7.31.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Small biz partners
Visa is collaborating with Open, a Bangalore startup that provides small business banking services, to offer a card-based suite of expense management tools in India.
Companies can give the card to staff and can match controls to travel and entertainment expense policies. An integration with Whatsapp supports expense filing.
Both Visa and Mastercard have increasingly relied on fintech partnerships to quickly reach emerging payment use cases in small business, gig economy payroll and emerging markets. The networks also hope to diversify payment streams into B2B transactions.
POSaBIT has debuted a mobile payment system for dispensaries, using a handheld device that combines Android functionality, a printer and scanner to vet consumer identity, accept payments, add a tip for a delivery person and print the receipt.
The company views delivery as one of the fastest growing parts of the legal weed industry, and as such hopes its network of about 120 stores will use the newer, more flexible point of sale system to replace its older more static payment hardware.
Circle CEO Jeremy Allaire slammed the legacy financial system in testimony before the Senate Banking committee, saying it needs to be overhauled.
Allaire, who was representing the cryptocurrency industry at a hearing on blockchain regulation, said the current system levies too many transaction fees, contending payments are a commoditized product and will likely be free, reports Coinfomania.
Circle is a cryptocurrency firm that is attempting to offer regulated financial services. Much like Facebook's Libra and Ripple, Circle claims an inconsistent and unpredictable regulatory landscape is hurting the development of a more open, decentralized payment ecosystem.
Revolut has hired former Metro Bank finance director David Maclean to be its new CFO, leaving Metro shortly after it reported a profit decline of more than 80% due to an accounting error, reports Finextra.
Revolut, a challenger bank that has its roots in digital payments, has rapidly expanded its product set and global market reach over the past two years. It has more than six million customers, and has made a string of high-profile hires, including former Goldman Sachs European chief Michael Sherwood and former co-CEO of Standard Life Martin Gilbert.
But it hasn't been all good news for Revolut, which has also been hit with regulatory investigations over money laundering controls.
From the Web
Capital One Hit With Class-Action Lawsuit Following Massive Data Breach
Forbes | Tue July 30, 2019 - Following a massive data breach that compromised the personal information of more than 100 million people, Capital One has been hit with a class-action lawsuit. A complaint from the law firm of Morgan and Morgan was filed with the United States District Court for the Eastern District of Virginia on behalf of the millions of consumers affected by the breach.
Solutran’s check-processing patent lawsuit against U.S. Bancorp bounces
Reuters | Wed July 31, 2019 - The Federal Circuit Court of Appeals has reversed a judgment against U.S. Bancorp in a patent infringement lawsuit by payment processing company Solutran, finding that Solutran’s invention of a check processing method was not patent eligible.
As China turns towards facial recognition payments, are QR codes on their way out?
South China Morning Post | Tue July 30, 2019 - The QR code found widespread popularity in China through the use of mobile payments. But as the familiar square mosaic gains greater popularity outside China, the tech giants that helped to drive its adoption are already moving away from the app-based payment method to something even more portable: your face.
More from PaymentsSource
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Capital One’s data breach was bad. It could’ve been worse.
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