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Top News In Payments: US Lawmakers Remain Libra Skeptics; Grab Expands Into Vietnam

Payments News: US Lawmakers Still Libra Skeptics

From a ride-hailing company expanding into Vietnam to Visa implementing new tools to fight fraud, today’s payments news runs the gamut. Also, Kohl’s is teaming up with Facebook to capture the attention of millennials, and world bankers met to discuss whether a new cryptocurrency would be better than relying on the dollar as a global reserve company.

Despite Meeting Swiss, US Lawmakers Remain Libra Skeptics

U.S. House Financial Services Committee Chair Maxine Waters met with Swiss government officials about the viability of Facebook’s proposed cryptocurrency Libra. She said the meetings did not assuage her concerns.

Grab Continues Asian Expansion With Foray Into Vietnam

Ride-hailing company Grab said it was going to invest “several hundred million dollars” in Vietnam, one of the fastest-growing economies in the world. The company sees the country as its next big growth market. 

World Central Bankers Discuss Global Crypto Alternative

A group of prominent global bankers got together to discuss whether a new Libra-like cryptocurrency would be a good alternative to reliance on the dollar as the world’s reserve currency. 

Kohl’s to Tap Into Facebook Data to Create Millennial Clothing Line

Kohl’s has teamed up with Facebook to create a curated clothing line aimed at capturing millennial dollars. Called Curated by Kohl’s, it will use Facebook’s data to identify brands in numerous categories. It will be offered on the website as well as at 50 Kohl’s department stores.

Trending: The New Face of Kiosk Retail

Companies are increasingly turning toward automated solutions to better serve customers. It’s coming into play in fast-food restaurants, supermarkets and even department stores. 

Visa: New Cyber Threats Require New Fraud Tools

As digital fraud becomes more sophisticated and organized, credit card companies like Visa are releasing new and better tools to fight it. Visa introduced three new tools last week to help. 

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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