H&M invests in Klarna to let fashion shoppers ‘try before they buy’

H&M and Klarna partner to elevate the modern shopping experience for consumers — H&M Group — “H&M and Klarna will further integrate H&M’s digital and physical stores to give customers a seamless, personalised and engaging shopping experience no matter where, when and how they shop… This will include frictionless instore, mobile and online payments, simplified deliveries and returns and the flexibility to decide how and when to pay including the popular ‘try before you buy’ pay later service.”


CIMB deploys multi-QR POS terminals that support six different mobile payment services

CIMB is first in Malaysia to bring QR acceptance from six mobile wallets on one payment terminal — CIMB Bank — “The six mobile wallet partners to be accepted on CIMB terminal are Alipay, Touch & Go Digital, Boost, KiplePay, Mcash, and Vcash. These six mobile wallets have a combined estimated customer base of about 4.5 million in Malaysia and 520 million registered mainland Chinese users.”


Taiwan Cooperative Bank tests standardized EMVCo QR codes for payments

Taiwan Cooperative Bank completed Taiwan’s first standardized QR code payment in partnership with Visa — Visa — “By adopting the EMV QR Code Specification, as supported by Taiwan’s two large domestic payment switches, consumers can enjoy a fast, convenient and secure payment experience. The specifications are intended to be globally interoperable; and with the right mobile application local consumers as well as overseas travellers will be able to use the same QR code to make payments everywhere the specifications have been adopted.”



Survey finds Apple Pay is used for three in four US debit card mobile wallet transactions

Apple Pay makes up 77% of mobile payments among debit card users — Auriemma Consulting Group — “An Auriemma study of debit card issuers shows that Apple Pay makes up 77% of mobile wallet transactions. Samsung Pay and Google Pay, Apple Pay’s main competitors, make up 17% and 6% of transactions, respectively… While Apple Pay has the most market share, Samsung Pay users are the most engaged. In fact, the average Samsung Pay user makes 7.3 transactions each month, compared to 5.5 transactions for Apple Pay and Google Pay users.”


Japanese banks launch blockchain P2P payments service

SBI Ripple Asia’s MoneyTap app has launched in Japan — Coindesk — “The product allows users to send funds to others using just their telephone numbers or a QR code, and utilizes devices’ biometric log-in features, such as fingerprint scanning, for security… Currently, the service is only able to remit between accounts held at the three participating Japanese banks — SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Payments are being offered at no charge and can be sent in Japanese yen or foreign currencies.”


Federal Reserve proposes new settlement system for faster US payments

The Fed proposes an always-on settlement system for faster payments — Digital Transactions — “The new proposal has two major facets. One outlines the RTGS plan for settlement of payments every day at all times. The other involves a so-called liquidity tool the Fed says could increase banks’ participation in a real-time system by limiting exposure that can arise outside of business hours. The general idea behind both is to reduce the risk from providing funds to payment recipients before settlement has actually occurred.”


Forecast: One in two payment cards shipped in 2018 will be contactless

Contactless payment cards forecast to account for over 50% of all cards delivered globally in 2018 — ABI Research — “Contactless payment card issuance is set to hit 1.5bn units in 2018, accounting for over 50% of all payment card shipments delivered globally… Breaking the 50% barrier marks a significant milestone in contactless card migration, where market momentum is expected to continue due to next-generation migration opportunities, most notably in the US, India, South East Asia, and Latin America. These opportunities are helping to push contactless card issuance volumes toward 2.3bn annually by 2022.”


Korean retailer pilots unmanned convenience store that uses face recognition for entry and payments

GS25 brings facial recognition to new shop — Korea JoongAng Daily — “Most convenience stores without a human cashier use barcodes to identify the products. GS25’s new system instead identifies an item by its packaging and weight. This allows customers to simply place items on the table before paying using facial recognition or a credit card. The company says it takes only about a second for the system to recognize five items at once, whereas with the conventional barcode system it would take 15 seconds to scan them one by one.”



Asian carriers begin rollout of cross-border mobile payments service

Singtel and AIS debut Via, Asia’s first cross-border mobile payment alliance — Singtel — “The Via alliance is the first initiative of its kind to connect both telco and non-telco mobile wallets across borders to create a region-wide payment network that will enable consumers to use their local mobile wallets when travelling. The Singtel Group will progressively expand this alliance to include other regional associates Airtel in India, Globe in the Philippines, Telkomsel in Indonesia, working within each country’s regulations, and non-telcos including China’s Ping An eWallet.”



M&S rolls out mobile self-checkout in London food stores

M&S rolls out checkout free checkout as part of digital first strategy — Marks & Spencer — “M&S has today announced the launch of its scan and pay service, Mobile, Pay, Go, which will be available for customers in six London stores ahead of Christmas… The pacey roll out follows a successful trial of the service at Waterside Simply Food over the summer. The store now sees 20% of its sales from Mobile, Pay, Go with an average of 170 items being purchased through the app every hour.”


Tencent uses face recognition to verify the age of mobile game players

Honour of Kings uses facial recognition to check ages — BBC — “The mobile app resembles League of Legends and pits players against each other in multiplayer online battles set in a fantasy world. Under pressure from local regulators, Tencent introduced restrictions in July 2017 to limit under-12s to one hour of gameplay a day and 13- to 18-year-olds to a maximum of two hours. Last month, the company added a real-name registration system to encourage players to keep to the rules.”



EU begins rollout of cross-border digital identity project

Cross-border digital identification for EU countries: Major step for a trusted Digital Single Market — European Commission — “As of 29 September, the EU-wide legislation on the electronic identification (eIDAS Regulation) will enter into force enabling cross-border recognition of the electronic ID and allowing citizens and business to share their identity data when necessary. People will be able to use their electronic ID (eID) such as ID cards, driver licenses, bank cards and fill tax returns online, access medical records and online public services across the EU.”


Tim Berners-Lee launches decentralized identity platform

One small step for the web… — Tim Berners-Lee — “Solid is a platform, built using the existing web. It gives every user a choice about where data is stored, which specific people and groups can access select elements, and which apps you use. It allows you, your family and colleagues, to link and share data with anyone… It will empower individuals, developers and businesses with entirely new ways to conceive, build and find innovative, trusted and beneficial applications and services.”


Tatra Banka lets new customers verify their ID on their mobile phone

Customers save at least 70% time using Innovatrics digital onboarding — Innovatrics — “Users are first tasked to take a photo of both sides of their identification card. Afterwards, they are prompted to take a selfie to verify that the image is actually the same as the picture on the submitted ID. A ‘liveness test’ is performed for added security wherein the client has to follow with his or her eyes a randomly moving dot appearing on the mobile screen.”


Micro loans let Chinese consumers buy snacks and lipsticks on credit

Chinese millennials are buying hamburgers on instalment, fuelling micro loan industry — South China Morning Post — “A small layer cake can be had for as low as 0.46 yuan per month for three years, or there’s lipstick for only 1.93 yuan (3 US cents) per month for two years. Interest rates differ based on the product price and repayment period but some loans are offered interest free.”