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Breaking News articles for February 2020

PayRange app takes aim at coin hoarding

Friday, February 28, 2020

PayRange Inc. disclosed Feb. 25, 2020, that it has completed a $70 million funding round with leading fintech investors, including Matrix Partners and Nyca Partners GV. The funds will support the company's 2020 Consumer Choice Program, an initiative devised to digitize U.S. unattended vending machines, company representatives stated. PayRange, founded by Paresh Patel in 2015, currently serves more than 3 million users in 350 cities and towns in the United States and Canada. In addition to modernizing the user experience, PayRange is designed help participating merchants capture more sales and offer more payments options to consumers by using the company's patented technology.

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PSCU evaluating blockchain-based verification

Monday, February 24, 2020

PSCU, a leading credit union payments provider based in St. Petersburg, Fla., will soon be adding digital identification to its list of member benefits. The company disclosed Feb. 24, 2020, that it is working with Baxter Credit Union to evaluate MemberPass, a blockchain-based verification method by CULedger designed to simplify logins while protecting member privacy. Scott Young, vice president, innovation at PSCU thanked CULedger for the pioneering use of distributed ledger technology for identity management. "Just as we are doing with MemberPass, we plan to continue applying knowledge gained from proof of concepts with CULedger to future opportunities and strategies on behalf of our Owner credit unions," he said.

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PCI SSC produces guide for large companies

Thursday, February 20, 2020

The PCI Security Standards Council (PCI SSC) released new guidance on Feb. 20, 2020, aimed at addressing the unique needs of enterprise-scale organizations. Information Supplement: PCI DSS for Large Organizations, was produced by the 2019 Special Interest Group (SIG). Drawing from direct experience at large companies, SIG members provided recommendations for managing PCI DSS assessments across multiple business units and third-party service providers. Mauro Lance, PCI SSC senior vice president and operating officer, noted that SIGs play a key role at the council and represent a cross-section of experts from the front lines of payment security. Their knowledge helps industry stakeholders apply PCI standards to their organizations, he stated.

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Biometric advancement defeats facial ID fraud

Wednesday, February 19, 2020

Masks used for fraudulent facial identification may soon become as passé as dummies in high-occupancy vehicle lanes, thanks to biometric technology developed by trinamiX GmbH, a BASF SE subsidiary and member of the Qualcomm Software Accelerator Program. The company’s patented Beam Profile Analysis technology uses a combination of imaging, depth mapping and material detection to identify live skin patterns within a single camera. The solution differentiates between real faces and disguises used by fraudsters to gain unauthorized access to mobile apps, according to company representatives.

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5G prelaunch adoption exceeds expectations

Tuesday, February 18, 2020

While 5G has yet to be officially launched, global adoption rates are five times greater than predicted, according to a white paper by Juniper Research. 5G – The Five Year Roadmap, published Feb. 18, 2019, attributes prelaunch demand to pricing strategies by mobile network operators and device support by smartphone manufacturers and wireless access providers. "The rate of adoption has already been five times faster than anticipated in our previous report, which holds great promise for 5G," Juniper researchers wrote. "It has not just lodged in the public consciousness but has found its way into the lives of several million consumers."

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Hospitality all-stars join SpotOn advisory

Friday, February 14, 2020

SpotOn Transact LLC, a software and payments company, launched a restaurant advisory board on Feb. 13, 2020, aimed at enhancing the company’s technology suite of POS and marketing solutions. The board’s founding members include celebrity chefs, restaurateurs and investors whose combined expertise and vision will help SpotOn drive innovation and value in the competitive hospitality arena, according to RJ Horsley, president at SpotOn. Advisory members Michael Mina, Brent Bolthouse, Matt Bronfeld, Matthew Kenney, Adam Snyder, Ray Villaman and Kevin Youkilis will help SpotOn create timely, relevant solutions that clients need and want, Horsley stated. He added that this will ensure clients and partners will have “the right tools to operate more efficiently and achieve their business strategies.”

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Retailers protest planned interchange changes

Thursday, February 13, 2020

Spring will soon be upon us and that means the card networks are preparing to introduce new interchange rates. It happens every year, but this time around the changes are generating a significant amount of press coverage. “Visa is planning the biggest changes to swipe fees in a decade,” proclaimed a headline in Bloomberg News. The news drew a sharp rebuke from retailers, with the Retail Industry Leaders Association protesting that the planned changes are evidence of a “broken” market in need of government intervention.

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NEAA opens 2020 regional circuit

Monday, February 10, 2020

A new decade of regional conferences fittingly began with the Northeast Acquirers Association’s 35th annual conference, the payments industry’s longest-running regional event. Held Feb. 5 and 6, 2020, at Boston Marriott Copley Place, the show provided approximately 500 attendees, exhibitors, sponsors and speakers with a diverse mix of educational sessions, panel discussions, exhibits and networking opportunities. Agenda topics included payment facilitation, cash discounts and surcharging, investment strategy, regulatory issues, emerging opportunities in cannabis and CBD, and credit card issuing for merchants. Special attention was paid to how small and midsize service providers can continue to compete in a payments landscape dominated by big tech and mega mergers.

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Ingenico bought by French competitor Worldline

Tuesday, February 4, 2020

Ingenico Group SA, a leading provider of point of sale technology, is being acquired by rival Worldline SA. The combination of the two French technology firms is set to create one of the largest payment services providers in Europe. The transaction, valued at $8.6 billion, has been approved by both companies' boards of directors, and pending regulatory approvals is expected to close in July. News of the combination follows a spate of mega-mergers involving payments companies, including Fiserv's acquisition of First Data Corp., Fidelity National Information Services' acquisition of Worldpay, and the combination of Global Payments and TSYS, all in 2019.

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NYC joins cashless backlash

Monday, February 3, 2020

New York City, like Philadelphia and San Francisco, affirmed consumers’ right to choose cash as a payment option when they shop at stores and restaurants. The initiative filed as Int. No. 1281-A and titled Prohibiting food stores and retail establishments from refusing to accept payment in cash, won a 43-to-3 vote by New York City Council on Jan. 23, 2020, more than a year after being introduced by councilmember Ritchie D. Torres, D-15th district, and co-sponsors on Nov. 28, 2018. When passed, the local law will amend the city’s administrative code and assess penalties of up to $1,500 to retail and hospitality establishments that refuse to accept cash. The NYCC’s Committee on Consumer Affairs and Business Licensing approved the bill; council members expect New York mayor Bill DeBlasio to sign it into law.

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