FinTech Daily: Square and Apple pay partnership; Fed Reserve staffer fined for mining Bitcoins at wo
Square encourages Apple Pay payments with processing credit
Square has partnered with Apple for a promotion when customers use Apple Pay. Starting today, Square merchants won't pay any processing fee for the first $12,000 in Apple Pay transactions - that represents around $350 in fees. You'll need Square's chip credit card reader that also support contactless payments, such as Apple Pay and Android Pay. "Anything we can do to make a seller's experience faster and safer, including working with Apple to encourage Apple Pay usage, is an investment worth making," Dorogusker said. It's unclear if Apple reduced Apple Pay's fees for Square merchants in order to drive more Apple Pay purchases. Square has already tried educating merchants and customers about Apple Pay in Portland. After the company’s campaign, contactless payments, such as Apple Pay payments, tripled. It's interesting to see that Apple can be more aggressive about Apple Pay with partnerships such as today's program with Square.
Type: Mobile Payments
Federal Reserve Staffer Fined for Mining Bitcoins at Work
A former employee of the Federal Reserve Board of Directors has been fined $5,000 and put on probation after being caught mining bitcoins on a server owned by the US central bank. The Fed's Office of the Inspector General said today that Nicholas Berthaume, who previously worked as a communications analyst for the board before being fired in light of the incident, had been placed on 12 months of probation after accepting a plea deal on 27th January. Court documents show that Berthaume, who was indicted last October, had mined bitcoins using a Fed server for more than two years, from March 2012 to June 2014. Bitcoin mining is an energy intensive and competitive process by which new transactions are added to the blockchain.
Microsoft Details Collaboration With Blockchain Startup Tierion
In a new release today, Microsoft revealed it is working with blockchain startup Tierion to determine how decentralized identities linked to a blockchain could validate data, claims or agreements. In this case, Microsoft will leverage technology provided by Tierion, which would link data to a blockchain to generate proof of the data's integrity. The companies said that this technology might one day help online students receive validation for completed work, with an educational organization augmenting an identity with information that could be recorded on a public blockchain. "Anyone with this proof can independently verify the data without relying on a trusted authority," the release reads. The news is the latest that finds Tierion partnering with a major corporate following work with Philips.
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