11.2.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Fresh off of a deal with Starbucks, Uber Eats is expanding to enterprise customers.
Uber Eats for Business will enable companies to manage staffers' orders, enabling the ride-sharing app's food delivery business to counter GrubHub, Deliveroo and other apps, reports TechCrunch.
Uber Eats for Business' features include geofencing an office to initiate orders at certain times and locations, spending allowances that bill staffers' cards for overages, meal ordering while traveling and recurring billing.
Mastercard's battle with India gets louder
Mastercard's battle with India's government has heated to the point where CEO Ajay Banga called out India's local data storage rules during Mastercard's most recent earnings call. It turns out Mastercard formally complained to the U.S. government earlier this year about India.
The card brand told the U.S. government in June that Prime Minister Narendra Modi was using "nationalism" to promote RuPay, India's national payment scheme, Reuters reports, citing documents detailing Mastercard's claims.
The company has asked the U.S. government to propose that the Indian government's preferential treatment of RuPay coupled with other claims in pricing should be discontinued. Mastercard and Visa have started storing domestic Indian payments data locally, while still pushing for an ease to the rules.
The new integration can be executed with a few lines of code and will be available at "millions" of retailers, Braintree contends.
Braintree has also expanded its technology to support a variety of e-commerce tasks such as payment execution, transaction services, marketing and contextual commerce.
New York state regulators have given a virtual currency licence to Coinsource, which operates a bitcoin ATM network.
The approval will make Coinsource the only bitcoin ATM operator in New York with the state approval, commonly known as a "BitLicense."
Bitcoin ATMs, which exchange currency for bitcoins, are much more rare than traditional ATMs, though they have existed for years. Consource plans to use its regulatory approval to expand its presence in New York.
Crooks are breaking into ATMs in California and reprogramming them to steal money.
The National ATM Council reports the hack involves opening the ATM and installing a device that changes the messaging between the card issuer and the terminal. This changes a denial into an approval, causing the machine to dispense money.
The crooks are using a communications vulnerability between the wireless modem and ATM terminal, causing the ATM group to suggest operators use SSL encryption to protect machines.
From the Web
Stripe backs Monzo again as digital-only bank becomes a tech unicorn
The Irish Times | Thu November 1, 2018 - Monzo, a UK-headquartered digital-only bank whose backers include Stripe, has officially become a so-called “tech unicorn” after securing £85 million (€96.5 million) in funding. The latest fundraise for Monzo, which earlier this year obtained passporting permission to allow it operate in the Republic, values the company at £1 billion.
Hong Kong inches closer to crypto hub status with plan for UK-style 'sandbox'
Business Insider | Thu November 1, 2018 - Hong Kong is taking steps to provide a friendlier environment for cryptocurrencies, with a proposal for a regulatory "sandbox" — a space for startups to experiment and innovate without costly, sometimes crippling, regulation. The move resembles two-year-old UK program that Britain's regulators have hailed as a success, and is perhaps plays a part in the UK's dominance as a global fintech hub.
Origami Inc pushing QR app to replace cash payments in Japan
DealstreetAsia | Thu November 1, 2018 - Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash is still king. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
More from PaymentsSource
Developers find blockchain niches to counter big-data deals
As mega data collaborations among multinational companies threaten to dominate payment technology, developers are digging even deeper into decentralized models as a workaround to sell both greater data analysis and more security.
Australia’s Tyro connects airport merchant with Alipay
Ant Financial’s push to expand global acceptance of its Alipay mobile wallet to wherever Chinese tourists go continues in Australia through Tyro, a fintech payments operation that obtained a banking license in 2015.
Paya makes an acquisition to boost its nonprofit payment reach
Paya has acquired Stewardship Technology, a Mount Vernon, Ohio-based payments facilitator primarily serving churches and nonprofits.
Mastercard’s blockchain patents — what’s in it for banks?
Mastercard’s latest blockchain patent might be its most ambitious to date and, in theory, could help banks better protect themselves against fraudulent transactions that occur in traditional payments.