11.16.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Here's a tip
Lyft is trying to keep drivers from fleeing to Uber and other gig economy apps by adding the first of a series of payment enhancements.
The ride sharing app is adding default tipping and in-trip tipping, and plans to add at least one feature or enhancement for drivers each month, reports TechCrunch. Riders will have the option to apply a preset tip percentage or allow tipping during or at the end of the trip.
Lyft has recently added other perks for drivers, such as improving how drivers cover costs such as gas.
Despite the transparency provided by a decentralized blockchain, cryptocurrencies are still prone to risk. Several fake cryptocurrency wallets have been found on the Google Play Store, including a phishing attack.
Stefanko found two types of fake wallets. One is a general counterfeit wallet, and another is a phishing wallet — which is designed to look like a real cryptocurrency wallet, but steals the user's private keys and password.
Instant ID issuance
DBS Bank is taking advantage of Hong Kong's advanced national ID to support instant digital card issuance.
Consumers can apply via the DBS mobile app and have their card provisioned the app.
The card then integrates with Google Pay and other third party wallets. The Hong Kong ID card includes chip technology, and can also be used to access government buildings and mass transit systems.
Nacha has made several attempts to promote standardized faster payments, and is putting its collaborative efforts into a playbook.
The association's Payments Innovation Alliance is developing the playbook, which will have components for the faster payment environment and address specific opportunities.
The work will also consider business strategy, risk mitigation, compliance and internal impacts. Nacha hopes to have a table of contents for the playbook completed by the end of the year.
From the Web
France hopes to lure crypto-issuers with Gallic stamp of approval
Reuters | Thu November 15, 2018 - With hundreds of cryptocurrencies being issued every month, countries face a choice: ban them, leave them unregulated, or come up with rules to tame them. France is pursuing the third option, which might be regarded as a Gallic middle ground. It wants cryptocurrencies to be issued in France as long as those backing them agree to be regulated.
EMV cards fail to allay US retailers’ fraud fear
Verdict | Thu November 15, 2018 - Despite switching to EMV cards three years ago, for large US retailers payment card fraud is still a top concern. Now, fraudsters have moved their activities online, a new study by the National Retail Federation (NRF) and Forrester has found. The EMV cards were meant to significantly decrease fraud.
Chinese cities top leading fintech hub rankings
China Daily | Thu November 15, 2018 - China's large number of fintech companies has helped the country to take the lead worldwide in developing the industry, according to the Global Fintech Hub Report released on Wednesday during the Money 20/20 China conference. Five of the top 10 global fintech hubs are in China, and Chinese cities comprise seven out of the top 30, the report showed.
More from PaymentsSource
Data: Pot payments on the rise
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Standard Cognition raises $40 million to expand cashierless checkout
Standard Cognition raised $40 million in a Series A funding round among five different venture capitalists to expand its cashierless checkout footprint.
Uber vending machine maker Cargo adds Venmo for in-car commerce
Cargo, a provider of in-car commerce systems to the ride-sharing market, is now accepting Venmo as a payment option to complete in-car transactions.
Blockchain payments need to ‘tip the scales’
Standards are important to push blockchain payments, but the systems also need dynamic scale, according to Byung Ik Ahn, CEO of Fantom Foundation.