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 […]
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.
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 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.
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.
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.
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.
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.
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 […]
Consider it a frontier of payments: How best to match gift card offerings with a consumer base that is ever more reliant on mobile devices? And doing so while retaining easy portability and wide flexibility.
Azimo says it has become the first money transfer operator to enable money transfers worldwide via Facebook Messenger. “Money transfer is now social,” Azimo states. It describes its new functionality as “revolutionary”. It connects senders and receivers through their Facebook friend list, enabling them to exchange details immediately and links them to the Azimo app […]
ING Bank Romania has launched a new mobile point-of-sale (mPOS) service, underpinned by MasterCard and specialist vendor GoSwiff. ING mPOS is aimed at local merchants of all sizes. It enables them to accept card payments through mobile devices, smartphones and tablets, connected to a card reader. It also supports other added-value services, such as consumer […]
Indonesian telco Indosat Ooredoo and GoSwiff International have teamed up for a new mobile payment acceptance solution for merchants in Indonesia, D-Pay. Bank Negara Indonesia (BNI) is the acquiring bank. D-Pay is a financial service that enables merchants to accept mobile payments, allowing their customers to pay using debit/credit cards (Visa, MasterCard and JCB) and […]
Users of bank-owned P2P money network clearXchange soon will be able to send funds via debit cards, offering faster transfers and significantly expanding the network’s potential customer base to nearly anyone in the U.S. with a debit card.
Many mobile wallet users want more from their mobile wallets, such as sales offers, coupons, order delivery updates and loyalty programs, and marketing and loyalty opportunities using mobile wallets has gone largely untapped, according to a recent study, “The State of Mobile Wallet Marketing,” conducted by Urban Airship, a mobile engagement platform provider.
A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.
They want permission from national anti-trust regulators to negotiate as a bloc with Apple over putting their own mobile payment technologies on iPhones.
Venmo also announced additional merchant partners have come on board, bringing the number of merchants now accepting Venmo payments within their mobile apps to 11.
Mastercard on Tuesday (July 26) was granted a patent for a device that sidesteps PINs and biometrics for quick consumer payment authorization. The idea is that consumers would authenticate themselves before making the purchase, thereby enabling much faster checkout in-store.
Square Inc. reportedly wants to set up shop in the U.K. That would put the mobile payments service up against such players as PalPay and Germany-based SumUp—among many others—for the loyalties of merchants.
With nearly 40 million Americans using wearables—and that number expected to more than double by 2018, retailers are looking for ways to capitalize on wearable popularity by using these devices to push personalized offers and provide payments capabilities to improve the shopping experience.
Mobile banking is catching on in a big way in the U.K., with payments via mobile banking apps reaching £347 (about US$456 million) in 2015, up a whopping 54 percent over the previous year, according to a new study. The Way We Bank Now, a report from the British Bankers’ Association (BBA) and professional services organization EY, found that U.K. consumers used mobile banking apps—ranging from those of major banks to full-featured mobile-centric accounts—more than 4 billion times last year.
For those wondering if the post-eBay PayPal would act differently, July 21 gave us the answer: Yes. On Thursday, PayPal announced a strategic partnership with Visa where Visa would get preference—in both PayPal and Venmo apps—and PayPal said that it would “not encourage Visa cardholders to link to a bank account via ACH” and “PayPal will also support and work with issuers to identify consumers who choose to migrate existing ACH payment flows to their Visa cards.”
Mastercard is set to gain control of a major chunk of the U.K. transaction processing market, entering a definitive agreement to acquire 92.4 percent of VocaLink in a deal that could total up to $1.14 billion. A bank-owned consortium, VocaLink’s technology underpins the British direct debit and credit payments system, as well as the LINK ATM network and the Faster Payments Scheme for real-time mobile and Internet payments.
Visa has been granted a patent that could help in a big way by identifying and “blacklisting” a device that’s been used to perpetrate fraud.
Canada’s first mobile wallet suretap is now one of the latest casualties in the mobile wallet wars. Citing market changes and an increasing number of mobile payment and banking options, among other factors, the Toronto-based company will shut down the mobile wallet as of Aug. 26. But it’s not alone. Semble, a New Zealand-based joint venture created by several telecoms and banks, discontinued its mobile payment service July 15.
Samsung’s upcoming Galaxy Note 7 reportedly will include an iris scanner that enables consumers to unlock their phones, one of the first major smartphones in the U.S. to include such technology. Although there was no immediate indication that Samsung plans to use iris authentication for payments, biometrics authentication is gaining momentum as providers seek to eliminate security-challenged passwords.
BMO Bank of Montreal has introduced a new service that allows customers to open an account using their smartphone, without having to go to a branch or download an app. The bank says this “first-of-its-kind account opening capability” allows customers to search, select and open a new account with BMO “in minutes”. Niti Badarinath, head […]
According to new research from Visa, consumers across Europe are interested in using biometrics when making a payment – especially when integrated with other security measures. About 73% of the 14,000 European consumers surveyed see two-factor authentication, where a biometric is used in conjunction with a payment device, as a secure way to confirm an […]
