7.29.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
License to breach
National Australia Bank has suffered a data breach that affects names, dates of birth, contact details and government ID numbers such as driver's license numbers — all information that can be used to hack accounts and commit payment fraud.
The NAB breach comes closely on the heels of another breach on Australia's PayID, a bank-led real-time transfer app that works similar to Zelle, reports The Sydney Herald, adding the earlier breach involved compromised Westpac consumer accounts.
The latest breach was a result of human error and was a violation of NAB's data security policy, the newspaper reports.
Gambling payments are potentially lucrative and risky for card payment processors, and may soon be more heavily restricted in the U.K.
The United Kingdom Gambling Commission plans a public consultation on credit card payments for gambling. The commission may ban credit card payments for gambling but will consider input from the gambling industry first, reports Casino Guardian, a U.K. publication.
The consultation will start in August. The commission is attempting to reduce the risk of gambling with borrowed money, which includes credit cards.
More movie subscriptions
The movie subscription payment business is filled with struggles but continues to draw new competitors who are attracted by the possibility of more predictable revenue streams.
Regal Cinemas plans to launch a service with three tiers of membership ranging from $18 to $23.50 per month, IMAX, 3D and double features, reports Engadget.
Finding the right mix of recurring payments, movie discounts and special fees has been tough for movie apps. Sinemia shut down in April after adjusting its debit card and pricing strategy several times, and MoviePass relaunched in January with an ad campaign and a new tiered pricing system.
Huawei weighs in on Libra
Huawei's CEO is calling for China to build a virtual currency to rival Facebook's Libra.
Ren Zhengfei was speaking about U.S. global hegemony and China's capability of issuing its own central bank currency to L'economia, an Italian media outlet, reports Coindesk. China has taken a mostly negative view of cryptocurrency, so there would likely need to a change in policy.
China's Huawei has been caught up in the U.S.-China trade dispute, though there are signs that is easing as the U.S. government recently agreed to speed licensing decisions for U.S. technology companies to sell to Huawei.
From the Web
Sydney expands contactless payments to buses
ZDNet | Sun July 28, 2019 - New South Wales Transport Minister Andrew Constance said the state over the next five to six weeks would start allowing buses to accept payments via the PayPass or PayWave function on either debit or credit cards -- including smartphones and any smart devices that have NFC payment capability.
When Visa Stole Market Share, MasterCard Recruited a Former FBI Agent
The Wall Street Journal | Fri July 26, 2019 - When MasterCard was losing ground to Visa in the credit-card market in 1980, it turned to Russell Hogg, a former FBI agent, to lead a turnaround. Mr. Hogg, who also had worked as an executive at American Express and American Airlines, started his CEO job at MasterCard International by grilling the top management.
Alibaba unveils own microchip
The Straits Times | Sat July 27, 2019 - The Alibaba Group has successfully developed its own microchip, delving deeper into semiconductors as Washington targets China's tech industry. Alibaba unveiled the Xuantie 910 processor based on an open-source design known as RISC-V that competes with the global standard developed by SoftBank Group's ARM.
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