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ON THE WEB
- In Urban China, Cash Is Rapidly Becoming Obsolete
– New York Times (Paywall) – “Almost everyone in major Chinese cities is using a smartphone to pay for just about everything. At restaurants, a waiter will ask if you want to use WeChat or Alipay — the two smartphone payment options — before bringing up cash as a third, remote possibility.”
- Photographer: Simon Dawson/Bloomberg The Plan to Make Chip Credit Cards Less Annoying
– Bloomberg – “The fastest, most convenient option is contact-less payments, in which customers check out by waving a card or phone in front of a payment terminal. Unfortunately, widespread adoption of the technology would be another logistical challenge for an industry still adjusting to basic EMV chips. “
- Plastic-Versus-Cash Battle Heats Up After Visa, Mastercard Deals
– Bloomberg – “Visa and Mastercard already have made big inroads in expanding credit-card usage. They handled $4.3 trillion in payments in the U.S. last year, more than double from a decade ago. Still, the amount of currency in circulation also has doubled in that period, and cash remains the most widely used payment instrument in the U.S.”
- Paytm Mall Delists 85K Sellers; Overhauls Sellers Onboarding Process
– Inc42 – “The delisting of a huge chunk of sellers can be seen as an effort to establish the authenticity of the ecommerce platform. The Alibaba-backed ecommerce marketplace is also gearing up to compete against ecommerce giants Amazon India and Flipkart. Earlier this month, reports surfaced that Paytm Mall was in talks with online grocery startup Bigbasket to invest $200 Mn for a substantial stake in order to enter the hyperlocal space.”
- Visa touts free money transfers in Kenya via mVisa service
– Mobile Payments Today – “Visa announced that customers of a Visa-affiliated banks in Kenya will be able to send money to each other domestically without paying transaction fees using mVisa, according to a press release.”
- The Crazy Security Behind the Birth of Zcash, the Inside Story
– IEEE Spectrum – “In Zcash, verifying transactions requires some seriously experimental computation, mathematical proofs called zk-SNARKS that are so hot-off-the-presses that they’ve never been used anywhere else. In order to set up the zk-SNARKS in the Zcash protocol, a human being must create a pair of mathematically linked cryptographic keys. One of the keys is essential to ensuring the proper functioning of the currency, while the other one—and here’s the big risk—can be used to counterfeit new coins.”
- Watch this extorted money get lost in the expanse of the blockchain
– Quartz – “The paradox of bitcoin is that it’s both public and anonymous. Every bitcoin transaction that has ever occurred is recorded on the blockchain, the digital ledger that organizes the currency, which can be viewed by anyone. Determining who owns the bitcoins behind those transactions, however, can be impossible if the owners are careful.”
ON THE WIRES
- UnionPay promotes EMVCo to issue the EMVCo QR code specifications
– “Promoted by UnionPay, EMVCo officially releases the EMVCo QR Code Specification for Payment Systems: Consumer-Presented Mode Version 1.0 on its website on July 15, 2017, providing one of the first globally interoperable technical solution for QR code payment. The issuing of this specification also marks a new breakthrough in UnionPay’s promotion of the international application of China’s payment standard.”
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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: firstname.lastname@example.org!
Headline News from PaymentsNews.com – July 17, 2017
Payments News – from Glenbrook Partners
Payments News ISSN 1556-4487. Compilation Copyright © Glenbrook Partners LLC, 2002-2013. All Rights Reserved.