6.7.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Buy button moves forward
EMVCo has released Specification v1.0 of Secure Remote Commerce, commonly called a universal buy button. The project's use cases include a universal guest checkout button that uses banking apps for authentication.
Mastercard is implementing SRC as part of its newly announced Mastercard Digital Wellness program, which combines SRC with NuData, a Mastercard AI and machine learning technology that's used to block fraud.
Discover also announced its plan for SRC, with implementation scheduled for sometime this year.
Stripe's the lead investor in a $22.5 Series A round in Step, a teen-focused financial services app, a market segment that's had mixed success.
Step links to a Mastercard that supports transfers, shopping and Apple Pay and Google Pay. Stripe will provide issuing and processing technology for Step. Other Step investors include actor Will Smith and rapper Nas.
Stripe's investment comes shortly after JPMorgan Chase shut down Finn, the bank's youth-focused digital service. Youth financial services is a difficult market. Earlier digital youth financial services initiatives such as Visa Buxx and Oink struggled to gain traction.
No contact with cash
Contactless payments are maturing in London with 70% of the city's population adopting contactless payments, a 30% expansion during 2018.
At the same time only 4% of the population is primarily using paper money for transactions, reports CityAM, citing figures from UK Finance.
UK Finance attributes the growth to the introduction of contactless payments in London's transit system. U.S. agencies, and companies such as Mastercard and Apple, are currently deploying contactless transit payments in New York and other U.S. cities, hoping for a similar boost.
Facebook's cryptocurrency rollout has been like a dripping faucet thus far, with an occasional news drop based on unattributed sourcing.
The next step is a white paper on Libra, the name of Facebook's crypto project, which is due on June 18, reports TechCrunch, which attributed its story to investors that Facebook briefed on the project.
Facebook's coin will be based on multiple currencies rather than a single currency, such as the U.S. dollar, in an attempt to mitigate price fluctuations — a major problem that's kept other cryptocurrencies from being widely used outside of investments.
Clarity on crypto
The SEC has sued social media company Kik, claiming its Kin cryptocurrency's ICO was an unregulated securities sale, reports Ars Technica.
A ruling could provide a clue as to how ICOs and cryptocurrencies should be regulated. The SEC has leaned toward regulating crypto as a security, which would create strict standards for sales. But the commission has not taken a firm stance that would apply to all crypto companies.
Cryptocurrency companies such as Ripple, which supports XRP, contend the cryptocurrency is distinct from the company and as such is not a securities sale.
From the Web
Line teams up with Visa to boost its mobile payment service
TechCrunch | Thu June 6, 2019 - Messaging app Line has partnered with Visa to bring traditional financial clout to its mobile payment service. The deal will see Line Pay become compatible with Visa’s 54 million merchant partner locations worldwide, boosting the service outside of its native Japan, where it has been pitched heaviest so far and where Line claims 80 million users.
Cathay Pacific Faulted For Data Breach, But Hackers' Objective Unclear
Forbes | Thu June 6, 2019 - It is aviation’s largest known data breach, with 9.4 million Cathay Pacific passengers impacted, but also puzzling, gathering only 430 credit card numbers, mostly expired and none complete. Cathay says it has not received any reports of data being misused or listed on the “dark web.”
High-profile data breaches underline cyber threats to health care industry
The Hill | Thu June 6, 2019 - The recent breach of a billing collection provider for blood testing groups Quest Diagnostics and LabCorp are underlining the serious threats posed to the health care sector from cyberattacks. A handful of Democratic senators have already announced they are looking into the breaches.
More from PaymentsSource
Apple's new login is a small, yet powerful step toward digital ID
Any bank, mobile wallet provider or retailer pushing for consumers to download their apps will be paying close attention to the new Sign in with Apple service — especially since Apple is making it mandatory for any app that allows third-party logins.
Will banks take 'self-driving' payroll for a spin?
In January, U.S. Commerce Secretary Wilbur Ross sparked outrage for suggesting during the partial government shutdown that furloughed federal workers could bridge missed paychecks by taking out short-term loans.
Discover's finance chief to retire next year
Discover Financial Services said Thursday that Chief Financial Officer Mark Graf plans to retire next year and that a search has begun for his successor.
Real-time payments can put a fork in cash and checks
Real-time payments, the superfast new standard in U.S. billing and payment processing, represent the most sweeping change to the U.S. payments system since the Automated Clearing House launched approximately 45 years ago.