PaymentsNews

On The Web

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WTO E-Commerce Talks Move Forward, Disagreements Lie Ahead

“With digital transactions increasingly intertwined with international trade flows, global agreement on rules that will sustain and further e-commerce is critical. Industry groups including CCIA have supported the ongoing discussions and encouraged countries to increase their engagement to develop rules on e-commerce. The inclusion of developing countries on the Joint Statement is also welcome, demonstrating that getting […]
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PayPal’s Venmo had a break-out quarter with payments surging 80%

“The app has annual revenue of more than $200 million, Schulman said. But that’s not quite enough for Venmo to make money. Investors will have to wait until at least mid-2019 for Venmo to be in the black, the company’s chief financial officer said. “The next phase for us is to get Venmo to break even. […]
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Apple Pay transaction volumes are up 100% year-on-year

“More than 1.8bn Apple Pay transactions were conducted last quarter, CEO Tim Cook has revealed during the company’s Q1 2019 earnings call. That number is “well over twice the volume of the year-ago quarter,” he revealed. The rollout of Apple Pay in Germany “has been a huge success”, Cook added, “with Deutsche Bank reporting more activations for Apple Pay […]
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Saudi Arabia, UAE Aim to Cut Payments Costs With Common Digital Currency

“The central banks of Saudi Arabia and the United Arab Emirates (UAE) have jointly launched a digital currency trial. The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE jointly announced Tuesday that the project is aimed to facilitate blockchain-based financial settlements between the two countries. While the central remittance systems in both countries have “evolved […]
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Modernize your payments: More efficient means lower operations costs

“A Payments Canada study, in partnership with Ernst & Young LLP (EY Canada), quantified the current cost of payments processing for Canadian business to be between $3 billion and $6.5 billion annually. The research looked at current payment processes and identified inefficiencies, such as the manual handling of accounts receivables and payables among all sizes […]
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Samsung Pay starts overseas remittance service in 17 countries – Pulse by Maeil Business News Korea

“Samsung Electronics Co. said Wednesday that it has begun the beta version overseas remittance service on its mobile payment system Samsung Pay in partnership with local foreign money transfer operators Hanpass and Sentbe. The beta service will be available in 17 countries including the United States, China, and Japan. The company plans to gradually expand […]

On The Wires

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Western Union Digital Money Transfers Now Live in South Korea via kakaobank Mobile App

“With the integration of Western Union’s cross-border functionalities with kakaobank’s mobile banking app, over 7.6 million kakaobank customers can now seamlessly send and receive international money transfers directly from their mobile phones, 24/7. kakaobank customers in Korea have the choice to send money directly into more than half a million Agent locations in more than […]
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Revel Systems Release Cloud-based Enterprise and SMB Point of Sale Services

“Revel Systems®, a cloud-based point of sale (POS) and complete business management platform, today announced a fresh market and product strategy to uniquely serve each of its key customer segments. Building on its position as a demonstrated leader in the POS space with deep technical expertise, Revel has launched two distinct product offerings.”
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American Express and Bill.com Introduce Vendor Pay for Accounts Payable

“Today, American Express (NYSE:AXP) and Bill.com announced a strategic partnership with a new offering: American Express “Vendor Pay” by Bill.com. Vendor Pay couples automating your accounts payable (AP) process with the ability for businesses to seamlessly pay vendors with their American Express® Business or Corporate Card, without the hassle of setting up a new Card […]