5.08.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Apple on the Metro
Toronto's transit system has been migrating to mobile ticketing and payment technology for years, an initiative that could soon get a major boost from Apple Pay — provided some technology hurdles can be cleared.
Macrumors reports Metrolinx, the city's transit agency, is set to meet with Apple to discuss a payments integration, though there are compatibility issues that may result in a deployment that takes a year or so — and raises the possibility that Android devices may beat Apple to the punch in Toronto. The city hopes to support Apple and Android payments over smartphones and all other connected devices, such as watches and fitness bands.
Chicago, Portland and Salt Lake City already support Apple Pay for transit payments, as do London, Tokyo, Beijing and Shanghai. Elsewhere in North America, transit systems in New York, Philadelphia and Boston are also migrating to more open, mobile-based ticketing, payment and access systems for mass transit.
At the movies
With a captive audience, concessions and the pressure to reduce lines, Movie theaters are often a venue for ticketing and payments innovation.
A new platform from MovieCoin, led by movie producer Christopher Woodrow, is offering a coin that supports payments for movie tickets, DVDs and related content, as well as fund the back end of production.
MovieCoin will issue a "fund token" that will raise capital and extend ownership interest in films, TV and other projects. A separate MovieCoin token will be the consumer-facing currency.
Application programming interfaces (APIs) are considered key to PSD2 compliance, leading to a variety of open development tools.
A Swedish startup called Open Payment Europe is designing what can be considered an interface to the APIs, building a sandbox and portal to a series of different APIs.
Developers can use this portal to build PSD2-compliant applications. Sweden adopted PSD2 on May 1, giving banks an 18-month window to comply with data-sharing rules.
A runway for digital billing in Pakistan
Digital billing company TPS and Pakistani national interbank network 1LINK have agreed to a full renovation of 1LINK's Bill Payment Service.
Once complete, the project will add digital routes to onboard billers into the national system while reducing manual processing steps, both considered key to reducing the country's heavy reliance on cash payments.
The service providers included in the upgrade are from the utility, telecom, academia, hospital, and transportation sectors, which will be able to support mobile and online payment options through the collaboration.
From the Web
'We want to get cash out of the system' with mobile payments, Bank of America's digital chief says
CNBC | Mon May 7, 2018 - The rise of digital peer-to-peer payment services in the banking world is paving the way to a new, cashless reality, Bank of America's Head of Digital Banking, Michelle Moore, told CNBC. Bank of America is a leader in mobile and online banking, with 33 million digital customers including over 21 million mobile banking app users.
Why Saudi Arabia Keeps Partnering With Blockchain Startups
Fortune | Mon May 7, 2018 - Saudi Arabia is getting friendly with U.S.-based blockchain-focused startups. The Saudi Ministry of Communications and Information Technology recently partnered with ConsenSys, a Brooklyn-based production studio focused on building enterprise software products powered by Ethereum.
Equifax provides more detail to Congress on cyber security incident
Reuters | Tue May 8, 2018 - Credit-monitoring firm Equifax Inc said on Monday it has sent a letter to several U.S. Congressional committees providing additional details on data that was breached in a cybersecurity incident in September. Equifax said that about 38,000 driver's licenses and 3,200 passports details had been uploaded to the portal that had was hacked.
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