The information you need to start your day, from PaymentsSource and around the Web:
Send in the drones
Worldpay has introduced its drone delivery proof-of-concept, called Drone Pay. Drone Pay uses EMV contactless card technology that's embedded in a landing pad (resembling a doormat). This pad stores the consumer's card details.
Drones still seem far off as a delivery vehicle, though Worldpay is pushing back on that notion with research that contends 71% of Americans say they would like to have items delivered via a drone.
Guess work
The partnership includes 50 stores across the U.S. including locations in New York, Las Vegas and California.
Alipay has more than 500 million users, and partnerships with
Emergency security surgery
The
The attack, on SingHealth, resulted in the exposure of payment details and other personal information for about 1.5 million people. It's the largest cyber attack in Singapore's history, reports
As a result of the attack, banks are required to tighten verification procedures, moving beyond name, address, gender, race and birth to add new identifiers. Banks are already required to use multi-factor authentication in Singapore.
Playing monopoly
U.K. regulators are investigating whether there's enough competition in the British payment market.
The Payment Systems Regulator is concerned retailers are "suffering harm" because card acquirers are dominating the market, and thus fees, reports the
Regulators are also examining transparency and whether acquirers are making it hard for retailers to compare competitors.
From the Web
TechCrunch | Tue July 24, 2018 - FinAccel, a Southeast Asia-based startup that offers a digital credit card service in Indonesia, has closed a $30 million Series B round as it begins to consider overseas expansion. The company launched its ‘Kredivo’ service two years ago to help consumers pay online in Southeast Asia, where credit card penetration is typically low, and it is essentially the combination of a digital credit card and PayPal.
Krebs On Security | Tue July 24, 2018 - Hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. Now the financial institution is suing its insurance provider for refusing to fully cover the losses.
U.S. News & World Report | Tue July 24, 2018 - Residents of Florida, Michigan and Nevada are among the most likely in the U.S. to report being targeted by fraudsters and identity thieves, according to a report from the Federal Trade Commission. The FTC's Consumer Sentinel Network recorded roughly 1.1 million reports of fraud in 2017 – with scammers posing as government officials, distant relatives and technical support staff in a bid to trick consumers into paying them.
More from PaymentsSource
Under its new chargeback rules, Visa retired one of the chargeback codes that merchants almost always lost — "transaction not recognized," formerly listed as Chargeback Reason Code 75.
The hack's core trick highlights an area of cybersecurity which is often neglected: hardware connected to computer networks which laymen wouldn’t normally consider a computer.
Two payments startups, PayStand and Quadpay, are collaborating with Silicon Valley Bank and First Data during a four-month accelerator program to explore mutual product development opportunities.
To consolidate the data flows that are increasingly becoming part of real-time payment processing, Ingenico is turning to MapR Technologies to provide artificial intelligence and analytics to its platform.
