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- Samsung Electronics Co. Ltd. said users of its Samsung Pay mobile wallet will be able to add PayPal as a payment method, and PayPal Holdings Inc.’s Braintree unit will make Samsung Pay available to merchants via its Braintree Direct service. PayPal will be available within Samsung Pay for in-app, online, and in-store transactions. The link-up starts in the United States and will expand later to other markets. PayPal said availability in Samsung Pay wallets will come “soon” and will significantly expand PayPal’s merchant reach, especially in-store, since Samsung Pay works with both contactless and conventional card readers.
- China’s UnionPay payment network said global standards body EMVCo has released a specification for payments via quick-response codes. UnionPay, which headed up development of the specification, has long been an advocate of the contactless payment method, which is widely used with mobile payments. The specification is formally titled EMVCo QR Code Specification for Payment Systems: Consumer Presented Mode Version 1.0.
- IBM Corp. released a new mainframe called the IBM Z, which it said incorporates an encryption engine capable of “pervasively” encrypting information linked to any application, including payments. Aimed at foiling data breaches, the new machine is capable of running more than 12 billion encrypted transactions per day.
- Former Visa Inc. chief executive Charles W. Scharf has been appointed chief executive and director of The Bank of New York Mellon Corp. He is set to become chairman of the board Jan. 1, succeeding Gerald L. Hassell. Scharf left Visa in December and was succeeded by Alfred Kelly.
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