7.16.19 Your morning briefing

Register now

The information you need to start your day, from PaymentsSource and around the Web:

New ID

Samsung is working with a group of telcos and financial institutions to use blockchain for interoperable mobile authentication.

The technology companies include SK Telecom, KT and LG Uplus; and the KEB Hana Bank and Woori Bank are also part of the consortium, reports ZDNet. The authentication service will support consumer data ownership for use cases ranging from financial transactions to simplifying job applications.

Samsung Pay is already working with Microsoft on digital ID, so the new collaboration is a step toward the broader goal of cross-industry cooperation to spread digital ID to more markets and for more functions.

Very late adopter

The Royal Mint will provide custodial services for tentum, a cryptocurrency that's expected to go live on July 17.

It's an unusual move for the 1,100 year old Royal Mint, which has minted British coins and provided support for currency in more than 60 nations for more than a millennium, but is making its first move to provide storage for a cryptocurrency, reports CoinTelegraph.

The Royal Mint will store the genesis private keys and currency reserve, and the original private keys will be stored in the Royal Mint's vault "forever," according to a release from tentum. The transaction data will be recorded on tentum's blockchain.

Closing the casino

Kenya has barred Safaricom from supporting sports betting payments, which could cut off a 10-figure revenue stream.

Sports betting companies such as SportPesa have grown quickly, drawing more than $2 billion in revenue in 2018, reports Reuters, adding the government is concerned about the social impact of gambling and had already taken steps to curb the practice.

Safaricom supports mobile money services such as M-Pesa, which has been a catalyst for digital financial services in multiple emerging markets.

A bigger block

Shinhan Card has won a South Korean patent for a blockchain payment system that adds functions beyond normal blockchain payment tasks such as identification or cash transfers.

The patent covers setting spending limits, installment payments and completing payments between merchants and consumers.

The company hopes to receive additional patent protection in the U.S., Japan and China in anticipation of IoT deployments such as using appliances and car dashboards for payments, reports the Korea Times.

From the Web

PayPal Expands its International Money Transfer Service Xoom to 32 Markets across Europe
Yahoo Finance | Tue July 16, 2019 - PayPal launched Xoom—its international money transfer service—in 32 markets across Europe. People in these markets can now use Xoom to send money, pay bills or top up phones to more than 130 markets internationally.

Global Payments Establishes New Credit Agreement
Yahoo Finance | Tue July 16, 2019 - Global Payments Inc. successfully closed a new senior unsecured $2 billion term loan and an unsecured $3 billion revolving credit facility on July 9, 2019 in connection with its previously announced merger with Total System Services, Inc.

Curve, the ‘over-the-top’ banking platform, raises $55M at a $250M valuation
TechCrunch | Mon July 15, 2019 - Curve, the London-based “over-the-top banking platform,” has raised $55 million in new funding. The startup lets you consolidate all of your bank cards into a single Curve card and app to make it easier to manage your spending and access other benefits.

More from PaymentsSource

Why tech providers increasingly push QR-code payments despite NFC's prevalence
Merchants outside of China who have the QR code technology to accept Alipay and WeChat Pay are part of a growing trend to serve Chinese tourists who are comfortable paying via their smartphones.

Inside Citi's plan to combat business payments fraud with AI
For years, banks have used sophisticated technologies, including artificial intelligence, to catch card fraud. Software watches customers every time they use their cards and flags any purchases that seem unusual.

Facebook's crypto plans are 'a national security issue,' Mnuchin says
WASHINGTON — On the eve of a Congressional hearing into Facebook's plans to launch its own cryptocurrency, Treasury Secretary Steven Mnuchin said that the U.S. government has significant concerns about digital currencies, including their potential as tools for money launderers.

Facebook won’t launch crypto service until regulators satisfied, exec says
WASHINGTON — Facebook will wait to launch its proposed cryptocurrency until the social media giant works with regulators and Congress to sort out concerns they have about the Libra project, according to a senior executive's testimony for a hearing scheduled for Tuesday.

For reprint and licensing requests for this article, click here.
MORE FROM PAYMENTSSOURCE