State regulators take first step to standardize licensing practices for Fintech payments — Conference of State Bank Supervisors — “Seven states have agreed to a multi-state compact that standardizes key elements of the licensing process for money services businesses (MSB). The agreement: If one state reviews key elements of state licensing for a money transmitter — IT, cybersecurity, business plan, background check, and compliance with the federal Bank Secrecy Act — then other participating states agree to accept the findings… Other states are expected to join this compact.”
USA
Over half of US consumers are now using a P2P payments service
US consumers and debit: Shift to online may inhibit use — Mercator Advisory Group — “57% of all respondents and 78% of young adults aged 18 to 34 use person-to-person payment services such as PayPal, Venmo, Google Wallet, Facebook Messenger, and others accessible online and in-app by mobile devices and nearly half of them use a P2P service at least once a month.”
50% of US stores now accept Apple Pay
Apple Pay accepted at one out of two US stores, says Apple VP Jennifer Bailey — AppleInsider — “According to Bailey, Apple Pay availability was limited to about 3% of stores in the US when it launched in 2014, but is now accepted in 50% of stores.”
US consumers sent $75bn in Zelle P2P payments in 2017
Zelle moves record $75bn in 2017 — Zelle — “In 2017, the US$75bn moved on Zelle, was an increase of 36% year-over-year (YoY) from 2016’s totals of $55bn… The Zelle network processed more than 247m payments in 2017, an increase of more than 45% YoY on the 170m transactions processed in 2016… More than 60 financial institutions are now part of the Zelle network.”
Survey finds sales uplift in stores with mobile POS devices
In-store mobile could generate a 146% revenue boost in 2018 — Retail TouchPoints — “Retailers that are deploying in-store mobile POS saw a 24% average increase in sales in 2017 over retailers who don’t implement mobility in-store… Only 34% of retailers have deployed mobile POS, while 42% have armed their employees with mobile devices without a POS platform.”
Walmart expands Scan & Go mobile self-checkout pilot to 100 more stores
Why We’re Helping More Customers Scan and Go — Walmart — “The app allows customers to scan and bag items, including produce, while they shop and pay directly with their phones… Once customers are done shopping and have paid for their items, they simply walk through the Mobile Express lane on their way out… Customers see the price of individual items as they scan them along with a running total.”
Dunkin’ Donuts offers faster pickups to customers who order via mobile
Dunkin’ Donuts unveils next generation concept store in Quincy, MA — Dunkin’ Donuts — “An exclusive On-the-Go drive-thru lane lets DD Perks members who order ahead via Dunkin’s mobile app bypass the ordering lane and merge straight into the line for the pickup window… Dunkin’ Donuts has also introduced an area dedicated to mobile pickups, so that members of the DD Perks Rewards program who order ahead via Dunkin’s mobile app can get in and out of the restaurant faster than ever before.”
Visa CEO plots central role in IoT payments
Visa CEO Al Kelly is planning for the day washing machines can make purchases — CNBC — “‘As the internet of things emerges and we see many more connected homes, connected cars and connected offices, you may end up with four, five, six, eight places in your home where you could actually buy from,’ Kelly told CNBC for Fortt Knox… ‘We at Visa are trying to make sure that we work with manufacturers around the world to create an on-ramp to facilitate payments from any of those locations,’ Kelly said. ‘We just want to be in the middle of that.’”
Walt Disney World to pilot cashless resort concept
Walt Disney World to test cashless resort concept at Animal Kingdom Lodge in February — WDW News Today — “Walt Disney World will be testing a cashless environment at Disney’s Animal Kingdom Lodge during a limited pilot program beginning February 12th, 2018. Jambo House at the Resort will be the first location to accept electronic payment only for all purchases and services… Valid forms of payments that will be accepted include MagicBands, credit cards, debit cards, Disney Gift Cards, Disney Rewards Redemption Cards and electronic payments methods such as Apple Pay, Samsung Pay or Google Pay.”
Amazon opens its cashierless store to the public
Amazon Go cashierless convenience store opening to the public — The Seattle Times — “The store requires customers to scan their smartphone on the way in, tracks them with cameras and other sensors as they browse, and, when they take an item off the shelf, adds it to a virtual cart. Groceries are charged to the customer’s Amazon account when they leave with their goods.”
Starbucks tests cashless store concept in Seattle
Starbucks tests no-cash policy at downtown Seattle store — Seattle Times — “Starbucks is experimenting with refusing cash at a posh location in downtown Seattle… ‘The test will help us understand how cashless forms of payment may impact our customer experience,’ the spokeswoman said.”
Wells Fargo adds support for Fitbit Pay
Wells Fargo announces support for Fitbit Pay — Wells Fargo — “Wells Fargo is partnering with Fitbit, the leading global wearables brand, to launch Fitbit Pay to its customers, giving them the ability to conveniently and securely make purchases at merchants whose payment terminals are set up to accept near-field communication (NFC) payments.”
Bank of America reports 84% rise in P2P payment transactions
Zelle takes cashless payments to new heights — Bank of America — “Bank of America saw total Zelle transactions for 2017 hit nearly 68 million, an 84% growth rate from the previous year. In Q4 alone, Bank of America processed over 23 million transactions, totaling nearly US$7bn, up 91% from the prior year… Currently, Bank of America has nearly three million active Zelle users, and continues to add thousands of new users every day.”
Campari fridge magnets let customers order drinks via NFC
Out of Espolòn Tequila or Aperol? Touch your phone to your new Campari America refrigerator magnet to automatically order more — Campari America — “When consumers want to order or re-order their favorite Campari America brand, they simply touch their iPhone or Android smartphone to one of six available branded ‘smart’ magnets. The NFC chip embedded in the magnet then prompts Drizly to open the specific website page for that brand and gives the consumer the option to add the item to their cart and immediately check out, with the product being delivered by local retailers — all in one cohesive mobile experience.”
LG announces plans to launch its mobile payments service in the US
LG to launch mobile payment system in US by June — Yonhap — “LG Electronics Inc said Tuesday it will launch its mobile payment system in the United States during the first half of this year in time with the release of its upcoming mobile phone… Based on the Wireless Magnetic Communication technology, LG Pay allows users to make payments by touching their smartphones to regular credit card devices… LG said it is considering launching its mobile payment system as LG Wallet in the US.”
Boston Fed: One in four US financial institutions now offer a mobile payments service
Survey: Retail mobile banking nearing universal adoption, mobile payment offerings accelerate — Federal Reserve Bank of Boston — “Implementation of mobile payment services is accelerating as financial institutions respond to competitive pressure and the industry momentum for mobile payments: In addition to the 24% already offering mobile payments, 40% plan to do so within two years. Additionally, more than two-thirds of respondents partner or plan to partner with third-party processors and more than half are considering a partnership with a near-field communication (NFC) wallet provider.”
Restaurants report on benefits of going cash-free
Plastic is king at New York restaurants that no longer accept cash — CBS — “Restaurants said no cash means no wasting time running to the bank for change, or spending hours counting money. They also say business is up. ‘So much faster. With one person on one register we can move 150 people through here in an hour. It’s insane how much faster it is.’
Survey finds high level of consumer satisfaction with mobile payments in US and UK
Auriemma Consulting Group conducts parallel study of mobile pay usage in the US and the UK — Auriemma Consulting Group — “While UK cardholders are slightly more likely than their US counterparts to have used Apple Pay (12% v 9%) and Visa Checkout (9% v 6%) within the past month, other options, such as PayPal In-Store Checkout (5% each) and Android Pay (4% each) show similar usage patterns. Although usage metrics are low, satisfaction with each technology is extremely high.”
Visa reports 66% drop in fraud at US merchants equipped to accept chip cards
Counterfeit fraud at US chip-enabled merchants down 66% — Visa — “With EMV chip transactions continuing to grow in the US, counterfeit fraud volume decreased 66% at chip-enabled merchants in June 2017 compared to June 2015. US financial institutions have issued 462m chip cards to consumers, and 2.5m, or 55% of US storefronts, accept chip cards.”
Burger bar to let customers order and pay by face in California
Cali Group demonstrates face based loyalty program pilot in its restaurant operating division — Cali Group — “The kiosks use NEC’s NeoFace facial recognition software to identify registered customers and pull up their loyalty accounts and order preferences… Also in 2018, the platform will be used to allow customers to pay using their faces.”