Enjoy complimentary access to top ideas and insights — selected by our editors.
The information you need to start your day, including top headlines from PaymentsSource and around the Web. In today's briefing:
Australia's banks are pushing harder than ever against Apple. They have submitted a formal statement to the Australian Competition and Consumer Commission slamming Apple's security-based argument against collective negotiations to access Apple Pay. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Bendigo and Adelaide Bank, accused Apple of trying to piggyback on their investment in a national contactless infrastructure, while remaining "intransigent, closed and controlling" in dictating terms for Apple Pay. Apple faces a lot of pressure to win this battle in Australia, since other large markets such the U.S. could force similar concessions if the Australian banks get their way.
A sign for the launch of the Apple pay system, from Apple.Inc is seen displayed at the entrance to a McDonald's Corp. restaurant in London, U.K., on Tuesday, July 14, 2015. Apple Inc. is making the U.K. the first market outside the U.S. for its digital-wallet system as the company fights for a place in the electronic-payments industry. Photographer: Chris Ratcliffe/Bloomberg
Chris Ratcliffe/Bloomberg
Fallout from 'Brexit' is hitting Misys, as the financial technology company is reportedly slashing the size of its approximate $7 billion IPO, expected to be the U.K.'s largest this year. The Sunday Times reports the financial technology vendor may cut its IPO by as much as 30%, citing market volatility from the U.K.'s referendum vote to leave the European Union. British citizens this past summer voted to leave the EU, a move that's expected to threaten the U.K.'s status as a hotbed for financial technology, as some companies move to the U.S. or other parts of Europe. The London-based Misys, a core banking vendor which is pushing wearable payment technology and has developed a broad-based gateway to support payment transactions in different channels, has also asked U.K. authorities for permission to sell 20% of the company in the offering, below the 25% normally required for an IPO.
PayPal founder Peter Thiel, who earlier this year stepped out of traditional VC activities to back pro wrestler Hulk Hogan's privacy lawsuit against Gawker, is donating $1.25 million to Donald Trump's presidential campaign. Thiel, who has also made a lot of recent investments in payments technology, is reportedly motivated to donate to Trump because the U.S. "needs fixing," according to the Silicon Valley news website TechCrunch. The New York Times reports Thiel will initially donate to super PACs supporting Trump, and will also donate directly to Trump's campaign. Thiel's support for the Apprentice host is against the grain in the technology industry, which mostly supports Hillary Clinton's campaign. Uber investor Shervin Pishevar is among Clinton's supporters, as is LinkedIn founder Reid Hoffman, who is running a crowdfunding campaign for veterans to pressure Trump to release his tax returns.
Companies and government agencies—from ride-hailing service Uber and credit-card giant MasterCard to the Alabama Department of Revenue—are asking people to snap self-portraits on their phones as proof of identity.
Fertile ground for mobile wallets: Iraq Wamda Hussein Kanber agha says his company has built a user friendly mobile wallet that will allow Iraqis to make payments using their mobile phones. In a country that is massively lacking in fintech options for the largely unbanked population, options like his...
Three-quarters of Brits use mobile banking Computer Weekly • Computerweekly.Com Europeans are rapidly taking up mobile banking which, combined with the adoption of contactless cards, is driving the digital payments sector
More from PaymentsSource Miami Draws More Startups to Fill the LatAm Payments Void By any account, cash still reigns in Latin America. The World Bank estimates that just one in five in the region has a credit card, and most residents still lack access to a financial institution.
Can AI Improve the Mobile Point of Sale? Tablet-based point of sale terminals may look sleek and modern, but under the hood they must wrestle with many of the same challenges that older hardware faces.
Apple, Visa and Mastercard Are Mobile's Best Bets for Retailers Mobile transactions are getting faster and more efficient. As smartphones become more ubiquitous, more consumers are ready to pull out their phones to make a payment—and expect the option to do so.
NCR to Prioritize Omnichannel Tech in Atlanta Innovation Lab Big-box retailers aren’t the only ones being forced to change the way they do business as giants like Amazon reshape the way consumers shop and consume services—small businesses also get caught in the storm.
Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.
The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.
The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.
