6.04.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
After a chaotic Friday, Visa was back online as of Saturday in Europe, complete with an apology from CEO Al Kelly, who acknowledged the network failed to meet its goal of full access at all times.
Visa had a problem with hardware within one of its European systems, and the outage is not associated with unauthorized access or a cyberattack, the card network said.
The outage left some stores across Europe unable to receive Visa card payments, stranded travelers and resulted in long lines at ATMs.
Does Apple Pay rock?
Apple deployed mobile "order ahead" technology in the recent LittleRock Music Festival near San Francisco, an initial deployment of a new Apple Pay feature.
The feature is designed to reduce lines at concession stands, giving users the ability to select the concession stand, order and pay remotely, then pick up the items at the stand, reports TechCrunch.
The crowds and lines at music festivals are frequent lures for mobile payment apps, given the greater chance of a notable difference in convenience. This is also a tactic Square has used at the Coachella event in California.
Internet of Jeep
Jeep is planning a subscription and loyalty program that will allow buyers to borrow other Jeep models when needed.
By using a points-based system called Jeep Coins, a Hawk buyer could borrow a Wrangler or a Ram if vehicle was required for a short-term chore that required landscaping or hauling, reports CNET.
Called Jeep Wave, the program will begin tests in 2019, and is part of a broader strategy to have 100% of Jeep's brands web-connected by 2020. Other tests include in-car payments and remote software updates.
Wear it well
An overwhelming number of ABN Amro customers preferred wearable payments to debit cards.
The bank, which has been developing wearable payments for about a year, found 78% of consumers in a pilot program earlier this spring preferred wearables at the end of the test, while only 19% preferred debit cards.
The test asked 500 consumers to make six payments of under about $30 each week.
Mastercard's efforts to receive patents for blockchain technology are starting to bear fruit.
The U.S. Patent & Trademark Office has granted a patent to Mastercard for a program that uses the blockchain to authenticate coupon codes.
The system is designed to prevent coupon fraud, as well as make future discount programs more personalized by storing information on payment or digital wallet types in the blockchain.
From the Web
Payments firm REPAY explores sale: sources
Reuters | Fri June 1, 2018 - Realtime Electronic Payments (REPAY) is exploring a sale that could value the private equity-owned provider of payment services to the consumer finance industry at up to $900 million, including debt, people familiar with the matter said. Corsair Capital, the buyout firm that owns REPAY, is seeking to sell the Atlanta, Georgia-based company to capitalize on the growth of online commerce, which has increased demand for companies that facilitate cashless payments, the sources said.
Stripe still has enormous potential for growth predict Collison brothers
The Irish Times | Fri June 1, 2018 - With only 5% of global commerce taking place online at present there is still a huge growth opportunity for payments firm Stripe, according to its Limerick-born founders. Patrick and John Collison said this massive potential completely justified the company’s recent $9.2 billion valuation.
TransferWise partners with French banking group Groupe BPCE
Reuters | Mon June 4, 2018 - Financial technology firm TransferWise has partnered with Groupe BPCE, in a deal that will give the British money-transfer startup access to the French banking group’s 15 million retail customers, the companies said on Monday. Customers of Groupe BPCE will be able to use TransferWise’s international money transfer service directly in their mobile banking apps from 2019, the companies said in a statement.
More from PaymentsSource
Merchants demand more disruption at the point of sale
For some, the fast pace of change in payments technology needs to slow down for consumers and merchants to catch up. For others, the technology must evolve because it is the consumer and merchant seeking change — all in the name of an easier, mobile experience.
VAT changes create risk for small-biz e-commerce
As more small to medium sized businesses look to international e-commerce markets to boost sales, differences in tax laws can cause complications for sellers—and an opportunity for payment gateway companies offering workarounds.
Cryptocurrency companies need to embrace government oversight
People need to know their money is safe. With regulations, users rest easy knowing that the exchange isn't going to get shut down for ignoring basic legal responsibilities and duties, writes Nate Flanders, co-founder and CEO of Mandala Exchange.
JPMorgan sweetens United card rewards after airline's complaints
JPMorgan Chase & Co. is boosting rewards on its credit card with United Continental Holdings Inc. as the airline seeks to strengthen its loyalty program.