4.24.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
CheapAir's cryptocurrency turbulence
Companies are offering services that convert bitcoin to fiat currency before the payment to encourage consumer adoption, but the model comes with some complications.
Digital travel agency CheapAir.com is switching bitcoin processors to Bitpay from Coinbase after Coinbase stopped supporting custodial accounts and other features.
The custodial accounts were the key loss because it allowed the travel agent to convert cryptocurrencies, since most airlines and hotels do not accept bitcoin and other alternative currencies, according to CheapAir.
In-store retail rescue
U.K. department store chain Debenhams is collaborating with Western Union to boost its travel booking and payments business, providing a possible counter to the general decline in brick and mortar retail.
CityAM reports Debenhams has added the transfer payment option to 112 stores, opening travel payments to more than 200 countries.
The paper reports Debenhams may shut as many as 30 stores to deal with the retail downturn, and is also looking to repurpose floor space for travel and other non-traditional retail uses.
Open tools for U.K. business payments
Business payments company Bottomline Technologies had added an API to comply with PSD2, and is now enhancing its its ability to support new payment services for U.K. businesses.
The update to its PT-X payments platform allows U.K. businesses to access an API to to update payroll, direct credit, direct debit and faster payments services.
The company hopes to maintain relationships with businesses as mobile payments and business management services proliferate, and as businesses adopt sharing economy-style payments to contract staff.
What account is that?
British bank TST suffered data breaches and unexecuted payments after trouble with a systems migration, reports Finextra.
The bank was moving accounts from an older Lloyds platform to the Preteo4 system from Banco Sabadell, TSB's new owner. Glitches tied to the migration resulted in stalled transactions, inaccessible P2P services, inaccurate online account information and, in some cases, the ability to see directly into other customers' accounts.
The bank apologized as sporadic troubles continued after the weekend.
From the Web
Paytm first in line to buy Chennai-based TicketNew
The Economic Times | Tue April 24, 2018 - Digital payments and ecommerce company Paytm is in advanced talks to acquire Chennai-based online movie ticketing platform TicketNew, according to two persons familiar with the development, as it looks to fortify its entertainment ticketing business. Paytm will acquire TicketNew from Alibaba Pictures at the price at which the latter had bought it, the persons cited earlier said, pegging the deal at anywhere between $30 million and $40 million.
The evolving use of mobile payment systems in Kuwait
Kuwait Times | Mon April 23, 2018 - The payment of goods and services has evolved over time from the physical exchange of coins and notes, cheque writing to online payment by transferring card details using devices such as mobile phones and personal digital assistant (PDA). Currently, the payment can now be made through mobile devices which is referred to as mobile payment.
Razer doubles down on Southeast Asia and payments with acquisition of MOL
TechCrunch | Mon April 23, 2018 - Gaming hardware maker Razer, which went public in a big IPO in Hong Kong last year, is doubling down on payments after it announced a deal to acquire MOL, a company that offers online and offline payments in Southeast Asia. Razer made an initial $20 million investment in MOL last June to supercharge its zGold virtual credit program for gamers by allowing them to buy using MOL’s online service or its offline, over-the-counter network of retailers that includes 7-Eleven.
More from PaymentsSource
Lessons from a cafe's cashless journey
Bluestone Lane, an Australian-style café and coffee shop in the U.S., has been well-served by its move to cashless payments in October 2016. But even the most well-planned transition can encounter problems if customers aren't expecting it.
Real-time P2P seems risky, but the security is solid
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