5.30.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
U.K. and France
Revolut has introduced support for Apple Pay in the U.K. and France, pairing its prepaid cards with the Apple Pay Cash app.
Apple could pick up an extra route to reach travelers, particularly if the Revolut-supported markets expand, as Revolut's prepaid card offers interbank exchange fees for 150 currencies and no fees for most payments, reports 9to5Mac. Revolut has international ambitions, so expanding Apple Pay would make sense.
The number of markets may also be larger than meets the eye, reports 9to5Mac, which adds it's common for Reddit users in Europe to change their iPhone region to the U.K., then add the Revolut card.
The fit train
Fitbit will join Google and Apple as companies supporting New York's contactless transit pilot, which launches on Friday.
The fitness wearable company's mobile payment system will work with the MTA's payment program, reports TechCrunch, adding the Fitbit Charge 3 Special Edition, Versa Special Edition and Fitbit Ionic will be able to pay for rides at the MTA's initial subway stations to offer contactless payments, mostly along the 4, 5, and 6 lines.
Fitbit Pay is also available for transit payments in other cities, including Chicago, Vancouver, London, Singapore, Sydney and Taiwan.
News aggregator Flipboard is resetting about 145 million user passwords following a data breach that potentially exposed user information that could lead to other payment-related crime, such as digital tokens that can connect to third-party sites.
The scope of the breach is unclear as Flipboard is still investigating, reports Engadget, adding it's possible the number of victims is less than 145 million and an update to the company's password system could also lessen the impact.
The breach happened between June 2019 and March 2019. Flipboard has also replaced the tokens that are designed to protect the accounts that could be used to link to third-party sites, Engadget reports.
Another new breach
In a separate incident, Tampa-based Checkers restaurant chain reported a breach resulting from malware on payment card readers at more than 100 locations, reports the Tampa Bay Times.
The information includes cardholder names, card numbers, expiration dates and verification codes. The timing of the breach was not disclosed.
Checkers is in contact with law enforcement and has hired security experts to remove the malware.
The U.S. and U.K. have formed a partnership to drive payments, banking and other financial services innovation by encouraging collaboration among companies in both countries and sharing information about regulations and market trends.
Called The Financial Innovation Partnership, it will be overseen by the U.K.'s HM Treasury and the U.S. Department of Treasury, reports Finextra.
The group faces political uncertainty due to Brexit and the U.S./China trade war, and the potential expansion of regulatory "sandboxes" that allow developers to test business models in a temporarily low-regulatory environment.
From the Web
Stripe and Precursor lead $4.5M seed into media CRM startup Pico
TechCrunch | Wed May 29, 2019 - At its core, Pico is an identity layer for media — offering a way to implement paywalls, checkouts and analytics while actually knowing who your customers are. Precursor Ventures and payments processor Stripe are co-leading a $4.5 million seed round into the company.
Plaid launches in the U.K., setting the stage for more fintech companies to expand abroad
CNBC | Wed May 29, 2019 - Plaid, which links one-quarter of all U.S. bank accounts to fintech apps, announces its U.K. debut. The company, valued at $2.7 billion, connects bank accounts to apps like Venmo, Robinhood, Coinbase and Acorns.
Under-the-radar payments app True Balance just clocked $100M in GMV in India
TechCrunch | Wed May 29, 2019 - Away from the limelight of urban cities, where an increasingly growing number of firms are fighting for a piece of India’s digital payments market, a South Korean startup’s app is quietly helping millions of Indians pay digitally and enjoy many financial services for the first time.
More from PaymentsSource
8 highlights from Card Forum 2019
SourceMedia's annual Card Forum is a place where the payments industry's key decision-makers gather to share their research and expertise.
How Bristol became the U.K.’s leader in contactless payments
When it comes to naming the U.K.’s biggest cashless hubs, Bristol may not immediately spring to mind — but the city has topped Manchester, Birmingham and London to lead the way as the country’s contactless capital.
Investors pour $8 million into merchant credit marketplace ChargeAfter
ChargeAfter, a startup that matches retail customers with financing options at the point of sale from various lenders, has raised $8 million in its first major funding round.
Canada's Purpose Financial acquires CreditGenie in the hot POS credit market
Purpose Financial has agreed to purchase CreditGenie Inc. as payment companies face pressure to offer point of sale financing.