SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, has been aware of flaws in the way smaller banks used SWIFT’s messaging terminals, thus compromising the security of the system, but the organization did little to address the matter. Those are the assertions of more than a dozen current and former high-ranking Swift officials, according to a Reuters report on Aug. 17.
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.”
Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]
ACI Worldwide will integrate Ethoca’s service, Ethoca Alerts, into its UP eCommerce Payments solution, making it available to payment service providers (PSPs) worldwide. The integration gives PSPs, acquirers, processors and their merchant customers a means to “bolster” their fraud defences with card issuer-confirmed fraud and customer dispute data. Keith Briscoe, chief marketing officer, Ethoca, says […]
Myanmar-based Yoma Bank has gone live with Misys’ core banking system, FusionBanking Essence. Yoma Bank, one of the country’s largest commercial banks, has been in tech modernisation mode since 2014. In-mid 2014, it issued an RFI for new core banking software, with the financial support from International Finance Corporation (IFC; a subsidiary of the World […]
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.
Payment Alliance International (PAI), a provider of electronic payment processing solutions, has been honored for the second year in a row by Louisville Business First as a “Best Places to Work” in Greater Louisville award winner.
The proposed sale of Vocalink to MasterCard, threatens to “kill innovation” in UK payments. This is the damning verdict of AccessPay CEO, Anish Kapoor, who is calling on payments experts to come together to voice their opinions and thoughts, before a final decision is reached. In the time it takes you to read this blog […]
Green Dot and Uber on Aug. 16 expanded the Instant Pay option that enables Uber drivers to quickly get their earnings via debit cards. The expansion builds upon the launch earlier this year of Instant Pay through Green Dot’s Pay Award-winning GoBank mobile checking account, via a special GoBank Uber debit card.
Apple Pay is getting its first multi-currency prepaid card, as the mobile payment service adds support for Mastercard’s Cash Passport card, issued by Raphaels Bank, the bank announced on Aug. 16.
China-based UnionPay on Aug. 16 introduced its QuickPass mobile wallet in Canada, the technology’s North American debut.
Chinese e-commerce giant Alibaba Group Holding Ltd. appears poised to continue expanding its multi-billion dollar business into India and Southeast Asia. Alibaba has been in talks with Paytm, an m-commerce platform, to acquire all of Paytm Mall or at least a large share of the company’s marketplace business, according to the Hindustan Times.
UK-based Yorkshire Bank and Clydesdale Bank – which together form CYBG – have introduced Apple Pay to its customers. The payments service is also available to its “B” customers. In May, CYBG unveiled a new digital banking platform, called B, as it gets ready to become a standalone challenger bank. Helen Page, chief marketing officer […]
Berlin-based start-up Cookies has launched its peer-to-peer (P2P) payment app in Germany. The app is in its beta phase and currently in invite-only mode. Everyone who registered on its website in the past few weeks and months gets a personal invite code, allowing them to use the Cookies App. It says anyone who’s not yet […]
NCR Corporation has revealed US-based Bank of Oak Ridge and Gorham Savings Bank are the latest financial institutions (FIs) to deploy its Interactive Teller technology – taking the total number of customers beyond 300. With the tech, consumers can interact via video and audio with their banks’ remote-based video teller. NCR says its software gives […]
A series of technical glitches during Green Dot Corp.’s processing conversion to MasterCard Payment Transaction Services for Walmart’s MoneyCard in May set Green Dot and Mastercard back more than $4.4 million, which includes letting customers keep money that was incorrectly credited to them.
U.S. credit card debt increased by $17 billion to $729 billion in the second quarter, according to the Federal Reserve Bank of New York, even as there are indications that millennial consumers are turning away from that payment option.
After a successful trial run, UK retail chain Tesco will roll out its PayQwiq mobile payment service in all of its stores by the end of 2016. The QR code-based app is available for Android and iOS and enables shoppers to connect any payment card with American Express, Mastercard or Visa branding.
Chinese consumers could soon make legal payments in that country via their smartphones and QR codes, media reports indicate. Shoppers with such online services as Alipay and Tenpay already use the codes, but they exist “in a regulatory gray zone, banned by the government, yet still continue operating,” according Ecns.cn.
ATM maker Diebold has completed its $1.8-billion acquisition of Wincor Nixdorf. As Banking Technology reported in March, US-based Diebold announced it had met the tender condition for its German rival Wincor Nixdorf. The combined organisation will begin operating as Diebold Nixdorf tomorrow (16 August). The market share of the combined company will be about 35%. […]
It’s probably not farfetched to say you’re time-stretched. To save time here’s a round-up of some events in the (Asian) world of payments. Payments firm Mozido has revealed that 14 banks within the Taiwan Mobile Payment Co (TWMP) consortium have adopted its HCE technology. The remaining 12 banks will launch later this year. Mozido says […]
After a previous attempt by FinCEN to implement an anti-money laundering rule stalled and was withdrawn, the agency is planning to reintroduce a version of the rule. A FinCEN spokesman told Reuters the rule is being revised and could be submitted next year.
As mobile app operators try to make lunch easier for workers by enabling them to reserve seats and place lunch orders before arriving at restaurants, questions are being raised about how efficiently those fledgling apps handle payments.
The company’s new CVS Pay offers payments, loyalty and prescription management within the CVS Pharmacy mobile app. The service currently is available in some CVS locations in select markets, including New York, New Jersey, Pennsylvania and Delaware, with a nationwide rollout expected to begin later this year, CVS said.
The online payments technology platform provider launched the Mastercard-branded GPR prepaid card late last year in the U.S. and Canada as part of a test before taking the product globally, according to the company.
They said it. We read it. We edit. Here’s a round-up of events in the payments space to save you time. Payments platform Payza has expanded the availability of its Payza Prepaid Card to the majority of its account holders worldwide. It was initially launched to a “limited group” in December 2015, but Firoz Patel, […]
In 2016, mobile payment sales are projected to reach $27 billion and users are expected to spend an average of $720, up from $8.7 billion and $376, respectively, in 2015. But exploding mobile adoption is just one of a handful of customer behaviors that are making streamlined, integrated payments a must-have for many retailers.
UK-based Raphaels Bank has become the “first new fully operational participating financial provider” of Faster Payments, the UK’s 24/7 real-time payment service. The bank says it is the 12th direct participant of the Faster Payments Scheme (FPS), and the first new bank to connect directly to the payment system since it was launched in 2008. […]
Union Bank of India has launched Ucontrol, a solution which lets customers control credit card usage with a mobile application. The solution is powered by payments provider Worldline, and Union Bank cardholders can manage usage of all their Union Bank of India credit cards from a single mobile application. Shri Arun Tiwari, chairman and managing […]
Emirates NBD has unveiled Emirates NBD Pay, an NFC-based mobile contactless payment solution. The UAE-based bank says it is the “first” in the Central Europe, Middle East and Africa region (CEMEA) to incorporate Visa’s Token Service technology to launch a contactless payment solution. Suvo Sarkar, senior EVP and group head – retail banking and wealth […]
Ireland-based Fexco has teamed with Electronic Network Cash Tellers (Encash) to launch the “first-ever” mobile cash withdrawal solution in the Philippines. Through Encash’s customer network, Fexco says its EasyDebit solution will be able to serve 75 million BancNet cardholders, allowing them “easier access” to cash across the Philippines. Fexco says the Philippines is a cash-centric […]
Despite the accelerating rollout of EMV debit, the actual use of chip cards at chip-enabled POS terminals has been held back by the “slower-than-anticipated” pace of merchant EMV adoption, with just 4 percent of all debit card transactions with a chip card happening at a chip-enabled terminal, according to the 2016 Debit Issuer Study from Discover Financial Service’s PULSE network, released on Aug. 9.
Mobile payments are coming to more vending machines in the U.S. and Canada, thanks to partnerships between vending operators in both countries with automated retail payments provider PayRange.
An affiliate of China-based e-commerce giant Alibaba will expand its payments prowess in Europe via a deal with Ingenico Group, according to a report. The deal calls for the France-based payments provider to enable customers of Ant Financial Services—an affiliate of Alibaba—to access European offline merchants that are part of the Ingenico network, according to an Aug. 9 report in the Wall Street Journal.
BlueSnap, a payments technology provider, has partnered with Visa Checkout to help online merchants fight checkout abandonment by providing consumers with an easier checkout process and higher payment conversion rates.
Naspers, a South-African-based media and Internet company and parent of online payment service provider PayU, is acquiring Mumbai, India-based online payments company Citrus Payments Solutions in a cash deal valued between Rs 1,000 crore and Rs 1,200 crore (US$150 million to $180 million), according to The Times of India.
Global payments provider Worldpay reported a 10% rise in revenue to £2.1 billion for the six months to the end of June, and is expanding in Australia after winning its licence to process payments. Despite recently suffering two weeks of turmoil, which saw millions of payments affected through one of its gateways, the company’s revenue […]
Prasac, the largest microfinance institution (MFI) in Cambodia, has launched internet and mobile banking services using the TranzWare multi-card processing solution from Compass Plus. Its customers can now transfer money between their accounts, pay bills, top-up their mobile phones, manage their cards, check their balances and get a mini-statement by logging on to their internet […]
Wirecard is working with O2 Czech Republic to offer a unified payments solution to retailers in the country. O2, as the “largest” telecom provider in the Czech Republic, will offer merchants “eKasa” – an online tablet-based fiscal till system together with credit card payment transaction services. This year, a new till system law has been […]
