Payments News

On The Web

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Systems

Square Forms Group to Stop Patent Hoarding From Stifling Crypto Innovation

“Jack Dorsey’s payment company is inviting other cryptocurrency firms to join its “alliance” to pool patents and preserve the industry’s open-source spirit. Square said Thursday it has launched what it calls the Cryptocurrency Open Patent Alliance (COPA) , a non-profit that wants to stop companies from locking up useful technologies in patents, a practice Square […]
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Global

NAB Hits Back at Afterpay with a No Interest Credit Card

“The rapid growth of Afterpay and younger borrowers’ desire for more control over debt prompted a response from National Australia Bank, which launched a no-interest credit card on Wednesday in a banking world-first. NAB’s StraightUp card will never charge interest to the customer, in contrast to the 20 per cent rates on many credit cards. […]
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Global

How Bitcoin Met the Real World in Africa

“Four months ago, Abolaji Odunjo made a fundamental change to his business selling mobile phones in a bustling street market in Lagos: He started paying his suppliers in bitcoin. Odunjo sources handsets and accessories from China and the United Arab Emirates. His Chinese suppliers asked to be paid in the cryptocurrency, he said, for speed […]
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Systems

Artificial Intelligence Keeps HSBC ATMs Stocked with Cash

“HSBC is replacing more manual processes, with artificial intelligence (AI) being used to automate when ATMs need to be refilled. The technology, developed by HSBC’s operations and technology teams, has been trialled in Hong Kong, where the bank has 1,200 ATMs. The iCash AI technology has reduced ATM refills, which are done by third parties, by […]

On The Wires

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Companies

Citi Retail Services and Wayfair Announce New Strategic Partnership With Launch of Private Label and Co-Brand Credit Cards

“Citi Retail Services and Wayfair, one of the world’s largest online destinations for the home, today announced a long-term partnership to provide a new private label Wayfair Credit Card and co-brand Wayfair Mastercard with compelling rewards and benefits for Wayfair customers. This new partnership with Citi Retail Services – one of North America’s largest and […]
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Systems

InComm Identifies Areas of Growth for Gift Cards in 2020, Despite COVID

“Online purchases of gift cards more than doubled in the first two quarters of 2020, outpacing the year-over-year growth of 24 percent measured from 2018 to 2019. This insight reveals how retailers can engage consumers who may be hesitant to return to brick-and-mortar stores during the COVID-19 pandemic. The findings were published today by payments […]
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Systems

Financial Institutions Holding 70% of U.S. Deposit Accounts Have Access to RTP® Network for Real-Time Payments

“Financial Institutions that hold 70% of demand deposit accounts (DDA) now have access to real-time payments capabilities via banking technology providers connected to the RTP® network, the real-time payment system in the United States provided by The Clearing House. With additional banking technology providers connecting to the RTP network, even more financial institutions have a technical […]
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Companies

Mastercard Launches Central Bank Digital Currencies (CBDCs) Testing Platform, Enabling Central Banks to Assess and Explore National Digital Currencies

“With the global economy racing to embrace digital payments, central banks also are looking to the future and investigating how to support innovation while maintaining monetary policy and financial stability as they issue and distribute currency. In fact, 80 percent of central banks surveyed are engaging in some form of Central Bank Digital Currencies (CBDCs) […]