News about E-payments.
December 1st, 2016
Mastercard has introduced an artificial intelligence solution to help financial institutions increase the accuracy of real-time approvals of genuine transactions and reduce false declines, while marking the first time AI has been implemented on a global scale directly on the Mastercard network. “Decision Intelligence examines how a specific account is used over time to detect normal and abnormal shopping spending behaviours,” Mastercard says. “It leverages account information like customer value segmentation, risk profiling, location, merchant, device data, time of day and type of purchase made.”
November 30th, 2016
Mastercard has filed patent applications describing systems and methods for authorising and securing blockchain transactions using existing payment networks. “[The] use of traditional payment networks and payment systems technologies in combination with blockchain currencies may provide consumers and merchants the benefits of the decentralized blockchain, while still maintaining security of account information and provide a strong defense against fraud and theft,” the payments company says.
October 28th, 2016
The number of mobile payments made in China have grown 10% year on year since 2013, according to the People’s Bank of China (PBoC). Its data shows that, during the second quarter of 2016, banks handled 32.32bn electronic payment transactions worth 570.95tn yuan (US$84.2tn), including 6.14bn mobile payment transactions worth 29.32tn yuan (US$900bn). Meanwhile non-bank payment institutions handled 37.71bn online payment transactions worth 23.35tn yuan (US$3.4tn), up 111% year on year.
July 21st, 2016
Mastercard has entered into a definitive agreement to acquire 92.4% of UK payments infrastructure operator VocaLink for approximately £700m (US$920m). “Under the agreement, a majority of VocaLink’s shareholders will retain 7.6% ownership for at least three years,” Mastercard says. “This acquisition accelerates Mastercard’s efforts to be an active participant in all types of electronic payments and payment flows and to enhance its services for the benefit of customers and partners.”
June 27th, 2016
The Reserve Bank of India (RBI) has released its framework for payment and settlement systems with a view to moving the country towards a “less-cash” society. Vision-2018 “reiterates the commitment of the Reserve Bank of India (the Bank) to encourage greater use of electronic payments by all sections of society,” RBI says. “Building a robust payments infrastructure in the country to increase the accessibility, availability, interoperability and security of the payment systems will continue to remain a key objective.”
June 6th, 2016
India’s HDFC Bank is to launch a mobile payment service that will support NFC, host card emulation (HCE) and QR code based payments in order to compete with other mobile payment services that are expected to roll out in the country, including Apple Pay, Samsung Pay and Android Pay. “PayZapp contains a prepaid wallet and a virtual prepaid card,” Times of India reports. “Bank customers can also store their credit or debit cards in a dematerialized form in the app and use them for electronic payments.”
February 25th, 2016
Commuters in Singapore can now top up their Nets FlashPay and AutoPass Cards by tapping them against an NFC Android smartphone running the FlashPay Reader app. “With this new top-up feature on the app, foreign motorists can use credit cards issued by Singapore or Malaysian banks to top-up their Autopass Cards on the go,” says electronic payments network Nets.
October 20th, 2015
Electronic payments network NETS is planning to launch a host card emulation (HCE) based mobile payments service in Singapore. “A trial for this will be conducted in the second half of 2016,” MIS Asia reports. “Called NETS 2.0, the initiative aims to enable consumers to make payments via their mobile phone’s NFC function.” The company began piloting contactless wristband payments for public transport in September 2015.
October 16th, 2015
Telkom Indonesia has signed a memorandum of understanding with Sony to develop an NFC platform based on Sony’s FeliCa technology that will let consumers in Indonesia use NFC mobile phones, smartcards and other devices for…
October 8th, 2015
MasterCard has announced a global partnership with mobile payments at the pump provider P97 to enable mobile payments and rewards at gas stations and convenience stores that are equipped with P97’s PetroZone platform. “Powered by…
July 10th, 2015
More than 17m users of Indian mobile wallet service MobiKwik will be able to make in-store payments at 55 WHSmith India stationery and book stores, the first time the service has been available for payments…
June 24th, 2015
Merchants in India accepting electronic payments could be offered a tax rebate, a government proposal suggests. Fees for cash handling could increase, meanwhile, as part of an effort to encourage electronic payments, defined as those done “through means of cards, mobile wallets, mobile apps, new banking, Electronic Clearing Service (ECS), National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS) or other similar means”.
July 22nd, 2014
Amazon Wallet, an Android app that lets users store gift cards and loyalty cards on their mobile phone, is now available to download from Google Play and the Amazon Appstore. Amazon Wallet also ships with…
July 18th, 2014
Messaging app Snapchat has applied to extend its trademark into two classes relating to payments, Techcrunch reports. Trademark #86335306 covers “computer application software for processing electronic payments to and from others that may be downloaded from a global computer network” while trademark #86335307 applies to “electronic transfer of money for others; providing electronic processing of electronic funds transfer, ACH, credit card, debit card, electronic check and electronic, mobile and online payments”.
July 17th, 2014
Visa Inc is replacing its V.me digital wallet service with Visa Checkout, a new payment service that enables consumers in the US, Canada and Australia to pay for goods online, on any device, in “just…
July 3rd, 2014
Chinese online payments giant Alipay is testing a mobile app based virtual credit card service called Xinren Bao that features customised credit limits based on a user’s shopping history and a 38-day interest-free period on all purchases, Marbridge Consulting reports. Xinren Bao is currently in closed beta testing and Alipay has declined to provide confirmation or details to NFC World+ at this time.
June 10th, 2014
PayPal CEO David Marcus is leaving the online payments provider at the end of June to take up a new role at Facebook, as vice president of messaging products — prompting speculation that he will oversee…
June 6th, 2014
Square has added invoicing to its Register service, allowing sellers to “get paid fast with free unlimited invoices and no monthly service fee”. Sellers can now accept payments in person, online in Square Market and through the new Square Invoices feature all “for the same low 2.75% transaction price”.
May 29th, 2014
US startup QuickCoin is making it possible for Facebook users to send Bitcoins to friends from within the social networking platform. “Simply log in, find a friend, click send and they get Bitcoin,” the company says. “QuickCoin works on any device, is usable anywhere in the world and, best of all, QuickCoin transfers are instantaneous, regardless of time or day.”
May 29th, 2014
Finland’s banks are inviting proposals to replace their existing urgent payment system with a real-time system operating 24 hours a day, every day. Dubbed Pops, the current system was built in the early 1990s and is now “becoming obsolete”, says the Federation of Finnish Financial Services. The new system needs to cover at least the entire Sepa zone, and provide application-level acknowledgement of payments received by beneficiaries. Interested suppliers have until 12 September 2014 to submit ideas.