Friday , February 22, 2019

Digital Currency

Eye on Cryptocurrency: Demise of a Visa Card; Crypto for Truck Parts; a Calmer Bitcoin

A Visa-branded debit card from Shift Financial Inc. that enabled consumers with accounts at digital currency exchange Coinbase to spend based on funds held in their Coinbase accounts reportedly will cease operations in April, said the CoinTelegraph.com news site. The card, issued by Metropolitan Commercial Bank, reportedly faced a limited …

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COMMENTARY: Tired of Payments Fraud? Maybe It’s Time to Give Blockchain a Try

On the heels of a robust holiday shopping season come some sobering statistics. The recently released 2018 “True Cost of Fraud” study by LexisNexis Risk Solutions shows a 35% increase in fraud for midsize to large e-retailers over 2017. In the retail sector, the monthly average of fraudulent transactions jumped to 306 from …

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Chase’s New Token Is Strictly Intrabank, And Won’t Be Coming to Consumers Any Time Soon

For years, banking and payments veterans have dismissed cryptocurrencies like Bitcoin but at the same time have shown interest in the digital currencies’ underlying technology, the blockchain. Now one of the world’s biggest banking titans is testing its own blockchain-based token, but its restriction of the system to its own …

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Chase Testing Its Own Cryptocurrency and other Digital Transactions News briefs from 2/14/19

JPMorgan Chase & Co. will within a few months begin testing its own cryptocurrency for wholesale payments between corporations and banks globally, according to CNBC. The new token, called JPM Coin, will be exchangeable at the rate of $1 each. The development may surprise some observers, given the harsh criticism …

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Only 14% Use Mobile Payments and other Digital Transactions News briefs from 1/29/19

Just 14% of U.S. smart-phone users are using mobile-payments services from smart-phone makers, such as Apple Pay from Apple Inc., according to a survey from Juniper Research, which says “the window of opportunity in the U.S. for mobile-payment providers like Apple Pay and Google Pay is closing fast.” The survey …

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A Blockchain Group Bets Its Tech Can Achieve High-Speed, High-Volume Payments Processing

A consortium of academics is betting it has the formula to create a high-performance blockchain network capable of processing payments faster and at greater scale than competing blockchain networks. The network, called Unit-e, is expected to process transactions confirmed by consensus on the blockchain in 15 seconds. If realized, the settlement …

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Chase Adds Another Contactless Card and other Digital Transactions News briefs from 1/23/19

JPMorgan Chase & Co.’s Chase credit card unit and the Marriott International Inc. hotel chain introduced a contactless cobranded card, the Marriott Bonvoy Boundless card, to replace the Marriott Rewards Premier Plus card. American Express Co. announced the rebranding of its current portfolio of cards for customers of Marriott International Inc.’s …

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BitPay Touts Two Straight Years of $1 Billion-Plus in Volume Despite Bitcoin’s Dramatic Collapse

The collapse of Bitcoin and many other cryptocurrencies in 2018 led to a general feeling of pessimism in the mainstream payments industry about the prospects for digital currencies, but at least one specialist processor apparently bucked the trend toward malaise. In a year-end review of its performance, Atlanta-based BitPay Inc. …

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Fit Pay’s Bitcoin-Connected Flip Device for POS Transactions Starts Shipping Next Month

Fit Pay Inc. announced on Friday it will begin shipping its Bitcoin-based contactless device, Flip, on Feb. 13. The coin-shaped token sells to consumers for $29 and allows them to convert their Bitcoin holdings to U.S. dollars and then spend the money at stores equipped with contactless point-of-sale terminals. The …

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COMMENTARY: Why Cryptocurrencies Are a Solution in Search of a Problem

When you look at the benefits that cryptocurrencies offer, it’s somewhat surprising that they aren’t an established method of payment yet. They are cheaper than other payment methods, they allow fast global money transfer, and they provide built-in security and encryption. However, cryptocurrencies haven’t really taken off and are more …

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