The need for a digital strategy has leapt to the top of retail banks’ agendas over the past year, replacing regulatory issues, as they look to fend of competition from tech and e-commerce rivals.
The Wall Street Journal reported last week that fraudsters were exploiting stolen credit card data to set up fake Apple Pay accounts and buying big-ticket items in Apple’s own stores and other retail outlets.
JPMorgan Chase isn’t putting all of its mobile payments eggs (or apples) in one basket.
International money transfer company Transfast has announced partnerships with three of Kenya’s largest banks to speed up its services for sending and receiving funds across borders.
Ever since the deployment of Apple’s NFC solution – ‘Apple Pay’, and the various competitors launches since, there’s been speculation around what the future holds for consumer payments and how security will impact it
The Citi Mobile Challenge, which seeks to unearth innovation and developer talent in some of the most far flung reaches of globe in a bid to get the best talent to help change the way the world banks, has extended its registration deadline to allow more people to take part.
Explosive developments in mobile commerce and payments will drive a level of disruption in the next three to five years unlike anything the financial services industry has seen before, Dan Schulman, incoming CEO of PayPal, forecast this week.
Blackhawk Network Inc. is bolstering its mobile wallet app, adding a feature that will enable users to sell and exchange gift cards as well as the ability to scan physical gift cards to add them to the wallet.
New mobile payments and loyalty management technologies envisioned for public transportation and automobiles may spark some big changes in commuters’ daily routines, according to announcements from Visa and MasterCard this week at Mobile World Congress in Barcelona.
Mobile money is expanding rapidly as global smartphone penetration grows. This year, many providers are looking to expand their range of mobile money services to areas such as credit and savings – but operators must be wary of the remaining challenges, including regulation and market sizes, according to a new report by the GSMA.
PayPal took a big step forward in expanding its in-store payments presence today, announcing plans to acquire Paydiant, an Auburndale, Mass.-based mobile payments technology company.
Samsung Electronics Co. unveiled details of Samsung Pay, its mobile payments service set to roll out in the U.S. this summer to compete with Apple Pay and Google Wallet, further expanding the potential audience—and merchants—that can participate in the tap-to-pay experience.
Samsung has announced a new mobile payment service called Samsung Pay, that it claims will break the obstacles to mobile wallet adoption by being compatible with older point-of-sale terminals through the use of Magnetic Secure Transmission, which allows terminals using traditional magnetic stripe technology to accept payments.
Google Wallet is getting fresh horses in the mobile wallet race, where Apple Pay has the early lead.
Mobile payments technology is driving multiple types of innovations, but one of the most transformative likely will be location-based technologies that improve the shopping experience, according to Square’s co-founder Jim McKelvey.
Visa is expanding Visa Checkout, its secure online payment service, to reach a total of 16 countries this year, the company said last week.
Google Inc. is plotting another makeover for its 4-year-old Google Wallet, to be revealed in May at its annual I/O developer’s conference, according to a Feb. 20 report in the Wall Street Journal.
Samsung this week announced its purchase of mobile payments startup LoopPay, taking over its technology that enables magnetic stripe cards to be processed as contactless transactions at traditional payment terminals.
Pay.gov, the U.S. government’s online payments portal for 90 federal agencies, is expanding to embrace digital wallets, including PayPal and Dwolla, the U.S. Treasury announced this week.
Apple Inc. has filed a patent application indicating plans to add loyalty features to Apple Pay, introducing the option to redeem coupons and tickets via NFC, according to a new report.
Mobile deposit capture (MDC) has gained tremendous ground with consumers looking for more convenient access to funds.
The U.S. government is the latest to get behind Apple Pay as part of its commitment to encourage more secure payments technologies, the White House announced during its Summit on Cybersecurity and Consumer Protection at Stanford University on Feb. 13.
Mozido today announced it’s acquiring PayEase Corp., a Beijing-based payments gateway and processor with direct connections to 23 Chinese banks.
PayPal and Shell are partnering to enable motorists in the U.K. to pay for gasoline at the pump via a smartphone app.
Contactless payments surged in popularity in the U.K. within the past year, with contactless card spending volume tripling to £2.32 billion (US$3.53 billion) from £653.4 million in 2013, while total contactless transactions rose more than 200 percent to 319.2 million in 2014 from 100.4 million a year earlier, the UK Cards Association announced last week.
As many more tech companies begin offering bank-like services, mainstream banks are searching for ways they can fight back
Apple Pay is a huge catalyst, not only for Apple but also for Android and host card emulation (HCE), First Annapolis’ Lee Manfred said during a keynote at the Smart Card Alliance Payments Summit. He urged issuers and merchants to view Apple Pay as a tool to build their own customized mobile strategies.
A new report from Ingo Money offers evidence to support what many industry observers have long maintained: Offering cardholders robust reload capability is key to driving loads and retention.
Miami-based YellowPepper has closed a $19 million round of Series C funding to expand its mobile wallet in Latin America, where mobile money services are growing by 53 percent.
The mobile revolution is taking the financial services industry by storm. In less than five years it is predicted that the number of mobile phone owners using their device for banking purposes will double to over 1.75 billion. Banks cannot ignore the implications of what this means to their future business models. A mobile-first approach will be essential in leading the way.
The blazing sales rate of Apple Inc.’s new iPhones during the final quarter of 2014 shattered the company’s own expectations, and Apple Pay’s rollout was “extremely positive,” helping drive historic revenues, Apple’s CEO Tim Cook told analysts this week.
Apple Pay continues to make major inroads just three months into its existence, Samsung preps to challenge and Google gains 200,000 online merchants.
Consumers in both developed and developing countries have embraced their mobile devices to check balances, make payments and conduct other financial activities. As a result, mobile banking has become a must-have offering for financial institutions. However, many are still working out how to go beyond the basics to add value for customers, increase engagement and maximise the return on the mobile channel investment.
E-commerce giant Amazon ended the beta test of its mobile wallet app this week, but didn’t say whether it was shuttering the wallet for good.
Google Wallet is reportedly in talks to buy NFC-based mobile wallet rival Softcard, causing speculation about how the combination might stack up against Apple Pay and other emerging wallet concepts.
PayPal this week announced a partnership with Microsoft to provide a new POS approach for small businesses to accept cards payments using the computer titan’s Surface Pro 3 tablet and certain Windows-based phones.
Community banks, which continue to show interest in prepaid but may not have the resources to build their own programs, have a new quick way to enter the market, according to Cachet Financial Solutions.
Shortly after Softcard unveiled Tappy, a puppet starring in a campaign to educate consumers about Softcard and mobile payments, the NFC-based mobile payment initiative backed by AT&T Mobility, Verizon Wireless and T-Mobile has laid off approximately 60 employees.
Nearly 200 ATMs in the Chicago area are going cardless under a new initiative from Wintrust Financial and FIS.
Nine banks in Poland are preparing to launch mobile payments services via host card emulation (HCE) technology early this year, according to Visa Europe.
