7.11.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Google merges its mobile wallets
Google is adding its Send money transfer app to Google Pay, along with other features such as ticketing and boarding passes, allowing users to perform more functions from within a single app.
The transfer feature was left separate when Android Pay rebranded as Google Pay earlier this year, though Google intended to add more features and combine functions over time.
By combining these functions into a single app, Google hopes to make it easier for users to manage payment information and conduct different activities with less navigation. The move should also enhance its ability to compete with rival mobile wallets such as Apple Pay, and P2P apps like Zelle and Venmo.
PayPal's ready to deal
PayPal has, in the past two months, committed about $3 billion to acquire security provider Simility, gig economy company Hyperwallet and the "Square of Europe" iZettle, and is ready to spend billions more.
Dan Schulman, PayPal's CEO, told German business news service Handelsblatt the company is prepared to spent $3 billion yearly for additional acquisitions to enter new markets and ward off competitors faster.
Earlier this year, PayPal suggested its multi-billion dollar per year buying spree could last as long as the next half decade.
Not so fast
As of Tuesday evening, there were still about 8,000 Sunday transactions that route over the U.K.'s Faster Payments system that hadn't processed.
The system suffered a glitch over the weekend, reports Finextra, which adds the problem has been fixed. But a backlog remains.
The U.K. also suffered a payment outage about a month ago when older European processing systems operated by Visa failed. Visa is in the midst of an upgrade that would prevent a recurrence of the incident.
The recent Ticketmaster breach was actually part of a huge skimming attack from a criminal group called Magecard, according to RiskIQ, adding the attack affected more than 800 e-commerce sites globally.
The third-party vulnerabilities that were central to the Ticketmaster attack were also used to compromise PushAssist, CMS Clarity Connect and many others through a coordinated attack wave called Serverside.
These attacks were originally thought to be isolated, but are far more dangerous in terms of downstream card data exposure as part of a integrated assault, according to RiskIQ.
Following Visa's push of digital payments technology at this year's World Cup, QRails is deploying a more permanent transaction bundle for London's Queen Park Rangers football club.
QRails will integrate its Mastercard payment technology with the football club's stadium access system, the club's incentive marketing program, Apple Pay and Google Pay to support entry, payments and loyalty accounts.
These features will be available as part of the same user experience, which is designed to reduce navigation to encourage purchases during football matches.
From the Web
SEC Brings Insider-Trading Suit Against Former Heartland Payment CEO
The Wall Street Journal | Tue July 10, 2018 - The Securities and Exchange Commission charged the former CEO of financial-technology company Heartland Payment Systems, Inc. with insider trading on Tuesday, saying in a complaint that he gave a romantic partner details about his company’s planned sale to a larger rival before they became public.
Bitcoin is the best bet for cryptocurrency investors, says Wall Street trader
CNBC | Tue July 10, 2018 - Bitcoin is still the best bet for crypto investors as people are "functionally using" it, Bart Smith told CNBC. "If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin," Smith, head of digital asset at trading giant Susquehanna International Group, said.
HTC’s blockchain phone is real, and it’s arriving later this year
TechCrunch | Tue July 10, 2018 - HTC isn’t gone just yet. The Taiwanese manufacturer has never shied away from a compelling gimmick. Announced earlier this year, the Exodus definitely fits the bill.
More from PaymentsSource
Brexit politics leave fintechs in limbo
Brexit's implications for the U.K.'s technology industry are deepening political fractures, with no clear answer as to how startups fintechs and challenger banks can operate in the U.K. after it leaves the European Union.
Toast gets $155m investment to further tech, market growth
Restaurant point of sale and back-office management provider Toast has received $115 million in Series D funding that the company plans use to develop technology and expand its market.
Political turmoil shouldn't stop international B2B payment expansion
Technology can help an organization scale internationally and help finance departments shift their focus from managing the details of supplier payment processing to delivering valuable guidance to the business, writes Chet Amit, CEO of Tipalti.
A startup gets into the small-biz lending market Square, PayPal built
FundKite executives watched the small-business lending sector evolve — and determined that the trend of mobile point of sale providers offering loans and cash advances was limiting the market.