8.3.18 Your morning briefing

Register now

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

Samsung Pay lands in South Africa
As Apple Pay and Google Pay reach new users, Samsung Pay is also entering new markets.

The app has debuted in South Africa, Samsung Pay's first market in Africa, reports MyBroadband, a local technology site. Absa will be the first bank to support Samsung Pay in South Africa, with Standard Bank expected to offer the app shortly, the site reports. Samsung Pay also recently added Mexico and a partnership with Chase Pay.

While all three major OEM mobile payment apps are expanding, they still make up a relatively small portion of the overall contactless payment market.
Barclays makes its SME move
Barclays has taken a minority stake in Marketinvoice, a London fintech that also counts Northzone and MCI Capital among its investors.

The bank will use Marketinvoice's technology for its own invoices as well as market the company's technology to its small to medium sized business clients, reports CityAM.

Barclays expects to make a series of investment in emerging fintech in the coming years, according to CityAM.

Russian hacking
A Russian hacker tho spend more than $4 million from fake debit cards has been sentenced to a six-year prison term in the U.S.

Mikhail Konstantinov Malykhin used login credentials from another hacker to attack a health care benefits provider, reports Finextra.

Malykhin then activated dormant dependent care accounts and issued debit cards. The hacker also sent stolen cards to other conspirators globally, who used the cards to make payments at big box retailers.

Nexo's 'PayPal Credit' for crypto
Cyptocurrency lending provider Nexo is collaborating with cryptocurrency payment company Utrust to support delayed cryptocurrency payments, a model the two companies say is similar to PayPal Credit.

Nexo will provide loans in fiat currencies against the borrowers' crypto currency holdings, which are secured in the Nexo platform to guard against cryptocurrency volatility. This stabilization allows merchants to finance payments for consumers with a more predictable value for a later payment.

From the Web

RBS customers take to Twitter to complain of card payment problem
Reuters | Thu August 2, 2018 - Customers of Royal Bank of Scotland’s NatWest brand complained on Twitter on Thursday that they were unable to make debit card payments, with their cards being repeatedly declined. An RBS spokesman apologized for the inconvenience caused and said debit card payments were now being processed as normal.

The Future of Blockchain, According to the CEO of the World's Biggest Crypto Company
Fortune | Thu August 2, 2018 - Changpeng Zhao is down to earth for a crypto billionaire. The CEO of Binance, which emerged out of nowhere last year to become the world’s biggest cryptocurrency exchange, isn’t given to boasting or swaggering pronouncements. Instead, the man people call “CZ” is friendly and quietly focused on building a blockchain empire that could remake swaths of the world’s financial system.

Walmart Files Blockchain Patent for Smart Appliance Management
CCN | Fri August 3, 2018 - Walmart has filed another patent application in the blockchain sector entitled “Managing Smart Applications Using Blockchain Technology.” The filing follows a number of previous applications for blockchain patents including blockchain package delivery systems, medical record storage systems, and a blockchain-based digital marketplace.

More from PaymentsSource

Cross-border tuition payments hit a wall: Immigration politics
The Trump administration's isolationist policies are slowing the flow of foreign students to American universities, and thus may hurt companies that rely on cross-border tuition processing to American corridors.

Blockchain can cure cross-border's scalability problem
It should be simple to initiate international payments right from your accounting system using the same automated workflow as you use for domestic payments, without manual effort.

Square's growing appetite for restaurant payments
For their own sake, GrubHub and Uber should have purchased Caviar when Square reportedly offered it to them for sale in 2016. Instead, they now have a competitor who’s looking to eat their lunch in the restaurant delivery business.

China's group payment platform a threat to traditional acquiring
Pinduoduo's controversial IPO was seemingly a world removed from western merchant acquirers, but it's yet another example of how social payments can upend conventional relationships between merchants, shopping and payment processing.

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