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Breaking News articles for October 2019

Future countdown begins at Money20/20 USA

Tuesday, October 29, 2019

Money20/20 USA opened Sun., Oct. 27, 2019, at the Las Vegas Sands Expo and Convention Center. The conference theme, Journey to the Future of Money, is reflected in four unique perspectives and agenda stories: commercial models, value chains and M&A activity; the art of product strategy and design; game changing innovation models in financial services; and the role of cybersecurity in financial services. Describing the event as the intersection of payments, fintech and financial services, organizers noted that all play a role in the diverse commerce ecosystem.

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Hackers compromise Billtrust brand

Friday, October 25, 2019

Security analysts were surprised to learn of a ransomware attack at Billtrust, a B2B financial services provider. The company reported the incident on Oct. 17, 2019. Brian Krebs, analyst and principal at Krebs on Security, interviewed Billtrust CEO Steven Pinado that same day and published highlights from their conversation in a blog post titled “Ransomware Hits B2B Payments Firm Billtrust.”

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ATMs go high tech, high touch at NAC 2019

Tuesday, October 22, 2019

The National ATM Council’s seventh annual convention, held Oct. 14 to 17, 2019, at the Las Vegas Planet Hollywood Hotel and Convention Center, was a study in contrasts between original automated teller machines (ATMs) and their next-generation cohorts. Conference highlights included the unveiling of a new mobile-biometric ATM standard, educational panels and keynote addresses, all designed to help independent ATM distributors adapt to changing trends in financial services.

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IRS issues new guidance on taxation of cryptocurrencies

Monday, October 21, 2019

The Internal Revenue Service issued new guidance on Oct. 9, 2019, regarding the taxation of virtual currencies, commonly called “cryptocurrencies.” This is part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the IRS stated. The guidance expand on the agency’s first set of guidelines on virtual currencies, Notice 2041-21, issued in 2014. “The new guidance maintains that virtual currencies are ‘property’ for tax purposes and does not address other types of crypto assets,” said Nicholas Mowbray, an attorney at BakerHostetler and member of the firm’s Blockchain Technologies and Digital Currencies team.

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Payments giants bolt from Libra

Friday, October 18, 2019

Facebook’s cryptocurrency scheme may be in trouble. Visa, Mastercard, PayPal, eBay and Stripe all have withdrawn from the Libra Association, an independent body set up by Facebook to oversee Libra, a scalable cryptocurrency. The exits come amid regulatory and legislative warnings, and leave the fledgling crypto scheme without any U.S. payments processing companies in the mix.

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ATMs get Hollywood makeover at NAC 2019

Wednesday, October 16, 2019

The National ATM Council Inc. opened its seventh annual convention Oct. 15, 2019, at the Las Vegas Planet Hollywood Hotel and Convention Center. Themed Celebrating 50 Years of the ATM, the three-day show is focusing on the ATM industry’s next 50 years and beyond, event organizers stated. In a nod to U.S. ATMs, which turned 50 this year, the conference began with presentations on video gaming kiosks, cash discounting and route management optimization. Day-one presenters shared new ways for independent ATM stakeholders to prosper amid regulatory uncertainties and changing attitudes about cash.

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Consumers smitten with prepaid, small businesses can benefit

Tuesday, October 15, 2019

American consumers are big fans of prepaid cards. Data just released by Mercator Advisory Group reveals that half of U.S. consumers are buying retailer gift cards. What’s more, sales of all types of prepaid cards – reloadable general purpose prepaid cards, prepaid transit cards and mobile phone cards have grown by more than 100 percent since 2013. Separately, results of a study by Fiserv suggests small businesses can be big beneficiaries of consumer gift card purchases. In fact, 74 percent of consumers surveyed said they regularly buy gift cards from small businesses, particularly casual dining restaurants, coffee shops and specialty stores (such as nail salons and barber shops).

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Contactless ticketing volume may exceed 1 billion in 2024

Friday, October 11, 2019

Worldwide contactless ticketing could exceed 1 billion transactions in five years, according to a study published Oct. 10, 2019, by ABI Research. Transportation agencies are migrating from memory-based cards to chip cards with enhanced security and fast response times, ABI researchers found. As the trend continues, analysts expect memory card shipments to decline from 175 million in 2018 to 144 million in 2024. Conversely, use of cards with built-in microcontrollers is expected to rise from 240 million units in 2018 to 385 million in 2024, according to the study.

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Fraud up, confidence down, new studies find

Wednesday, October 9, 2019

Two separate surveys by the Harris Poll and Experian Information Solutions Inc. show increasing fraud and decreasing consumer confidence. The Harris Poll survey, conducted on behalf of Computer Services Inc. and published Oct. 7, 2019, found 92 percent of consumers are concerned about exposing personal confidential data when they transact online. Meanwhile, Experian found most consumers place a high degree of confidence in passwords despite growing adoption of more advanced forms of security and authentication.

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Square hikes fees on small-ticket items

Tuesday, October 8, 2019

Square, which got its start offering cut-rate credit card processing for small merchants, may be losing its allure. The financial technology firm is moving to a pricing scheme that more closely mirrors traditional card acceptance fees, and it’s drawing the ire of representatives of smaller merchants in the process. Square disclosed in late September that it is dropping its flat rate charge of 2.75 percent for tapped, dipped or swiped transactions, and will now charge 2.6 percent plus 10 cents per transaction.

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U.S. slow to adopt mobile payments

Friday, October 4, 2019

Consumer concerns about privacy and security have slowed mobile payments adoption in the United States, according to a new study. The Pew Charitable Trusts found ecommerce has grown three times faster than traditional payment cards and transactions initiated on smartphones. Survey data was based on 1,178 consumers who paid by smartphone in 2018. "Although 88 percent of Americans who conducted a financial transaction had a smartphone capable of making a mobile payment in 2018, mobile payment adoption has lagged [behind] industry projections, and consumers still tend to opt for traditional cards not linked to a mobile platform," researchers wrote.

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Finovate ventures beyond banking, payments

Wednesday, October 2, 2019

Finovate returned to New York City on Sept. 23 to 25, 2019, drawing approximately 5,000 attendees and a diverse group of global fintech experts. Industry leaders from such areas as insurance, compliance, security, blockchain, cryptocurrency, lending and wealth management took to the stage at the Marriott Marquis, presenting products and services in tightly scripted, seven-minute demonstrations.

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