- Uber was breached to its core, purportedly by an 18-year-old. Here’s what’s known by Ars Technica.
- Japan to Restore Visa-Free Travel From Oct. 11 as Covid Pandemic Recedes by Bloomberg.
- Chase Makes Over $5 Billion On Credit Cards, Wants To Drive That To Zero by VFTW.
- Beating 5 Scam Arcade Games with Science by Mark Rober.
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From the paywalled article linked to by VFTW:
“””
Dimon, however, reckoned it was better to risk existing revenue than to allow non-bank competitors to beat JPMorgan to the punch. It had happened before: Dimon has said JPMorgan should have built its own mobile payments platform for merchants before Square, the fintech company co-founded by Jack Dorsey and now renamed Block.
“Jamie wants to understand products that could be threats to banking institutions,” said one person familiar with the project. “If [pay-by-bank] is going to be widely adopted, the bank needs to be there. If long-term it fails, it’s a bit of an insurance policy.” Discussion at the six-hour event last November focused on how the many powerful internal interest groups inside JPMorgan Chase & Co. would divvy up the pay-by-bank project.
“””
It seems like they first want to scoop up payments that don’t use generally use CCs (rent/mortgage, utilities, maybe taxes) or that use them but don’t need financing/rewards features (government to vendor, some business to business payments). And second be ready to pounce if there are changes to the regulatory landscape that makes CCs less useful, like letting merchants passs interchange fees directly to purchasers.
I guess BILT is already leading the pack here for rent payments
No more credit lending? Odd.
This pay system is in india too. This is not innovation.i guess only Jamie dimon can say that.india is living in ages!!!!
Yet another payment system.
Well I guess that’s one way to fix 5/24
Awesome, I guess everyone can shift their spend to Amex or some other bank credit card for fraud protection, extend warranty, points, and perks.
chase should just get out of credit cards if they dont want ervenue
Can someone send a debit card to Jamie Dimon
The Federal Reserve is already building a system like this that would be available to any bank. It’s called FedNow and is set to launch next year. Not sure why Chase would be looking to build yet another system alongside Zelle and FedNow.
Because then they can control it, and charge users fees. The Federal Reserve has less of a cutthroat profit motive and is accountable to lawmakers. Chase? Not so much.
Exactly why tax preparers and tax software companies have lobbied for years from preventing the IRS making a tax preparation product or streamlining the tax process — which makes perfect sense given that it has much of the information you’re “submitting” in your return. It threatens the “right” of companies to make a profit.
Color me skeptical, but I have a hard time believing a story in which a CEO of one of the largest, most successful companies in the US, would openly elect to burn $5bil of revenue… just as the economy looks like its headed into a recession. Then call me crazy when when I’m told its Jamie Fing Dimon.
It’s Jamie Dimon. Who knows what that man thinks. All I know is he is the sharpest person I have ever met, worked, and shared a bathroom with.