David Heun

Fraudsters are quickly developing a way to sidestep EMV-chip security ahead of the U.S. card networks' October 2015 deadline for adopting the technology.

Apple Pay was supposed to deliver a victory blow for Near Field Communication payments, but its launch seems to be doing as much damage as good for the cause of NFC.

The Merchant Customer Exchange is informing individuals and businesses involved in the testing the venture's CurrentC mobile payment system that "unauthorized third parties" have obtained some of their email addresses.

Payment applications developer Ixaris is working with United Bank for Africa and Ojapay to launch a virtual card-based e-commerce system designed to make online purchasing an option for more African consumers.

Retail ATM operator Cardtronics Inc. is testing a system that takes location-based offers, which are typically linked to a card account or a mobile app, and makes them available to consumers who may prefer to pay with cash.

Even though U.S. merchants and acquirers have known about the looming deadline for EMV-chip card adoption for three years, their progress has been slow.

Bank of America was quick to address an early issue with double-charging Apple Pay users, but the damage to consumers' perception of mobile payment technology may prove to be longer-lasting if more glitches occur.

PHOENIX – Rather than simply support Apple Pay, banks need to go a step further to develop their own mobile wallets that interact with merchants for rewards and offers.

Even though Apple has more than 500 banks lined up to support Apple Pay, including heavyweights like Bank of America and JPMorgan Chase, some bank executives are taking a decidedly defensive stance.

PHOENIX – Even though Apple has more than 500 banks lined up to support Apple Pay, including heavyweights like Bank of America and JPMorgan Chase, some bank executives are taking a decidedly defensive stance.

MasterCard is determined to take its tokenization technology for Apple Pay and spread the security method to many other payment products, including the card brand's own MasterPass digital wallet.

PHOENIX – Banks need to convert their ATM fleets into modern financial services kiosks that become new profit centers because legacy payments systems are looking more out of touch with modern expectations.

PHOENIX — Apple enters the mobile wallet world in a stronger position than most of its rivals, largely because it sought the support of card networks and banks before the first Apple Pay transaction ever took place.

Apple enters the mobile wallet world in a stronger position than most of its rivals, largely because it sought the support of card networks and banks before the first Apple Pay transaction ever took place.

General-purpose reloadable prepaid cards have turned a corner, moving from being a product for low-income or unbanked individuals to being an important tool for younger, high-income consumers.

The Chicago Transit Authority approved the free Ventra Android and iOS app this week, but riders won't be able to use the app for tap-and-go payments with Near Field Communication-enabled smartphones until early 2016.

MasterCard will launch a contactless card with a built-in fingerprint sensor in the U.K. in early 2015 with Norwegian payment technology provider Zwipe.

Apple, which launches its mobile wallet on Oct. 20, has convinced more than 500 banks to support Apple Pay by early next year.

Apple, which launches its mobile wallet on Oct. 20, has convinced more than 500 banks to support Apple Pay by early next year.

Web standards developer W3C has formed the Web Payments Interest Group to create security and customer experience standards.