Mobile payments

Mobile payments and open banking open a new world of access, but also a need to shore up data protections, says Global Processing Services' Shaun Puckrin.

Backed by its consumer survey acknowledging a significant shift in payment preferences to contactless options since the COVID-19 pandemic, Fattmerchant is launching software that can quickly add contactless payment acceptance for its merchants.

For Starbucks, the pandemic’s emergency workarounds are also a proving ground for a retail concept that could change the way people visit quick-serve restaurants.

Latin America is seeing a surge in digital wallet adoption as governments seek ways to disburse coronavirus aid to vulnerable citizens, and consumers look for safe alternatives to cash.

As treasury departments modernize, new ways to serve consumers also arise, says Icon Solutions Lauren Jones.

SolarisBank and Visa have provided the technology to enable Vivid Money to launch its mobile banking app in Germany with virtual cards and cash-back rewards.

As merchants are challenged to adapt their business just to survive, and consumers push for greater control over where and how they spend, the payments industry is in a position to align the various needs, says Splitit's Brad Paterson.

Walt Disney Co. has at least temporarily cut several reservation and incentive features tied to its closed loop payment system, revealing the complexities of mixing health guidance with tourism.

Innovating is tough even in ordinary times, but during the coronavirus pandemic many payments startups had to dig into deeper reserves of creativity and resilience to meet expectations.

The global coronavirus outbreak has up-ended daily life for many consumers, including where they shop and how they pay for things. The U.K. is no exception, as issues of health and hygiene have now been introduced as important factors when it comes to both planned and impulse shopping.

Merchants should also monitor fraud by channel, to see how much each channel contributes to total fraud losses, Bernardo Lustosa of ClearSales says.

The modern mobile wallet no longer uses a card as a crutch. Instead, it sees it as an additional product that can add revenue from interchange, lending and loyalty.

Mobile and contactless payments have generated more consumer attention as ways to safely move money during the coronavirus pandemic, but there's also a growing wave of support for The Clearing House's Real Time Payments network for banks.

Ignoring those that came before you, understanding the importance of scope and capacity, and rushing to be the next big thing can help payment startups in good and bad economies, says Leaseweb's Global's Stephane Ngali.

Mastercard and Judopay have teamed up to enable mobile payments through The Pharmacy Centre.

The sessions are interactive, and viewers can purchase products at any time during the session by clicking on a small product window and making a purchase with an app such as Alipay, says Azoya International's Franklin Chu.

As consumers dump cash and traditional point of sale hardware for contactless payments, PayPal has added support for QR codes in 28 countries.

Mobile's already responsible for more than half of online fraud, and that will get worse, says ClearSales's Bernardo Lustosa.

The coronavirus pandemic has had an immediate impact on a wide swath of consumer spending habits and payment choices — some of which may remain in place for some time after the crisis subsides — as certain categories such as travel have fallen to the wayside and others such as grocery stores have risen as more consumers eat meals at home.

Criminals developing EventBot malware built it to take advantage of businesses and humans turning to mobile banking and payments in the current coronavirus crisis — but also to update itself on the fly to become more insidious in the future.