The information you need to start your day, from PaymentsSource and around the Web:
Monopoly battle
The U.K.'s Competition and Markets Authority has completed an initial investigation of
PayPal and iZettle face pressure to adjust the deal, or face a deeper investigation by the U.K. government. The CMA applied similar pressure to extract adjustments from Mastercard for the card brand's acquisition of
iZettle is a key part of PayPal's strategy to combat American fintechs such as
Not extinct, but special
There's plenty of speculation as to what will become of
The Reserve Bank of Australia's taking a middle ground, using current stats to predict the decline of cash, but saying specific use cases will emerge that will make cash a "niche" payment instrument, reports
The RBA is basing its prediction on the popularity of contactless payments, which now make up 60 percent of all digital payments in Australia. The RBA is more bearish on checks, predicting checks will become obsolete because the current rate of three checks per year per person will make it costly to maintain check processing.
Watch the train
Sydney's trains will soon adopt contactless payments, following a successful trial on the metropolitan area's ferries and light rail. Fare payments via contactless cards, mobile apps, smartwatches and wearables are all part of the project.
Cubic, the contractor that is upgrading Sydney's transit ticketing and payment systems, says it will export the technology to other cities where transit projects are underway, such as New York, Boston, and San Francisco.
Monzo's crowd
Monzo, the U.K. payments fintech that has expanded into banking, is seeking to raise about $30 million in a new crowdfunding campaign.
That follows a more traditional funding round of about $110 million. Monzo is unusually candid with its consumers, including
In 2016, it raised about $1.4 million in 96 seconds in an earlier crowdfunding campaign, reports
Cyber wave
Cyber Monday was on pace to reach nearly $8 billion in U.S. sales, reports
But Reuters did anecdotally report complaints about the volume of online ads promoting Cyber Monday sales, an increasing challenge as
From the Web
Fortune | Mon November 26, 2018 - A security hole in a mail preview program from the U.S. Postal Service could have exposed the data of more than 60 million customers, giving third parties access to information including when critical documents and checks are scheduled to arrive in people’s mailboxes. An anonymous researcher discovered the weakness in the “Informed Visibility” service, noting that a web component called an API allowed pretty much anyone with a USPS account to view details of other users and, in some cases, to modify those people’s account details.
The Washington Post | Mon November 26, 2018 - If nothing else, bitcoin was supposed to protect people from governments that were destroying their own currencies — governments such as Venezuela’s, where inflation is said to be somewhere around 49,000 percent right now. Lately though, bitcoin hasn’t fulfilled that mission.
South China Morning Post | Tue November 27, 2018 - Chinese internet giant Tencent Holdings and Japanese messaging app operator Line are joining hands to provide payment services in Japan, the two companies announced on Tuesday. Through the tie-up Japanese merchants will be able to use an integrated payments system to serve local users of Line Pay, the Japanese app’s payment service, as well as Chinese tourists who use WeChat Pay, the payment system incorporated within Tencent’s messaging and social media app WeChat, according to a statement by Tencent.
More from PaymentsSource
While apps are still a popular way for customers to order and pay, other options are up-and-coming because it’s a natural fit for restaurant patrons, many of whom are already heavy users of text, social media and voice technology.
PayPal is using Venmo's fast growth to power several initiatives, but the app suffered a damaging fraud surge early this year, showing it's not immune from enrollment fraud that challenges the entire P2P sector.
Payments processor Elavon has agreed to provide Belgium's leading postal operator with payment acceptance services at more than 650 locations.
As payment stakeholders show an interest in using fingerprint technology to improve identity protection, NEXT Biometrics and MK Group plan to collaborate on biometric smart cards for banking and other applications.
