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Top News in Payments: Mastercard Pilots Digital ID Verification Program; PayPal’s Bill Ready to Join Google

In today’s top news in payments, Mastercard announces the launch of a new digital identification program that can instantly authenticate someone’s identity, and Apple’s Tim Cook defends monopolies. Also, Bill Ready, formerly PayPal’s chief operating officer, is set to join Google as president of commerce.

 

Mastercard Pilots Digital ID Verification Program In Australia

Digital transactions are continuing to grow in usage around the world, but digital identification is still largely underused. That’s why Mastercard is introducing a new digital resource that can instantly authenticate someone’s identity in a secure manner, removing the need for any physical documentation. The company will pilot the program in Australia with Australia Post and Deaking University.

Apple’s Tim Cook Says Not All Monopolies Are Bad

Monopolies aren’t bad — if they aren’t abused, according to Apple CEO Tim Cook. For Cook, the presence of dominant players does not equate a lack of healthy competition. But he’ll leave it up the regulators to decide if — and which — companies are abusing their power.

PayPal’s Bill Ready To Join Google As President Of Commerce

Bill Ready, the former PayPal chief operating officer, is joining Google in January as its new president of commerce. He will be focusing on Google’s commerce products and working closely with the advertising and payments departments.

Robinhood Rolls Out Interest-Earning Bank Account

Online brokerage startup Robinhood launched a cash-management feature that gives customers 1.8 percent interest on any money that they don’t invest in stocks. The feature is offered in partnership with a bank, which differs from the unsuccessful checking and savings account product they launched last year.

Visa: US Contactless Payments Primed For A Big 2020

On Wednesday, Dec. 11, New York’s Penn Station was added to the list of MTA stations accepting contactless payments. This marks the end of the pilot program launched by Visa, Chase, MTA and other industry leaders, and the beginning of a continuous rollout, which Visa’s Dan Sanford says is just the beginning for contactless in the U.S. market.

Monetizing Payments Data In The Age Of IoT

In this podcast, Karen Webster and Daniela Mielke, CEO of RS2, discuss the advantages of monetizing data for independent software vendors (ISVs) and merchants — and why now is the “tipping point” for smaller firms to cash in on accessing and using data that can vastly improve customer interactions.

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PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

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