Payments News

On The Web

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Financial Institutions Can Out-Innovate Fintechs Through Greenfield Approach

“Examples are beginning to be rolled out. RBS Group will soon launch Bó, a greenfield digital offering, built with new technology in under 12 months. National Australia Bank (NAB) has had success with QuickBiz, a fully digital unsecured lending solution, and German insurer ERGO has built Nexible as a challenger to its existing auto-insurance business. […]
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WeChat is quietly ranking user behavior to play catch-up with Alibaba

“More than one billion people leave behind trails of information on WeChat every day as they use the messenger to chat, read, shop, hail rides, rent umbrellas and run many other errands. And the Tencent app has quietly started using this type of signal to determine whether a user is worthy of perks such as deposit-free […]
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U.S. Holiday Retail Sales Are Strongest in Years, Early Data Show

“Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to MastercardSpendingPulse, which tracks both online and in-store spending with all forms of payment. Overall, U.S. consumers spent over $850 billion this holiday season, according to Mastercard.”
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Mean Streets: Self-driving Cars Will “Cruise” to Avoid Paying to Park

“If you think traffic in city centers is bad now, just wait until self-driving cars emerge on the scene, cruising around to avoid paying hefty downtown parking fees. Even worse, because cruising is less costly at lower speeds, self-driving cars will slow to a crawl as they “kill time,” says transportation planner Adam Millard-Ball, an associate […]
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Citi Says Customers can now Pay for Rent and School Fees Using its Credit Cards

“The service, called PayAll, can be accessed from Citi’s mobile app and every transaction would incur a fee payable to the bank. It is currently available in Singapore where average transactions are around $3,500. The service is expected to be available in Hong Kong, the United Arab Emirates and Thailand by the end of the year. Additional spending categories are expected to be […]
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Singtel’s Cross-border Payments System Expands to Japan | ZDNet

“Singapore’s largest telecommunications carrier Singtel has expanded its Via cross-border payments alliance to Japan. Via, the first cross-border mobile payment alliance in Asia in partnership with AIS, Thai digital bank Kasikornbank, and Boost Malaysia, is now also partnering with Tokyo-based mobile payment technology company Netstars and its 100,000 stores across Japan. The alliance allows customers […]
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Risk & Fraud

MyEquifax.com Bypasses Credit Freeze PIN — Krebs on Security

“Most people who have frozen their credit files with Equifax have been issued a numeric Personal Identification Number (PIN) which is supposed to be required before a freeze can be lifted or thawed. Unfortunately, if you don’t already have an account at the credit bureau’s new myEquifax portal, it may be simple for identity thieves to lift an […]

On The Wires

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Chipotle Teams With Venmo to Launch Mobile Rewards Program

“Chipotle is one of the most mentioned brands on Venmo, a leading payment app for splitting and sharing payments with Venmo friends in the app’s social feed. For a chance to receive anywhere between $1 and $500, consumers submit the phone number associated with their Venmo account at CHIPOTLEREWARDME.COM. Within 24 hours, recipients of the payouts will be alerted […]
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Fintech and Blockchain Pioneers Team Up to Bring DLT Security to Voice Banking

“When ConnectFSS began implementing the FIVE Voice Banking Platform for clients, president Grant Parry saw an opportunity to combine FIVE with work being done on CULedger’s MyCUID digital credential solution. Now, the consortium is working on a new way for members to authenticate during their voice banking transactions, utilizing the security benefits offered by MyCUID’s […]
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Tappy Tech & Timex Group Announce their Partnership For Tokenization of Timex Group Wearables

“Tappy Technologies (Tappy Tech or “Tappy”), the Hong Kong-based wearable and digital payments solution provider, has launched a partnership with Timex Group, in a move set to shake-up the traditional watch industry. Tappy, the first licensed Wearable Token Service Provider of its kind, will offer a unifying platform for digital and mobile payments to traditional watch […]