10.31.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Mastercard and Visa have started storing domestic payment data within India to comply with contentious new regulations that require foreign companies to store payment data domestically.
Reuters reports Mastercard will store data at an existing Mastercard facility near Pune, and the article attributed Visa's compliance to unnamed sources. The two card brands and the U.S. government lobbied hard against the rules, which Mastercard CEO Ajay Banga contends will make Indian payments less safe because the Indian regulations won't allow information from one country to transfer to another.
The U.S. companies are still lobbying to dilute the law by creating timeframes or allowing data mirroring, or dual inside/outside storage that the Indian government has thus far rejected.
The British government plans sweeping restrictions on cryptocurrencies such, as bans on certain types of trades and dire warnings about crime and money loss.
The Financial Conduct Authority in first quarter of 2019 will begin discussing a ban on cryptocurrency derivatives, reports NewsBTC.
The move would also curtail the use of cryptocurrencies for payments, since the FCA says cryptocurrencies have "no intrinsic value," expose holders to financial loss, and provide a platform for money laundering.
Fresh off picking up clients in Europe such as The Gap, Adyen is gaining additional business in North America.
The processor has signed Dollar Shave Club, Adidas, Busbud and Canada Goose as part of broader a expansion into Canada, reports CNBC.
Adyen's had a successful year thus far, with Europe's third largest IPO and winning eBay's processing business away from PayPal.
Google Pay has expanded its footprint in Europe after adding several Scandinavian markets.
The mobile wallet app is now available in Norway, Sweden, Finland and Denmark, reports GSMarena. Scandinavia has embraced new payment technology vigorously, particularly in Sweden, where the central government is developing a digital currency to accommodate the decline of cash.
The expansion will also help Google compete in the region with Apple Pay, which has grown quickly in Europe over the past year.
From the Web
Even Financial acquires Birch Finance, a credit card rewards startup
TechCrunch | Tue October 30, 2018 - On the heels of a funding round to the tune of $18.8 million, Even Financial has acquired Birch Finance for an undisclosed sum. Even offers products like a pre-approval API, real-time pricing, machine learning optimization, a product comparison and recommendation engine for consumers and more.
Startup bank Monzo is a 'unicorn' after raising £85m — and CEO says it's signing up 100,000 customers a month
Yahoo Finance | Wed October 31, 2018 - Fast-growing UK startup bank Monzo is now worth £1bn ($1.2bn), just three years after launching, making it a “unicorn.” The app-only bank announced on Wednesday that it has raised £85m ($108m) in a ‘Series E’ fundraising — its fifth injection of institutional money since its founding in 2015. The funding round values the company at £1bn.
Tokopedia, OVO team up to offer the payment service on the e-commerce platform
Yahoo News | Wed October 31, 2018 - Indonesian e-commerce giant Tokopedia and Lippo Group-backed cashless payment service OVO today announced a new partnership that will make OVO available as a payment option on Tokopedia’s online marketplace platforms. OVO explained that its partnership with Tokopedia is part of its three-prong strategy to introduce mobile payment to the wider Indonesian customers.
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