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Small biz partners
Visa is collaborating with Open, a Bangalore startup that provides small business banking services, to offer a card-based suite of expense management tools in India.
Companies can give the card to staff and can match controls to travel and entertainment expense policies. An integration with Whatsapp supports expense filing.
Both
Weed mPOS
As
POSaBIT has debuted a mobile payment system for dispensaries, using a handheld device that combines Android functionality, a printer and scanner to vet consumer identity, accept payments, add a tip for a delivery person and print the receipt.
The company views delivery as one of the fastest growing parts of the legal weed industry, and as such hopes its network of about 120 stores will use the newer, more flexible point of sale system to replace its older more static payment hardware.
Circle lobby
Circle CEO Jeremy Allaire slammed the legacy financial system in testimony before the Senate Banking committee, saying it needs to be overhauled.
Allaire, who was representing the cryptocurrency industry at a hearing on blockchain regulation, said the current system levies too many transaction fees, contending payments are a commoditized product and will likely be free, reports
New recruit
Revolut has hired former Metro Bank finance director David Maclean to be its new CFO, leaving Metro shortly after it reported a profit decline of more than 80% due to an accounting error, reports
But it hasn't been all good news for Revolut, which has also been hit with regulatory investigations over
From the Web
Forbes | Tue July 30, 2019 - Following a massive data breach that compromised the personal information of more than 100 million people, Capital One has been hit with a class-action lawsuit. A complaint from the law firm of Morgan and Morgan was filed with the United States District Court for the Eastern District of Virginia on behalf of the millions of consumers affected by the breach.
Reuters | Wed July 31, 2019 - The Federal Circuit Court of Appeals has reversed a judgment against U.S. Bancorp in a patent infringement lawsuit by payment processing company Solutran, finding that Solutran’s invention of a check processing method was not patent eligible.
South China Morning Post | Tue July 30, 2019 - The QR code found widespread popularity in China through the use of mobile payments. But as the familiar square mosaic gains greater popularity outside China, the tech giants that helped to drive its adoption are already moving away from the app-based payment method to something even more portable: your face.
More from PaymentsSource
Brexit seems more likely than ever, as the U.K.'s new prime minister, Boris Johnson, has committed to meeting the October 31 deadline for a deal to leave the EU. But despite the lingering uncertainty over how that will happen, Mastercard is not abandoning its bullish stance on Europe.
In an era of data breach fatigue, the one announced by Capital One on Monday was enough to force many consumers to take notice — 106 million credit card applicants had their data compromised, including everything from names and addresses to credit scores and payment histories.
Facebook must have expected some backlash when unveiling its plans for Libra. But it may have underestimated just how much.
Investments in open-banking fintechs have accelerated recently, as many European banks are struggling to implement PSD2-compliant open banking APIs to meet the EU’s September 2019 deadline.
