On The Web

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Domains

Remittances Rose in 2017 While Their Costs, Although Still High, Declined

April 24 2018

• in
• Remittances

“Driven by growth in the United States, Europe, and Russia, global remittances grew 7% in 2017 to $613 billion from $573 billion in 2016, the World Bank reported Monday. At the same time, the average cost of remittances fell, though expenses remain more than twice as high as the World Bank would like. Last year’s […]

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Domains

Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud

April 23 2018

• in
• P2P

“Zelle, a service that allows bank customers to instantly send money to their acquaintances, is booming. Thousands of new users sign up every day. Some $75 billion zoomed through Zelle’s network last year. That’s more than twice the amount of money that customers transferred with Venmo, a rival money-transfer app. But the same features that […]

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Domains

TransferWise becomes first non-bank to open settlement account with BofE RTGS

April 18 2018

• in
• Cross-border payments

“The move was designed to open up a competitive space which has long been the preserve of the UK’s biggest incumbents, providing non-bank PSPs with direct access to the UK’s sterling payment systems that settle in central bank money, including Faster Payments, Bacs, Chaps, Link, Visa, and, once live, the new digital cheque imaging system. The […]

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Domains

53% Of Consumers Want Smartphone Payment Option

April 26 2018

• in
• Mobile Payments
• Mobile self-checkout
• Mobile wallets

“Smartphone-based payment solutions have so far been slow to take off in the North American market, but that trend could be shifting. Nearly one in three (31%) of consumers already use mobile wallets such as Apple Pay, and 53% of consumers feel stores should accept smartphone payments. That figure rises to 67% for Millennials, who collectively account for $200 billion in […]

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Domains

Are Masterpass and Visa Checkout Doomed by the New Shared Buy Button?

April 24 2018

• in
• Remote Commerce

“Speculation that Visa Checkout and Masterpass brands may be on the way out has surfaced following announcements last week from Visa Inc. and Mastercard Inc. they would support a shared buy button for online purchases based on EMVCo’s Secure Remote Commerce specification. Reports of a possible phaseout of Masterpass, launched in 2013, and Visa Checkout, launched in 2014, appeared in The […]

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Companies

PayPal hails Venmo impact, mobile payment growth

April 26 2018

“PayPal registered a record number of users on its mobile payments platform Venmo in Q1 2018, despite facing stiff competition from new challengers including Apple and the US bank-driven brand Zelle. During the company’s Q1 earnings call, CEO Dan Schulman (pictured) said Venmo – which is largely used for mobile P2P payments – was gaining […]

On The Wires

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Domains

Western Union Expands Digital Service to Panama and Jamaica

April 26 2018

• in
• Remittances

“The Western Union Company (NYSE: WU), a leader in cross-border, cross-currency money movement, today extended its global digital footprint to Latin America and the Caribbean, activating the Western Union® mobile app (for iOS and Android) in Panama and Westernunion.com/jm in Jamaica, enabling customers to send money to more than 200 countries and territories, 24/7.”

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Domains

Samsung Canada teams up with RBC to expand Samsung Pay availability to Canadians

April 18 2018

• in
• Mobile Payments

“Samsung Electronics Canada Inc. announced today that Royal Bank of Canada(RBC) personal payment cards are now supported by Samsung Pay, the widely accepted mobile payment system that works almost anywhere you can swipe or tap a card.1 This latest announcement follows the expanded Canadian availability of Samsung Pay, with RBC joining existing Samsung Pay partners including CIBC, […]

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Domains

Zelle Network® Announces $25 Billion in Person-to-Person Payments in Q1 2018

April 26 2018

• in
• P2P

“In the first quarter of 2018, more than $25 billion moved through the Zelle Network, up 15 percent quarter-over-quarter (QoQ), on 85 million transactions, up 14 percent QoQ. “Zelle® is replacing cash and checks for sending gifts for birthdays to distributing funds to those in need, changing how money moves safely for millions of consumers,” said Paul Finch, CEO at […]

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Domains

PayStand Announces B2B Payments Integration with SuiteCloud, Achieves ‘Built for NetSuite’ Status

April 23 2018

• in
• B2B

“PayStand, the B2B payment platform for the future of business, has achieved ‘Built for Netsuite’ status. Announced at SuiteWorld Las Vegas, the new SuiteApp integrates and automates entire NetSuite-based financial processes by automating the $550 billion worth of transactions stuck in pre-internet paper, plastic and manual processes.”