Morning Brief 10.9.19: Barclays dumps Post Office cash access

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Not in the mail

The U.K.'s cash decline manifests in several ways, such as new technology for street performers or disputes over ATM declines.

Barclays is part of the latest controversy, as consumer groups and regulators have slammed its decision to end support for free cash withdrawals at the Post Office. The Guardian reports 28 other banks have agreed to a deal with the Post Office, which is designed to address the "cash desert" problem that is a particular problem in rural areas.

Barclays told The Guardian it would support other financial services at the Post Office, and pledged not to close branches in communities in which it is the "last bank in town."

Luke MacGregor/Bloomberg

Government push

Taiwan's Ministry of Economic Affairs is investing about $14 million in a mobile payments reward program to encourage domestic commerce.

The agency will partner with mobile payment service firms Taiwan Pay, Line Pay, Jkos Pay and Pi to subsidize the incentives at about 200 shopping districts, reports Taipei Times.

The government predicts the increase in mobile payments can boost overall shopping, reporting mobile payments jumped to $47.8 billion in 2018 from $14.8 billion in 2017.

New market

Citing an expanding business travel market, WEX has expanded to the United Arab Emirates, where it plans to issue virtual cards.

The company is partnering with Mastercard to tap an addressable travel market of about $18.7 billion in the UAE, WEX said, citing government data. The company will target procurement and general travel payments, as well as use local partnerships to avoid exchange rate markups and cross-currency fees.

WEX also recently entered an agreement with Visa to expand virtual travel cards globally.

Political crypto

Japanese politicians can accept cryptocurrency donations without limit, the government has ruled.

Crypto donations do not have to be disclosed under the Political Funds Control Law, unlike cash and securities, reports Coindesk, adding the country's political parties will still need to address taxonomy rules. Cryptocurrency is generally more regulated in Japan than in other countries, and as such there are more controls.

The U.S. lags behind Japan in this regard, where very few of the 2020 presidential candidates accept crypto donations.

From the web

Global Payments Expands its Mobile Integration Payments Solution to Samsung
_{YAHOO FINANCE | Tue October 8, 2019}
Global Payments Inc announced that the technology behind its Netspend general purpose reloadable Mastercard has been integrated into Samsung’s digital wallet, Samsung Pay, and will drive its Samsung Pay Cash service. Samsung smartphone users with Samsung Pay eligible devices will be able to access an auto-provisioned prepaid card called Samsung Pay Cash.

Phlatbed Strengthens Relationship with Stripe for Payment Processing
_{YAHOO FINANCE | Tue October 8, 2019}
Phlatbed, the on-demand delivery platform for nearly anything, announced the expansion of its partnership with Stripe to include Apple Pay and Google Pay for its users. "Our unique position in the gig economy requires that we give our users multiple payment options," said Alani Kuye, CEO of Phlatbed.

INTERVIEW: Data-privacy compliance timeline is 'yesterday,' leading tech lawyer says
_{REUTERS | Tue October 8, 2019}
The regulatory and legal landscape surrounding the use of data, and data privacy, is rapidly becoming more complex. As state and even city regulations and laws are being retooled, proposed or enacted, a proverbial patchwork or regulations is becoming at best a headache, or at worst, a legal and regulatory minefield for compliance and legal departments.

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