5.02.18 Your morning briefing

Enjoy complimentary access to top ideas and insights — selected by our editors.

The information you need to start your day, from PaymentsSource and around the Web:

Obeying the rules
More alternative currency issuers are viewing regulation as a sign of legitimacy, and a group of companies in the U.K. has started active lobbying for tighter rules.

Cryptocynews reports CryptoUK, a self-regulatory body for British cryptocurrency companies, is asking the Financial Conduct Authority to tighten rules and issue licenses to compliant firms.

These licenses would demonstrate the cryptocurrency company had conducted checks on investors and partners and made certain checks on money laundering risk.

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Circle adds more security
Circle has had several business models over the past few years as it has offered bitcoin trading, P2P and blockchain investments.

In another twist, the company is adding support for Zcash, a cryptocurrency that's designed to add privacy protection for its users, using cryptography to shield the sender and recipient on the blockchain.

Circle also supports bitcoin cash, bitcoin, ethereum, ethereum classic and litecoin on its app.

Declaration of independence from tokens
Philadelphia is famous for being first at a lot of things, but transit technology isn't on that list.

Fox reports SEPTA, the transit authority that operates subways, buses, trolleys and commuter rail in the Delaware Valley, is replacing tokens with contactless Key cards, a process that began this week when the authority stopped selling new tokens. SEPTA tokens will still work, however, and there's still no specific date for a total phase out. By comparison, New York, hardly a beacon of subway modernity, phased out tokens in 2003.

The Key cards will serve as a gateway to more modern mobile payments and, eventually, an open loop system. Boston and New York are making similar migrations, though all three cities lag far behind transit systems such as London, which made the migration to open contactless payments several years ago.

They have a point
Nearly a third, or 29%, of Americans are using credit cards only for the points, miles, or cash back that the cards earn, according to a report from finder.com.

The card shopping site reports the average person spends $2,453 on these reward-related purchases each year, totaling about $17 billion. Most of these purchase go toward clothing, food and drinks, and household items.

Millennials are the most likely pay-for-points group, at 36.5% of people using cards only for points. Generation Xers spend the most, at an average of $2,942.57 per person.

From the Web

Singtel, Razer in e-payment tie-up to unify cashless payments in South-east Asia
The Straits Times | Wed May 2, 2018 - Telco Singtel and gaming peripheral firm Razer are coming together in a tie-up that both firms hope will create the largest e-payment network in South-east Asia. They plan to link their respective e-payment systems to create an interoperable network that allows credits from one system to be accepted in another.

Groupon acquires UK’s Cloud Savings Company, parent of Vouchercloud, for $65M
TechCrunch | Tue May 1, 2018 - Daily deals and local commerce site Groupon has announced an acquisition to ramp up its operations in discount offers and specifically those tied to loyalty programs. The company has acquired Bristol, UK-based Cloud Savings Company, the owner of Vouchercloud and Giftcloud, in a deal that Groupon said has an enterprise value of $65 million.

Revolut is planning a metal 'Platinum' card that will give people 1% cash back in cryptocurrencies
Business Insider | Tue May 1, 2018 - Fintech startup Revolut is planning to launch a new metal debit card that will let customers claim 1% cash back in cryptocurrencies, its CEO has told Business Insider. Nikolay Storonsky told BI: "In the next three months we’re going to launch Platinum cards — it’s a metallic card that allows you to get 1% cash back in cryptocurrencies and also provides you a concierge service."

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