9.4.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Paytm, already a prominent digital payment option in India, is bringing its model to other financial products.
Paytm Money, a subsidiary devoted to mutual funds, launched Monday with plans to double the number of mutual fund investors in India to over 50 million by 2023, Trak.in reports.
The Paytm Money app will eventually add an AI investment advisory feature to assess risk and provide other information to investors, the article says.
Large payment systems have suffered a series of outages over the past few months, causing complications for travel, grocery stores and other retailers.
The Reserve Bank of Australia is the latest institution to in this trend after routine fire control maintenance caused an outage at the central bank's main data center, reports Reuters.
CBA also recently reported an outage when a data center glitch shut off mobile banking, web banking and card payments.
The number of bitcoin ATMs pales in comparison to traditional ATMs, and a technology company is trying to take advantage of that gap.
Virtual Crypto Technologies is selling software that allows regular ATMs to buy and sell bitcoin. By remotely installing its NetoBit Trader software, the ATMs can convert bitcoin into standard cash.
The user scans a QR code that's on the ATM screen to trigger different commands for bitcoin sales. The user then receives the local currency equivalent to the amount of bitcoin sold at the lowest commision rate that Virtual Crypto's algorithm can find.
Ipagoo is the first non-bank payment service provider to join Chaps, the U.K.'s high-value payment system.
For Ipagoo, a subsidiary of the Orwell Group, the move means it can retain more control over largest transactions, giving it independence from clearing banks.
Ipagoo also recently joins BACS and Faster Payments, the U.K.'s other major digital national digital payment initiatives in the U.K.
A score for password replacement
Adyen is embracing 3-D Secure, making it available for merchants as part of a new phase of authentication.
EMVCo just released a test platform for 3-D Secure 2.0, a messaging protocol that allows consumers to use biometrics and other emerging digital means for authentication. In theory, this would reduce friction for card not present transactions.
Adyen hopes the protocol will be particularly useful in speeding mobile payments by quickly analysing more than 100 data points to vet user identity.
From the Web
Shine grabs $9.3 million to build a bank for freelancers
TechCrunch | Mon September 3, 2018 - French startup Shine is raising a $9.3 million (€8 million) Series A round. The company is building an alternative to traditional bank accounts for freelancers working in France.
Proof That Square Is Completely Disrupting Payment Processing
Forbes | Fri August 31, 2018 - Square's stock has made new all-time high after new all-time high over the past year, capped off recently with news that cumulative downloads of their peer to peer payment app, Square Cash, have surpassed those of rival PayPal's Venmo for the first time.
Romanian nationals arrested in bank theft ring
Fox | Fri August 31, 2018 - A construction worker in south St. Louis County may have helped break up an international bank theft ring. Mrejuica Madalin, 30, and Laszlo Solomes, 31, of Romania, were in the United States illegally, but somehow made it to St. Louis and got more than $4,000 out of the ATM at the Patriot Credit Union on Telegraph Road near Forder. That construction worker, David Snyder, is also a U.S. Army veteran.
More from PaymentsSource
Mastercard and Google's potential data deal tests privacy policies
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Can Deutsche achieve ROI from other banks' payment IT projects?
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W3C pushes browser pay security without input from banks and card networks
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Cashierless checkout: Everything you need to know
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Diebold Nixdorf secures a $650 million loan to shore up finances
Diebold Nixdorf will use the funds to buy the remaining shares of its Germany subsidiaries, repay debt and undertake operational improvements.