Facebook Narrows Scope of Proposed Libra Cryptocurrency

Facebook and its partners pulled back their ambitious plans for the Libra cryptocurrency, which was unveiled last June as “a futuristic global money” that could be the foundation of a “new kind of financial system.” In the months since its June debut, the Libra project has encountered a range of obstacles and the scrutiny of regulators. The Swiss-backed Libra Association, citing global opposition to the project, now aims to create a payment network with coins tied to a local currency. Continue reading Facebook Narrows Scope of Proposed Libra Cryptocurrency

Competitors Aim to Dominate India’s Digital Payments Market

India’s digital payment market is on fire, mainly due to new easy-to-use apps that also offer discounts and cash bonuses. The country’s banks, postal service and richest man (Mukesh Ambani) are investing in the arena, and even Warren Buffett, through Berkshire Hathaway, is reportedly taking a stake in the country’s leading digital payment company Paytm. Credit Suisse Group estimates that the Indian market will reach $1 trillion by 2023. China, meanwhile, already has a digital payments market valued at $5+ trillion. Continue reading Competitors Aim to Dominate India’s Digital Payments Market

The Rapid Expansion of Bitcoin Networks Called Off for Now

Bitcoin supporters that wanted to double the number of transactions that run through Bitcoin-supported networks have lost the fight, at least temporarily, to do so. They were opposed by another camp composed of many programmers working on Bitcoin who worried that too rapid expansion would make it easier for a government or company to exert influence over a system prized for being decentralized. Those who wanted to expand Bitcoin wanted to switch to a new software version that would have created a split in the network. Continue reading The Rapid Expansion of Bitcoin Networks Called Off for Now

Amazon Adds TGI Fridays to Its New Payment App Feature

Amazon added restaurant chain TGI Fridays to Amazon Pay Places, the tech giant’s new payments feature for its mobile app that allows people to make purchases in stores and restaurants. Amazon Pay Places is available for pick-up orders at a limited number of TGI Fridays restaurants on the East Coast, but will expand to additional locations. Amazon isn’t alone in pursuing digital payment features; Apple, PayPal, Samsung and others are also focused on such services for online and in-store purchases. Continue reading Amazon Adds TGI Fridays to Its New Payment App Feature

Visa and IBM to Extend Digital Payments to Connected Devices

Visa and IBM are partnering to make electronic payments easier in the emerging Internet of Things era. The two companies envision a commerce-based IoT ecosystem that extends digital payment capabilities to smart devices, including vehicles, wearables, and appliances. Drivers, for example, could pay for gas, parking, or oil changes before stepping out of their connected cars. Watson’s IoT platform would handle the AI tech, while mobile payment solution Visa Token Service would address digital transactions. Continue reading Visa and IBM to Extend Digital Payments to Connected Devices

Besieged Twitter CEO Dick Costolo to Step Down This Month

Twitter announced that CEO Dick Costolo plans to leave the company at the end of the month. Co-founder and former CEO Jack Dorsey will serve as interim CEO starting July 1 until a successor is found. Twitter shares jumped eight percent following the announcement. Since the company went public in 2013, Twitter has experienced numerous challenges, including an effective means of attracting new users and developing revenue streams based on advertising. Some are speculating that Twitter is ripe for acquisition, with Google listed as one of the interested parties. Continue reading Besieged Twitter CEO Dick Costolo to Step Down This Month