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    E-payments

    News about E-payments.

    Mastercard launches AI across global network

    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.”

    Mastercard blockchain patent applications

    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.

    PBoC reports on China mobile payments market

    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.

    Mastercard takes majority stake in VocaLink

    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.”

    RBI reveals framework for “less-cash” society

    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.”

    HDFC Bank to launch mobile payments in India

    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.”

    Nets FlashPay and AutoPass Cards get NFC phone top-ups

    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.

    NETS to launch HCE mobile payments in Singapore

    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.

    Telkom Indonesia to work with Sony to launch NFC mobile services

    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… More

    MasterCard partners with P97 to enable mobile payments and rewards at the pump

    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… More

    WHSmith India to accept MobiKwik mobile payments in 55 stores

    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… More

    India offers tax break for electronic 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”.

    Amazon releases mobile wallet app for Android

    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… More

    Snapchat to add payments?

    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”.

    Visa Inc abandons digital wallet ambitions, Visa Europe to continue investing

    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… More

    Alipay tests virtual credit card

    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.

    PayPal CEO joins Facebook as head of messaging products

    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… More

    Square adds invoices

    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”.

    Bitcoin gets Facebook transfers

    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.”

    Finnish banks call for real-time payments

    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.

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