6.08.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Have patent will travel
Mastercard has won a patent for a travel itinerary system that uses a blockchain for a travel auction platform.
Consumers enter their planned itinerary and merchants submit bits for each request. The blockchain would connect travelers, travel agents, and other travel companies; along with a middle party that would vet the travel providers.The system could cut into travel providers' marketing costs while making it easier for travelers to shop.
Mastercard is also pursuing patents for several other blockchain use cases, mostly with an eye on improving merchant and consumer navigation.
So this might happen
A cryptocurrency for pot is hoping to use the upcoming summit meeting in Singapore between President Trump and North Korean leader Kim Jong Un for publicity.
PotCoin is in talks with Dennis Rodman to broker Rodman's potential trip to Singapore, reports the Washington Post. Rodman, who has visited the North Korean leader in the past, intends to go to the upcoming meeting for "moral support." PotCoin has sponsored some of Rodman's prior travel.
Shawn Perez, a spokesperson for PotCoin, told The Washington Post that Rodman should share the Nobel Peace Prize with Trump and Kim Jong Un if the summit is successful.
Faster wallets for faster payments
NXP Semiconductors, Mastercard and Visa have launched mWallet 2GO, a white label service that's designed to combine several of the necessary pieces to build a mobile wallet in one location.
That includes hardware, software and tools to integrate the app with the larger payments ecosystem, reports iotbusinessnews.
The companies see the users as OEMs wishing to quickly add mobile payments to Internet of Things devices.
Where do you see yourself in 10 years?
To recruit creative and technology-savvy staff, ABN Amro has created a hopefully fictional future in which candidates have to prevent a digitally-induced financial disaster.
In this world, called the Lockdown, the year is 2028 and money has been completely digitized, reports Finextra. A massive hack causes this money, and alternative digital currencies, to disappear.
The candidates have to solve challenges using information security and blockchain to prevent a full financial collapse and help the authorities locate the hacker.
From the Web
GDPR panic may spur data and AI innovation
TechCrunch | Thu June 7, 2018 - If AI innovation runs on data, the new European Union’s General Data Protection Regulations (GDPR) seem poised to freeze AI advancement. The regulations prescribe a utopian data future where consumers can refuse companies access to their personally identifiable information (PII).
Ant Financial raises $14 billion in world's largest-ever single fundraising
Reuters | Fri June 8, 2018 - Ant Financial Services Group, operator of China’s biggest online payment platform, on Friday said it raised around $14 billion in what market watchers called the biggest-ever single fundraising globally by a private company. The cash will boost Ant’s firepower ahead of a widely expected initial public offering (IPO) in Hong Kong and mainland China as early as next year.
Data of 39 million Europeans breached in 2014 Yahoo cyber attack, inquiry finds
Financial Times | Thu June 7, 2018 - An investigation into a massive cyber attack on Yahoo in 2014 has found that the data of 39 million Europeans was breached after the US group failed to meet security standards set down in law. Serious weakness in Yahoo’s systems was uncovered in the 20-month inquiry by Ireland’s data protection commissioner, Helen Dixon, who is chief European regulator for several US groups that have their EU headquarters in Dublin.
More from PaymentsSource
New e-money providers put pricing pressure on U.K. banks
With increasing numbers of alternative providers gaining licenses to provide payment services aimed specifically at businesses, Beck predicts the pressure on the banks to offer faster and cheaper services is going to substantially increase.
EMV has made progress, but collaboration is needed to beat fraud
Only the collective efforts of cardholders, issuers, merchants and acquirers will significantly impact payment fraud, writes Stephanie Ericksen, vice president of identity and risk products for Visa.
How truck drivers forced Comdata to modernize
Comdata has been processing corporate payments for almost 50 years, paying truck drivers through a proprietary fuel card network. But its next chapter could be its toughest.
Visa-Mastercard ‘buy button’ unites retailers in opposition
While the 'buy button' is designed to benefit merchants, issuers and the card networks alike, merchants may not be willing to risk any tradeoff in their access to customer data.