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.”


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.”


Societe Generale lets cardholders add personalized bank cards to Apple Pay

Societe Generale brings personalized credit and debit cards to Apple Pay — Societe Generale — “Societe Generale offers over 180 personalised physical cards, but this marks the first time customers will see the exact same card as they have in their wallet in Apple Pay. ‘With Apple Pay’s personalisation mirroring our cards’ personalisation, we are demonstrating continuity between our digital and our physical products,’ said Julien Claudon, head of card and digital payment.”






Wells Fargo to add contactless functionality to US credit and debit cards

Wells Fargo accelerates customer checkout experience with new tap-to-pay contactless cards — Wells Fargo — “This week, new Wells Fargo consumer credit cardholders began receiving cards with the contactless feature when opening an account, and existing Wells Fargo consumer credit cardholders will receive a new contactless card when their current credit card expires. Consumer debit cards with the contactless feature will start to become available this summer.”




Coles Supermarkets picks Rambus’ Unified Payment Platform to ‘revolutionise retail in Australia’

A Coles supermarket

PARTNER NEWS: Australian supermarket giant Coles, one of the country’s largest retail groups, is to adopt Rambus’ Unified Payment Platform, an omnichannel commerce and payments solution that lets retailers offer a standalone or integrated mobile wallet application that supports credit cards, gift cards, loyalty points, coupons and receipts... More


Chinese mobile payments providers begin charging fees to users

Tencent’s WeChat widens service fee for users of ‘card repay’ feature in digital wallet — South China Morning Post — “In line with international practice, there are no free financial services. WeChat previously paid the credit card repayment fee for users, going forward the new fee chargeable to customers will support sustainable development [of the service],” said a Tencent spokesman in response to a request for comment.”


Eight in ten merchants expect real-time payments to replace debit and credit cards in Europe

One in four European merchants has experienced data theft — ACI Worldwide — “80% of European merchants believe that real-time payments will replace the use of debit or credit cards over time (in the Netherlands, 100% of merchants hold this view; in Belgium 87% and Germany 84%), 76% of merchants believe that real-time payments will help to save their business money, 63% believe real-time payments will reduce their payments acceptance costs. Half of all European merchants (48%) plan to increase their investment in payments technology in 2018.”


Popularity of contactless payments pushes debit cards ahead of cash in the UK

Convenience of debit card payments puts cash in second place — UK Finance — “The popularity of contactless payments among UK consumers is a key driver of debit card growth. In total, across both debit and credit cards, the number of contactless payments increased by 97% during 2017 to 5.6bn. Almost two thirds (63%) of people in the UK now use contactless payments, and no age group or region falls below 50% usage.”


US financial institutions pilot dynamic CVV cards

Worldpay tests dynamic CVV cards in anticipation of broader availability — Digital Transactions — “Worldpay is testing the Motion Code-enabled credit and debit cards with two undisclosed credit unions and a bank before broader availability, expected later this year. The hope is to make online shopping more secure… A dynamic CVV means a criminal may obtain the card number, but will be unable to verify the CVV because it will have changed.”



Apple to launch Apple Pay credit card in 2019

Goldman Sachs, Apple team up on new credit card — Wall Street Journal — “Apple Inc and Goldman Sachs Group Inc are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic. The planned card would carry the Apple Pay brand and could launch early next year.”


Japanese bank to issue digital currency that cuts transaction costs

Japan’s biggest bank is releasing its own cryptocurrency in March — Investopedia — “The MUFG coin will have parity with the Japanese yen and will be rolled out to employees of the financial services group first. It will enable standard transactions, such as shopping or transfer of money between individuals (for example, splitting of a bill after a meal or drinks), at much lower costs as compared to credit cards.”


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.”


UnionPay details its mobile payment app for China’s banks

Unified app of China’s banking industry, ‘Mobile QuickPass’ officially launches today — China UnionPay — “The ‘Mobile QuickPass’ app is a unified mobile payment portal jointly developed and maintained by commercial banks and UnionPay, under the guidance of the People’s Bank of China. Customers are able to link their bank cards to the app, manage different bank accounts, and enjoy the mobile payment services and benefits offered by each bank. The services offered by this app also include UnionPay QR code payment, signing up for various mobile payment solutions, comprehensive credit card services, P2P real-time transfer and payment services in various scenarios.”


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