and rules mandating cash remain as an option. Amazon, for example, has added cash acceptance to its Amazon Go model following broad political pressure against no-cash stores.
In the fold
Fold is offering a lightning network feature that's designed to support bitcoin payments at a series of retailers, the latest in a series of attempts to lure merchants to cryptocurrency acceptance.
Fold says available retailers include Starbucks, Whole Foods, AMC, Home Depot and Southwest Airlines, reports Coindesk, adding there is no direct connection between the retailers and cryptocurrencies.
Like most retail cryptocurrency projects, the Fold network converts the cryptocurrency to traditional money before reaching the merchant. Transactions show up as gift card purchases or store credit.
Revolut is opening a technology center in Berlin and plans to hire about 80 people in software engineering and general product development.
The London-based Revolut hopes to mine talent in a city that's expanding its status as a fintech hub, reports TechCrunch, which adds Revolut plans to customize its product for Germany and other local markets in Europe.
Fire.com, a fintech with offices in Dublin and London, has received an e-money license in the U.K. partly as a Brexit hedge.
The company has been regulated by the Central Bank of Ireland since 2018, a license that was reauthorized in 2018. As a regulated provider in the U.K., the company contends it can support payments in both the U.K. and EU regardless of the outcome of Brexit.
Other fintechs, such as Soldo, are moving in the other direction, as the U.K.-based Soldo migrates more of its operations to Ireland ahead of a possible "no deal" Brexit.
From the Web
Visa, Blockchain Capital, a16z Back $40 Million Series B Round for Crypto Custodian Anchorage
CoinDesk | Wed July 10, 2019 - Anchorage, a company providing crypto custody services for institutional investors, has just raised $40 million in a Series B funding round. The firm said the round was led by Blockchain Capital, with Visa Inc. and existing investors such as Andreessen Horowitz also participating.
RiverPay Selected as Technology Facilitator for Payments via Alipay and WeChat Pay Transactions at Harrods
Yahoo Finance | Wed July 10, 2019 - Integrated payments and marketing platform RiverPay Inc. is facilitating payments through two of the most popular mobile payment systems favored by Chinese consumers, Alipay and WeChat Pay, at Harrods’ flagship Knightsbridge store in London.
Australian banks, shops hit by telecom outage
The Business Times | Thu July 11, 2019 - Australian banks and retailers were thrown into chaos by a telecoms outage that knocked out electronic payment systems and cash machines. The country's four major banks said some of their transaction-handling machines in stores were not working.
More from PaymentsSource
Inside a 'bug bounty' program to spot cybersecurity flaws
Personal Capital, a data aggregator and personal financial management app provider, recently launched a program in which it pays hackers to find something wrong with its software source code.
Why this year's Amazon Prime Day is so different
Amazon Prime Day is a major retail event for the e-commerce giant and any rivals that seek to capitalize on the online shopping frenzy it inspires. But Amazon's intentions have always gone beyond simply boosting sales.
Confronting the complex math of energy marketers' payment fees
Interchange rates on payments in the fuel and energy sectors can be so complicated that energy marketers can lose thousands of dollars a year because of mistakes they make in coding their authorized credit card transactions.
Remitly raises $220 million for cross-border payments expansion
Seattle-based digital remittance provider Remitly has raised $220 million in new investments and financing to accelerate its growth in more global markets.