6.14.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
The ethics of AI
Companies from all over the world are pouring billions of dollars into Singapore's technology sector as new digital payments and financial services use cases emerge on an almost daily basis.
The technology boom carries unexpected risk, and the Monetary Authority of Singapore has formed a public/private advisory council to conduct a five-year research project to determine the ethics behind the use of artificial intelligence and personal data, which are the driving forces behind much of the innovation, reports the Financial Times.
One of Slovenia's largest shopping centers is testing a cryptocurrency payment system, a possible shot in the arm for cyrptocurrencies' use for paying in stores.
Called BTC City Ljubljana, the shopping complex has 24 businesses that will accept cryptocurrencies from a test group of consumers paying for clothing, electronics and restaurants, reports 24UR, a local television station.
Elipay, a local digital payment app, will support the transactions, which will not require a card or cash, the television station reports.
Klarna is partnering with EMaC, a U.K. service plan provider for the automotive industry, to support splitting repair payments up to 12 months.
The companies hope to address the larger, unexpected repairs that can be cost prohibitive by allowing the cost to be spread over time.
A breach at Dixon's
U.K. retailer Dixon's Carphone reports there has been an unauthorized access of about 5.9 million cards and 1.2 million customer records.
There's no evidence at this time that suggests fraud on the cards, and about 5.8 million of the cards have chip and PIN protection and no personal data has been accessed, the company said. There are about 100,000 cards in the mix that do not have chip and PIN protection, and these cards could be subject to further risk.
The retailer has also contacted affected consumers and the U.K. authorities.
From the Web
Judge sends lawsuit over PayPal charity website to arbitration
Reuters | Thu June 14, 2018 - A federal judge in Chicago has ruled that PayPal can force arbitration of a proposed class action alleging that the company’s charitable donations website “Giving Fund” withheld donations from some of the intended groups. In a decision on Tuesday, U.S. District Judge Robert Gettleman said the plaintiffs, an Illinois consumer and five charities, are bound by a user agreement with the online payments company that mandates binding arbitration of any dispute.
Banks unlikely to process payments with distributed ledgers for now, says Ripple
Reuters | Thu June 14, 2018 - Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology. Banks have been vocal about taking steps toward deploying the technology originated from cryptocurrencies to make processes like international payments faster and cheaper.
Credit service Intuit addresses refusal to process gun purchases
Fox Business | Wed June 13, 2018 - Credit card processing firm Intuit addressed allegations it shut down payments on all gun purchases. A number of businesses were recently interrupted – without notice – after the company refused to process orders of gun-related sales.
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