Contactless POS terminal transactions made in-store using cards, mobile devices or wearables will total approximately $500 billion annually by next year, an increase from roughly $321 billion in 2016, according to a recent study by Juniper Research.
A computer scientist appears to have broken Apple’s iPhone security by simply opening the phone and replacing the main memory chip with a cloned version. As long as the researcher kept switching the chips, it allowed an unlimited number of password attempts. The researcher said that the technique, which is known and referred to as Nand mirroring, cracked a 4-digit code in 40 hours and a 6-digit code in “hundreds of hours.”
Mastercard on Sept. 19 revealed a deal with Stripe to speed up payments via Mastercard Send, a platform enabling the rapid transfer and receipt of funds by businesses, merchants, governments, nonprofits, card issuers and consumers.
In a Sept. 19 ruling in a case over a cyberattacks against JPMorgan Chase and others, a federal judge became the latest to declare that bitcoin qualifies as legal tender. Manhattan District Court Judge Alison Nathan rejected an attempt by Anthony Murgio to dismiss charges that the bitcoin exchange he operated was an unlicensed money transmitting business.
If the student body at the Massachusetts Institute of Technology (MIT) is any indication, it will be some time before bitcoin becomes a common form of payment. A study that began more than two years ago indicates that students preferred to pay with cash, payment cards or mobile wallet apps over the decentralized virtual currency.
London-based finech startup Curve continues to ramp up toward a full launch, landing £2 million (roughly U.S. $2.6 million) in post-seed investment, which the company said it’s hoping will lead to a larger Series A round later this year. Curve offers a physical smart card equipped with chip-and-PIN, magstripe and NFC technology.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
A San Francisco-based mobile-only banking startup announced Sept. 14 new partnerships as it prepares to launch a beta of its mobile banking product in the U.S. later this year. Varo Money Inc. has signed an agreement with The Bancorp, in which The Bancorp Bank will be providing private-label banking services for Varo’s mobile checking and savings accounts.
Retailers are increasingly faced with the need to provide a seamless omnichannel experience in order to succeed. One way to achieve this is via APIs that help integrate the in-store experience with Web and apps. Discover highlights five key areas that retailers can quickly and easily address with the right publicly available APIs.
Look for Chase Pay at the POS at your local Best Buy, just in time for this year’s U.S. holiday shopping season, Chase announced Sept. 14. Chase this week also made a noteworthy security move. On Sept. 12, JPMorgan Chase—without announcing it—reversed its security position on its mobile app, removing the need to type in a password once a customer has already been authenticated by either Apple’s Touch ID or an Android biometric scan.
Finovate – now ten years old (or young) – has celebrated its anniversary with over 1,600 attendees at its New York show. Banking Technology was a media partner, and FinTech Futures Series, Banking Technology’s sister company, took part in the event.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Facebook Messenger platform updates announced Sept. 12 have enabled chat bots to accept payments, meaning Messenger users now can make payments within Messenger threads and not have to leave the app. Facebook says it has 1 billion users in 200 countries who use Messenger monthly, and developers and businesses have built more than 30,000 bots for the app.
Visa is offering a glimpse into the future of commerce during the Toronto International Film Festival, running until Sept. 18. In its 20th year sponsoring the festival, Visa is offering festival-goers access to a first-of-its-kind Connected Screen, powered by Ingenico, along with an “immersive virtual shopping experience” that enables them to virtually try on and purchase clothing from a film’s wardrobe department.
Following a joint project with O2 to create Germany’s first mobile-only, full-service bank account, GFT Technologies and Fidor have entered a broader “strategic innovation partnership”. The focus is on developing mobile financial and banking apps, and marketing/selling Fidor’s proprietary technology, Fidor Operating Systems (fOS).
Fintech start-up Clinc says it has created “the world’s first” open source platform for building artificial intelligence (AI) and deep learning-based personal assistants. Clinc calls it “the financial genie” or “Finie”. It is pitched to banks, financial institutions and personal finance managers. The solution was developed by a group of professors at the University of Michigan, […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Barclays and Wave pioneer blockchain trade finance transaction What is a fintech day without blockchain? UK challenger banks: who’s who The list has been updated. US credit union consortium plots blockchain use Watch out R3. Smile and an […]
Two of the leading mobile payments services made significant moves on Sept. 7, with Android Pay adding support for more payment cards in the U.S. and U.K. and launching on the mobile Web, while Apple announced it will bring Apple Pay to Japan in October.
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.
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.
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 […]
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.
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.
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.
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 […]
