7.23.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
What's wrong with European payments?
Halifax and Lloyds had temporary payment outages two days ago, making them the latest in a series of institutions to suffer recent payment shutdowns.
In the case of Halifax and Lloyds, the problem was with the banks' real-time transfer processing, or "faster payments" systems. The U.K.'s faster payments system suffered another outage earlier in July.
Both Visa and Mastercard also suffered temporary shutdowns this summer.
Snapchat shutters its P2P app
Snapchat will close its Snapcash service August 30, a victim of a crowded market and potential PR issues.
Snapcash, which was powered by Square Cash, had difficulty gaining ground against Venmo, Zelle and other P2P apps, including Square's own, reports TechCrunch.
The service, which dates to 2014, also became a bastion for paying for adult content, according to TechCrunch.
Building a new sandbox
The U.S. is planning a fintech sandbox, similar to a U.K. program in which developers can test ideas with less regulatory scrutiny before going to market.
The Consumer Financial Protection Bureau will operate the sandbox as part of an effort to encourage access to financial services and competition, reports The Wall Street Journal.
The initiative will be partly based on a similar program in Arizona, which opened the first state regulatory sandbox in the U.S.
Europe loosens data rules
PSD2 will require a lot of attention in the coming years, but the European Banking Authority has revised PSD2 in a way that may simplify some geographic and data management requirements.
The rules no longer require country-specific data breakdowns, and three geographic data reporting breakdown templates have been reduced to one.
Also, the EBA is attempting to make PSD2's bank data sharing guidelines easier to integrate with local payment regulations in European countries.
The airline has decided to support CellPoint to serve airline booking, ticketing and payments in Saudi Arabia, where more than half of the country's travel market has adopted smartphones to manage air travel, according to the airline.
The airline plans to add in-flight mobile shopping later, according to CellPoint Mobile.
India delays cryptoban trial
India's Supreme Court has pushed back a trial on restrictive cryptocurrency laws until September.
The hearing will determine if the Reserve Bank of India's ban on cryptocurrency firms from receiving banking services will stand, reports Coindesk. It is not clear when the court will rule.
The RBI first issued the ban in April. Regulated financial institutions cannot service cryptocurrency exchanges, or businesses tied to the exchanges.
From the Web
Facebook faces delay to WhatsApp payments in India
The Business Times | Fri July 20, 2018 - India's government is holding up Facebook Inc's plans for a nationwide launch of its WhatsApp payments service over concerns about how users' data will be stored and other issues, according to people familiar with the matter. The country's Ministry of Electronics and Information Technology, or MEITY, has asked WhatsApp and its partner banks to supply more details about the payments system, said ministry officials, who asked not to be named because the matter is private.
Encrypted Email Service Tutonata Tests Cryptocurrency For Payments
CCN | Fri July 20, 2018 - Tutanota, a provider of an encrypted email service, has begun to accept donations in bitcoin, ether, bitcoin cash and monero in order to test payment processing using cryptocurrencies, the company announced in a blog post. The German firm noted that it wants to support decentralized payment systems that are independent of centralized processors such as credit card companies and banks.
PayU buys Israeli payment technology firm Zooz
Reuters | Mon July 23, 2018
Online payment company PayU, a subsidiary of Naspers, said on Monday it agreed to acquire Israeli payment technology provider Zooz to support its expansion in high-growth markets. PayU’s statement, which confirmed an earlier report by Israeli news website Calcalist, did not disclose the size of the acquisition but said it brings its total investments and acquisitions in financial technology to more than $350 million since 2016.
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