10.4.18 Your morning briefing

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The information you need to start your day, from PaymentsSource and around the Web:

Holiday payments
Amazon has invested about $80 million in Amazon Pay in India ahead of Diwali, the Hindu Festival of Lights, which is in November.

The e-commerce company wants to push its mobile payment app as an alternative to Paytm and other rivals in the competitive Indian digital payments market, reports The Hindu.com. Amazon also wants to expand its retail categories in India to include music, entertainment, books and auto parts.

Amazon’s Singapore-based Amazon Corporate Holdings Pvt. and Mauritius-based Amazon.com.incs Ltd provided the funding, according to The Hindu.com.

Bloomberg News

Chiping in
Danske Bank is piloting a wearable contactless chip that can be clipped to clothing, providing options for wearable payments.

Wearable payments have faced headwinds, and the bank hopes that by choosing the article of clothing, consumers will be more comfortable with using other devices besides smartphones and cards for contactless transactions.

Called FastPay, the product operates like a Mastercard debit card and is being tested with consumers in Denmark, Norway and Sweden.

Par for the course
Digital currency company Lifelabs.io will be a sponsor of the Sky Sports British Masters, a golf tournament scheduled for Oct. 11-14.

LifeLabs.io specializes in non-profit and charitable payments, and donates a third of its LIFEtokens to charitable causes.

Blockchain is considered a good fit for charitable payments, given the distributed ledger’s ability to track transactions across borders and coordinate campaigns among charities.

Faster pay for crypto
Cryptocurrencies have lagged for payments because of price volatility, but also reportedly because of uncertain fees.

Coinbase says it’s trying to fix the fee problem by addressing the fees miners charge to confirm transactions. These can vary because the queue of transactions results in an auction system for fees, rather than a transaction percentage.

Coinbase will pair smaller transactions with larger payments (calling them “child” and “parent”) payments, creating an incentive for miners to process the smaller transactions at the same time, reducing stagnation, fee uncertainty and processing times, the company contends.

From the Web

Northwest fast food chain hack exposed customer credit cards
TechCrunch | Wed October 3, 2018 – A beloved regional burger chain in the Pacific Northwest is the latest fast food company to suffer a major data breach. Burgerville, headquartered in Vancouver, Wash., disclosed that any customers who used a credit or debit card from September 2017 to September 2018 at any of its locations may have had their card details stolen.

Tencent-backed mobile bank N26 launches in the UK and plans US expansion by early 2019
CNBC | Thu October 4, 2018 – German app-only bank N26 has launched in the U.K. and is eyeing another expansion to the U.S. in the first quarter of 2019. The Berlin-based firm, which is backed by Chinese tech giant Tencent, German insurer Allianz and PayPal co-founder Peter Thiel, said on Thursday that its services are now available in Britain, on a limited basis.

Data Protection Commission confirms formal investigation into Facebook data breach
The Irish Times | Wed October 3, 2018 – The Data Protection Commission has confirmed it has opened a formal investigation into a huge data breach impacting about 50 million Facebook users. In a statement on Wednesday evening, the commisison said it had commenced an investigation under section 110 of the Data Protection Act 2018 into the breach it was notified of last Friday.

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John Adams

John Adams

John Adams is Executive Editor of PaymentsSource.

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