Morning Brief 10.7.19: Paytm's new partnership pushes public Wi-Fi
The information you need to start your day, from PaymentsSource and around the web:
Paytm is collaborating with Indian telecom BSNL to boost Wi-Fi onboarding and extend areas where Paytm can be used.
The feature will provide notifications to users when they are in a Wi-Fi hotspot, then support a wireless plan and payment using the Paytm app, reports Gadgets, a local technology news service.
The two companies will also work together to increase the number of hot spots, hoping to take advantage of a broader trend in India to boost digital commerce over cash.
Like the military
Apple doesn't plan to launch a Libra-style cryptocurrency, with CEO Tim Cook saying private companies should not compete with governments in providing currency.
Cook told French magazine Les Echos that he is not comfortable with a private group creating a competing currency. He also likened monetary policy to "defense" as a core function of government, adding private companies are not elected.
His comments were an indirect dig at Facebook, whose Libra cryptocurrency project has drawn international pushback from regulators, and second thoughts from its key participants, such as the card networks and PayPal.
Banks that do business in Europe are still falling short when it comes to monitoring payments that could be tied to terrorism and money laundering.
The European Supervisory Authorities contend the banking industry has risk management weaknesses in cases where an institution's model relies on frequent transactions, reports Finextra. As international e-commerce expands, cross-border payment processing for small business has become a more important function for banks
The regulators also sounded an alarm about virtual currencies, which can enhance money laundering and terrorism finance risk given the relative lack of regulations.
Ohio has taken down a website that allowed businesses to use bitcoin for tax payments.
The removal is tied to the legal definition of BitPay, the company the state was using to process tax payments. The state is concerned BitPay may be defined as a "financial transaction device," meaning its selection should be subject to a competitive bidding process, reports Coindesk, adding the state is reviewing the company's model.
It's possible the site may be reinstated after the review. Businesses could use the site to pay taxes for tobacco sales, employee withholding tax and public utilities.
From the web
Half a million customers can sue BA over huge data breach
THE TIMES | Sat October 5, 2019
Half a million British Airways customers have been given the go-ahead to sue the airline over its cybersecurity breach last summer. A High Court judge granted a group litigation order, paving the way for a mass legal action. Some 500,000 people were affected by a series of breaches between April and September last year, an investigation by the Information Commissioner’s Office (ICO) found in July.
T&T Supermarket Now Accepting Alipay and WeChat Pay
YAHOO FINANCE | Fri October 4, 2019
AlphaPay announced the national integration of its mobile payment technology into T&T Supermarket, Canada's largest Asian supermarket chain. With this new technology, T&T now accepts transactions from mobile-based payment platforms used widely by Canada's Chinese consumers — Alipay and WeChat Pay — at the point of sale through one streamlined platform powered by AlphaPay.
Sharp rise in watchdog scrutiny of UK cryptocurrency groups
FINANCIAL TIMES | Mon October 7, 2019
The number of cryptocurrency businesses in the crosshairs of the U.K.’s financial watchdog leapt by 74% in the past year, as the Financial Conduct Authority estimates that consumers have lost at least £27m in crypto and foreign-exchange scams.
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