11.5.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
In the driver's seat
General Motors has made several partnerships in its quest to embed commerce into its vehicles, connecting shopping, location-based technology and card payments.
The automaker's latest collaboration is with Yelp Reservations, which will power restaurant booking for thousands of eateries across the U.S., reportes Engadget.
Yelp has also attached itself to payment technology services such as Revel, which is using Yelp as a way to add content and other information around mobile shopping, ordering and transactions.
Cat got your funds?
Anna Money has introduced a debit card that makes cat sounds each time it's used.
If that sounds annoying, it's supposed to be. The meow is mostly a marketing campaign, but the company says it's designed to warn people when they're spending money as a call to be more careful and thoughtful about budgeting.
The U.K.-based fintech Anna has aimed the card at small businesses in particular, given the high frequently of small-business failure due to cash flow problems.
The Securities and Exchange Commission executed more than a dozen enforcement actions for token sale violations during the 12 month period that ended Sept. 30 as the SEC moves closer to regulating initial coin offerings similar to traditional securities.
The ICO actions were a small part of the SEC's overall activity, reports Coindesk, but show an increased focus on cryptocurrency violations as part of the SEC's Cyber Unit, where investigations into Web crime often intersect with cryptocurrencies.
The SEC's stronger stance has raised the ire of some cryptocurrency executives such as Ripple CEO Brad Garlinghouse and XRP Capital Partner Michael Arrington, who contend the cryptocurrency companies exist separate from the token sales, and the government is misappropriating its resources.
Softbank will likely soon be listed on the Tokyo Stock Exchange, in what would be the largest listing in Japan's history, reports Reuters, which adds the listing approval is expected to come Nov. 12.
Softbank would get a jolt for its broad technology investments, which include solar power, ride sharing and myriad financial technology plays.
Recent Softbank investments include a $1.4 billion stake in Paytm and a collaboration with Paytm and Yahoo to launch the PayPay mobile wallet in Japan. Softbank also provides the technology behind Pepper the robot, which has shown up in bank branches and restaurants around the world as part of the service staff.
From the Web
Middle East Hub? Ripple to Set up an Office in Dubai by Year-End
CCN | Sat November 3, 2018 - Ripple has announced that it will be setting up an office in Dubai, United Arab Emirates before the close of 2018. Speaking during this year’s Global Islamic Economic Summit that was held in Dubai, Ripple’s global infrastructure innovation head, Dilip Rao, indicated that the focus of the fintech firm would be on cross-border payments.
Lloyds replacing some debit cards after cyber-attacks
BBC News | Fri November 2, 2018 - Lloyds Banking Group has confirmed it is reissuing debit cards to customers affected by cyber-attacks on Ticketmaster and British Airways. The bank has reissued debit cards to all customers that have made purchases on Ticketmaster's website. It is also working with BA to establish which customers have had their details compromised during two cyber-attacks.
Ant Financial Swings to Biggest Quarterly Loss in Years
The Wall Street Journal | Fri November 2, 2018 - Ant Financial Services Group, the world’s most valuable private financial-technology company, logged its largest quarterly loss in years, showing how costly it is to compete in China’s rapidly evolving Internet-consumer economy. Ant, an affiliate of Alibaba Group Holding Ltd., swung to a pretax loss of around 2.4 billion yuan ($353 million) in the three months ended Sept. 30, compared with a pretax profit of 5.3 billion yuan in the same period a year ago.
More from PaymentsSource
Synthetic fraud undermines traditional ID theft security
Synthetic fraud brings the pain from many angles — a fluid mix of fake credentials and phony accounts that can overwhelm traditional identity theft tools.
How Apple’s device-reporting move weakens Apple Pay
Apple’s decision to stop disclosing its mobile device sales — along with reports that the company's newest iPhone didn't draw the huge crowds Apple is known for — signal that it may lose the clout that allowed it to collect fees for Apple Pay.
Western Union, Amazon expand reach with payment partnership
Western Union and Amazon are collaborating to bring the e-commerce giant's services to consumers who may not currently have access to online shopping or those who prefer not to make digital payments.
Legacy payment companies can’t beat disruptors by copying them
Legacy players cannot copy an upstart because legacy players have existing footprints and customers and are anchored by valuable business models, writes Ken Krupa, CTO of MarkLogic.