Morning Brief 1.15.20: Travelex reports limited progress against ransomware outage
The information you need to start your day, from PaymentsSource and around the web:
Road to recovery
Travelex says its recovery from a recent ransomware attack is progressing, though it still does not know when full service will resume.
The firm has restored internal and order processing systems, and is now fixing customer-facing systems, reports ZDNet. Travelex's site has been offline since the attack on Dec. 31.
Travelex has encrypted customer data, and reports it does not have evidence that data has been stolen or accessed. The ransomware attackers are threatening to release data they claim to have obtained.
Day in court
The Supreme Court of India is close to resuming hearings on the country's strict cryptocurrency policies, including a pending law that could ban most assets.
The Reserve Bank of India has expressed opposition to bitcoin and most similar currencies, and the court will determine if such a ban is constitutional, reports Bitcoinist.
The stakes became higher in the past year as any ban could make it impossible for Facebook's pending Libra cryptocurrency to operate in India, though Facebook has pushed other payment projects in India.
Google has agreed to acquire Pointy, a Dublin startup that helps physical retailers build e-commerce search and analysis, giving Google an added path to build its merchant base for Google Pay by pushing extra merchant services.
Terms were not disclosed, though TechCrunch reports Google will pay about $163 million. Pointy was founded in 2014 and had drawn about $20 million in investment from Frontline Ventures, Polaris and others, TechCrunch explains.
Pointy offers technology that matches point of sale activity to store inventory. Consumers who are searching for that product could then find the item at the store's site.
Diebold Nixdorf has launched a checkout system that uses more than 90% recyclable materials.
Called Beetle A1150, the device uses an Intel Core processor, solid state disk storage and user interfaces that use less power.
While the terminal manufacturer has positioned the Beetle A1150 as a "sustainable" point of sale system, it's also designed to support contactless mobile and card payments to accommodate third-party mobile wallets. The terminal includes an NFC reader, LAN, and Bluetooth.
From the Web
Malaysia to give away $110 million in drive to boost digital transactions
REUTERS | Tue January 14, 2020
Malaysia will start a program to hand out a total of 450 million ringgit ($110 million) to nearly half of its citizens, the government said, in a drive to increase digital transactions that will be a big boost for e-wallet companies. The money will be distributed through Southeast Asian e-wallet operators Grab backed by SoftBank Group; telecom company Axiata’s Boost; and Touch ‘n Go, which is backed by banking group CIMB and China’s Ant Financial.
Fundbox Hires First CFO as Fintech Startup Eyes Future IPO
THE WALL STREET JOURNAL | Tue January 14, 2020
Financial technology startup Fundbox Inc. hired a former investment banker to be its first finance chief as the seven-year old company prepares for a potential initial public offering. Marten Abrahamsen joined Fundbox in early January from The Chernin Group LLC, a Los-Angeles-based investment firm, where he was a partner since 2018.
Ripple partner MoneyGram expands into India
THE BLOCK | Tue January 14, 2020
Ripple-backed remittance services provider MoneyGram has brought its services to India. MoneyGram has partnered with Indian money transfer firm EbixCash, for expansion into the country, according to an announcement. EbixCash will be MoneyGram’s “exclusive” partner in India.
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