Morning Brief 7.13.20: Mastercard extends True Name to Europe

Register now

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

Geographic expansion

Mastercard is expanding its True Name cards to Europe, in an attempt to make it easier for members of the transgender and non-binary community to change the name on their cards.

The card brand introduced the cards in the U.S. in 2019, and started picking up issuer support late in the year. The cards enable users to choose their preferred name for the card without going through the cost and time of a legal process.

Mastercard reports 32% of consumers who show ID with a name or gender that does not match their presentation have reported harassment, service denial or attacks.

Quick move

Monzo is testing the U.K. faster payment rail to support an instant transfer service between banks and Monzo without requiring users to enter account details.

Users select their other bank and enter an amount, and Monzo connects the consumer to the other bank to approve the transfer.

Monzo got its start as a mobile payments company, and it has been adding more financial products over the past two years as it faces competition from other European fintechs such as Revolut and N26.

Leaky payments

The WikiLeaks Shop will accept the cryptocurrency Lightning to pay for the mostly souvenir and concession type items that fund its government document leak operation.

The shop already accepts bitcoin and other cryptocurrencies, reports Coindesk, adding WikiLeaks' store is an early adopter of Lightning for direct payments.

Lightning is designed to process transactions faster than bitcoin, potentially opening crypto to more users. But it's also still considered experimental, creating potential risk, according to Coindesk.

Pulling into the U.S.

London open banking platform Railsbank has launched in the U.S. offering a "card as a service" that's designed for other fintechs.

The startups use Railsbank to launch payment cards and manage other financial services. Railsbank's first U.S. client is Unifi Money, a challenger bank that targets high-earning professionals, reports Finextra.

Visa has invested in Railsbank, and the two firms have a partnership to help Railsbank expand into new markets.

From the Web

Singapore says blockchain payments project ready for commercial rollout
REUTERS | Sun July 12, 2020
Singapore has developed a blockchain-based payments network that could enable faster and cheaper international settlements, authorities said on Monday, adding that the next step was a commercial rollout.

PBOC and Didi team up to test digital currency
CHINA DAILY | Fri July 10, 2020
China's central bank is reportedly partnering with several internet companies including Didi Chuxing, the ride-hailing major, to test the use of its digital currency, as the nation pioneers the world in its efforts to experiment with virtual currency.

Twitter’s Jack Dorsey is giving $3 million to help test free cash payment programs for Americans
CNBC | Fri July 10, 2020
Twitter and Square CEO Jack Dorsey is pledging $3 million to support experiments in free cash payments to Americans, he announced Thursday.

More from PaymentsSource

Accounts payable can be digital and still make room for checks
Suppliers that still need to receive physical checks should still be able to do so. Even if they do, the process remains electronic on the accounts payable side, says AP side so that customers can issue check payments in the same batch as other electronic payments, says Nvoicepay's Angela Anastasakis.

The politics of keeping cash alive
The most recent legislative push to mandate cash is bipartisan at the outset, but there are divisions over how to put this plan into effect.

5 ways the coronavirus has locked down summer-break spending
Traditionally, consumers take summer vacations to recharge from the hustle and bustle of daily life, as well as to reconnect with families and friends, before moving on to the next phase of their lives such as the restart of schools or going back to work – but not this year.

On-demand access requires more card choices
It’s no secret why consumers flocked to delivery services during the months of quarantine. On-demand access to food and essential items provided a lifeline to people who needed to avoid risky public interactions.

It's finally time to complete the U.S. EMV migration
To ensure safe, secure transactions that are protected against fraud, retailers moving to EMV have been encouraged by their POS partners to replace or upgrade the network infrastructure, says TNS' Brian DuCharme.

Microsoft gets deeper into payments amid coronavirus' spread
Microsoft has boosted its role in the digital payments migration through a series of ventures, using its cloud computing platform to support merchant upgrades and real-time processing.

Twitter's 'Gryphon' chases its longtime fantasy: Social media payments
In a simple job posting and reference to a subscription platform, Twitter drew attention to how it could use its platform to embed in numerous use cases that tie social tools, recurring revenue and digital commerce.

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