10.10.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Pay over IP
Skype is expanding its support for PayPal transactions by enabling users on Windows 10 to make and receive in-app transactions.
The Skype Money feature is in testing and should be released shortly, TechnAdu reports, adding Skype users on Windows 10 will receive an update in the next few weeks that will integrate PayPal into VOIP.
PayPal and Skype have an existing payment relationship on Android and iOS, though that partnership long post-dates the time when eBay owned both PayPal and Skype.
Funds for Brazilian fintech
Tencent is paying $180 million for a stake in Nu Pagamentos, which operates Brazilian startup Nubank.
The investment comes as Nubank, which has established a digital payments and payment cards business in Brazil, plots a move into other financial services such as consumer loans, reports Reuters.
Since its founding in 2013, Nubank has issued 5 million credit cards and registered 2.5 million consumers to its digital payment accounts.
CSIRO and Commonwealth Bank have built an app to test blockchain's potential to support programmable money, or "smart money."
CSIRO, an Australian research agency, and the bank will work with the National Disability Insurance Scheme (NDIS) to manage conditional transactions.
Conceptually similar to smart contracts that trigger transactions when certain conditions are met, "smart money" can manage conditions that "know" what the money can be spent on, who can spend it and where. Smart Money can also integrate with Australia's New Payments Platform.
'Wearables' fitting room
A few days after news of Danske Bank's contactless chip for wearable payments circulated around technology circles, GlobalPlatform has published a configuration for cards and secure elements for contactless wearables and other IoT devices.
The configuration will allow developers to launch wearables that can be remotely updated and support multiple functions via a multi-use, multi-application contactless wearable.
Similar to Danske Bank, GlobalPlatform's goal is to make it easier to deploy contactless payments for a variety of devices to make the technology more flexible and responsive to user trends, rather than driven by the technology.
From the Web
Western Union Makes Digital Push Amid Fierce Competition for Money Transfers
The Wall Street Journal | Tue October 9, 2018 - Western Union Co. is aggressively expanding its digital services as the money-transfer giant tries to keep pace with competitors vying for international transfers. At stake in this digital race is a growing share of an industry that each year handles more than half a trillion dollars in remittances, in which money mostly flows from migrant workers to their home countries.
Jack Ma: I Pay Special Attention to Blockchain & Bitcoin to Create Cashless Society
CCN | Tue October 9, 2018 - Jack Ma, the chairman of Alibaba and $150 billion China-based financial conglomerate Ant Financial, has said in a recent speech that he pays special attention to Bitcoin and blockchain technology, and the potential of establishing a cashless society. Although Ma is still studying the fundamental value Bitcoin and other major cryptocurrencies bring to the market, he emphasized that blockchain technology as a whole is a powerful innovation that could enable a completely cashless society.
Singapore cross-border payments startup Wallex raises Pre-Series A funding from Beenext
Yahoo News | Wed October 10, 2018 - Singapore-based FX and cross-border payments startup Wallex Technologies has raised funding in a Pre-Series A led by BEENEXT. The investment amount was not disclosed. Wallex offers a range of online cash management solutions including virtual accounts (for collections and disbursements), a multi-currency wallet, FX conversions, cross-border payments, and an API with real-time FX execution capability.
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