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<ul><li>Debit and credit <keyword id="7203034" type="General" weightage="100" keywordseo="card-tokenization" source="Orion">card tokenization</keyword> rules will come into effect from July 1. </li><li>Cards that have not been tokenized will be removed from apps and websites. </li><li>Here’s everything you need to know about card tokenization. </li></ul>Debit and credit card tokenization rules are coming into effect from July 1, and that means any debit or credit cards you have saved on Flipkart, Amazon, Paytm or any other service will be removed if you do not tokenize your cards. But what exactly is card tokenization and why is the Reserve Bank of India pushing for it? It is worth noting that the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> had pushed back card tokenization multiple times before as payment processors and ecommerce portals were not ready with the required changes. However, this time around the entire payment ecosystem is ready and the July 1 deadline will be enforced. Popular payment processors like Razorpay, PayU and others have already enabled card tokenization features in their solutions. In a conversation with Business Insider India, Razoypay’s head of product – payments, Khilan Haria said that most merchants don’t have to do anything to have card tokenization enabled. But what exactly is card tokenization and why is RBI mandating it? <cmsannotation type="cmsannotation" annotationid="Debit and credit card tokenization explained" comment="subhead" text="Debit and credit card tokenization explained">Debit and credit card tokenization explained</cmsannotation> Whenever you make a payment online using debit or credit cards, you have to enter your card details, including the card number, your name, expiry date and the three-digit CVV. These card details are stored by the merchant’s platforms using masking and other security measures. In cases where merchants use payment processors directly instead, the card details are stored by those processors. In tokenization, your card number is replaced by a random token number. The payment processors and banks have systems in place to map your card number to the token number, so the payment is debit and credit to the correct card holder’s account. <cmsannotation type="cmsannotation" annotationid="Why RBI wants cards to be tokenized" comment="subhead" text="Why RBI wants cards to be tokenized">Why RBI wants cards to be tokenized</cmsannotation> Your card details are stored by merchants, and if their security measures are inadequate, this puts all the customers at risk. There have been several instances in the past where merchant websites have been hacked and debit and credit card details have been leaked. This is what the RBI wants to eliminate. By mandating card tokenization, the burden of security is now on payment processors and banks, not merchants. <cmsannotation type="cmsannotation" annotationid="How to tokenize debit and credit cards?" comment="subhead" text="How to tokenize debit and credit cards?">How to tokenize debit and credit cards?</cmsannotation> The next time you pay online for something using your debit or credit card, the payment processor will ask you if you want to “Save card as per RBI guidelines” or “Secure your card”. Click on save and enter the OTP you receive on your mobile number. That’s it, your card is now tokenized. <cmsannotation type="cmsannotation" annotationid="Will I receive card-based offers if I tokenize cards?" comment="subhead" text="Will I receive card-based offers if I tokenize cards?">Will I receive card-based offers if I tokenize cards?</cmsannotation> Yes, you will continue to receive card-based offers even after you tokenize your card. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/5g-in-india-does-the-aam-aadmi-even-need-it/articleshow/92382529.cms">5G in India – does the aam aadmi even need it?</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-icici-bank-hdfc-bank-and-others-banks-have-increased-fd-interest-rate-checkout-comparison/articleshow/92388718.cms">SBI, ICICI Bank, HDFC Bank and others hike fixed deposit interest rates – check out the latest FD interest rates</a> <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms" data-type="tilCustomLink">Here’s what card tokenization is and how to tokenize debit and credit cards</a>

Here’s what card tokenization is and how to tokenize debit and credit cards

The <keyword id="7656598" type="General" weightage="20" keywordseo="merchant-payments" source="Orion">Merchant Payments</keyword> Alliance of India (MPAI) and the Alliance of <keyword id="1929810" type="General" weightage="20" keywordseo="digital-india" source="Orion">Digital India</keyword> Foundation (ADIF) on Wednesday urged the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) to extend the card-on-file (CoF) tokenisation deadline of December 31 for merchants. Citing several operational challenges that will hinder the transition to the token-based payments ecosystem, the industry bodies voiced their concerns over industry readiness on the RBI directive on card-on-file tokenisation. MPAI and ADIF said that 'ecosystem readiness' is a sequential process of going live with stable API (application programming interface) documentation for tokenised transactions. The digital payments ecosystem is a long way from consumer-ready solutions and unless regulated entities are compliant, merchants will not be able to successfully process tokenised transactions, they said in the joint letter. "In the scenario that banks are lax on preparedness, the brunt of that will be borne by merchants in the form of loss of revenue - we are looking at revenues losses of anywhere between 20-40 per cent at the minimum should that be the case," said Sijo Kuruvilla George, Executive Director, ADIF. The RBI in September prohibited merchants from storing customer card details on their servers with effect from January 01, 2022, and mandated the adoption of CoF tokenization as an alternative to card storage. The industry bodies said that if implemented in the present state of readiness, the new RBI mandate could cause major disruptions and loss of revenue, especially for merchants. "This unpreparedness will impact recent digital payments adopters even deeply. The frequency and intensity of phishing attempts will go as entire card details are to be entered for each transaction, causing a significant increase in irreversible fraudulent transactions," said Vishal Mehta, Chair of Governing Council, MPAI. Based on the set of guidelines that have been mandated by the RBI, sensitive customer information is to be stored in the form of an encrypted 'token' to help secure transactions. These tokens then allow payments to be processed without disclosing the customer details or allowing the payment intermediaries to store customer data that could breach security and privacy. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/tiktok-scores-higher-traffic-ratings-than-google-to-become-the-most-popular-domain-in-2021/slidelist/88403667.cms">People looked up TikTok more than Google making the short videos app the most popular domain in 2021</a> <a href="https://www.businessinsider.in/tech/apps/news/upcoming-whatsapp-new-features-will-enhance-admin-control-in-groups-add-shortcut-for-quick-replies-and-more/articleshow/88387262.cms">Upcoming WhatsApp features: New admin controls, shortcuts for quick replies, message reactions and more</a>

Merchant bodies urge RBI to extend card-on-file tokenisation deadline citing operational challenges

<ul class="summary-list"><li>A <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> entrepreneur is stuck with his $3 million <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> purchase of <keyword id="11893903" type="UNKNOWN" weightage="60" keywordseo="jack-dorsey" source="Orion">Jack Dorsey</keyword>'s first tweet.</li><li>He listed the NFT for sale at a price of $48 million, but the highest bid he's received so far is about $6,800.</li></ul>Crypto entrepreneur Sina Estavi is struggling to sell an NFT of <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> cofounder <a href="https://twitter.com/sinaEstavi/status/1511832413973983239/photo/1">Jack Dorsey's first tweet</a> after having shelled out millions to buy the token in the first place.He auctioned the NFT of the tweet for a whopping $48 million, according to <a href="https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/">CoinDesk</a>. As of Thursday morning, the highest bid he received was 2.2 <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, or about $6,856.That's just 0.2% of the $2.9 million that Estavi paid when he <a href="https://www.businessinsider.com/twitter-ceo-jack-dorsey-sell-first-tweet-nft-sunday-2021-3?r=US&amp;IR=T">bought the NFT in March</a>."I think years later people will realize the true value of this tweet, like the Mona Lisa painting," he said then.A year later, his prediction isn't exactly playing out. After listing the token on NFT marketplace OpenSea, Estavi has found the highest bids are nothing even close to the amount he paid, much less to the amount he wanted for it.He told <a href="https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/">CoinDesk</a> and the <a href="https://www.bbc.co.uk/news/business-61102759">BBC</a> that although the deadline he set was over, he might either accept a "good offer" or may never sell it."I think the value of this NFT is far greater than you can imagine and whoever wants to buy it must be worth," he told the BBC."I think someone like Elon Musk could deserve this NFT."<a href="https://www.businessinsider.com/nft-meaning?r=US&amp;IR=T">NFTs, or non-fungible tokens</a>, are unique certificates that prove ownership of digital assets like trading cards, music, images, or even tweets like Dorsey's. Total NFT sales volume has ballooned to <a href="https://markets.businessinsider.com/news/currencies/weekly-nft-sales-decline-crypto-bored-ape-yeach-2022-4">$25 billion</a> over the past year as artists, investors, and entrepreneurs seek to capitalize on the seemingly-prosperous Web3 space. Some experts say the rush to capitalize off the NFT boom has come at the expense of user security, with hacks rampant across marketplaces.Although Estavi owns the digital right to Dorsey's tweet, it is still <a href="https://twitter.com/Jack/status/20">publicly accessible</a> to anyone who can use the internet.Estavi, the founder of two Malaysia-based crypto companies, claimed in a <a href="https://twitter.com/jack/status/1511874906614554632">tweet</a> last week that he planned to donate 50% of the proceeds to poverty relief efforts in Africa.Read more: <a href="https://www.businessinsider.com/investing-strategy-tech-metaverse-megatrends-gen-z-bank-of-america-2022-4" target="_blank" rel="noopener noreferrer">Bank of America's thematics chief breaks down the 8 investing mega-trends he's backing to accelerate rapidly and transform financial markets over the next decade</a>

A crypto entrepreneur bought an NFT of Jack Dorsey's first tweet for nearly $3 million and tried to sell it for $48 million. The top bid is less than $7,000.

<ul class="summary-list"><li>Former president Donald Trump unveiled a new cryptocurrency company earlier this week.</li><li>Two entrepreneurs behind the firm describe themselves as millionaires living large in the Caribbean.</li></ul>Donald Trump is the face of a new cryptocurrency business whose founders have a professional past littered with debts, lawsuits, and some questionable dating advice.In an X space on Monday, Trump formally unveiled World Liberty Financial, a cryptocurrency business that promises to launch its own crypto token whose value will be pegged to the U.S. dollar, alongside entrepreneurs Zachary Folkman and Chase Herro."Crypto is one of those things we have to do," Trump said during the livestream. "Whether we like it or not, I have to do it."Pundits have characterized the move as an attempt to appeal to cryptocurrency enthusiasts, who <a target="_blank" href="https://www.businessinsider.com/donald-trump-going-for-crypto-bro-vote-world-liberty-financial-2024-9">tend to be young, white men</a>, amid scrutiny of Trump's past skepticism towards digital currencies. Trump also made other moves to curry favor with crypto fans, including a <a target="_blank" href="https://www.wsj.com/politics/elections/that-time-donald-trump-walked-into-a-bar-and-bought-a-round-using-bitcoin-92cf6dd0">campaign stop</a> on Wednesday at a bar in Greenwich Village where Trump paid for hamburgers and Diet Cokes with bitcoin.It's unclear what Trump's precise role in the business could be — he's <a target="_blank" href="https://www.nytimes.com/2024/09/16/technology/trump-crypto-world-liberty-financial.html">reportedly</a> identified in some internal documents as a "chief crypto advocate" — but ethics experts say it could present a conflict of interest if Trump wins the presidential election, at which point he would be overseeing cryptocurrency regulations. Three of Trump's children are employees of World Liberty Financial, including his 18-year-old son Barron, who <a target="_blank" href="https://www.businessinsider.com/donald-trump-going-for-crypto-bro-vote-world-liberty-financial-2024-9">CoinDesk reported</a> holds the title of "DeFi visionary" at the company.But the key players behind the company appear to be Folkman and Herro, who spoke for nearly an hour on the X livestream and who hold the titles of head of operations and data and strategies lead, respectively.Folkman and Herro, both 39, portray themselves as millionaires many times over. On Facebook, their posts show them racing around the Caribbean on a powerboat and relaxing by the beach with their wives. In 2021, Herro bragged about living in the Ritz Carlton resort in Puerto Rico.Herro describes his life as a rags-to-riches story: As a teen and young adult, he was repeatedly arrested and served jail time on drug charges, but he says he turned his life around and is now a legitimate businessman.Court records tell a more complicated story. Herro and Folkman have incurred debts and sparked lawsuits in nearly every jurisdiction they've lived in, with both appearing in various lawsuits from 2010 to 2020 in places including California, New York, and the US Virgin Islands.Herro and Folkman could not be reached for comment by Business Insider. World Liberty Financial's spokesperson, Jim Redner, told BI he has "no information.""I've been kept in the dark. I've been trying to get information, but I have nothing," Redner continued. "In 25 years, it is the most unusual project I have ever been associated with."In 2010, Herro was sued in Los Angeles by a former business partner who alleged he'd invested $170,000 in what he thought was Herro's medical marijuana dispensary. In fact, Herro had simply taken the money and run, according to the suit. Herro was ordered to pay a $207,366 default judgment.Around the same time, Herro was sued by JPMorgan Chase and by a collections agency in San Diego. Herro also appears to owe more than $280,000 in unpaid California state taxes, according to lien notices.Other court records indicate Herro was running an advertising business using fake Facebook accounts. In 2014, Herro sued a man he alleged had sold him 20 dud Facebook accounts that Herro had wanted to run ads on. The accounts stopped working almost immediately, Herro alleged, putting him out the $100,000 he'd paid. The parties settled out of court.The same year, Herro sued the company behind a "colon cleansing" product Herro had been marketing on Facebook for <a target="_blank" href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.435573/gov.uscourts.nysd.435573.1.0.pdf">nearly $570,000</a> in unpaid invoices, according to court documents previously reported by <a target="_blank" href="https://www.bloomberg.com/news/features/2024-09-13/behind-the-trump-crypto-project-is-a-self-described-dirtbag-of-the-internet">Bloomberg</a>. The owner of the company was later convicted of an unrelated securities fraud and is currently in prison.The landlords of the Virgin Islands home Folkman and Herro rented in 2016 <a target="_blank" href="https://usvipubapi.vicourts.org/api/v1/publicaccessdocuments/41794a9088d6c1e09ac34e86d4373aa997866a72dd702092c9cd46121c0d8837/download">sued</a> the pair and their roommates for $36,000 in unpaid rent and $75,000 in property damage, including damage from six dogs the landlords alleged were living in the home without authorization. (The parties settled out of court.)Herro is also currently being sued by a woman who chartered his speedboat — Herro rents out the boat, christened Clickbait, for $1,250 a day — and suffered a spinal cord injury.Folkman's entré into business came in 2011, when he co-founded the company Date Hotter Girls LLC, where he dispensed pick-up artist advice under the name "Zack Bauer." In <a target="_blank" href="https://www.youtube.com/watch?v=aEhRSm9aXpo&amp;t=59s">a video</a> from a 2011 conference for "alpha males," Folkman boasted about his system "to take girls home and have sex.""That's what she showed up to the bar for," he told attendees. "That's why she's wearing a miniskirt and high heels and put on all that makeup and took an hour and a half to get ready. That's why she changed her shirt five times and she went out wearing a thong."In 2020, while Folkman was selling a nonrefundable $2,000 ecommerce training course promising to "teach you the exact strategies I've used to build multiple 7- and 8-figure businesses with nothing but online advertising and some basic offer creation," he racked up $77,000 in credit card debt. A bank statement included in a lawsuit seeking to recoup the overdue balance filed by American Express showed nearly all of his expenditures were on Facebook ads. (Folkman never responded to the suit, and a judge dismissed the case after AmEx missed a filing deadline.)Business Insider attempted to locate the three people who had contributed positive testimonials to the course's website but could not. The photos next to their names were of other people.Folkman and Herro's previous venture into crypto ended ignominiously. Both were involved in a project called Dough Finance, whose source code appears remarkably similar to that of World Liberty Financial, <a target="_blank" href="https://docs.google.com/document/d/1vbbt4ekTRkiQ36b4Lo9fiLwFjyIU6wPz26punK50Mwg/edit">Coindesk reported</a>. Hackers stole $2 million from Dough Finance users in July. The project's website is now inactive, though the company posted on X that it has recovered some of the stolen funds and plans to return money to users.It's still unclear when World Liberty Financial will begin allowing investors to purchase its tokens. But even before its official launch, it's already warning crypto buyers about scams."Attention community: Please be aware of scams and fake tokens," World Liberty Financial posted on Telegram last month. "Do not engage with these tokens!"

Trump's crypto allies boast lavish lifestyles amid trail of debts

<ul class="summary-list"><li>AMC is exploring taking <keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword> as a currency after a Twitter poll backed the meme coin, CEO Adam Aron said Monday.</li><li>The movie theater chain is on track to accept bitcoin and ethereum, and is working on dogecoin, he said on an earnings call.</li><li>Aron confirmed AMC is looking into launching its own cryptocurrency and is talking to "third parties" about it.</li></ul>AMC Entertainment is looking at adding <keyword id="12256033" type="UNKNOWN" weightage="60" keywordseo="shiba" source="Orion">shiba</keyword> inu to the roster of cryptocurrencies it wants to accept, after listening to wishes of the SHIBarmy.In a recent <a href="https://twitter.com/CEOAdam/status/1454023849528410115">Twitter poll</a>, CEO Adam Aron asked whether the movie theater chain should explore taking the meme token for online payments, and 81% backed the idea."A lot of you voted, and a lot of you voted yes, and we are now figuring out how we can take shiba inu as a currency," Aron said on an <a href="https://investor.amctheatres.com/corporate-overview/default.aspx">earnings</a> call Monday."That's the next one on our cryptocurrency hit parade." Thanks to the "SHIBarmy" - fervent fans of shiba inu - the dogecoin-inspired coin soared in price at the end of October, around when the Twitter poll went live. Its price has since retreated, but it is still up 102% over the last month, according to Coinbase data.Its rise was propelled by developments such as the huge support shown in a <a href="https://www.change.org/p/robinhood-convince-robinhood-they-will-prosper-if-they-list-shiba-inu-coin">petition</a> urging Robinhood to list the token on its retail trading platform. Some market observers are cautious about shiba inu, given its limited use cases and the risk of its being a scam.Social-media savvy Aron has embraced AMC's fame as a <a href="https://markets.businessinsider.com/news/stocks/how-amc-ceo-adam-aron-embraced-the-company-meme-status-2021-6">meme stock</a> and appealed directly to the retail traders who propelled it higher at the height of the pandemic.The company has already <a href="https://markets.businessinsider.com/news/currencies/amc-bitcoin-payment-accept-end-2021-meme-stocks-crypto-movie-2021-8">promised</a> to accept bitcoin, ethereum, litecoin and bitcoin cash for online payments before the end of the year in December. Aron said the chain was on track to meet that deadline, and it is encoding cryptocurrency for its mobile app and website right now."We think we'll be able to launch the acceptance of dogecoin in the first quarter of '22, just a few months from now - again, on our website and smartphone app," he said.The US's largest cinema chain has already started listing dogecoin as a payment option for AMC<a href="https://markets.businessinsider.com/news/currencies/amc-stock-price-theater-dogecoin-gift-cards-adam-aron-crypto-2021-10"> gift cards</a>.Aron also gave an update on the idea of AMC issuing its <a href="https://markets.businessinsider.com/news/currencies/amc-ceo-says-issue-cryptocurrency-dogecoin-bitcoin-crypto-2021-10">own</a> cryptocurrency, saying that in the past few months, it has been "exploring with third parties" whether it is feasible.The CEO said the company believes it has figured out ways where it doesn't have to hold cryptocurrency on its balance sheet. "So we're not taking increased balance sheet risk with all this potential acceptance of cryptocurrency," he said.The social-media savvy CEO has embraced AMC's fame as a <a href="https://markets.businessinsider.com/news/stocks/how-amc-ceo-adam-aron-embraced-the-company-meme-status-2021-6">meme stock</a> and appealed directly to the retail traders who propelled it higher at the height of the pandemic. AMC shares were up more than 10% at $40.35 on Tuesday.

AMC boss says shiba inu is next on its 'hit parade' in figuring out how to take the crypto for payments

<ul><li><keyword id="110689" type="PERSON" weightage="20" keywordseo="Anthony-Hopkins">Anthony Hopkins</keyword>' new film Zero Contact will premiere as an <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> on Vuele, a global distribution platform for NFTs. </li><li>Vuele boasts of being the first direct-to-consumer platform where limited edition film and other content can be watched, collected, or traded. </li><li>NFT's represent only the digital form, and artists are free to sell their creations in physical condition as well.</li></ul>Anthony Hopkins’ new film Zero Contact is going to premier as a non-fungible token (NFT) on a new platform called Vuele. The creative world was the first to adopt the concept, and it has already led to some record-breaking milestones. However, this is the first time that a full length feature film will be offered up for sale as an NFT. “It creates scarcity in copies of the film and protects against piracy,” Dugdal told <a href="https://deadline.com/2021/07/enderby-entertainment-pandemic-film-zero-contact-nft-vuele-1234787314/">Deadline.</a> The NFTs are likely to appear on Vuele in late July or early August. They will include the film along with extras at different price points, yet to be determined. NFTs are collectibles. This means that the NFT copies of Zero Contact will be treated as a limited edition version of the movie. According to Rick Dugdal, the producer and director of the movie, there will be four or five ‘drops’ of the movie. Each of these drops will be exclusive, limited-edition versions of the film and collectible content. Users can buy or bid on these items using cryptocurrency or regular credit cards. And, here’s a quick look into how this works. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"> </h2><h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">How do you distribute a film as NFT?</h2> Traditionally, a film requires a label partner, distribution channels, and multiple parties across regions for a release. As an NFT, the film can be directly released on the blockchain, maintaining a ledger of all its owners. The token is cryptographic, meaning it has established a unique identity and a confirmation of digital ownership. For fans, it means absolute uniqueness in the files they are purchasing, adding more value to the digital commodity. "As opposed to Bitcoin, which is fungible and can be exchanged with millions of other Bitcoins, NFT's proposition of being unique makes it a collector's item or an investor's paradise," Vikram Subburaj, co-founder and CEO of <keyword id="10307722" type="COMPANY" weightage="20" keywordseo="giottus-cryptocurrency-exchange">Giottus cryptocurrency exchange</keyword> told Business Insider. "It is worth noting that NFTs are only proof of ownership and do not prohibit adoption or copies of the art on the internet or otherwise. That is, there is no IP associated with it other than claims to verifiable digital ownership," he added. NFTs represent only the digital form, and artists are free to sell their creations in the physical world as well. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">How does the creator earn money from an NFT?</h2> The creator faces two likely scenarios — blockbuster earnings or nothing. Like nascent cryptocurrencies, NFTs are yet to take off as a mainstream utility, and their profitability is unpredictable. But it offers a look into the future, where independent artists can show their work to the masses without relying on third parties. In terms of monetisation, it's pretty simple. An NFT is created by ‘minting’, which is the process of developing and placing the file on a blockchain. Ethereum is currently the go-to blockchain because of its smart contracting ability, which can automatically maintain and update the ownership ledger. Once minted, if the NFT is sold for ₹100, the creator earns the sum directly. If the first owner resells the NFT after a year for ₹2000, the creator gets a particular percentage of the sum as a royalty fee. Hence, his earnings for the second transaction will be ₹200 --if we assume the royalty fee is set at 10%. And, the creator will continue to earn royalties as long as the NFT is being traded. "For example, an original song from AR Rahman can be 'owned' uniquely on a blockchain. When the demand for the song goes up or becomes valuable with time, you can sell it with a considerable gain to the next owner, much akin to how we sell a plot of land or a house," Subburaj added. Hence, the initial investor or buyer can also make money on the blockchain while protecting the creator's assets from piracy or illegal distribution. The blockchain also helps ensure that the art or creation is permanently archived and cannot be tampered with, automatically creating another level of authentication that can withstand time.

Anthony Hopkins’ new film will be sold as an NFT — here’s what that means for creators and the ones buying it

Hello, and welcome to this week's edition of the Insider Tech <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>, where we break down the biggest news in tech, including:<ul><li><a href="https://www.businessinsider.com/facebook-data-leak-security-experts-skeptical-2021-4">Facebook's latest user privacy fiasco</a></li><li><a href="https://www.businessinsider.com/snowflake-databricks-big-data-ai-collision-course-ghodsi-slootman-2021-4">Snowflake and Databricks are on a collision course</a></li><li><a href="https://www.businessinsider.com/face-mask-spacex-spacesuit-covid-william-honeywell-2021-4">The $300 face mask for your cyborg makeover</a></li></ul><h4><a href="http://newsletter.businessinsider.com/join/4np/insider-tech">Did someone forward this newsletter to you? Sign up here.</a></h4>Soundtrack: This week's newsletter has been specially designed to be consumed <a href="https://www.youtube.com/watch?v=RTzb-sduiWc">while listening to Blue Öyster Cult's "Godzilla"</a><h3>This week: It's smackdown season in techland</h3><a href="https://www.businessinsider.com/how-to-watch-godzilla-vs-kong"></a>Maybe it's because of all the hoopla over the new <a href="https://www.businessinsider.com/how-to-watch-godzilla-vs-kong">"Godzilla vs. Kong" movie,</a> but I'm noticing a lot of news about clashes between the titans of the tech industry lately. The decade-long courtroom battle between <keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword> and <keyword id="43340" type="CITY" weightage="60" keywordseo="Oracle">Oracle</keyword> came to a close this week when <a href="https://www.businessinsider.com/oracle-google-lawsuit-java-android-supreme-court-github-redmonk-2021-4">the US Supreme Court declared Google the victor</a>, absolving it of any allegations that it stole Oracle's code by using Java APIs in the Android operating system. <ul><li>"Sanity has prevailed," <a href="https://www.businessinsider.com/google-oracle-open-source-supreme-court-copyright-2021-4">said one James Gosling, who happens to be the guy who created Java. </a> Had Oracle prevailed, many predicted chaos in the software industry amid a barrage of dubious copyright lawsuits.</li></ul>Another brewing showdown between Box and activist investor Starboard Value <a href="https://www.businessinsider.com/box-kkr-500-million-investment-no-acquisition-turnaround-growth-ahead-2021-4">seems to have been averted</a>.<ul><li>Starboard was said to be preparing to launch a board challenge with the ultimate aim of putting Box on the auction block. But <a href="https://www.businessinsider.com/box-kkr-500-million-investment-no-acquisition-turnaround-growth-ahead-2021-4">with KKR's $500 million investment in Box this week,</a> a sale is likely no longer in the cards - at least for now.</li></ul>And of course, tensions between <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> and <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword> continue to rise as <a href="https://www.businessinsider.com/facebook-apple-ios-14-damage-audience-network-ad-business-2020-8">we near the release of Apple's new privacy feature</a>, which will make it easy for iPhone users to avoid the ad targeting Facebook's business depends on.<ul><li>Apple CEO Tim Cook threw a little fuel on the fire this week by calling <a href="https://www.businessinsider.com/facebook-apple-ios-update-data-tracking-newspaper-ads-2020-12">Facebook's concerns</a> about the impact on its ad business <a href="https://www.businessinsider.com/tim-cook-facebook-objections-over-privacy-feature-flimsy-2021-4">a "flimsy argument,"</a> during an interview with the New York Times' Kara Swisher.</li><li>Facebook boss Mark Zuckerberg may too preoccupied to remonstrate, given the <a href="https://www.businessinsider.com/facebook-data-leak-security-experts-skeptical-2021-4">fallout from the leak of 500 million users' personal information.</a></li></ul>But, lest you grow tired of the same old tech match-ups, don't fear: a new rivalry is forming. <a href="https://www.businessinsider.com/snowflake-databricks-big-data-ai-collision-course-ghodsi-slootman-2021-4"><div type="image" title="Ghodsi.Slootman" height="1012" width="1598" msid="82007352" hostid="261"></div></a>As Jeff Elder and Rosalie Chan report, <a href="https://www.businessinsider.com/snowflake-databricks-big-data-ai-collision-course-ghodsi-slootman-2021-4">Snowflake and Databricks, two of the hottest, young enterprise tech companies are inexorably moving into each other's turf </a>in a battle for data supremacy.<ul><li>Each company has carved out a lucrative role helping business customers analyze data in the cloud. But, as one industry analyst notes in the story, the two companies' interests are starting to converge, putting them "on a collision course."</li><li>Throw in a pugnacious CEO (Snowflake's Frank Slootman) who <a href="https://www.businessinsider.com/snowflake-frank-slootman-shuns-feel-good-liberal-ethos-big-tech-2021-3">likens himself to WWII's General George S. Patton</a>, and a rival CEO (Databrick's Ali Ghodsi) skilled at forming alliances with deep-pocketed partners and at raising cash, and you have the makings for a great rivalry.</li></ul>Read the full story here:<h3><a href="https://www.businessinsider.com/snowflake-databricks-big-data-ai-collision-course-ghodsi-slootman-2021-4">The next big tech rivalry will be between $67 billion Snowflake and $28 billion Databricks, which are on a 'collision course' as the AI and data analysis market heats up</a></h3><h3>From the curious file...</h3><a href="https://www.businessinsider.com/boston-dynamics-spot-robot-french-military-combat-out-of-battery-2021-4">Don't bring a robot to war without charging its battery:</a> That's the lesson from Saint-Cyr, the elite French military academy whose alumni include Charles de Gaulle, after a series of combat exercises with "Spot," the robotic quadruped made by Boston Robotics. Apparently Spot performed valiantly under fire, doing tasks like reconnaissance - right up <a href="https://www.businessinsider.com/boston-dynamics-spot-robot-french-military-combat-out-of-battery-2021-4">until its battery died midway through the action.</a><a href="https://www.businessinsider.com/boston-dynamics-spot-robot-french-military-combat-out-of-battery-2021-4"><div type="image" title="Spot construction2" height="2944" width="3926" msid="82007354" hostid="261"></div></a><a href="https://www.businessinsider.com/tiktok-owner-bytedance-challenges-western-tech-with-training-camp-for-top-university-students-2021-4">Camp ByteDance:</a> The "world's top university students" have been <a href="https://www.businessinsider.com/tiktok-owner-bytedance-challenges-western-tech-with-training-camp-for-top-university-students-2021-4">invited to TikTok-parent company ByteDance's Beijing headquarters for a weeklong training camp</a>. Campers will focus on skills like speech recognition, computer vision and graphics, in addition to being eligible for "big cash prizes" and internships. The camp, now in its fourth year, reflects the growing competition for AI experts amid the US and China's tech cold war.<a href="https://www.businessinsider.com/these-two-coinbase-employees-got-wed-by-swapping-nfts-2021-4">Blockchain wedding:</a> The hot new wedding item in Silicon Valley is an NFT, or non-fungible token. In March, a bride and groom in Palo Atlo <a href="https://www.businessinsider.com/these-two-coinbase-employees-got-wed-by-swapping-nfts-2021-4">whipped out their cellphones at the altar and swapped an animation of unique, blockchain-based digital rings as part of their vows</a>. The blockchain is "forever," just as "love should be," said the bride said, who like her new husband, work at ... Coinbase. <h3>Snapshot: <a href="https://www.businessinsider.com/face-mask-spacex-spacesuit-covid-william-honeywell-2021-4">The face mask to kick off your cyborg makeover</a></h3>Covid-wear reached a new pinnacle this week with <a href="https://www.businessinsider.com/face-mask-spacex-spacesuit-covid-william-honeywell-2021-4">the release of the Xubermask</a>, a wild-looking internet-connected face mask that's the result of a collaboration between musician-cum-entrepreneur Will.i.am, electronics company Honeywell, and Jose Fernandez, a designer whose credits include the <a href="https://www.businessinsider.com/nasa-astronauts-give-spacex-spacesuits-5-star-review-2020-6">SpaceX flight suit.</a><a href="https://www.businessinsider.com/face-mask-spacex-spacesuit-covid-william-honeywell-2021-4"><div type="image" title="Xupermask" height="1049" width="1398" msid="82007355" hostid="261"></div></a>The mask is made of mesh and silicone, and comes with built-in noise-cancelling headphones, dual three-speed fans and LED lights. It'll cost you $300, but you'll be protected from germs and smog, and you'll look like a cyber-warrior. <h3>Recommended Readings:</h3><a href="https://www.businessinsider.com/amazon-employees-annual-reviews-rating-2021-4">Leaked Amazon documents detail a controversial system that insiders say forces managers to give bad reviews to good employees</a><a href="https://www.businessinsider.com/facebook-libra-flopped-before-crypto-boom-zuck-never-gives-up-2021-4">OPINION: Mark Zuckerberg's first crack at a cryptocurrency was an embarrassing flop. Don't bet on him giving up so easily.</a><a href="https://www.businessinsider.com/deepmind-cofounder-elon-musk-tesla-orient-express-2021-4">DeepMind's cofounder partied with Elon Musk for his raucous 40th birthday party on the Orient Express, a new book revealed</a><a href="https://www.businessinsider.com/clubhouse-top-executives-early-employees-2021-4">Clubhouse only has about 35 employees. Meet the 13 executives and earliest employees behind the year-old startup in talks for a $4 billion valuation.</a><a href="https://www.businessinsider.com/google-adds-new-executives-to-search-team-under-prabhakar-raghavan-2021-4">Google continues its Search leadership shuffle, appointing new executives to focus its most important business</a><h3>Not necessarily in tech:</h3><a href="https://www.businessinsider.com/goldman-sachs-marcus-burnout-cloud-tech-hiring-attrition-culture-gs-2021-4">Burnout, blown deadlines, and a tech-talent exodus: How Goldman Sachs' Marcus is struggling to live up to its lofty consumer-banking ambitions</a>Thanks for reading, and if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/insider-tech">tell your friends and colleagues they can sign up here to receive it</a>.- Alexei

It's smackdown season in techland

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Library of Congress</div></div></div>The end of the <a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> war is fast approaching and the winners are not yet clear.<a href="http://www.businessinsider.com/bitcoin-price-war-amid-volatility">Bitcoin has been embroiled in a dramatic civil war</a> for the last several years. The bitcoin platform has not kept up with its user and transaction volume growth as its price has skyrocketed. This has led to what is being called a "civil war" between bitcoin developers and miners.There are several potential solutions for speeding up the platform. Until last week, the <a href="http://www.businessinsider.com/bitcoin-price-war-amid-volatility">solution known as Segwit2x was heavily favored</a> to win the war and become the standard after the August 1 deadline. Then, bitcoin cash came along. The new solution is <a href="http://www.businessinsider.com/what-does-a-bitcoin-fork-mean-2017-7">a fork of the bitcoin system,</a> basically, a new platform that has all the history of the old platform but plays by new rules. Because it's built on bitcoin's history, users would automatically receive tokens on the bitcoin cash platform if they had tokens on bitcoin's platform.There is a lot of volatility and uncertainty in cryptocurrencies right now, and Nvidia and AMD have been the only sure bets. Both companies produce graphics processing units that are used by cryptocurrency miners to speed up their machines' processing payments on the platforms. Faster processing speeds mean a bigger share of the payouts from the platform, so miners have been buying lots of the cards recently.The graphics cards are in such high demand that they are often sold out, and <a href="http://www.businessinsider.com/cryptocurrency-miners-rent-boeing-747s-2017-7">miners are even renting entire jumbo jets</a> in order to deliver their GPUs faster.The demand for these graphics cards is not a steady driver of growth for Nvidia or AMD though. Both companies are receiving a short-term boost from increased demand, but the price of these cryptocurrencies are volatile and demand, which picked up rapidly, could be just as unpredictable.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Nvidia on YouTube</div></div></div>On AMD's earnings call, <a href="http://markets.businessinsider.com/currencies/news/amd-stock-price-cryptocurrency-mining-wont-be-a-long-term-growth-driver-2017-7-1002206475">CEO Lisa Su said that cryptocurrencies are not a "long term growth driver</a>" for her company. "Relative to cryptocurrency, we have seen some elevated demand," Su said on the earnings call. "But it's important to say we didn't have cryptocurrency in our forecast, and we're not looking at it as a long-term growth driver. But we'll certainly continue to watch the developments around the blockchain technologies as they go forward."Nvidia is a bit more bullish on cryptocurrencies, according to a <a href="https://www.asus.com/Graphics-Cards/MINING-P106-6G/overview/">product page for unreleased GPUs</a>, the company is working on graphics cards that are specifically designed for the demands of cryptocurrency mining. But according to Mitch Steves, an analyst at RBC, miners won't provide a long-term benefit to Nvidia either."As of July 30, we think demand for GPUs related to Ethereum mining will normalize and we won't see a large snap up in the network rate," Steves wrote in a note to clients. "To put it all together, our official estimate is ($500M of GPUs) with revenue of $175M for AMD and $75M for Nvidia (last 4 months), while the exact number is difficult to calculate."Nvidia is betting on other areas like data center and artificial intelligence to be its main drivers of growth.The winner of the civil war will be declared on August 1 at 8:20 am EST.Nvidia reports earnings on August 10.<h2><a href="http://markets.businessinsider.com/currencies/BTC-USD">Click here to watch Bitcoin move in real time...</a></h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/currencies/BTC-USD"></a><a href="http://markets.businessinsider.com/currencies/BTC-USD">Markets Insider</a></div></div></div> Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/wells-fargo-equity-chief-shorting-anything-is-playing-with-fire-2017-7">Wells Fargo Funds equity chief: Shorting anything is 'playing with fire'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FjNWh3YjE6uD13nJXsT7h9Y1iho-sRYr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Bitcoin's 'civil war' probably won't impact Nvidia and AMD - no matter of who wins

<div style="border: 1px solid silver; padding: 10px;">Try PAYMENTS INSIDER today! Get your morning smart pill highlighting the key trends, latest research, and most important news in the payments industry. The PAYMENTS INSIDER email newsletter is produced by BI Intelligence, Business Insider's premium research service. Below is today's issue of the newsletter to give you a taste of what to expect. <a href="http://www.businessinsider.com/intelligence/payments-insider" target="_blank">Click here to start your free trial now»</a></div> SAMSUNG WILL RELEASE SAMSUNG PAY THIS SUMMER: Samsung will release Samsung Pay, a mobile wallet that is compatible with both NFC and magnetic stripe payment card terminals, according to announcements from Samsung and MasterCard at the Mobile World Congress in Barcelona. The wallet will work with Samsung's upcoming S6 smartphone and leverage LoopPay's magnetic secure transmission (MST) technology, enabling it to be used at ~90% of existing payment terminals. It will also use the S6's NFC chip to make contactless transactions. NFC transactions made via Samsung Pay will tokenize payment information that is sent to point-of-sale terminals similarly to Apple Pay. MasterCards loaded into Samsung Pay will be tokenized through MasterCard Digital Enablement Service (MDES) technology. Galaxy S6 users will be able to authenticate a transaction using their fingerprint. The phone and accompanying wallet are set to be released this summer. Samsung Pay and Google Wallet could be competing in close quarters on the S6. Google Wallet is going to be a native app on Android phones sold by AT&amp;T, T-Mobile, and Verizon, through a deal with Softcard. Unless Samsung has a counter deal with these mobile carriers to block Google Wallet from being pre-installed on S6s, the two wallets will have to co-exist with each other on every S6 handset. That could leave customers confused as to which wallet to adopt. SOFTCARD CONFIRMS ITS EVENTUAL TERMINATION: Softcard, the mobile carrier-backed mobile wallet, has <a href="https://www.gosoftcard.com/faq.html">confirmed</a> its app will "shut down" and that all consumer wallets "will be terminated" soon. Parts of Softcard's technology were purchased by Google earlier this week, and the company originally said that customers could continue using the wallets in the near-term. As part of the Softcard acquisition, Google Wallet will now come pre-installed on Android phones sold by these carriers.Softcard is now recommending its users download Google Wallet. That means that Google Wallet will likely pick up many of Softcard's existing customers, though the resulting gain in market share will be minimal due to Softcard's low adoption rates. Google Wallet activity has picked up since the introduction of Apple Pay. The acquisition of Softcard, which is already established at thousands of merchant locations, allows Google to expand its retailer network which could lead to increased adoption among consumers. CARD-PRESENT FRAUD ACCOUNTS FOR A MAJORITY OF POST-RECOVERY FRAUD LOSSES AT CHASE: Almost two-thirds of initial fraud claims at Chase Bank come from card-not-present transactions, however, a majority of post-recovery fraud losses originate from card-present transactions, <a href="http://files.shareholder.com/downloads/ONE/4023029464x0x811337/158F5E24-BBEC-4275-898B-071D4EB12C53/CCB_Investor_Day_2015_FINAL.pdf">according to JPMorgan Chase's 2015 Investor Day presentation</a>.<ul><li>65% of gross fraud cases, or the initial fraud claims, are card-not-present transactions, followed by 30% card-present and 5% identity fraud.</li><li>60% of net fraud cases, or the dollars lost to fraud after accounting for recoveries, are card-present, 30% are card-not-present, and 10% are identity fraud. </li></ul>The introduction of more EMV chip credit cards will help prevent cases of card-present fraud. Chase shipped approximately 14 million EMV cards in 2014 through January 2015, and the bank forecasts that almost 90% of their card-present purchase activity will involve a chip card by the October 2015 liability shift deadline. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54f0f7286da811c3784cae2e-960/credit card fraud by category chase-1.png"></a>BI Intelligence</div></div></div>PROSPER BRINGS ITS PEER-TO-PEER LENDING PLATFORM TO COMMUNITY BANKS: Prosper, the San Francisco-based peer-to-peer consumer lender, is <a href="http://www.businesswire.com/news/home/20150226005310/en/Prosper-Marketplace-Announces-Exclusive-Endorsed-Program-Partnership#.VPCSB7PF-Tl">opening access</a> to its online lending platform for consumers at the 160 US community banks represented by Western Independent Bankers (WIB), an industry group. Banks within this consortium will now refer borrowers to Prosper's platform, where those borrowers will be able to receive unsecured consumer loans at attractive interest rates, according to Ron Suber, President of Prosper. WIB banking customers with a FICO score of 640 or higher will be able to seek personal loans of up to $35,000 on Prosper's platform, and will primarily be looking to consolidate credit card debt, according to Suber. Opening access to a new group of consumers could contribute to Prosper's 2015 business goals. Prosper is looking to grow its loan volume by 100% in 2015, equating to a jump from $10 million in loans per day up to $20 million per day, according to Suber. Most WIB customers will be new to Prosper, according to Suber, which gives Prosper an opportunity to grow its base of borrowers. Recently, Lending Club <a href="https://intelligence.businessinsider.com/payments-insider-passbook-could-replace-mobile-banking--global-smart-card-shipments-ipad-based-bank-branches-2015-2">struck a deal</a> with a group of almost 200 community banks in the BancAlliance network to offer its crowdsourced online loans to community-bank customers. WEALTHY ARE MORE LIKELY THAN LOW-INCOME CARDHOLDERS TO OWN EMV CHIP CARDS: Although a majority of US credit cards are expected to have EMV chips by the end of this year, currently these cards are concentrated among the wealthy, according to a CreditCards.com <a href="http://www.creditcards.com/credit-card-news/wealthy-get-emv-cards-first.php">survey</a> of 1,038 US adults conducted by ORC International. Wealthy Americans are three times more likely to hold an EMV chip card compared to low-income consumers. Here's what the survey found: <ul><li>46 percent of US adults earning $100,000 or more per year have a chip card, while only 13% of adults with under $35,000 in income have one. The discrepancy derives from the fact that many card issuers have been giving international travelers the chip cards first, since a significant amount of foreign countries already require EMV. Consumers who can afford to travel internationally are often wealthier. </li><li>43 percent younger cardholders (18-24) have a chip card, compared with only 21% of adults aged 65+. 42% of consumers with a college degree have EMV, compared to 23% without a degree. </li><li>Overall, 26% of those surveyed have a chip card, and 31% of credit cardholders have one.</li></ul><div style="border: 1px solid silver; padding: 10px;">Try PAYMENTS INSIDER today! Get the next issue in your inbox tomorrow. <a href="http://www.businessinsider.com/intelligence/payments-insider" target="_blank">Click here to start your free trial now»</a></div>

You Searched For "card tokenization deadline" and got 9 results

Here’s what card tokenization is and how to tokenize debit and credit cards

Rounak Jain

Merchant bodies urge RBI to extend card-on-file tokenisation deadline citing operational challenges

IANS

A crypto entrepreneur bought an NFT of Jack Dorsey's first tweet for nearly $3 million and tried to sell it for $48 million. The top bid is less than $7,000.

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Trump's crypto allies boast lavish lifestyles amid trail of debts

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AMC boss says shiba inu is next on its 'hit parade' in figuring out how to take the crypto for payments

Camomile Shumba

Anthony Hopkins’ new film will be sold as an NFT — here’s what that means for creators and the ones buying it

Shivam Vahia

It's smackdown season in techland

Alexei Oreskovic

Bitcoin's 'civil war' probably won't impact Nvidia and AMD - no matter of who wins

Seth Archer

Samsung is racing into mobile payments to challenge Apple Pay and Google Wallet

Evan Bakker

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