Money 20/20: Mobile Solutions Help SMBs Harness Big Data (Nov. 6, 2014)
The current boom in mobile commerce technologies is giving small and medium businesses an array of powerful new tools with which to manage payments—and beyond.
The current boom in mobile commerce technologies is giving small and medium businesses an array of powerful new tools with which to manage payments—and beyond.
Attendees at the 29th gathering of CARTES concluding today in Paris noticed the event’s growing emphasis on mobile payments, as well as another striking feature of the show—drawing 20,000 attendees from 140 countries—is the diversity of products and business models mobile payments support.
A group of state and national merchant associations, 44 in all, sent a letter to congressional leaders today calling for the establishment of a single, national standard for notifying American consumers when businesses suffer a breach of security involving financial data or other sensitive personal information.
The time is right for a new breed of digital-only banks to enter the market and steal away share from the established players, according to a new report by Monitise.
The fintech start-up sector and renewed spending by larger firms are combining to create a demand for IT skills that is outstripping supply in some areas. Cyber-security, big data, business intelligence and application development skills are all in demand.
As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.
Online payments provider Optimal Payments has launched a new online checkout page, designed to help e-commerce merchants with indemnified alternative payments.
The U.S. EMV migration couldn’t come at a better time, according to executives discussing chip cards on a panel at CARTES in Paris.
First Data Corp. is testing Clover Mobile, a hand-held mobile POS device, enabling small to midsize businesses to provide quicker service and sales, as well as improved customer engagement, by taking the POS terminal off the counter and bringing it to the consumer.
Apple Pay’s potential to change the game for NFC payments has been one of the dominant themes at the Money20/20 conference in Las Vegas this week. But the service—which uses the iPhone’s TouchID fingerprint sensor to validate users—also represents a major milestone for biometric authentication.
ATM maker Diebold has unveiled a new concept banking platform with four “experience zones” at the Money2020 conference in Las Vegas. The concept aims to demonstrate how banks can combine convenience, security and self-service with a low cost ‘footprint’.
Banks will be judged on how well they provide mobile services and social media interaction in the coming years. Instead of being just another channel, these forms will be the first point of contact for customers, according to a new report by analyst firm Celent.
Biometric identity verification mechanisms were prominent among the raft of new product announcements at the Money20/20 event in Las Vegas, which opened this week.
When one thinks of cutting-edge mobile commerce, a butcher shop in the 1980s isn’t likely the first image that comes to mind. But that was the connection made by Visa Inc. President Ryan McInerney, to illustrate what he views as one of the key ways in which mobile has the power to transform commerce—namely, by bringing personalization back to the shopping experience.
Apple Pay’s rollout was a top theme for payments executives speaking today during the kickoff conference session of CARTES in Paris.
Beginning this week, Russian customers of eBay Inc. will be able to pay for their purchases with Visa QIWI Wallet, the result of a partnership between the online auction Website and QIWI plc, a provider of payment services in Russia.
Payment processor i2c Inc., is providing the payment processing infrastructure behind a payments card geared for everyone from “cryptocurrency adopters and loyalty points junkies to the underbanked.”
True to its name, Ubiquity Global Services, a New York-based financial services and payments service company, is becoming more ubiquitous globally.
Biometrics have been getting a lot of attention as a means of payments authentication, but UniRush LLC wants to use the technology to bolster security and improve the customer self-service experience for its cardholders.
MasterCard Canada and Visa Canada are reducing interchange fees to an average net effective 1.5 percent rate for the next five years for consumer credit cards.
Cross-border low-value payments service provider Earthport, has opened a new payment route into China to support trade payments into the region.
Yantra Financial Technologies, an electronic payment systems developer, has integrated its latest system for risk scoring of payments with the Ripple real-time settlement protocol. The integration means that institutions using the Ripple protocol can analyse transactions in seconds, including what other payments the customer recently made and potential concerns regarding a specific transaction. Risk levels can be assigned to certain transactions based on pre-determined criteria.
After a somewhat vague notice of its next field hearing, the CFPB updated its blog to specify that “prepaid accounts” will be the topic of the hearing, scheduled for 11 a.m. EST, Thursday, Nov. 13, in Wilmington, Del.—an exact location has not been given.
During a Money20/20 keynote, New York State Superintendent of Financial Services Benjamin M. Lawsky raised the possibility of a new addition in the proposed rules; licensing specially designed for virtual currency startups.
CPI Card Group launches a mobile platform that enables NFC payments using the secure element or host card emulation. The Littleton, Colo.-based card manufacturer also announced its first EMV prepaid cards in Canada.
As more aspects of life leave the physical world and enter the digital one, the majority of U.K. consumers still prefer buying and giving physical gift cards, rather than buying and sending them electronically, according to a recent survey by global gift card provider and program manager Stored Value Solutions (SVS).
Softcard announced a deal with QSR giant McDonald’s that adds 14,000 more U.S. locations to the mobile wallet’s acceptance network.
Ingo Money, known for its mobile check deposit capture technology and Good Funds Network, is planning to acquire Fuze Network, a payments technology company that enables loads to more than 1 billion bank-issued cards at thousands of retail locations.
Currency site XE.com and money transfer business Currency Cloud plan to launch a new international payments service called XE Money Transfers before the end of this year, which they claim will make foreign exchange transactions more transparent.
Yesterday the CFPB posted on its Website the announcement of its next field hearing, 11 a.m. EST, Thursday, Nov. 13, in Wilmington, Del.
It’s been a rough week for Merchant Customer Exchange (MCX), the retailer-led mobile payments consortium.
While more than a quarter of American households still were either unbanked or underbanked last year, as was the case in 2011, the proportion of unbanked households declined to 7.7 percent or 9.6 million households, compared with 8.2 percent in 2011, according to the latest report from the FDIC.
Ubiquity Global Services, a New York-based financial services and payments service company, will be the sole provider of dispute and chargeback services to UniRush LLC.
Lloyds Banking Group’s decision to close 200 branches and axe 9,000 staff was to be expected – but the firm’s digital plans highlight the changing nature of retail banking and the bank branch in general.
1to1 Card, a Chicago-based prepaid card program manager, announced that Paul Boemer has joined the company as chief strategy officer.
Bitcoin payment processor BitPay and Bitcoin exchange Vaurum announced that Arthur Levitt, former chairman of the U.S. Securities and Exchange Commission (SEC), will serve as adviser to both enterprises.
CardCash.com, a Brick, N.J.-based marketplace for secondary gift cards, has hired Tom Ochoa as senior vice president of business development.
MasterCard has appointed Safdar Khan to lead its growing Islamic payments business in Southeast Asia, and he will be promoted to the role of group country manager for Indonesia, Malaysia and Brunei.
Meta Financial Group Inc. announced that Elizabeth G. “Betty” Hoople has joined the company’s board of directors.
Royal Bank of Scotland (RBS) has hired Marion King as director of payments. She will begin her role with the Edinburgh-based company in early 2015.