11.6.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Facebook is opening nine physical retail locations at The Market @ Macy's, which is space Macy's has dedicated in its retail network for temporary businesses.
Facebook will sell goods from about 100 small businesses and online brands, reports TechCrunch.
There won't be fee revenue, since Macy's and Facebook are passing on all sales fees to the merchants and Facebook is paying Macy's a fee for space in the market. The goal is more to draw general small business attention to Facebook, which has several retail strategies underway, such as adding buy buttons to ads and myriad Messenger services.
The Securities and Exchange Commision is nudging a bit closer to regulating Initial Coin Offerings (ICOs) as securities.
William Hinman, SEC Director, said the commission plans to release "plain English" guidance that will state when a token sale is and is not a security for regulatory purposes, reports Coindesk.
The SEC has taken the position that ICOs should be regulated as securities, and has made enforcement actions. But there is still not a definitive standards on how ICOs should be treated.
Work of art
Payments for art and other creative works have become a staple of payment technology companies looking to aid creators.
ArtStation has become part of that trend, adding PayPal to support direct deposits for more than 220 countries in local currencies for ArtStation's marketplace, which is used by artists and other creators who sell their work online.
For PayPal, it's a client win that allows it to deploy some of the small-business disbursement technology that it has built up via a series of acquisitions over the past couple of years to counter fintechs such as Stripe and Square.
Russian ATM lab
Sberbank is partnering with South Korean technology company Hyosung TNS to build a research center dedicated to Russian ATM technology.
The center will develop and test functions that are designed to accommodate the impact of increased digital payments and broader online financial services in Russia, which the bank says is causing ATM individual deposit volumes to grow.
Sberbank has also experimented with bitcoin over the past two years.
From the Web
Hong Kong’s privacy watchdog launches formal investigation into massive Cathay Pacific data breach
South China Morning Post | Mon November 5, 2018 - A formal investigation is being launched over the massive data breach at Cathay Pacific Airways that affected millions of its passengers, Hong Kong’s privacy watchdog announced on Monday. The decision followed a row between the watchdog’s current and former heads over whether a probe could have been launched immediately, given the scale of the breach.
Credit Card Chips Fail to Halt Fraud, Survey Says
Fortune | Mon November 5, 2018 - A new report from the research firm Gemini Advisory has found that, of more than 60 million cases of credit card theft in the last 12 months, a whopping 93% of the stolen cards had the new chip technology. This represents a major setback for the technology, known as the EMV standard, which is named after the companies (Europay, Mastercard and Visa) that created it.
China central bank tests new regulations on Ant Financial, Suning.com
Reuters | Mon November 5, 2018 - China is testing new regulations on five financial holding companies, including e-commerce giant Alibaba’s fintech affiliate Ant Financial Service, paving the way for tighter oversight of the fast-growing sector. The pilot scheme, designed to rein in debt risks among financial holding companies, also included retail conglomerate Suning.com and large state-owned companies.
More from PaymentsSource
Ingenico shakes up leadership with new CEO
France-based Ingenico has named a new CEO a month after receiving an unsolicited takeover bid, signaling a strategy shift in the face of increasing pressure on the last of the independent payment terminal hardware giants.
Bank of England issues cashless challenge ahead of conference
The Bank of England issued a challenge for consumers who usually pay with cash to go cashless for a week, as an educational experience prior to its upcoming conference, Future Forum 2018.
Jiffy P2P comes to major Italian grocery stores
After advancing into some retail settings in Italy last year, the Jiffy P2P payment service is now an option at the country's Carrefour Italia "super stores," supermarkets and express stores.
Visa, Billtrust make a list of payment tech-friendly B2B suppliers
Visa and Billtrust are pressuring businesses to embrace automation by developing a directory of suppliers who accept digital payments.