The information you need to start your day, from PaymentsSource and around the Web:
Social shopping
Facebook is opening nine physical retail locations at The Market @ Macy's, which is space Macy's has dedicated in its retail network for temporary businesses.
Facebook will sell goods from about 100 small businesses and online brands, reports
There won't be fee revenue, since Macy's and Facebook are passing on all sales fees to the merchants and Facebook is paying Macy's a fee for space in the market. The goal is more to draw general small business attention to
Plain English
The Securities and Exchange Commision is nudging a bit closer to regulating Initial Coin Offerings (ICOs) as securities.
William Hinman, SEC Director, said the commission plans to release "plain English" guidance that will state when a token sale is and is not a security for regulatory purposes, reports
Work of art
ArtStation has become part of that trend, adding PayPal to support direct deposits for more than 220 countries in local currencies for ArtStation's marketplace, which is used by artists and other creators who sell their work online.
For
Russian ATM lab
Sberbank is partnering with South Korean technology company Hyosung TNS to build a research center dedicated to Russian ATM technology.
The center will develop and test functions that are designed to accommodate the impact of increased digital payments and broader online financial services in Russia, which the bank says is causing ATM individual deposit volumes to grow.
From the Web
South China Morning Post | Mon November 5, 2018 - A formal investigation is being launched over the massive data breach at Cathay Pacific Airways that affected millions of its passengers, Hong Kong’s privacy watchdog announced on Monday. The decision followed a row between the watchdog’s current and former heads over whether a probe could have been launched immediately, given the scale of the breach.
Fortune | Mon November 5, 2018 - A new report from the research firm Gemini Advisory has found that, of more than 60 million cases of credit card theft in the last 12 months, a whopping 93% of the stolen cards had the new chip technology. This represents a major setback for the technology, known as the EMV standard, which is named after the companies (Europay, Mastercard and Visa) that created it.
Reuters | Mon November 5, 2018 - China is testing new regulations on five financial holding companies, including e-commerce giant Alibaba’s fintech affiliate Ant Financial Service, paving the way for tighter oversight of the fast-growing sector. The pilot scheme, designed to rein in debt risks among financial holding companies, also included retail conglomerate Suning.com and large state-owned companies.
More from PaymentsSource
France-based Ingenico has named a new CEO a month after receiving an unsolicited takeover bid, signaling a strategy shift in the face of increasing pressure on the last of the independent payment terminal hardware giants.
The Bank of England issued a challenge for consumers who usually pay with cash to go cashless for a week, as an educational experience prior to its upcoming conference, Future Forum 2018.
After advancing into some retail settings in Italy last year, the Jiffy P2P payment service is now an option at the country's Carrefour Italia "super stores," supermarkets and express stores.
Visa and Billtrust are pressuring businesses to embrace automation by developing a directory of suppliers who accept digital payments.
