Norwegian banks to combine payment units Vipps, BankAxept, BankID — Reuters — “Norwegian banks agree to combine payment units Vipps, BankAxept and BankID Norge to improve product offering and prepare for competition against global tech firms… DNB CEO Rune Bjerke said: “We have two choices. Either let the existing payments infrastructure wither away, or join forces and push forward.”
Reuters
US to open up banking market to non-banks?
US regulator says time to review mixing banking with other businesses — Reuters — “US regulations that bar companies such as Wal-Mart Stores Inc from providing banking services need to be reviewed as they reduce competition thereby concentrating more risk among a smaller number of banks, a US banking regulator said… Noreika on Wednesday said that allowing non-financial companies to run banks could strengthen the banking system by boosting competition and increasing diversity. The OCC is exploring providing a charter specifically for financial technology providers such as payment processor Square Inc.”
Chase lets customers use their mobile phone to open a bank account
JPMorgan reaches beyond its branches with new mobile account app — Reuters — “The app, named Finn by Chase, allows people to use a phone to open a bank account, make deposits, issue checks, track spending and set up savings plans, bank officials told Reuters last week. Finn debit cards will come by mail for access to cash from 29,000 ATMs.”
Nordea and Danske to join Norway’s Vipps mobile payment system
Nordea joins rival DNB’s Vipps payment app in Norway — Reuters — “Top Nordic bank Nordea will start offering rival DNB’s mobile payment app to customers in Norway, leading Danske Bank to shut its service in the country, the companies said on Wednesday… Copenhagen-based Danske Bank said it would no longer offer the Mobilepay service to Norwegian customers, and that it would instead seek a distribution deal with DNB.”
BMW ‘is reviewing the necessity of car keys’
BMW says car keys may be replaced by mobile phone apps — Reuters — “BMW is reviewing the necessity of car keys, Ian Robertson, the company’s board member responsible for sales told Reuters. The fact that customers now all carry a smartphone and the availability of a BMW app which allows customers to unlock their vehicle has made old fashioned keys less relevant.”
Federal Trade Commission to investigate Equifax data breach
FTC probes Equifax, top Democrat likens it to Enron — Reuters — “The US Federal Trade Commission said on Thursday it was investigating Equifax Inc’s massive data breach, and a top Democrat suggested the credit monitoring company’s corporate leaders might need to resign… Senate Democratic leader Chuck Schumer compared Equifax to Enron, the US energy company that filed for bankruptcy in 2001 after revelations of a widespread accounting fraud.”
TransferWise links with Apple Pay globally
TransferWise links with Apple Pay globally — Reuters — “The London-based money transfer company said on Thursday that it was joining with Apple Inc’s payments service in the US and a handful of other countries, following a similar move in the UK in 2015. This means users on Apple devices will no longer have to insert their payments card or bank account details to send money via TransferWise, but will be able to transfer funds through their Apple Pay account, speeding up the process.”
China’s Baidu enters strategic partnership with Paypal to tap Chinese tourists
China’s Baidu enters strategic partnership with Paypal to tap Chinese tourists — Reuters — “Baidu’s payment platform, Baidu Wallet, will be accepted by roughly 17 million PayPal merchants globally, the Chinese firm said in a statement on Thursday. ‘Partnering with PayPal on technology and product innovation will provide Baidu users with the ultimate cross-border consumer experience,’ said Baidu senior vice president Guang Zhu.”
Federal Reserve plans to endorse a faster payment system
Federal Reserve plans to endorse a faster payment system — Reuters — “The Federal Reserve on Monday said payments and money transfers should eventually be available in real time… Officials expect to outline next steps in the weeks ahead, Fed governor Jerome Powell said.”
Stripe strikes global partnerships with China’s Alipay, WeChat Pay
Stripe strikes global partnerships with China’s Alipay, WeChat Pay — Reuters — “‘If you are an internet business this unlocks a new vast customer base,’ John Collison, Stripe’s president and co-founder, said in an interview. In turn, Chinese consumers will have expanded choice as to which international online merchants they can purchase products and services from, he added.”
WorldRemit adds Android Pay as secure option for migrant remittances
WorldRemit adds Android Pay as secure option for migrant remittances — Reuters — “Cross-border money transfer service WorldRemit is enabling its immigrant customer base to send money home using Android Pay, making it the first international remittance firm to run on the Google payments system.”
Google Assistant comes to more Android phones
Google Assistant will be made available to all phones running Android 7.0 Nougat and Android 6.0 Marshmallow operating systems, Reuters reports... More
R3 investment details take shape
Blockchain consortium R3 has reduced the amount it aims to raise from bank members in its first large round of equity funding to US$150m from US$200m, Reuters reports... More
Walmart Pay to add more payment options
US supermarket giant Walmart is in talks with “several mobile wallet companies” to offer more payment options within its Walmart Pay QR code-based mobile payment service, the retailer tells Reuters... More
US banks unveil money-transfer app
America’s biggest banks have launched a money-transfer app to compete with PayPal, Venmo and Square Cash, Reuters reports... More
US banks told to improve cyber security
Bank regulators in the US have outlined cyber security standards designed to protect financial markets and consumers from online attacks against the nation’s financial firms, Reuters reports... More
Ant Financial readying VR payments
Alibaba affiliate and Alipay parent company Ant Financial is readying a virtual reality (VR) payment experience that will allow shoppers to pay with a nod of the head... More
Mastercard planning to become a PSP in China
Mastercard is planning to apply to become a payment service provider (PSP) in China this year but is still deciding whether to do so alone or with a partner, according to Reuters... More
Square preparing for European launch
Mobile POS provider Square has incorporated a business called Squareup Europe in the UK, suggesting that the company could be setting itself up for its first European launch... More
Alipay parent company seeks expansion overseas
Alipay parent company Ant Financial is seeking to buy a 20% stake in Thai online payment provider Ascend Money and to increase its stake to 30% at a later date... More