The information you need to start your day, from PaymentsSource and around the Web:
The ethics of AI
The technology boom carries unexpected risk, and the Monetary Authority of Singapore has formed a public/private advisory council to conduct a five-year research project to determine the ethics behind the use of artificial intelligence and personal data, which are the driving forces behind much of the innovation, reports the
Cryptomall
One of Slovenia's largest shopping centers is testing a cryptocurrency payment system, a possible shot in the arm for cyrptocurrencies' use for paying in stores.
Called BTC City Ljubljana, the shopping complex has 24 businesses that will accept cryptocurrencies from a test group of consumers paying for clothing, electronics and restaurants, reports
Elipay, a local digital payment app, will support the transactions, which will not require a card or cash, the television station reports.
Klarna's tuneup
Swedish installment payment company Klarna has added new use cases such as
Klarna is partnering with EMaC, a U.K. service plan provider for the automotive industry, to support splitting repair payments up to 12 months.
The companies hope to address the larger, unexpected repairs that can be cost prohibitive by allowing the cost to be spread over time.
A breach at Dixon's
U.K. retailer Dixon's Carphone
There's no evidence at this time that suggests fraud on the cards, and about 5.8 million of the cards have chip and PIN protection and no personal data has been accessed, the company said. There are about 100,000 cards in the mix that do not have chip and PIN protection, and these cards could be subject to further risk.
The retailer has also contacted affected consumers and the U.K. authorities.
From the Web
Reuters | Thu June 14, 2018 - A federal judge in Chicago has ruled that PayPal can force arbitration of a proposed class action alleging that the company’s charitable donations website “Giving Fund” withheld donations from some of the intended groups. In a decision on Tuesday, U.S. District Judge Robert Gettleman said the plaintiffs, an Illinois consumer and five charities, are bound by a user agreement with the online payments company that mandates binding arbitration of any dispute.
Reuters | Thu June 14, 2018 - Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology. Banks have been vocal about taking steps toward deploying the technology originated from cryptocurrencies to make processes like international payments faster and cheaper.
Fox Business | Wed June 13, 2018 - Credit card processing firm Intuit addressed allegations it shut down payments on all gun purchases. A number of businesses were recently interrupted – without notice – after the company refused to process orders of gun-related sales.
More from PaymentsSource
A fintech that has grabbed a sizeable chunk of the Australian digital payments market has made some quick merchant scores for its American launch.
The simplified pricing of fintechs like Square and Stripe has finally caught up with banks' more complex fees, prompting Wells Fargo to restructure its billing for small businesses. Other banks will also face consequences—particularly community banks that depend on local merchants.
Brick-and-mortar stores are rapidly adding self-checkout options usually linked to proprietary mobile apps, giving merchants more control over how payment options are presented.
Rising technology expense and security challenges will require institutions and ATM operators to get more creative in managing resources, such as finding new uses for discarded machines, according to Mark D. Smith, director of business development for MVP Financial Equipment.
