Payments

The dramatic shift in consumer buying behavior sparked by the pandemic looks set to change the future of commerce for good, writes Joris Kroese, founder of Hatch.

India banned another 43 Chinese apps including some of Alibaba Group Holding Ltd.’s key shopping services, expanding its mobile blacklist to more than 200 applications.

In a potentially good sign for credit unions, last week credit card spending reached its highest point since the start of the coronavirus pandemic, according to data from PSCU.

Viva Wallet is offering London’s 20,000 black taxis a Mastercard-branded business debit card whose cashback is meant to be offset against card acceptance fees at the acquirer’s in-taxi terminals.

In the push to get millions of cash-based micro- and small-business merchants to go digital, the two largest card networks are getting a boost from contactless payments' global surge.

JoomPay Europe S.A. is launching a person-to-person payment app throughout Europe that it says will give consumers an instant money transfer tool similar to what U.S. residents have in Venmo, Square Cash and Zelle.

By gathering pools of customer data ahead of the shopping surge, retailers can capitalize on the increase in shoppers by identifying the right customers and making every engagement count, says Tealium's Sav Khetan.

The agency said federal thrifts must abide by the same rules as national banks pertaining to membership in payment systems and codified policies on acceptable derivatives practices among a slew of technical changes.

HSBC for the first time is offering customers a way to send funds instantly across borders to other HSBC customers via a mobile device.

Payoneer has integrated its payment orchestration platform into its core services, a year after obtaining the cloud-based technology through the acquisition of German payments provider Optile.

Banks have made great strides in applying digital technology to the world of checks, but companies that receive checks still have to physically receive them in order to digitize them, says Santander's Greg Murray.

While digital pay innovation was once seen as a “nice-to-have” benefit, it's quickly becoming integral to business survival, says LendingFront's Jorge Sun.

In 2017 the creators adapted the technology into a touchless restaurant order-and-pay system that’s seen exponential demand during the pandemic, as dining establishments race to replace paper menus and card payment devices with contactless alternatives.

When the pandemic hit full-force and lockdowns closed many agent locations, the industry’s shift to digital accelerated quickly. Even as job losses rose among those sending money overseas, the demand from recipients kept money moving, including among legacy companies like Western Union and MoneyGram.

In addition to monitoring the spike in contactless payments because of the COVID-19 pandemic, Verizon Business has also cited the expected decrease in foot traffic at the largest malls in the U.S. through its mobile data metrics.

More lending regulation and interchange restrictions are on tap, says Intrepid Ventures' Eric Grover.

Xoom, PayPal’s international remittance unit, has launched a direct money transfer feature for its U.S. customers to send funds domestically to bank accounts and debit cards.

Software developers and ISOs must go into payment partnerships with a full understanding of what capabilities their merchants are seeking, including flexibility and choice, says NMI's Nick Starai.

Within the payments industry, Wirecard as a brand has become almost like Enron — but an exec at Railsbank says the German processor's fall from grace masks talent and innovation that can thrive elsewhere and help forge new paths to financial services.

The success of some fintechs in getting bank charters this year only underscores how onerous the process remains for many others. That’s unlikely to change unless policymakers reconsider what it means to be a bank.