Tuesday , August 11, 2020

Bill Could Restrain Tech Firms’ Financial Services Projects and other Digital Transactions New briefs from 11/15/19

  • U.S. Rep. Chuy Garcia (D-Ill.) planned this week to introduce bills that would bar tech firms from developing their own cryptocurrencies and make it more difficult for non-financial firms to obtain charters for industrial-loan corporations, a form of a bank, according to Politico. Garcia’s office did not immediately respond to a request for further information. According to ProPublica’s site, which tracks legislation in Congress, the bills are not among those introduced this week.
  • USA Technologies Inc. said it has agreed to deploy NFC-enabled card-accepting devices on 5,000 game-room entertainment and vending machines operated by National Entertainment Network LLC. The deal is an expansion of an existing relationship in which NEN had already deployed 400 USAT devices. NFC refers to near-field communication.
  • CIT Bank launched eChecking, a digital checking account featuring no monthly fee, ATM-fee reimbursement up to $15 a month, and integration with mobile-payment apps Zelle, Apple Pay, and Samsung Pay.
  • Punchh, which provides mobile-based payments, gift cards, surveys, loyalty, and other apps for physical retailers, raised $40 million in a Series C funding round led by Adams Street Partners and Sapphire Ventures.

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