01.23.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Is there a problem with Uber's ID protection? A researcher claims to have discovered a potential flaw in Uber's two-factor authentication system that could endanger transactional and personal information. Security researcher Karan Saini told ZDNet there's a flaw that could allow an attacker with a consumer's username and password to work around Uber's authentication, allowing a window to steal personal information. Saini did not reveal a lot of detail to ZDNet out of caution, though Uber told Engadget it has fixed the flaw. Two-factor authentication has been a major part of ID risk for mobile payments for several years, though more complex standards are in the pipeline.
Visa appoints CEMEA chief: Visa has appointed Andrew Torre regional president for Central and Eastern Europe, Middle East and Africa (CEMEA). Torre, who will be based in Dubai, will oversee Visa in 90 countries and will sit on Visa's global operating committee. Torre has worked with the World Bank in Kiev, and at Visa has held roles in product, strategy and pricing. Torre has also held general manager roles in Russia and Sub-Saharan Africa, and has been part of Visa's expansion strategy in Russia.
Grab a bike: Singapore-based 'smart bike' sharing company oBike is partnering with Grab to support GrabPay's mobile wallet to pay for bike rentals and rides. A regional rival for Uber, Grab has been adding more services and markets, as well as mobile payments. Grab and oBike will collaborate on joint initiatives serving on-demand transport for bikes. An early venture will be a points-based marketing program tied to Grab payments.
PSD2's open banking gets rolling: The PSD2 data-sharing regulations are in effect in Europe, and are expected to result in myriad partnerships between financial institutions and fintechs. One of the early movers is U.K. payments company and challenger bank Monzo, which has lined up a collaboration with Emma to launch an API for data sharing. Emma is building a mobile app designed to manage overdrafts, track transactions, view different payment card accounts, and manage subscription enrollments and recurring payments.
From the Web
Western Union CEO: Moving Money Is About Connecting People
Fortune | Mon Jan 22, 2018 - Ersek’s personal experience is why he joined Western Union in 1999. Eleven years later he would become CEO and his key message and mission since then has been “moving money for the better.” Western Union, which was founded in 1851 and famous for its giant telegraph system, is now the largest money transfer company in the world. It conducts cross-border money transfers in 200 countries and does transactions in more than 130 currencies. The legendary company has built much of its business on helping immigrants and refugees send and receive money to and from their families for nominal fees.
Coinbase, leading US digital currency marketplace, hires Twitter exec who oversaw user services
CNBC | Mon Jan 22, 2018 - As leading U.S. digital currency marketplace Coinbase struggles to handle accelerating consumer demand, the start-up has hired an executive from Twitter to improve customer support. Tina Bhatnagar, former vice president of operations and user services at Twitter, is joining the company, Coinbase co-founder and CEO Brian Armstrong announced Monday. Bhatnagar will be vice president of operations and technology at Coinbase, with the goal of doubling the size of the support team so that all customers will have 24/7 telephone support by the second quarter of this year.
ADP acquires workforce management software startup WorkMarket
TechCrunch | Mon Jan 22, 2018 - Payroll provider ADP said it is acquiring WorkMarket, a startup that specializes in workforce management software that operates across a wide range of employees and contractors, for an undisclosed sum. WorkMarket includes payment systems, management for extended employee networks, as well as a marketplace for piecing together a workforce that can fill the gaps for a company that’s looking to operate outside of the traditional range that full-time employees might operate. All these tools, which the startup looks to wrap into a more straightforward and less complex product, are hallmarks of a company looking to woo small businesses before they hit a point that necessitates larger and more robust workforce management products.
More from PaymentsSource
Curve enters the fearsome market for all-in-one cards
The all-in-one card market is littered with the carcasses of unsuccessful ventures, but Curve's Shachar Bialick insists his initiative has a model and a headstart that will help it fight the market's considerable headwinds.
APIs can beat payment and billing system problems
If your billing and payments system has API integrations it makes it easy for your most valuable business asset, your customers, to do business with you, writes Martha Salina, senior vice president at Multi Service Technology Solutions.
In Amazon Go, Jetsons technology meets Flintstones shoppers
After a year of teething trouble at the Amazon Go cashierless concept store in Seattle, the e-tailer has finally opened its doors to the public. But no amount of Jetsons-esque technology can prepare the company for a stampede of consumers accustomed to Flintstones-era retail.
WeChat Pay secures partners for mobile launch in Italy
China's WeChat Pay mobile wallet has secured a partnership to launch the app in Italy next month, making it easier for Chinese consumers in that country to make online or in-store purchases with their smartphones.