Payments round-up: 12 August 2016
It’s probably not farfetched to say you’re time-stretched. To save time here’s a round-up of some events in the (Asian) world of payments.
Payments firm Mozido has revealed that 14 banks within the Taiwan Mobile Payment Co (TWMP) consortium have adopted its HCE technology. The remaining 12 banks will launch later this year. Mozido says its HCE solution provides a mobile wallet capability for TWMP that supports consumers using HCE cloud-based NFC phones. TWMP is the “first” customer to go to market with Mozido HCE.
Wei-Jong Pan, president of Taiwan Mobile Payment Co, says Mozido has “demonstrated strength” in its mobile wallet platforms, along with its “ability to combine payments technologies into existing applications”. A coalition of 26 banks in Taiwan, TWMP was formed to build a nationwide mobile payments initiative as Taiwan plans to move its population toward a cashless society.
Mizuho Bank and Fujitsu have launched a field trial in Japan aimed at providing electronic invoicing and payment and automated accounts receivable reconciliation services using electronic invoicing (EIPP) and financial EDI (electronic data interchange).
The firms say financial EDI is expected to offer a variety of benefits, including automated and more efficient transactions. Given this, the two companies have considered links with a shift to XML telegrams for domestic payment instructions between companies.
Is this a master stroke from MasterCard? The firm is now offering cardholders in China the ability to use local credit and debit cards to pay US tuitions and other costs through a “first-of-its-kind” online payment service.
MasterCard joined forces with Plastiq, an online payment service company, to create the site for its cardholders. Plastiq processes cards and sends payments in forms already accepted by recipients. Schools do not need a Plastiq account to accept card payments submitted through the service.
By the way, MasterCard recently revealed its plans to become a payment service provider in China. Ann Cairns, president of international markets at MasterCard, says it is still “trying to understand the rules” (good luck with that). It hopes to be in a position to submit a licence application this year.