8.10.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Hackers attacked the PGA's computers and installed malware that locked files and demanded cryptocurrency a ransom.
Newsweek reports users could not obtain access to tournament information, including content that has been in development for more than a year and thus is difficult to replace.
The attack is similar to other ransomware hacks on Atlanta and payment vendors over the past year.
They know they were robbed, but not much else
It's not unusual for research to suggest payments fraud is a problem, but new research suggests it's so bad that the source can get lost.
Compare the Market found one in ten U.K. adults have suffered debit or credit card fraud in the past year, or 4.7 million people. What's interesting is 27% of consumer either don't know or can't remember how they were hacked.
The financial stakes are also getting higher. The report found the average amount stolen was about $1,100 per incident, up from about $800 the prior year.
More numbers are pouring in that point to a jump in users for Apple Pay.
The latest figures are from iClarified, which reports the app has 252 million and performed 1 billion transactions globally in June, up 300% from the prior year. The site also reports Apple Pay transactions, up 300% from the prior year. It reports Apple Pay is expanding quickly outside the U.S., which accounts for 85% of Apple Pay's users.
Additionally, 31% of iPhone users have used Apple Pay in the past 12 months, compared to 25% in the 12 months before that.
Looking for a spike
Sports such as surfing are a major way fintechs are trying to boost wearable payment volume, since athletic events often include captive retail, or participant sports don't match well with wallets and smartphones.
Wirecard is collaborating with Visa to offer wearable payments during the 2018 German Beach Volleyball Championships in Timmendorfer, which start August 31. About 5,000 wristbands will be distributed to spectators to be used for payments.
The collaboration also fits Visa's strategy of using sports festivals to promote emerging payment technology.
Intuit's payments patent
Intuit has earned a patent for a system that processes bitcoin payments via text message.
The company first applied for a patent in 2014 for technology that allows small businesses to accept bitcoin, reports Coindesk.
The business software company has been adding support for cryptocurrency for years, including collaborations with companies such as Coinbase.
From the Web
Bugs in Mobile Credit Card Readers Could Expose Buyers
WIRED | Thu August 9, 2018 - The tiny, portable credit card readers you use to pay at farmer's markets, bake sales, and smoothie shops are convenient for consumers and merchants alike. But while more and more transactions are passing through them, devices sold by four of the leading companies in the space—Square, SumUp, iZettle, and PayPal—turn out to have a variety of concerning security flaws.
People’s Daily article calls for mobile payments companies to tighten consumer protection measures
South China Morning Post | Fri August 10, 2018 - People’s Daily, the ruling Communist Party’s mouthpiece, on Friday published an article calling for mobile payments providers to strengthen security measures to help users get back their funds if they mistakenly transfer money to the wrong account or send an incorrect sum. China has become a global leader in mobile payments, with an estimated 890 million users and a 92.4 percent penetration rate among internet users in the country, according to a report on China’s third party mobile payments by market research firm Ipsos.
5,000 Merchants Can Now Accept Cryptocurrency Payments in Chile
CCN | Fri August 10, 2018 - Chilean cryptocurrency exchange Crypto MKT has recently announced that the country’s citizens can now buy products and services with cryptocurrency from over 5,000 merchants through a new integration with a crypto payment processor. According to the announcement, a partnership between Crypto MKT and online payments platform Flow.cl allowed the merchants to add cryptocurrency payment options through a platform called CryptoCompra.com. CryptoCompra’s platform is available in Chile, Argentina, Brazil, and Europe, and lets customers pay businesses using bitcoin, stellar, or ethereum, while letting merchants receive their payments in pesos, the country’s fiat currency.
More from PaymentsSource
Dash gets speedy to capture crypto-shy merchant payments
Surrounded by a sea of cryptocurrencies that act primarily as investment assets, Dash has decided to double down on its core value proposition as a payments currency.
Poor scale and speed threaten Ethereum's maturation
The technical standards for smart contracts on the Ethereum blockchain, ERC20, have revolutionized fundraising and disintermediated banks, venture capital, and crowdfunding platforms like Kickstarter with true peer-to-peer funding.
Fee-weary merchants turn to incentives to counter the war on cash
Cash discounting, or informing customers that items in the store are priced less expensively if purchased with cash, does not have the legal barriers of straight surcharging, which is simply charging more for products to cover card fees.
Paytm expands into 'gamified' budgeting with Balance.Tech acquisition
Paytm has acquired Bengalaru-based savings management startup named Balance.Tech to boost financial services product development and user experience.