10.29.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
PayPal bans Gab
Following the shooting at the Tree of Life synagogue in Pittsburgh, PayPal banned the use of Gab, the social media platform where the suspect posted anti-Semitic messages.
Though the PayPal ban occurred the day of the shooting, many other companies banned Gab much earlier, The Verge reports. Apple refuses to host its app on iOS, and Google removed Gab's app last year for violating its hate speech policy, the article said.
Stripe is also weighing a ban, while Gab's hosting provider Joyent suspended its service for Gab on Monday, Engadget reports. Last year, PayPal enacted similar bans against racist groups following reports that white nationalists used its platform to fund their activities in Charlottesville, Va.
Preparing to dump cash
Sweden is building a framework for the e-krona, a digital currency that will help the county manage the decline of cash with the need to support state-guaranteed payments.
Verdict reports a project team has recommended a pilot program to inform the central bank's future decisions on e-krona.
The proposed currency will be able to be held in an account at the Riksbank, stored on a card or in a mobile app.
Reprise Hosting is adding Alipay as a payment option for its line of hosted "cheap" dedicated servers.
Seattle-based Reprise reports increased interest in its servers from Chinese consumers, which lead it to add the Chinese payment app. About 20 percent of Reprise's clients are based in China.
Alipay is also part of a planned expansion deeper into China at Reprise, which is adding a Mandarin site and technical support in the coming months.
That sealbag will cost you extra
ABN Amro is incenting clients to move to digital payment processing with more of a carrot than a stick.
The bank's new fee structure, which goes into effect Jan 1, 2019, includes higher costs for some businesses that use manual payment processes, mostly trade finance companies.
For example, the bank will increase the fee for depositing cash with a sealbag. But it won't increase fees for ATM deposits, because the cash is counted by the ATM. Also, fees for a "certain number" of online services will also go up, because these fees have not been increased in several years, the bank said in a release.
Paytm has appointed Satish Kumar Gupta as CEO of the company's bank.
Gupta has more than 35 years experience in India's payments industry with roles at SBI and NPCI. His appointment comes as Paytm is in the midst of a strategy that aims to build the world's largest digital bank.
"Having been part of the banking and payments industry for close to four decades, I've been fortunate to experience the disruption and growth that the Indian economy has witnessed promoting digital payments," Gupta said in a press release.
From the Web
Germany’s Central Bank and Deutsche Börse Complete Blockchain Settlement Trial
CCN | Sat October 27, 2018 - Germany central bank Deutsche Bundesbank, and Deutsche Börse have announced the successful completion of a performance test for two prototype blockchain-based securities settlement systems which they developed jointly. It was revealed that the prototype systems support settlement of regular payments, interest payments, securities transactions and repayment when bonds achieve maturity.
Cathay Pacific data leak: airline warns customers to guard against phishing attempts
South China Morning Post | Sun October 28, 2018 - Cathay Pacific Airways and IT experts have warned passengers to guard against dubious cyber links, as they expected phishing activities to surge following the massive data leak. The city’s flagship carrier revealed belatedly on Wednesday night that the data of 9.4 million passengers had been illegally accessed, despite the breach being detected in March and confirmed in early May.
IBM Study: Central Banks Favor Digital Currencies for Interbank Settlements
CCN | Fri October 26, 2018 - Central banks maintain their distance from Bitcoin but have shown interests in issuing their private digital currencies. And a new IBM-OMFIF survey revealed how this future financial infrastructure would appear. The study found that central banks are increasingly adopting Central Bank Digital Currencies (CBDCs). A clear overview revealed that banks were initially reluctant in taking the said technological leap.
More from PaymentsSource
Will fraudsters finally break paper checks' hold on B2B payments?
Accounts payables automation is a tough sell for companies that don't want to abandon a process they have clung to for decades. But this old process is a big target for fraudsters — and growing.
10 tech apps taking over banking and payments
Despite the fervor over mobile wallets and banking, one day consumers may never need to open a dedicated bank or payment app.
Why Citi is investing in tech that controls how much cardholders spend
The bank saw value in Ondot System’s ability to empower customer analytics in card controls.
Wirecard, Mastercard launch prepaid card for gas in Slovenia
Petrol, Slovenia’s leading gas station operator, has partnered with Wirecard and Mastercard, enabling users of Petrol’s MBills mobile wallet to add a prepaid Mastercard to their accounts.