Morning Brief 4.15.20: Paytm adds payment scale to esports

Register now

The information you need to start your day, from PaymentsSource and around the web:

JV game

Paytm's gaming division has entered a venture with Esports Players League to run digital sports tournaments, hoping to fill a void as sports and other entertainment venues are closed during the coronavirus outbreak.

The venture is selling itself to amateur gamers with an option to become professionals, according to VentureBeat, which adds the joint venture will start with competitions in Asia.

Paytm's gaming unit has more than 500,000 daily users, and has jumped more than 200% in usage over the past month.

Still thinking about Libra

Regulators are still considering how to police Facebook's Libra cryptocurrency, which hasn't yet been introduced.

The Financial Stability Board is telling regulators to study existing standards to ensure coverage for international stablecoins, which would include Libra, reports Coindesk.

The FSB is concerned that existing stablecoin rules don't consider Facebook's scale, and potential risks to national payment systems from operational malfunctions or sudden spikes of funds in or out of stablecoins.

Underground marketplace

Online marketplace Quidd suffered a data breach in 2019, resulting in the exposure of about 4 million users.

These users' credentials are being shared on hacking forums, reports ZDNet, explaining the information includes usernames, email addresses and hashed account passwords. All of this information could be used for additional hacks and payment fraud.

Advertisements for the Quidd information have been on hacking forums for as long as six months, ZDNet said.

Mobile money

U.K. fintech Phos has raised about $2 million to fund technology that allows Android handsets to act as mobile point of sale terminals.

Bulgarian VC New Vision 3 led the investment, bringing Phos' total to about $4 million, according to Finextra.

Phos, which recently started a four-week test of its technology with Mastercard, uses Paynetics as the acquiring institution, has a network of about 200 merchants for the pilot.

From the web

Cash, ATM and bank branch use dips as virus transforms how we pay
BRISBANE TIMES | Tue April 14, 2020
Payments consultancy The Initiatives Group says in a recent paper that use of cash and ATMs will fall into a "steep decline" as a result of the pandemic, as contactless and mobile payments rise.

Chinese State-Owned Bank Offers Test Interface for PBoC Central Bank Digital Currency
YAHOO FINANCE | Tue April 14, 2020
The Agricultural Bank of China (ABC), one of the nation’s four state-owned banking giants, is trialing a test interface for the country’s central bank digital currency.

UK Bans Use Of Credit Cards To Pay For Gambling
FORBES | Tue April 14, 2020
From Tuesday, gamblers in the UK can no longer use credit cards to pay for bets. The move has been welcomed because online gambling has increased during the coronavirus lockdown.

More from PaymentsSource

Coronavirus brings lessons to retailers, issuers about contactless payments
Though NFC adoption is still somewhat patchwork in the U.S., new data suggests contactless payment transaction volume is rising during the coronavirus outbreak, giving an advantage to banks and merchants that enabled it early.

Loyalty marketing can help merchants, but the messaging has to be right
The benefits of virtual payment cards go beyond replacing physical cards and eliminating social contacts. Payment vendors that manage these virtual cards can also create branded cards and portals for companies, says Berkeley Payments' Jonathan Hamburg.

How coronavirus can ease pressure on crypto payments
Central banks are releasing trillions of dollars to bolster economies through the coronavirus pandemic, giving rise to a pair of trends that could push merchants and consumers to embrace digital currencies as a mainstream payment alternative.

CFPB paves way for consumers to get stimulus funds via prepaid cards
The Consumer Financial Protection Bureau wants to make it easier for consumers who lack bank accounts to use prepaid cards to receive their pandemic relief stimulus payments authorized by Congress.

Instant issuance can help banks be there during the coronavirus pandemic
Instant Issuance has always been a critical component to enable a better banking experience for consumers. By removing a seven-to-10-day waiting period to receive a debit card, financial institutions can empower customers with instant gratification and equip them with a new payment card immediately, providing a high level of service to cardholders.

Coronavirus digital pay spike invites account takeover fraud
According to Javelin Strategy & Research, account takeover hit an estimated 3.6 million victims in 2018 – up from 1.4 million victims two years prior.

For reprint and licensing requests for this article, click here.