The information you need to start your day, from PaymentsSource and around the Web:
Rise of the machines
The increase in connected devices is making it possible for devices to "pay" each other without
Frankfurt-based Commerzbank is testing a blockchain to execute machine-to-machine payments between an electronic charger and Daimler's Truck fleet. The bank issued euros on a blockchain to execute the digital transaction.
Commerzbank is initially focused on industrial partners for M2M payments, with real estate and manufacturing B2B payments being next.
Last mile bots
Postmates is joining the likes of
The company has gotten a permit from San Francisco to use automated deliveries, with Postmates' robot capable of carrying as much as 50 pounds of goods up to 30 miles on a single charge, reports
The Libra effect
Beyond the controversy,
For example, payment technology company Verrency and virtual currency payment processor Coinify have entered into a partnership, with Verrency allowing banks to route payments to authorized funding sources, such as custodial or non-custodial wallets containing digital assets. Coinify will then support the selection and connection of the wallets.
“As virtual currencies transition in the next few years from being speculative investments into a smaller number of mainstream assets, it is critical that banks have the technology in place to actually allow the usage of such virtual assets across their existing consumer-centered legacy payments rails," said David Link, CEO of Verrency, in a release.
Breach of breaches
State Farm has suffered a credential stuffing attack, or the theft of account credentials that often come from another breach.
The insurance company said a "bad actor" was able to use this information to confirm usernames and passwords for online accounts, reports
State Farm's online accounts are used to manage claims, make payments and perform other tasks.
State by state
Even as cryptocurrency matures,
Rhode Island is the latest state to weigh in, issuing money transmitter rules that will go into effect in January 2020.
The rules govern fraud and money laundering controls and requires firms to demonstrate the ability to protect non public information, reports
From the Web
Wired | Thu Aug 8, 2019 - Apple Pay has a slew of protective features that make it a secure method of online credit card transactions. And since 2016, third-party merchants and services have been able to embed Apple Pay into their websites and offer it as a payment option.
China Daily | Thu Aug 8, 2019 - Technology companies from China and the United States are betting big on the digital payment market in India, as the country looks to ramp up cashless transactions and more people switch to digital payments, industry insiders said. Digital payments are expected to see a tenfold growth from the current levels by 2020, to $500 billion and account for 15 percent of the country's gross domestic product, said a study conducted by tech giant Google and consultancy firm Boston Consulting Group.
Forbes | Thu Aug 8, 2019 - The push for mobile contactless payment adoption in the US has been a decade-long journey entailing a multibillion-dollar investment in wallet development, POS hardware and consumer marketing. To date, the results have been underwhelming, with payment methods like Apple Pay and Google Pay forecasted to account for just 1.6% ($78.6bn) of US brick-and-mortar retail sales this year, according to 451 Research's Global Unified Commerce Forecast.
More from PaymentsSource
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WASHINGTON — As the Federal Reserve Board has moved to tweak post-crisis rules, Chairman Jerome Powell and Vice Chairman of Supervision Randal Quarles have voted in lockstep on regulatory relief measures from supervision of large banks to reforms of the living will process.
InComm has partnered with the Los Angeles County Metropolitan Transportation Authority (Metro) to more than quadruple the number of retail locations at which customers can purchase and reload its contactless TAP transit fare cards.
The past five years have paved the way for a new age of retail—stores have become omnichannel-driven showrooms, checkout has become as simple as a flick of the phone, and teeming competition has driven retailers to create curated experiences for their customers.
