7.12.19 Your morning briefing
Not on time
A European lobby group is calling for an 18 to 36 month delay in the September deadline for PSD2's strong customer authentication rules, which require two-step verification for all online purchases over about $45.
The EPSM, which represents payment service providers in more than a dozen European nations, says the delays are necessary to avoid service disruptions. The longer 36-month delay would be for travel and hospitality businesses, which the EPSM contends face a tougher migration.
Nearly half of European merchants aren't prepared for the September strong authentication deadline, according to research from Stripe and 451 Research. Stripe recently acquired Touchtech to add strong authentication technology to serve merchants in Europe and other markets.
Renting on debit
Hertz, Dollar and Thrifty are expanding Mastercard debit card support for rentals in several European markets, including the U.K., France, Germany, Spain and the Netherlands.
While most people use credit cards to rent cars, Hertz hopes to capture first-time customers for vacation rentals and serve people who do not widely use credit cards. Mastercard contends about half of consumers in Europe carry only debit cards, citing Lafferty Research in a release.
The car rental brands will take a pre-authorized deposit for debit payments to cover the estimated charges for the rental.
Aliant Payments has signed the Miami Dolphins, which will use the fintech to accept cryptocurrency payments when purchasing tickets for the football team's 50/50 raffle, which is used to raise funds the Dolphins' charity foundation.
The tickets will be for sale online and at kiosks in Hard Rock Stadium starting this fall's season.
The Dolphins are early adopters of payment technology, including a mobile payment app that dates to 2013.
Octopus on Apple
Octopus Cards will add support for iPhone and Apple Watch for transit and retail payments later this year, giving Apple another boost in its plans to use transportation as a means to grow Apple Pay.
Apple's move was reported by MacRumors, which based its report on a leaked code snippet for iOS13, which showed support for Hong Kong's Octopus cards and a later confirmation of general Apple Pay support for Hong Kong Transit.
Octopus has offered contactless payments through Samsung Pay since 2017, using the FeliCa NFC standard, which is used for Japanese transit payments. Apple has supported FeliCa for more than a year, but the Octopus deal with Samsung Pay was exclusive, MacRumors reports.
From the Web
Stripe Outage Smacked Businesses for Two Hours
Fortune | Thu July 11, 2019 - Stripe, one of the most valuable financial technology startups in the world, was hit with one of its longest periods of downtime ever. The company’s services were offline for almost two hours cumulatively throughout the day, meaning some companies that rely on Stripe to process payments could not accept orders during that time.
Carlos Slim's bank to acquire stake in Brazil unit of Global Payments
Reuters | Fri July 12, 2019 - Brazilian antitrust watchdog Cade has approved Mexican lender Inbursa’s acquisition of a roughly 33% stake in the Brazilian unit of payment technology company Global Payments Inc. Inbursa, which is controlled by the family of billionaire Carlos Slim, intends to have a card processor business in Brazil through Banco Inbursa SA.
China’s response to Facebook’s Libra could be ‘Hong Kong style’ cryptocurrency, says ex-central bank governor
South China morning Post | Thu July 11, 2019 - China could learn a lesson for its possible digital currency issuance from the Hong Kong monetary system that allows “commercial entities” to issue banknotes backed by their own private currency assets, former central bank governor Zhou Xiaochuan said.
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