MUFG teams up with Akamai to launch blockchain payments network

MUFG and Akamai to launch Global Open Network Inc joint venture — Mitsubishi UFJ Financial Group — “The new company will utilize MUFG’s presence in the payment business and Akamai’s intelligent edge platform, which offers world-class speed and security, with the aim of providing an open payment network in Japan based on new blockchain technology by the first half of 2020.”


Kroger launches payments, offers and rewards app for iOS and Android

Kroger introduces Kroger Pay and Kroger Rewards debit card — The Kroger Co — “After a customer enters their custom PIN or biometrics, the app provides customers with a single-use QR code to scan at the terminal to quickly communicate payment and loyalty card information, which includes digital coupons and personalized offers… Kroger Pay recently launched in the retailer’s Columbus, Ohio division. The service will roll out to 10 additional markets in the spring, with plans to go nationwide later this year.”


Chinese shopping street adopts face recognition payments

China’s first facial recognition payment-based shopping street opens in Wenzhou — ECNS — “A historical shopping street in Wenzhou City, Zhejiang Province, has become the first in China to extensively apply facial recognition in making payments… Mao Xinqin, director of the street’s administration, said facial recognition payments can improve efficiency during the peak season for tourism and shopping. Yang Peng, vice president of Ant Financial, said Alipay has upgraded the payment system using a 3D structured light camera and can ensure accuracy of 99.99%.”


Russian supermarket chain rolls out open loop fingerprint payments service

Sberbank and Azbuka Vkusa perfect fingerprint payment service — Sberbank — “After the quick registration process, which takes place at a checkout, clients tie two fingerprints to a Visa or Mastercard bank card and confirm the registration by coming up with a password. Payments can then be made at all stores with biometric POS terminals by scanning a fingerprint and confirming the transaction with the password. It is not necessary to use a bank card or a smartphone… The service is already available at 20 Azbuka Vkusa supermarkets, and will be added to more locations soon.”


Swift to let merchants offer instant bank loans to online shoppers

Swift publishes new ‘Pay Later’ API standard — Swift — “By selecting Pay Later at the point of purchase, customers are provided with available loans from their banks; they can then select and initiate a loan, knowing that the funds can immediately be credited to the merchants and items dispatched. By offering the Pay Later option, merchants are in turn able to offer a wider variety of purchase options and to reach a wider consumer audience, whilst still ensuring surety of payment.”


Airlines leverage PSD2 to cut transaction fees

New payment method for air tickets successfully demonstrated — International Air Transport Association — “IATA Pay is an industry-supported initiative to develop a new payment option for consumers when purchasing a ticket directly from an airline website. It is made possible by the European Commission’s second Payment Services Directive (PSD2), and the UK’s Open Banking regulation. For airlines, the advantages of IATA Pay are: Cheaper payment option compared to other alternatives; Highly secure; Faster cashflow with instant/near instant payment to the merchant; Simpler payment process resulting in fewer lost sales.”







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.”


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.”


Rambus explains how online merchants can use card-on-file EMV tokenization to reduce fraud and improve the online payments experience

Covershot: What is card-on-file EMV tokenization?

Card-on-file EMV tokenization, where primary account numbers (PANs) stored in a card-on-file database are replaced with payment tokens that can be restricted to a specific retailer, offers online merchants a way to both increase security and create a near frictionless buying experience, Rambus explains in a new ebook which is available to download from the NFC World Knowledge Centre... More


Walmart files blockchain payments data storage patents

Walmart wants to store payment data on a blockchain — Coindesk — “Newly published patent filings from retail giant Walmart hint at a plan to store payments data using blockchain tech. The two applications — published on Thursday by the US Patent and Trademark Office (USPTO) — both reference using a blockchain-powered platform to secure the payment data, ensuring that private information can’t be access by unauthorized parties.”


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