Facebook Debuts Payments System For Its Platform, Apps

Facebook unveiled Facebook Pay, a system to enable payments across its own platform as well as Messenger, Instagram and WhatsApp. The user will be able to send money to people, shop and donate to fundraisers. According to the company, Facebook Pay, which is completely separate from the company’s newly released Calibra wallet and Libra cryptocurrency network, is built on “existing financial infrastructure and partnerships.” Facebook Pay for Facebook and Messenger will debut in the U.S. this week. Continue reading Facebook Debuts Payments System For Its Platform, Apps

JPMorgan Intros E-Wallet for Gig Economy, Online Markets

JPMorgan Chase has developed an e-wallet for Airbnb, Amazon, Lyft and the like, to allow them to offer customers virtual bank accounts, car loans and home rental discounts. In doing so, these online marketplaces and gig economy companies will end up spending less on payment processing fees to third parties — including JPMorgan. That might sound counterintuitive, but the catch is that the companies can only avail themselves of the offerings if they let JPMorgan handle all the payment processing and cash exchanges. Continue reading JPMorgan Intros E-Wallet for Gig Economy, Online Markets

Libra Is Challenged by European Commission, U.S. Senators

Facebook’s cryptocurrency Libra has faced another setback, this time in the European Union, which plans to introduce legislation to prevent it from competing with Europe’s single currency. European Commission vice president Valdis Dombrovskis, in charge of regulation, said Libra is a systemic risk to the Euro, “both from the perspective of financial stability and the protection of financial investors.” In the U.S., two Democratic senators urged Mastercard, Visa and Stripe to reconsider their support of Libra. Continue reading Libra Is Challenged by European Commission, U.S. Senators

Facebook’s Libra Hit by PayPal Pullout, Apple Chief’s Roast

PayPal just pulled out of Facebook’s cryptocurrency initiative Libra, introduced in June. At the time of release, Facebook partnered with 27 companies, including Mastercard, Uber and Visa, as well as PayPal. Libra is designed to be used internationally within Facebook’s own properties, such as Messenger and WhatsApp. Apple chief executive Tim Cook described Libra as a “blatant power grab,” saying that currencies should be the domain of countries and added that Apple had no plans to launch its own digital currency. Continue reading Facebook’s Libra Hit by PayPal Pullout, Apple Chief’s Roast

BitTorrent Rolls Out Beta Test of Live Mobile Streaming App

BitTorrent introduced a public beta test of its Live Android app (also known as BLive), described as a live streaming app that offers social networking and instant messaging as well as virtual gifting via BTT and TRX, two cryptocurrencies operated by BitTorrent and sister company TRON. BitTorrent will take a cut of 70 percent from these gifts. The company explained that it is initially releasing BitTorrent Live with server-based architecture, but plans to replace it in the future with P2P-based live streaming. Continue reading BitTorrent Rolls Out Beta Test of Live Mobile Streaming App

GlobalCoin: Facebook Expected to Debut Bitcoin Rival Soon

Facebook reportedly plans to release its GlobalCoin cryptocurrency later this month, and will hand over control of it to an independent foundation. GlobalCoin, which is intended to rival Bitcoin, is the fruit of Facebook’s development, linked to a project dubbed Libra in concert with financial and technology partners. GlobalCoin is likely to target developing countries with unstable currencies and will be pegged to the U.S. dollar. Facebook will purportedly integrate GlobalCoin on WhatsApp, Messenger and Instagram. Continue reading GlobalCoin: Facebook Expected to Debut Bitcoin Rival Soon

PayPal Monetizing Venmo, Which Now Has 40 Million Users

PayPal Holdings’ Q1 earnings report revealed that 40 million people used its digital money transfer service Venmo in the last year, making it one of the most popular financial apps in the United States. Venmo is also growing dramatically in overall volume with the total number of payments made on its platform skyrocketing 73 percent to $21.3 billion in Q1 2019. Most Venmo transactions are between two people, with the company swallowing the processing fee. But PayPal prizes the app since a younger, more active cohort favors it. Continue reading PayPal Monetizing Venmo, Which Now Has 40 Million Users

Instagram Tool Lets Users Make In-App Fashion Purchases

Partnering with 23 brands, Facebook’s Instagram debuted an easy-to-use in-app checkout tool for U.S. users. Adidas, Burberry, Dior, Nike, H&M, Zara, Kylie Cosmetics and Kim Kardashian West’s KKW Beauty are among the first retailers to sign on, with more to be added to the beta test throughout the year. Users in the U.S. will see the feature roll out over the next few weeks. Instagram head of product Vishal Shah noted that, “given that 80 percent of people follow a business on Instagram, the desire really is there to shop.” Continue reading Instagram Tool Lets Users Make In-App Fashion Purchases

Password-Free Logins Getting Closer to Becoming a Reality

WebAuthn, with the approval of the World Wide Web Consortium (W3C) and the FIDO Alliance, just became an official web standard for password-free logins. After W3C and the FIDO Alliance first introduced it in November 2015, WebAuthn gained the support of many W3C contributors including Airbnb, Alibaba, Apple, Google, IBM, Intel, Microsoft, Mozilla, PayPal, SoftBank, Tencent and Yubico. With WebAuthn, which is supported by Android and Windows 10, users can log-in via biometrics, mobile devices or FIDO security keys. Continue reading Password-Free Logins Getting Closer to Becoming a Reality

Cryptocurrencies to Launch Soon From Messaging Services

Facebook, Telegram and Signal plan to utilize their messaging services as platforms to launch new cryptocurrencies over the next year. Their virtual currencies will allow users to send money to contacts around the world via the messaging services. According to inside sources, Facebook has been secretly working on a coin for WhatsApp that users could “instantly” send to friends or family. Facebook’s WhatsApp project is developed to the point that the company is already in discussions with cryptocurrency exchanges. Continue reading Cryptocurrencies to Launch Soon From Messaging Services

Facebook Strategizing Cryptocurrency for WhatsApp in India

With an initial focus on the Indian market, Facebook is developing a cryptocurrency aimed for use on its WhatsApp messaging app. More specifically, sources said the company is developing a so-called stablecoin, which is pegged to the U.S. dollar to reduce volatility. The company is, however, still working on its strategy, meaning that debut of the coin is still some time off. In 2014, Facebook hired former PayPal president David Marcus to run Messenger, fueling belief the company was going to engage in financial services. Continue reading Facebook Strategizing Cryptocurrency for WhatsApp in India

Unofficial YouTube Channels Openly Deliver Pirated Content

Some YouTube “creators” are brazenly uploading copyrighted content to unofficial channels and asking viewers for donations to continue their illegal activities. One example is Kitchen Nightmares Hotel Hell and Hell’s Kitchen, an unofficial channel that runs full episodes of chef Gordon Ramsay’s signature TV shows, asking viewers to support its onerous work “downloading, converting, editing, rendering and uploading” to make the illegal content available. The information was also listed on the pirates’ Patreon page. Continue reading Unofficial YouTube Channels Openly Deliver Pirated Content

The Industry Built Upon Analyzing, Selling Your Location Data

Location data has become big business. According to recent research from The New York Times, at least 75 companies receive reams of precise, anonymous location data from apps with enabled location services. Some of these companies state they track up to 200 million mobile devices, to collect such data, which they sell, use or analyze for customers such as advertisers, retail companies and financial outlets including hedge funds. The location-targeted advertising industry is valued at $21 billion this year. Continue reading The Industry Built Upon Analyzing, Selling Your Location Data

PayPal to Acquire European Payments Startup iZettle for $2.2B

PayPal plans to make the largest purchase in its history: $2.2 billion for Stockholm-based financial tech startup iZettle. The purchase puts PayPal in thousands of brick-and-mortar retail shops around the world, and sharpens its rivalry with Square, which focuses on small businesses with physical locations. Dubbed the “Square of Europe,” iZettle produces technology and devices that allow almost half a million businesses in a dozen European countries, Brazil and Mexico to accept credit cards. Continue reading PayPal to Acquire European Payments Startup iZettle for $2.2B

Amazon’s Plan to Lure Retailers to Amazon Pay via Discounts

Sources say Amazon is making a move that threatens PayPal and banks that issue credit cards: passing discounts it gets on credit-card fees to retailers that use its online payment service. In doing so, Amazon is sacrificing short-term profitability to boost the fortunes of its payments system. JPMorgan Chase, Citigroup, Visa, Mastercard and payment processors First Data and Stripe Inc. partake in the $90 billion per year swipe fee industry, about 2 percent of a typical credit card purchase or 24 cents for debit. Continue reading Amazon’s Plan to Lure Retailers to Amazon Pay via Discounts

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