Mastercard adds student exams to Australian digital ID project; PayPal's AML battle in India

Register now

The information you need to start your day, from PaymentsSource and around the web:

Exam time

Mastercard is expanding its digital ID project in Australia to include university exams in an attempt to demonstrate the utility of interoperable authentication.

Students at Deakin University use Australia Post's digital ID app to access the university's exam portal, reports ZDNet. The card brand reports the linkup has already demonstrated it can share the necessary data to securely verify students and the exams.

Mastercard, Deakin and Australia's postal service have been collaborating on digital ID technology for about a year, combining information from mobile devices with stored data such as bank accounts or government ID. Their goal is to expand beyond the university to power advanced ID management in other countries.

No cash

Shanghai-based unattended retail technology firm Nayax has added WeChat Pay, Alipay and Thai app PromptPay for self-serve cashless transactions across Thailand.

Consumers scan a QR code on Nayax devices to pay at merchants such as vending machines, car washes, laundromats and arcades.

Many of these businesses already support Visa and Mastercard for contactless self-service payments, making Nayax's latest deal a way for the Chinese payment apps to counter the U.S. brands' presence in Thailand.

AML penalty

Regulators in India have fined PayPal about $130,000 for allegedly breaking anti-money laundering laws. It's the first time regulators have taken such an action against an online payment company, reports Yahoo.

The Indian government says PayPal would not register as a "reporting entity" to record all transactions, report suspicious payments and identify the beneficiaries of suspect payments.

PayPal told Yahoo it's reviewing the fine. PayPal contends it operates as a payment intermediary in India, and does not operate a payment system or financial institution, placing it outside regulation. U.S. payment systems are often at odds with India's regulators, including disputes with Visa and Mastercard over data storage and Google over UPI registration.

Token booth

Crypto investors Compound Finance and Robot Ventures II led a $6 million sale of Flexa Network's AMP Token, which has now raised $20 million since September.

The sale will fund a rebuild of Flexa's cryptocurrency payment platform, accordion to Coindesk. The platform connects merchants to Flexa's digital wallet, which supports cryptocurrency payments for a merchant network that includes Nordstrom, Barnes & Noble and Lowe's.

Flexa will also decentralize its wallet while building more software for its merchant clients.

From the web

Blockchain firm Ripple plans to fight approaching U.S. SEC lawsuit
REUTERS | Tuesday, December 22, 2020
Ripple, the blockchain payments company associated with the cryptocurrency XRP, said on Tuesday it would oppose a lawsuit against it by the U.S. Securities and Exchange Commission.

Liberis, the embedded finance provider for SMEs, raises additional £70M in equity and debt
TECHCRUNCH | Tuesday, December 22, 2020
Liberis, the U.K.-based fintech that provides finance for small businesses as an alternative to a traditional bank loan or extended overdraft, has replenished its own coffers with £70 million in funding. The round is a mixture of equity and debt, although the company is declining to disclose the percentage split, so we can likely chalk this up as mostly debt to fund the loans Liberis issues.

'Dozens of email accounts' were hacked at U.S. Treasury -Senator Wyden
REUTERS | Monday, December 21, 2020
Dozens of email accounts at the U.S. Treasury Department were compromised by the powerful hackers responsible for a wide-ranging espionage campaign against U.S. government agencies, the office of U.S. Senator Ron Wyden said on Monday.

More from PaymentSource

Synthetic data can be a real solution for analysis and security
Data that mimics the original set is part of coronavirus vaccine trials, and also has ramifications for mapping financial services metrics, says Aite's Ginger Schmeltzer.

Santa visits, celebrity chefs: Banks build loyalty with virtual events
The pandemic has forced Bank of America, Chase, PCSB and other banks to find new ways to maintain connections with their customers and communities.

How the payments industry's COVID-19 response changed, month by month
No one could predict the full impact of the coronavirus pandemic. Many companies in the payments industry first saw it as a short-term threat that they must endure, rather than a transformative event that would still be raising obstacles almost a year down the road.

Kenya’s mobile payments pioneer to expand into money management
The pioneer of a mobile-banking revolution in sub-Saharan Africa is in talks with financial-services providers about expanding its offerings over the next five years, as it seeks to emulate the success of Ant Group’s Alipay.

Vacuumlabs teams with GPS for mobile, digital payments
Digital financial services provider Vacuumlabs is partnering with Global Processing Services to boost mobile app-based and e-wallet features for businesses of all sizes.

Education management and payments face a ransomware learning curve
With secure network access solutions and education programs in place, schools can avoid falling victim to a major security mishap that can interrupt education.

Christmas is the perfect time to perfect 'the curb'
Moving into 2021, curbside will continue to be a significant element of the retail experience as customers grow to prefer the convenience. Getting a head start on streamlining checkout now will set your company up for success in the next digital decade, says Mobiquity's Brittany Mills.

How TIAA Bank acts like a fintech to push digital payments
Even with the pandemic's dramatic shift to online commerce, TIAA Bank's Claudia Tabacinic says there's still room to migrate consumers, and lingering reluctance to embrace new technology.

Dirty money: Sex and the payments industry
When Mastercard and Visa cut ties with Pornhub in December, it was abrupt but unsurprising. The banking and payments industries have had a long and conflicted history with adult content.

Tech companies will create the credit cards of the future
When it comes to the U.S. credit card market, it's time for a change and that change is happening right now.

For reprint and licensing requests for this article, click here.