| June 21 Payments NEXT newsletter: Bank of America, Facebook, Libra, Walmart, Venmo, Amazon, Costco, Waitrose, Target
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| | Welcome to this week’s global payments news roundup which leads off with an interview with Bank of America CEO Brian Moynihan who talks about moving toward a cashless society. Next, we look at Facebook’s Libra cryptocurrency announcement and what’s ahead for the proposed new cryptocurrency and financial system. Walmart has filed more drone delivery patents than Amazon or any other retailer. In a cybersecurity demo, a grad student scraped more than 7 million Venmo transactions to highlight security issues.
Our roundup includes stories on Amazon, Walmart, Alibaba, Costco, Waitrose and Target. All the payments news you need from around the globe for your weekend reading.
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| Bank of America CEO wants a cashless society
At Fortune’s Brainstorm Finance conference in Montauk, NY yesterday, Bank of America (BoA) CEO Brian Moynihan said his bank is ready for a cashless society. Moynihan highlighted how his financial institution has embraced fintech and “probably spent $30 billion on code” in the past eight years to develop and improve its technology infrastructure. Read more… |
| What’s Facebook Libra cryptocurrency mean for payments?
Facebook unveiled its plan for a new global digital currency called Libra and a financial system to change how money moves globally. It has the potential to transform how money is used around the world, how payments are made and could provide access to more than 1.7 billion unbanked people. Founding members include many familiar payments industry names such as MasterCard, Visa, Stripe, Square, PayU, and VCs Thrive Capital, Union Square Ventures, and Andreessen Horowitz among others. Read more… |
| Walmart drone delivery is up in the air
When it comes to delivering products by drone, Walmart and Amazon are going head-to-head in what many believe is the future of fast deliveries for online shoppers. According to BDO, Walmart filed 97 new drone patents with the World Intellectual Property Organization (WIPO) since July 2018 compared to 54 by Amazon. Worldwide, the number of patents filed for drone technology at WIPO reached 9,485 in 2018, up from 7,076 or 34% higher than the year before. Read more... |
| 7 million Venmo user transactions scraped
Minnesota State University infosecurity grad student Dan Salmon has a cybersecurity warning for seven million users of the popular P2P app Venmo. He recently downloaded your data to prove to Venmo that one year after they were warned by other security experts about the security of their developer API, user information is still accessible. The Public by Default website has a quick six-step fix with visuals to make your past and future Venmo transactions private. Read more… |
| June 21 Global payments news roundup
Alibaba delivered its biggest ever midyear shopping festival sales with participation from more than 200,000 brands and more than 420 million orders. UK grocer, Waitrose is testing cashierless checkouts. Walmart is also testing middle-mile warehouse to warehouse deliveries by driverless trucks. Target CEO apologizes for cash register outages and consumer outcry. JCPenney and Macy’s decry tariffs and impact on women and lower income families. Finally, Costco is retesting self-checkout machines in high-traffic US locations. Read more… |
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