ING lets Turkish businesses accept Mastercard payments on NFC mobile phones

Turning smartphones into mobile points of sale — ING — “Turkish small business owners can now use their smartphones to securely accept payments from customers following a pilot by ING and Mastercard. The ‘Tap on Phone’ application allows business owners to use their Android smartphone, tablet or other smart devices as mobile points of sale (POS), replacing the traditional cash register or electronic POS terminal… Any Android-based smartphone or tablet can be transformed into a mobile POS with the ‘Tap on Phone’ app and an activated near-field communication.” 


RHB issues dynamic CVV cards to Malaysian customers

RHB introduces high-tech credit card — Malay Mail — “RHB Banking Group (RHB) has launched the RHB Rewards Motion Code Credit Card, featuring a dynamic card verification value (CVV) security code that regularly refreshes automatically. Acting head of retail banking Nazri Othman said RHB expects its new credit card issuance to increase by 15% annually with the launch of the high-tech credit card ― the first of its kind in Southeast Asia.” 


Huawei expands NFC mobile payments to Hong Kong

Huawei rolling out new products to enhance user stickiness — Hong Kong Economic Journal — “Huawei Pay, which was launched in Hong Kong on Monday, allows users to settle bills in more than 40,000 retail spots accepting the UnionPay contactless card payment… Earlier this year, Huawei Pay was launched outside China for the first time. In Russia, 66 banks are now supporting the technology. Both Huawei and Honor smartphones will carry the new service, which is compatible with 20 mobile devices, including several smartwatches.” 


East reports on Apple Pay fraud in Europe

East publishes European fraud update — European Association for Secure Transactions — “Two countries reported mobile wallet fraud in relation to Apple Pay. One reported that mobile wallets are fast becoming the new money mules — fraudsters are enrolling cards that are not yet associated with a specific wallet. Another country reported that fraudsters are obtaining security codes through phishing, with which they can then install a mobile banking app on their own smartphone, using the victim’s data.” 


IMF reports on the impact of digital money on banking business models

IMF warns banks to evolve or be ‘left behind’ amid competition from big tech firms — CNBC — “IMF authors Tobias Adrian and Tommaso Mancini-Griffoli said the two most common forms of money today, cash and bank deposits, will ‘face tough competition and could even be surpassed’. But banks are ‘unlikely to disappear’ as they face growing threats from big tech companies and fintech start-ups, the paper said. ‘Some will be left behind no doubt,’ the authors wrote. ‘Others will evolve, but must do so quickly’.” 


PayPal launches its Xoom mobile remittance service in Europe

PayPal expands its international money transfer service Xoom to 32 markets across Europe — Xoom — “Today, PayPal launched Xoom — its international money transfer service — in 32 markets across Europe. People in these markets can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally.” 


Shinhan to put credit cards on the blockchain

Shinhan Card develops blockchain-based payment system — The Korea Times — “With the patent-winning technology, the card firm has established a blockchain-powered credit transaction process that enables various functions, such as setting a maximum spending limit, paying in monthly installments and completing payments between merchants and consumers… The company is the first in the world to have established a credit transaction service using the new record-keeping technology, it said.” 


Turkey unveils plans for a central bank-issued digital currency

Turkey puts central bank digital currency on new economic roadmap — Coin Telegraph — “The government of Turkey has included a central bank-issued digital currency in its 2019–2023 economic roadmap published on July 9… In addition to a central bank digital currency, the development plan lists blockchain adoption in the operations of transportation and customs.” 


Libra to use QR codes to let consumers buy and sell cryptocurrency

Facebook answers how Libra taxes and anti-fraud will work — Techcrunch — “Facebook is also in talks with local convenience stores and money exchanges to ensure anti-laundering checks are applied when people cash-in or cash-out Libra for traditional currency, and to let you use a QR code to buy or sell Libra in person.” 


Apple Pay offers free fries at McDonald’s

Latest Apple Pay promotion offers free fries at McDonald’s all month — 9to5Mac — “Apple today has kicked off its latest Apple Pay promotion. This time, users can secure a free order of french fries from McDonald’s when using Apple Pay all month long… Apple has been offering Apple Pay discounts through various retailers, services, and restaurants on a near-weekly basis recently. Recent offers have included US$1 tacos through Taco Bell, US$5 off select Fandango movie ticket purchases, and more.” 


Merchant payments association calls for 18 month delay on strong customer authentication

EPSM recommends harmonised migration plans on PSD2-SCA — EPSM — “To avoid significant acceptance disruptions, EPSM recommends that all regions should agree an additional timeframe of 18 months for standard applications, as well as up to 36 months for challenging applications, such as those in the travel and hospitality sector. This will deliver an EU-wide harmonised migration approach by the EBA and the 28 national regulators for remote card payments.” 


Samsung Pay adds in-app loan and credit card applications in India

Samsung partners with Paisabazaar.com to offer financial products on Samsung Pay — Paisabazaar — “Paisabazaar.com, India’s largest online marketplace for financial products, today announced its partnership with Samsung… Samsung Pay users can apply for credit cards and personal loans from the platform. The move will enable millions of existing and potential Samsung Pay users to get the benefit of seamlessly opting for a host of financial services.” 


LG to launch ThinQ mobile wallet in the US?

LG applies for ‘ThinQ Wallet’ crypto wallet trademark in the US — Coin Telegraph — “According to the filing documents, the trademark is for services concerning transaction and settlement services, mobile banking, ‘issuance of cyber money’, and ‘payment application software for mobile phones’ among others. ThinQ is a brand first used for a smart refrigerator introduced by the company in 2011 at a consumer electronics show. Since then, multiple smartphones have been launched under the ThinQ brand.” 


Federal Reserve reports on synthetic identity payments fraud

Federal Reserve System white paper examines the effects of synthetic identity payments fraud — FedPayments Improvement — “A synthetic identity is created by using a combination of real information (such as a legitimate Social Security number) with fictional information (which can include a made-up name, address or date of birth)… Over time, fraudsters build up the creditworthiness of the synthetic identity, then ‘bust out’ by purchasing high-value goods and services on credit and disappearing.” 


Survey: Security tops convenience for UK online payments

Brits care more about online payment security than convenience — Equifax — “Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity. Security ranked highest across all age groups, and was a particular concern for over 55s (75%) compared to just over half of 18-24 and 25-34 year olds (52% and 53% respectively).” 


Ghana to roll out national QR payments platform

Ghana to launch Universal QR Code for payments this year — Republic of Ghana — “This year, there’s going to be also a remarkable introduction into Ghana of a universal QR Code for payments. This will help us move further into the cashless direction because there will be no longer any need for merchants to have point of sales devices with the QR Code platform. All they need is a mobile phone and even a ‘yam phone’ [feature phone] will work.” 


Domino’s pilots cashless stores in Australia

Domino’s Is starting to ditch cash payments — Gizmodo Australia — “The pizza maker is calling it ‘Tap & Take’ and is positioning it as a way to make the ordering process both quicker and more convenient… Domino’s has stated that the participating stores will accept ‘all forms of payment’, except for cash. This includes card payments, PayPal, Apple Pay, Android Pay, EFTPOS to door and Instagift.” 


China’s central bank to develop a digital currency

Central bank unveils plan on digital currency — China Daily — “The People’s Bank of China, the central bank, is organising market-oriented institutions to jointly research and develop a central bank digital currency and the programme has been approved by the State Council, the country’s Cabinet, Wang Xin, director of the PBOC Research Bureau, said at a seminar at Peking University.”