Fifth Third Bank to debut mobile banking kiosk at NAACP convention

https://www.mobilepaymentstoday.com/news/fifth-third-bank-to-debut-mobile-banking-kiosk-at-naacp-convention/

Fifth Third Bank to debut mobile banking kiosk at NAACP convention

Photo courtesy of Fifth Third Bank.

Fifth Third Bank said it will debut its Banking to Go mobile kiosk, which brings banking services to low-to-moderate income communities, at the 110th annual NAACP convention July 20-24 at the Detroit Marriott at Renaissance Center in Detroit. 

The bank has previously served these communities with a Financial Empowerment Mobile, also known as an eBus, to serve as a financial classroom for residents. The eBus and the Banking to Go kiosk include Wi-Fi and computers to give residents the ability to open accounts, get a copy of their credit report, obtain small business services, homebuyer information and job search resources. 

“Fifth Third is committed to helping people achieve their best lives through responsible financial solutions,” Byna Elliot, chief corporate community and economic development officer at Fifth Third Bank, said in the press release. “The mobile kiosk helps us to address the community’s needs and ensure we are delivering retail services and products in a way that is accessible to them in areas where they live and work.”

 


Topics: Mobile/Digital Wallet


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Urban FT Group acquires CFC Technology to boost remote capture banking capabilities

https://www.mobilepaymentstoday.com/news/urban-ft-group-acquires-cfc-technology-to-boost-remote-capture-banking-capabilities/

Urban FT Group Inc. said it acquired CFC Technology Group, a Minneapolis-based firm that specializes in remote deposit capture services for credit unions and community banks. 

CFC serves more than 800 financial institutions and thousands of merchants and will complement Urban FT Group’s prior acquisition of iParse in 2017 and the acquisition of certain assets from Digiliti in 2018. 

Regional and community banks have clients like real estate agents, medical offices and other businesses that stilll receive a large number of checks, Richard Steggall, CEO of Urban FT, told Mobile Payments Today via email. 

“To provide their small business clients with a streamlined method to deposit and access funds, the services provided by CFC address an ongoing need, and Urban FT will make these services available to its entire base of bank and credit union clients,” he said in an email.  

He added that the CFC brand name will slowly be fazed out an Urban FT product suite enlarged. 


 


Topics: Mobile Banking, Retail, Technology Providers


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European fintechs, challenger banks poised to invade US market

https://www.mobilepaymentstoday.com/articles/european-fintechs-challenger-banks-poised-to-invade-us-market/

A new wave of European fintechs are planning a new invasion into the U.S. banking industry, promising to disrupt the incumbent banking industry with nimble, accessible and appealing business models that they hope will steal away millions of young adults who have grown tired of what they perceive as second class treatment by traditional banks. 

The entry of these European fintechs, combined with the rising number of U.S. entrants into the digital banking space, is leading to a mad scramble for investment dollars, unique customer service propositions and an industry-wide shakeup that could change the face of banking in America.

“We think that the European players have an extremely interesting proposition which will likely gain some traction in the U.S. market,” Nick Maynard, senior analyst at Juniper Research, told Mobile Payments Today via email. “N26 in particular has created an attractive simple proposition to users which offers a strong feature set.”

Maynard pointed out that the fact that N26 has expanded to 24 countries with a total of 3.5 million customers makes it a compelling business model, and that the product is “highly suitable” for millennials, which is a key target market of these challenger banks. 

“Given the complexity of the U.S. banking market, the simplicity of fintech approaches will be a highly effective customer acquisition strategy,” Maynard said. 

N26 earlier this month made its long-awaited entry into the U.S. with its fast growing, yet simple digital banking concept of a no-fee mobile checking account that allows users to create sub-accounts for savings and a Visa debit card. N26 has partnered with Ohio-based Axos to provide FDIC insured backing for the checking account, and there are plans to add additional features this summer, including a limited number of two free ATM withdrawals per month and a later a premium metal card with enhanced features. 

Valentin Stalf, co-founder and CEO, said in the announcement earlier this month that N26 would “radically change the way Americans bank” the way it already has in Europe, and later plans to enter the Brazilian market, which has been a major focal point of fintechs like Airfox. 

Just last month, U.K.-based Monzo announced plans to enter the U.S. with a simple mobile banking app and Mastercard debit card. Monzo will have its own unique features, like a savings feature called Pots, to help customers set aside funds and the ability to send person-to-person funds. 

Monzo thus far has been wildly successful in the U.K., with more than 2 million customers, and it announced a funding round of $144 million led by Y Combinator Continuity and Latitude. 

Mutual atttraction

Raisin, the Berlin-based savings and investment platform, is in the process of building out its team for a major entry in the U.S. market, and just this week got some additional backing from Goldman Sachs, which invested $28 million, which will be used to help Raisin’s previously announced plans to enter the U.S. as well as two new European markets. 

Raisin COO Michael Fuchs told Mobile Payments Today that the Goldman Sachs relationship will help drive Raisin’s entry into the U.S., not only based on the actual funding, but also the vast experience that Goldman has in the marketplace. 

“Goldman Sachs is a well known brand in the U.S.,” he said. “So their backing and their insights as well as knowledge of 150 years in the U.S. market will be very helpful.”

Raisin recently hired Paul Knodel as U.S. CEO after he spent more than 20 years in senior management positions at Citigroup and Merrill Lynch, along with stints at TD Ameritrade, E-Trade and robo-advisor Wealthfront, according to Fuchs 

He noted that Knodel recently led the extension of Wealthfront’s product suite into cash savings. 

All eyes have been on Goldman for more than a year as it expanded its Marcus digital banking product, which led to speculation about what plans it had for international growth and whether it would seek to form strategic relationships with other players in the digital space. Both companies said there are no current links between Raisin and the Marcus business, but said the investment is part of a wider strategy by Goldman’s Principal Strategic Investment arm. 

“PSI seeks to make long-term strategic investments in fast growing technology companies, so Raisin fits well into the overall strategy,” a spokesperson for Goldman Sachs told Mobile Payments Today via email.

She said that the team considers Germany a focus market of the investment arm, pointing out that PSI previously invested in Elinvar in May. Elinvar, founded in 2016, is a digital platform for asset and wealth managers. The company said in the announcement that Elinvar would be expanding to other countries in Europe, but did not specifically mention any plans to enter the U.S., despite the new Goldman Sachs investment 

https://www.mobilepaymentstoday.com/articles/european-fintechs-challenger-banks-poised-to-invade-us-market/

US Commodity Futures Trading Commission probes BitMEX

https://www.mobilepaymentstoday.com/news/us-commodity-futures-trading-commission-probes-bitmex/

The U.S. Commodity Futures Trading Commission is currently investigating the cryptocurrency exchange BitMEX. The regulator is looking at whether BitMEX boke any rules by allowing Americans to trade on the platform, which is not registered with the commission, according to a report by Bloomberg.

The commission considers cryptocurrencies to be commodities and it has jurisdiction over any futures or derivatives based on them. The probe is currently ongoing and there has been no allegations of misconduct yet.

BitMEX’s CEO Arthur Hayes claimed in January that the exchange bans U.S. residents and nationals, however it is possible that a user masked their location by using a proxy server to appear as if they came from a different country.

The exchange is based in Hong Hong, although it also has an office in San Francisco.


Topics: Bitcoin, Region: Americas, Region: APAC, Regulatory Issues


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Posabit enters deal with cannabis retailer Reef Dispensaries for debit card acceptance

https://www.mobilepaymentstoday.com/news/posabit-enters-deal-with-cannabis-retailer-reef-dispensaries-for-debit-card-acceptance/

Posabit, a fintech that provides blockchain based point-of-sale and payment technologies, said it entered an agreement with Reef Dispensaries to provide the Las Vegas based cannabis retailer with a compliant debit-payment system. 

Tryke Cos., the parent of Reef Dispensaries, operates four dispensaries in Nevada that serve medical and recreational cannabis customers and two dispensaries in Arizona that sell to medical patients. 

“As one of the epicenters of the legal cannabis industry, with both a large contingency of medical patients and a massive tourist footprint, we’re thrilled to partner with Reef Dispensaries as we’re introduced to the Nevada market,” Ryan Hamlin, co-founder and CEO of Posabit, said in a company release. “Our fully compliant solution offers businesses like Reef Dispensaries a secure path towards improved customer experience and increased sales.”

Mark Conley, director of retail at Reef Dispensaries, said the ability to accept debit cards will  help make the company’s checkout process more efficient. 


Topics: Mobile Payments, POS, Regulatory Issues, Retail


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Tidal Commerce get $4 million investment from Super G Capital

https://www.mobilepaymentstoday.com/news/tidal-commerce-get-4-million-investment-from-super-g-capital/

Tidal Commerce, an Illinois-based  payment processing and merchant services firm, said it got a $4 million investment from Super G Capital, in a company release. 

Tidal Commerce plans to use the funding to consolidate onboarding, business management, sales data, payment gateways and other merchant services into a single unified platform.

The company plans to speed the development of its in-house payment software, which the company said will have an interactive online application with underwriting, CRM, fraud, ticketing and chargeback response features. The company also plans to expand partnerships with independent service organizations, banks and credit unions. 

“We average almost $1 billion in transaction volume annually and are currently servicing over 1,000 merchants ranging from professional services to banks,” Drew Sementa, founder and CEO of Tidal Commerce, said in a company release. “We used our initial funding to spur merchant growth while strategically positioning ourselves to scale, and now the matches are set for that next spark.”

 


Topics: Mobile Banking, POS, Technology Providers


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Visa invests in Indonesian payment, ride hailing app Go-Jek

https://www.mobilepaymentstoday.com/news/visa-invests-in-indonesian-payment-ride-hailing-app-go-jek/

Visa invests in Indonesian payment, ride hailing app Go-Jek

iStock photo

Visa has invested in Go-Jek, Southeast Asia’s ride hailing app and payments platform, as part of a Series F fundraising round.

As part of the collaboration, the two companies will work toward providing cashless payments solutions to the “unbanked and underserved” across Indonesia and Southeast Asia, Visa said.

“We are excited about this partnership because Visa and Go-Jek share common objectives,” Chris Clark, Visa regional president Asia Pacific, said in the release. 

Visa did not disclose how much it invested or how big a stake it would claim in Go-Jek.

Launched in 2011 in Jakarta, Go-Jek has evolved into a super app of sorts. It began as a ride-sharing, but now allows its customers to make online payments for food, groceries and a plethora of other services. The company’s name is a play on the word for “motorbike taxis.”

“Visa’s investment in Go-Jek is an endorsement of our business model and reflects their belief in Go-Jek’s ability to improve the lives of people across the region through our services and payments ecosystem,” Andre Soelistyo, Go-Jek’s president, said in the release. 

Earlier this month Go-Jek secured an investment from Mitsubishi Motors Corp. and Mitsubishi Corp. as part of its ongoing Series F funding. Both amounts were undisclosed. Go-Jek also raised about $1 billion earlier this year from Alphabet Inc’s Google, JD.com Inc and Tencent Holdings, and is valued at up to $10 billion.


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Western Union partners with UK Post Office on digital cross-border funds transfers

https://www.mobilepaymentstoday.com/news/western-union-partners-with-uk-post-office-on-digital-cross-border-funds-transfers/

Western Union announced an agreement with U.K. Post Office Ltd. to offer digital international funds transfers and payments. 

Customers of Western Union will now be able to send funds and make payments across borders through the U.K. Post Office digital channel. 

“Western Union’s international reach and scale means we’re able to bring a new dimension to the Post Office’s digital offering for individuals and businesses,” Hikmet Ersek, president and CEO of Western Union, said in a company release. “This collaboration marks an expansion of our strategy to open our platform to new alliances and solve the complexities of cross-border, cross-currency transactions for companies.”

Western Union allows customers to make digital transfers to bank accounts, mobile wallets and retail agent locations in 200 countries worldwide. 


Topics: Money Transfer / P2P, Region: EMEA

Companies: Western Union


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Sprint powers Dynamics wallet card

https://www.mobilepaymentstoday.com/news/sprint-powers-dynamics-wallet-card/

Sprint powers Dynamics wallet card

Sprint announced that its Curiosity IoT network is powering the Dynamics Wallet Card, which claims to be the world’s first connected payment card, in a company release. 

The wallet card is a digital storage card where consumers can put their debit, credit, prepaid, multi-currency, loyalty and other cards all in one place and use the card anywhere in the world through a single interface, according to a spokesperson. 

Emirates NBD will be rolling out the card as a replacement for existing cardholders. It is the only announced financial institution that is issuing the card, however negotiations are ongoing and the card will expand to additional markets, including the U.S., according to officials. 

The card can accept messages, for example if a bank or retailer needs to reach the cardholders, then digital coupons, alerts or other messages can be sent through wireless connections. 


Topics: Card Brands, Mobile/Digital Wallet, Mobile Payments, Region: EMEA

Companies: Dynamics Inc., Sprint


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N26 raises another $170 million in Series D round for mobile bank expansion

https://www.mobilepaymentstoday.com/news/n26-raises-another-170-million-in-series-d-round-for-mobile-bank-expansion/

German challenger bank N26 raised another $170 million to bring its total Series D fundraising to $470 million, which values the company at $3.5 billion, according to a company release. 

The company said that all the previous investors in the Series D round extended their investments in the startup. They include Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, investor Peter Thiel’s Valar Ventures, Earlybird Venture Capital and Greyhound Capital. 

N26 officials said the funding will be used to drive expansion in Europe, the U.S. and Brazil, as well as bring new features to the banking service. The company plans to launch a service called Shared Spaces, which allows users to create sub accounts for up to 10 people 

The company recently launched in the U.S., marking the first expansion of the challenger bank outside of Europe. N26 plans to expand next into the Brazilian market. 


Topics: Mobile Apps, Mobile Banking, Region: Americas, Region: EMEA

Companies: N26 Inc.


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LG faces uphill climb to make a splash in US mobile wallet space

https://www.mobilepaymentstoday.com/articles/lg-faces-uphill-climb-to-make-a-splash-in-us-mobile-wallet-space/

LG made its long anticipated launch into the U.S. market for mobile wallets with the launch of LG Pay, but this event raises questions about what impact it will make in the U.S., which continues to trail key overseas countries in terms of market penetration. 

LG Pay, which originally launched in Korea in 2017, allows users to load their payment accounts onto a digital app on the LG G8 ThinQ smartphone and other select LG devices and make payments anywhere Visa and Mastercard are accepted. 

The LG Pay wallet, like other contactless payment systems, will work with widely used NFC readers as well as a wireless magnetic communications at magnetic stripe terminals, which are still widely used in the U.S., as the country is only a few years into the adoption of EMV and contactless debit and credit cards are still being rolled out by major banks. 

Major banks, including Chase and PNC are being supported at launch as well as a number of regional banks and credit unions, and additional financial institutions are expected to be announced later in 2019. 

However, analysts see LG facing an uphill battle to grow share in the U.S., mobile wallet space, which is dominated by Apple Pay, Samsung Pay and Google Pay,  which cover a wide swath of devices including the iPhone, Samsung Galaxy devices and a range of devices that operate on the Android OS. Currently the U.S. represents about 3% of the global mobile wallet business, compared with China, which represents about 36%. 

Thad Peterson, senior analyst at Aite Group, said he is not sure whether the LG Pay expansion into the U.S. will do much to help grow the mobile wallet business.

“LG has a small share of the market, the wallet can’t be used for native app payments for either iOS or Android and the digital wallet market in the U.S. is still growing very slowly,” Peterson told Mobile Payments Today via email. “Adding another brand to the mix potentially dilutes the category and could create confusion with new users.”

Peterson said that LG could benefit somewhat due to the mag stripe emulation capability, which could help enhance utilization, but he cautioned that Samsung has that same mag-stripe capability. 

He said for LG phone users the expansion of LG Pay offers them a digital wallet capability they did not previously have, but overall he doesn’t see any significant impact on the market for 2-3 years. 

Unique features

LG has taken steps to differentiate itself from the competition by launching partnership agreements that will help generate customer loyalty to the service. The company’s initial partnership with Swych, a unit of Finablr, gives users the ability to buy digital gift cards directly through the device and then send the gifts directly to friends, family or other recipients. 

Rivka Gewirtz Little, research director, global payment strategies at IDC, told Mobile Payments Today that successful mobile wallets need to develop unique features and capabilities and also need to promote those feature sets to potential customers. 

“Mobile wallets that are just about a payment are generally not enough to create customer excitement,” she said in an interview.

LG officials were not immediately available for comment. 

Images courtesy of LG.

https://www.mobilepaymentstoday.com/articles/lg-faces-uphill-climb-to-make-a-splash-in-us-mobile-wallet-space/

Online Blockchain intros geocaching cryptocurrency app

https://www.mobilepaymentstoday.com/news/online-blockchain-intros-geocaching-cryptocurrency-app/

Online Blockchain Plc. recently launched its Geofaucets feature for its freefaucet.io site. With this feature, customers can visit key geofaucet locations online and scan a QR code to receive free cryptocurrency such, which will be stored in their cold storage FreeFaucet wallets, according to a press release.

The Geofaucet feature can award customers with a variety of cryptocurrencies including Bitcoin, Brazio, Litecoin, Bitcoin SV, Bitcoin ABC, Veggie, Ethereum, Buenos, Ravencoin, Monero, Plusonecoin and Dogecoin, with more cryptocurrencies being added monthly.

Users can visit as many Geofaucets as they like and can revisit Geofaucets every 12 hours. Customers can also set up their own Geofaucet, and they will receive 10% of all coins claimed from visits, according to the release.

“Interest in cryptocurrencies is ever-increasing and Geofaucets offer a novel, fun and easy way for anyone to get involved in this market risk free. It’s a bit like Pokémon Go for cryptocurrencies,” Clem Chambers, CEO of Online Blockchain, said in the release. “Furthermore, setting up your own Geofaucets is a great way to make a passive income. They are also a great marketing tool for businesses and events.”


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Thanx rolls out enhanced mobile ordering, loyalty programs for Pincho, By Chloe

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Thanx rolls out enhanced mobile ordering, loyalty programs for Pincho, By Chloe

Mobile ordering app for Pincho. Image courtesy of Thanx

Thanx, a San Francisco-based customer engagement firm for retail and restaurants, is upgrading the mobile apps of two fast casual chains — Pincho Factory Inc., based in Florida, and By Chloe, a plant-based restaurant headquartered in New York, according to a company release. 

The Pincho app, in partnership with Olo, provides several enhancements, including upfront menu listings, rewards for online and in-store transactions and speedy checkout. 

Customers no longer have to scan the app every time to earn additional rewards, according to the release. 

“The transition from the previous app to the Thanx platform has been seamless for our customers and brings a best in class, comprehensive solution that allows us to better connect and engage with our guests,” Otto Othman, chief executive officer at Pincho, said in the release. “We are pleased to introduce a simple, frictionless engagement program for our guests that tracks their rewards automatically with any purchase, allowing us to better cater to their preferences.”

The new app experience for By Chloe includes the ability to provide more enhanced rewards with CRM functionality as well as the ability to order using online ordering firm Brandibble, through the use of Thanx loyalty APIs. 

“Our new app will allow us to deliver highly personalized rewards and communications to our customers based on their activity in our stores, ultimately leading to more frequent visits,” By Chloe CEO Patrik Hellstrand said.

 


Topics: In-App Payments, Loyalty Programs, Mobile Apps, Mobile Payments, Restaurants

Companies: Olo, Pincho Factory, Thanx


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Grabango tests checkout-free technology at Giant Eagle grocery chain

https://www.mobilepaymentstoday.com/news/grabango-tests-checkout-free-technology-at-giant-eagle-grocery-chain/

Grabango tests checkout-free technology at Giant Eagle grocery chain

Grabango has launched a pilot study at supermarket chain Giant Eagle Inc. that allows shoppers to purchase goods using its checkout-free technology that bypasses traditional cashier lines. 

The companies are testing a service that offers two options to shoppers, either a mobile-app based solution and the second system that allows consumers to pay with any tender they want. The systems use computer vision and machine learning to automatically track goods as customers browse store shelves. 

“Giant Eagle is committed to advancing technologies that create an improved, stress-free shopping experience for our customers while still protecting their privacy,” Dan Donovan, spokesman for Giant Eagle, said in the announcement. 

Giant Eagle has annual sales of $8.9 billion and more than 460 stores in Western Pennsylvania, Ohio, West Virginia, Maryland and Indiana. 


Topics: In-App Payments, Mobile Apps, Mobile Payments, POS, Retail


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LG Electronics leads investment in mobile laundromat platform Washlava

https://www.mobilepaymentstoday.com/news/lg-electronics-leads-investment-in-mobile-laundromat-platform-washlava/

LG Electronics leads investment in mobile laundromat platform Washlava

LG Electronics is leading a group of investors in a new round of funding for Washlava, a startup mobile technology firm that enables consumers to pay for their cashless laundry with a smartphone. 

Washlava, founded by Todd Belveal, the co-founder of Silvercar, created the cashless laundromat company in 2017 and now works with a range of partners, including Monmouth University in New Jersey, multifamily housing units in Texas and Florida and shared laundry centers in six cities across the country. 

“We could not be more excited about this important partnership with LG,” Belvial said in the announcement. “LG’s capabilities and standing in the industry, combined with Washlava’s proprietary technology and user experience, create a platform that cultivates growth and innovation in a market that is primed for modernization.”

 

 


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Visa acquires Germany's Payworks to offer integrated payments platform

https://www.mobilepaymentstoday.com/news/visa-acquires-germanys-payworks-to-offer-integrated-payments-platform/

Visa announced that it has acquired Payworks, a Munich-based company that provides advanced payment gateway software for point-of-sale systems, offering a white labeled omnichannel payments platform, according to a press release. . 

Visa said it will combine Payworks’ cloud-based solution for in-store payment processing with its own CyberSource digital payment management platform to create an integrated system for merchants and acquirers. 

The acquisition builds on a relationship dating back to February 2018, when CommerzVentures and Visa invested $14.5 million in a Series B financing round. 

“For the past two years we have partnered closely with Payworks to deliver cutting edge integrated commerce solutions for CyberSource’s clients worldwide,” Carleigh Jacques, senior vice president and global head of digital merchant products at Visa, said in the press release. “As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship.”

Terms of the agreement were not disclosed. 


Topics: Card Brands, Mobile Payments, POS, Region: EMEA

Companies: Visa


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Data Breaches: Spotlight on Malicious Cryptomining I Security I Adware I Malicious Actor I Technology I Trends

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Criminals Target Specific Industries in Data Breach Activity I Retail I Security I Hacking I Data I Payments

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Amazon faces antitrust probe from European regulators over use of third-party seller data

https://www.mobilepaymentstoday.com/news/amazon-faces-antitrust-probe-from-european-regulators-over-use-of-third-party-seller-data/

The European Commission announced that it has opened a formal antitrust probe into Amazon regarding whether its use of third-party seller data on its marketplace violates competition regulations. 

Commissioner Margrethe Vestager, who is in charge of competition policy, said that European consumers are increasingly shopping online and e-commerce has consistently created better pricing and greater choice, which raises concerns about Amazon’s practices. 

The preliminary information gathered by regulators shows that Amazon uses sensitive data it collects from these third-party sellers regarding their products and transactions sold through the marketplace, according to the announcement. 

“We need to ensure that large online platforms don’t eliminate these benefits through anti-competitive behavior,” she said in the announcement. “I have therefore decided to take a very close look at Amazon’s business practices and its dual role as marketplace and retailer, to assess its compliance with EU competition rules.”

The probe will look specifically at two areas: The seller agreements that Amazon signs with marketplace sellers and how they use data they have access to.

The role of data in the selection of the “Buy Box,” which is a box displayed prominently on the site, lets customers select items from a specific retailer. 

A spokesperson for Amazon told Mobile Payments Today that, “We will cooperate fully with the European Commission and continue working hard to support businesses of all sizes and help them grow.”


Topics: Mobile Marketing, Mobile Payments, Online Purchasing, Region: EMEA, Regulatory Issues

Companies: Amazon


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Bitcoin's value falls by a third amid intense scrutiny of Facebook's Libra

https://www.mobilepaymentstoday.com/news/bitcoins-value-falls-by-a-third-amid-intense-scrutiny-of-facebooks-libra/

Bitcoin’s value has dropped dramatically this week, falling to $9,300 earlier today, down from its high of more than $13,000 last week. Many experts believe the intense scrutiny of Facebook’s Libra cryptocurrency have caused this fall in value for Bitcoin, according to a report by The Wall Street Journal.

Although Libra initially helped boost Bitcoin, both Congress and President Trump have expressed doubts about Libra and cryptocurrencies in general. During a hearing in the Senate with Facebook, Sen. Sherrod Brown, a Democrat from Ohio, said Facebook was a “toddler who has gotten his hands on a box of matches.”

Ethan Hou, a cryptocurrency trader in Taiwan, told the WSJ that he expects more downturns in value in the short term.

“Watching the grilling that Facebook was getting from Congress, there is a lot of negative sentiment around the market,” Hou said in the report.

At the time of this story, Bitcoin’s value was $9,184.


Topics: Bitcoin, Regulatory Issues

Companies: Facebook


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https://www.mobilepaymentstoday.com/news/bitcoins-value-falls-by-a-third-amid-intense-scrutiny-of-facebooks-libra/