Barclays said it will link its Pingit m-payments app to the CommBank app from the Australian bank, enabling customers to send payments via their phones, including between customers in the two countries.
Commonwealth Bank of Australia (CBA) and Barclays have joined forces to let their retail customers move money between Australia and the UK with “just a mobile number”. In a “first between the two countries”, CBA and Barclays say they have worked to connect each of their payment apps together – CBA’s CommBank and Barclays’ Pingit. […]
The term “fintech” has long been tied to the idea of disrupting the existing financial services industry. Although that spirit remains, Discover sees a maturation of the market and a growing realization from investors and startups that there is a greater value in collaborating with the industry rather than trying to supplant it.
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
Discovering the secrets of the universe may not be part of Sam Shrauger’s day job, but exploring what’s possible in payments is. As senior vice president of digital solutions at Visa Inc., Shrauger is responsible for making sure the payments network is leading the charge into new territory—whether that’s through Visa Checkout, contactless payments, wearables or whatever comes next.
As EMV faces rollout hurdles in the U.S., two major terminal makers, reporting adoption delays from smaller merchants, are paying the price.
PayPal has struck a deal with Mastercard, resulting in, among other terms, Mastercard being presented as an equal payment option within the PayPal Wallet, customers having the option to select Mastercard as their default payment method and Masterpass becoming a payment option for merchants of Braintree, a PayPal subsidiary.
Ideal Payments has teamed with Taif Money Transfer to launch Iraq’s “first” mobile payments app – Taif eWallet. The platform aims to create a “holistic payments ecosystem” used by multiple agents in the economy including retail merchants, ecommerce platforms, private companies, and government institutions. Ideal Payments’ local partner, Taif Money Transfer, will operate the service, […]
HSBC business customers can now open accounts using “selfie” verification, giving them the option to complete ID security checks on their mobile device. It says ID verification can be completed in a “few clicks” on an Apple or Android device. Once the initial headshot or selfie of a customer is captured, it is then assessed […]
Time flies, so we’ve devised a quick fix. Here’s a round-up of key events in the payments space. In China, Qilong and Shenzhen Qianhai Exce-card Technology (SQEC) have formed a strategic agreement to co-ordinate with banks to issue China Union Pay audio bank cards. The latter make sounds when the buttons on the cards are […]
Apple’s developers are previewing new Siri integrations for payments – such as asking it to send a secure payment without ever opening an app. The firm says with the introduction of SiriKit for developers, messaging apps can now tap into the “power” of Siri. Siri can be used to make a quick payment using Square […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Tier 1 US bank live with Temenos core and payments software Part of its American dream. Swift reveals more cyber thefts Private letter goes public. PhonePe and Yes Bank unveil India’s “first” UPI-based payments app Unified Payments Interface […]
One of Russia’s major banking players, MDM Bank, has rolled out a single-tap Mastercard Contactless mobile payments option. The service is underpinned by the WAY4 Host Card Emulation (HCE) technology from OpenWay. MDM Bank’s customers can now pay from their Mastercard account with no need to enter a password or PIN code or even activate […]
Nequi, a financial mobile banking service from Bancolombia, has become the first in Colombia to deploy mobile biometrics for authentication. The technology – the IdentityX platform – is supplied by US fintech specialist Daon. Users will be asked to provide their biometrics when signing up for Nequi. They will be able to authenticate with a […]
Global payments provider Worldpay has teamed up with Consult Hyperion, MongoDB and Visa Europe Collab to host its first internet of things (IoT) hackathon in London in September. The event aims to foster innovation and encourage participants to apply technology to integrating payments. Two themes will flow through the 48-hour hackathon – the “Smart City” […]
More consumers are using mobile banking, however there are obstacles to further adoption that present opportunities to financial institutions, according to a new report by global provider of financial services technology Fiserv Inc.
TransferWise, a five-year-old P2P firm based in the U.K., plans to “scale back” its reliance on banks as it expands, according to an article in the Wall Street Journal.
Digital-only B1NK, part of Capital Bank Kazakhstan, has unveiled the region’s “first” chat and payments bot – using Telegram Messenger. The bank says its customers can send money to friends and manage their cards all via the messenger service. Gani Uzbekov, CEO, Capital Bank Kazakhstan (B1NK), says: “Today only a couple of tier-2 banks in […]
Early Warning, a provider of real-time payments, authentication and risk mitigation services, is preparing to raise the profile of its P2P payments platform clearXchange, upping the competition with Venmo, arguably the king of the hill in P2P payments. Competing with Venmo might seem daunting, considering its parent company is PayPal and its student-popular P2P service is currently free for people on both ends of the transaction.
Apple is pushing back against a bid by a group of Australia’s major banks to be allowed to negotiate collectively with the U.S-based tech giant over contactless payments. In a filing with the Australian Competition and Consumer Commission (ACCC) released Aug. 30, Apple called upon the regulator to reject a request by the banks to collectively bargain with Apple in negotiations to offer Apple Pay to their customers.
Consumers in India made 18.29 million prepaid transactions in June, down 11 percent from 20.60 million in May but up nearly 127 percent from 8.06 in June 2015, according to figures from the Reserve Bank of India. The total prepaid transactions in June 2016 topped $342.7 million, up from approximately $252.6 million in June 2015.
India’s fledgling mobile payments system, the Unified Payments Interface, has a head of steam behind it: An Aug. 30 story in Mashable said that some two dozen banks in the country are set to release UPI apps via Google Play in the coming days.
As a Gen Xer, I have always had difficulty relating to the obsessive appeal social media has to millennials. Tweeting and Facebook posting of mundane daily events seemed like over-sharing and just a little narcissistic to me. This is not an intellectual problem of understanding the concepts or technologies, but a kind of generational disparity […]
A new international network of fintech hubs aims to foster global cooperation for the development of fintech and give the emerging industry a collective voice. Dubbed the Global Fintech Hubs Federation, the new group was formed by Innotribe—the innovation arm of global financial network SWIFT—and Innovate Finance, a fintech industry organization.
Seoul, South Korea-based Samsung Electronics recently announced that Samsung Pay had been launched a year ago, and that approximately 100 million unique transactions have been made using its m-wallet thus far.
This free white paper outlines the main reasons for digitizing identity verification processes and grow your revenue in a streamlined and compliant way.
Welcome to the bundle. South Africa’s First National Bank has launched its own-branded smartphones as it looks to mobile banking growth. The ConeXis X1 and A1 phones will be available from 380 branches around the country and come bundled with FNB’s smartphone banking app. Jan Kleynhans, CEO of the FNB Consumer Segment, says the initiative […]
Qatar Islamic Bank (QIB) has launched a mobile app to identify and train people in the country to work in the private banking sector. Khalefa Al Mesalam, head of QIB Human Capital Group, says: “Through this mobile application, QIB aims to reach out to young talents and encourage them to work in Qatar’s banking sector. […]
Walgreens on Aug. 22 became the first retailer to enable customers to earn loyalty points via NFC tap with Android Pay. The pharmacy and convenience giant’s Balance Rewards members now can load their rewards card onto Android Pay and hold their phone near the PIN pad to earn points when making a purchase.
In the course of a recent active business day I observed myself carrying a multitude of financial instruments. I had to make a payment from my business checking account to a local government agency and I was reluctant to use my business debit card. Should I have chosen my credit card the agency charged an […]
Mobile payment service Chase Pay has landed a major new merchant partner, announcing a multi-year acceptance agreement with Phillips 66 that also will boost the fuel retailer’s mobile payments and loyalty integration. Under the deal, Phillips will accept Chase Pay at fuel pumps and convenience stores that operate under its Phillips 66, Conoco and 76 brands.
Using facial recognition to log into bank accounts could present security vulnerabilities, according to a security researcher.
Square Inc. could be moving closer to its long-expected expansion into Europe. The San Francisco-based mobile payments company posted three openings for positions in the U.K. and Ireland on jobs board Indeed.com. The openings were for a compliance analyst and communications manager, both based in London, and a technical customer support rep, in Dublin.
Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already […]
South Korea’s SK Telecom and Hana Financial Group have formed a joint venture (JV) agreement to develop and launch a mobile financial services platform. The firms say the deal combines SK Telecom’s mobile technologies and big data analytics with Hana Financial Group’s experience in financial products and mobile financial services. Kim Jung-tae, chairman of Hana […]
You can tell cartels to go to hell if you’re Apple. The firm has responded strongly to three of Australia’s big banks’ plans to team up for negotiation deals on digital wallet access. According to the Australian Financial Review, the request from the Commonwealth Bank of Australia, National Australia Bank and Westpac to “collectively negotiate […]
Nykredit, Denmark’s largest mortgage provider, has invested in a minority stake in a new mobile banking service, Lunar Way, and has become its banking partner. In two months’ time Nykredit will replace Københavns Andelskasse (Copenhagen Cooperative Bank), the start-up’s initial banking partner. Mark Dissing Bækgaard, head of marketing and communications at Lunar Way, tells Banking […]
Although consumers continue to adopt and use mobile wallets such as Apple Pay, Android Pay and Samsung Pay, new evidence indicates that such wallets are largely failing to drive repeat usage. A report released Aug. 17 by Javelin Strategy and Research found that mean mobile wallet usage has declined 20 percent over the past three years—to 3.0 purchases a month in 2015 from 3.7 in 2013.
In light of huge merchant problems accepting EMV—something that card brand stats show 66-70 percent of merchants still can’t do—EMVCo, the organization that manages the specifications for the anti-fraud chip card technology, said on Aug. 17 that it will, for the first time, provide “formal certification for contactless mobile payment devices.”
In an age where texting has replaced email and video chat has replaced phone calls, it’s no surprise that many consumers are beginning to readily adopt new payment form factors, such as mobile wallets, for making payments in stores and on-the-go.
