4860 Results from /payments
Retired Member
When plastic cards become digital tokens, a strange thing happens. They become virtual. So how do you say that the Card is Present or Not Present, the legendary regulatory difference that the cards industry has relied on to differentiate between interchange fees for Card Present and Card Not Present transactions? Apple secured Card Present prefere...
12 September 2014 /payments
Yes, Apple endorsed NFC in the latest announcement. If you are thinking this is going to increase sales of NFC POS terminals, don't hold your breath. Here's why. Apple is smart enough to know that NFC is a technology that has been tried and tested by giants such as Google but was resisted by merchants. Yet, it had to conform to the norms of finance...
So now that I’ve had a day or so to digest the recent announcement by Apple regarding “Apple Pay”, here are some of my thoughts: My first thought was: after coming late to the party, and having all this time to think about how they can add value, solve problems, and streamline m-commerce – this was the best they could come up with? Just … pay? ...
11 September 2014 /payments
Brett King CEO & Founder at Moven
If you've followed my bullish ramblings on mobile payments here at Finextra, you'll know that talk of the coming ubiquitousness of mobile payments is nothing new for me: Why Square Wallet failed, and why Coin card is next... (May 2014) Why payments are disappearing, and mobile will win (Oct 2013) Why the iPhone means the end of Swipe and Cards (Se...
10 September 2014 /payments Innovation in Financial Services
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
Like many, I’ve long held that nothing is broken with plastic cards for instore payments and made the case for mobile wallets to stick to gift, loyalty, ID and other forms of non-payment cards (see Mobile Wallets Should Fix What’s Broken – And It Ain’t Payments). Until I read about Apple Pay: “Every time you hand over your credit or debit card to ...
10 September 2014 /payments
After years of speculation, Apple has finally revealed its mobile payments strategy: Apple Pay. This is good news for (U.S.) iPhone users who want to ‘tap to pay’, but what about the majority of smartphone users who are using an Android device? What about those of us outside of the U.S? And what about the banks who want to offer a solution to a wi...
Lee Williamson Research Analyst at Cash Management Solutions
There is no doubt that the digital revolution has already hit the banking sector. According to an American Bankers Association survey released in August, 31% of those questioned stated that online banking was their preferred banking channel. It’s easy to understand why Internet banking would be the favored option in today’s modern, digital world: ...
It's been a while since I blogged here at Finextra (for many reasons)... Today is a special occasion. The day Apple (and I) said "FU!" (You'll understand the context better if you glance through my December 2013 post.) To those who doubted Apple will do NFC. And those who refused to listen about the consequences of Apple doing so... To a...
09 September 2014 /payments Innovation in Financial Services
In January 2015, the EU will introduce a cap on card Interchange fees for Visa cross border acquiring on domestic transactions (known as the Cross Border Domestic Interchange Programme, or CBDIP). A reduction in Interchange fees is almost always a reason for merchants to break out the champagne. However, in this case there are a number of factors ...
09 September 2014 /payments /regulation
Neil Clarke Business Development Director at Volante Technologies
It is reasonable to say that historically, standardisation in financial messaging over electronic networks has been driven by SWIFT on behalf of the banks – initially FIN MT messaging (based on ISO 7775 and 15022) and more recently MX (XML messaging based on ISO 20022). Predominantly this has helped drive standardisation of formats for transaction...
08 September 2014 /payments
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