8.30.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
A boost in Brazil
PayPal is collaborating with Itau Unibanco Holding, Brazil's largest private lender, to offer payment services to the bank's cardholders.
The move will add one million consumers to PayPal's existing 3.8 million client base in Brazil, according to Reuters. PayPal is open to collaborating with other banks in Brazil to further its expansion, the wire service reports, adding about 300,000 Brazilian merchants accept PayPal.
PayPal this week also entered a partnership with remittance company Ria to extend its cross-border payments network.
Danish fashion brand Skagen has launched new wearable devices which include GPS, heart rate monitors and NFC for contactless payments via Google Pay, according to Ausdroid.net.
Google has been quickly ramping up markets and partners to expand its wearable transaction network, including smartwatches and transit payments.
Terra has closed a $32 million seed funding round, which it will use to create a blockchain-based "stable coin" designed to avoid cryptocurrency's market volatility.
Binance Labs, OKEx, Huobi Capital and Dunamu & Partners are the lead investors, along with a group of blockchain-focused firms.
Stablecoins, which usually manage the relationship between cryptocurrency and currency to ensure a relatively predictable valuation, have become a popular way for cryptocurrency companies to lure merchants to alternative payments.
A bag of chips
More than 3.1 million merchants in the U.S. accept EMV chip cards, or nearly 2.7 million more than in 2015, according to Visa.
The card brand also reports the number of Visa chip cards in the U.S. is now 500 million, or up 214% since 2015.
EMV is also performing its primary security role, as counterfeit fraud losses are down 75% for EMV merchants. Visa also reports 97% of June 2018's U.S. payment volume was on EMV cards.
From the Web
Azimo: 80 Percent Growth In Transactions Sent To M-Pesa Wallets In Kenya
Forbes | Wed August 29, 2018 - Azimo have announced an 80 percent growth in transactions sent to M-Pesa in Kenya since the start of 2018, confirming the dominance of mobile wallets, which accounted for 96 percent of the payments delivered to the wallet. The fintech has been working with Homesend, the cross-border payments provider and joint venture of Mastercard and eServGlobal, in order to enable instant money transfers to the Kenyan mobile wallet and in turn, strengthening Azimo’s market share among Kenyans abroad.
Square jumps 6% after Guggenheim names it 'best idea' in fintech
CNBC | Wed August 29, 2018 - Even after payments company Square's stock price quadrupled in a year, one analyst is betting that the shares are still cheap. Guggenheim raised its price target to $100 from $75 Wednesday and named Square its "new best idea" and "highest conviction name" in fintech.
Air Canada confirms mobile app data breach
TechCrunch | Wed August 29, 2018 - Air Canada has confirmed a data breach on its mobile app, which the airline said may affect 20,000 people — or 1 percent — of its 1.7 million app users. According to an email to customers, attackers may have accessed basic profile data, including names, email addresses and phone numbers,
More from PaymentsSource
South African QR wallets become interoperable to get merchants on board
Nedbank Money users can store payment card data in just one app for all the main South African scan-to-pay schemes, representing a combined footprint of over 100,000 retail points of presence and 800 billers.
Fintechs are filling the merchant credit gap, but it’s not enough
There is space for banks to enter a market they largely ignore, according to William Phelan, president of PayNet.
Data: Blockchain's course correction
Very few organizations have adopted blockchain technology for any meaningful day-to-day use. But a change could be afoot.
Stripe and Visa pour funds into Nigerian e-checkout firm Paystack
The two companies were part of an $8 million funding round for Paystack, a company with a model similar to Square.