5.22.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Digital ID network
Mastercard's work on interoperable digital ID already includes numerous partnerships, such as a collaboration with Microsoft, and the card network has added another partner in Samsung Electronics.
Mastercard and Samsung will pool resources to build automated authentication options for mobile devices. Samsung has been adding to its mobile pay technology, investing in Mobeewave, expanding Samsung Pay support for prepaid, and filed for a patent for crypto wallet technology--all moves that could benefit from improved authentication technology and collaboration.
Multiple companies and governments are working separately, and at times in concert, to build digital ID systems that are interoperable and more flexible than static passwords, and also provide consumers with more control over their data in an e-commerce and digital environment.
Apple wins over another holdout
National Australia Bank has added support for Apple Pay, giving the mobile wallet coverage of most of Australia's banking market.
ACI has signed a deal with long-time Chilean card processor Transbank to bolster ACI's local presence and improve Transbank's ability to comply with local card mandates.
Transbank has developed digital payments in Chile for about three decades and has recently upgraded its processing system as the Chilean government changed its regulations to open the merchant acquiring industry to more companies.
Transbank will use ACI's retail payments gateway, which uses a service oriented architecture to support different payment methods, to meet the new government requirements.
Cryptocurrency and foreign exchange fraud attacks in the U.K. expanded about 300% over the past year to more than 1,800 incidents, from less than 600 in 2017, reports Coindesk, citing figures from the Financial Conduct Authority.
Most of the cases, or 81%, were cryptocurrency fraud, according to the FCA. The nature of the crime is also changing, with many more attacks of smaller value.
While the number of scams jumped, the value of the scams fell, to $34 million from $48 million. The average individual loss also fell to $18,600 from $75,000.
From the Web
Where Will Square Be in 10 Years?
The Motley Fool | Tue May 21, 2019 - Square has been one of the most disruptive companies in finance over the past decade, advancing the mobile payments market and adding services that make small businesses easier to run than ever before.
Goldman Sachs-backed Marqeta rides payments wave to a $2 billion valuation
CNBC | Tue May 21, 2019 - The payment processor, which works with Square, Instacart, DoorDash and others, closed a Series E Funding round. The new cash injection brings its latest valuation to $2 billion as investors pour into the payments space.
American Express Revolutionizes B2B Payments: The Check Will Never Be In The Mail Again
Forbes | Tue May 21, 2019 - E-Bai Koo, executive vice president, global commercial services at American Express, outlined the benefits of the virtual card payment solution for buyers and sellers that rely on the Ariba Network to purchase goods and services with their American Express cards.
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