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February 10, 2023

On the web

Mastercard: In-Store Spending Tops Online in January; Total Sales Up 8.8%

Chain Store Age

Consumers continued to spend in January even amid inflation and an uncertain economic environment. U.S. retail sales (excluding automotive) rose 8.8% year-over-year in January, according to Mastercard SpendingPulse, which reports on national retail sales across all payment types. In-store sales were up 8.9% year-over-year and e-commerce sales increased 8.4%.

How Will Central Bank Digital Currency Impact ATMs?


Cryptocurrency has been a hot topic for several years now, especially as governments examine it closely and utilize it. Recently, there has been widespread interest with central banks making their own digital currencies. China in particular has announced its digital yuan, but other countries ranging from the U.K. to the U.S. have also invested into this technology. What does this trend mean for the ATM industry? Will it impact cash usage?

PayPal Invoice Scams (MikroTik, Ravoltek & Coinbase)

Trend Micro News

This week we’ve detected another set of deceptive PayPal-based invoice scams. Like the examples before it, these scams are particularly well disguised because they’re sent from a legitimate PayPal email address — but all is not as it seems.

Restaurants Are Growing Frustrated With Their Payment Processors

Restaurant Business

Restaurants are tired of wrestling with their credit-card terminals. A new survey from research firm J.D. Power found that restaurants’ satisfaction with their merchant services providers fell 18 points in 2022. That was the largest decrease in what was an overall decline in small business sentiment about their payment processors last year.

On the wires

February 9, 2023

On the web

Merchants Tell Congress Credit Card Competition Act Would Block National Security Threat from China UnionPay

Merchants Payments Coalition

The Merchants Payments Coalition told a House committee holding a hearing on economic threats from China today that passage of the Credit Card Competition Act is needed to keep China from “infiltrating” the U.S. payments processing market. “MPC has grave concerns over the level of involvement that China has in our nation’s payment system,” MPC said in a letter to the House Financial Services Committee. “Preventing China from infiltrating the U.S. payments system is one of our top priorities.”

February 7, 2023

On the web

AvidXchange Launches AvidAnalytics, A Business Intelligence Tool for the Middle Market


AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced AvidAnalytics, a premium Business Intelligence (BI) solution. AvidAnalytics offers buyer customers custom reporting methods to help improve spend management and drive stronger results and efficiency for the organization. It goes beyond standard industry methods with tools like intelligent analytics, immersive dashboards and embedded data visualizations.

WhatsApp® Payments and VoicePay Were Featured at European Association of Payment Service Providers for Merchants Meeting

EIN News

Reimagination Technologies CEO Jaime González-Gasque last week was one of three presenters at the EPSM European Payment Service for Merchants Meeting with 39 participants from 17 countries...RTI is a Los Angeles-based company specializing in new payment acceptance solutions through social media platforms such as WhatsApp. It is the inventor and developer of a Cloud Service Solution: SocialCashier® & VoicePay, and operates a wholly owned subsidiary and software development unit or software factory in Mexico City. SocialCashier® is a patented blockchain transactional engine. VoicePay is a free, user-friendly payment method using social media channels with secure biometric authentication and blockchain protection.

Pinless Debit Processing

U.S. Payments Forum

Reducing friction in the transaction process is top of mind for many stakeholders within the payments industry. In the U.S., card-present EMV debit transactions can be processed without a PIN (PINless debit), allowing for quicker payment experiences at the time of checkout. In general, PINless debit transactions are processed through one of two methods...

February 3, 2023

On the web

Talking Credit Cards Help Visually Impaired People Prevent Abuse


Stephanie Khoeung’s white walking cane glides along a sidewalk as she navigates through a Paris suburb. She lost her sight when she was 12 after a series of failed operations. Now, as an adult, everyday situations are often challenging for Khoeung. Things like buying a sandwich. Credit cards are not easy for visually impaired people to use because they can’t always see the terminal to know where to insert their card.

On the wires

Paxos Launches Engineering Research & Development Center of Excellence in Israel

PR Newswire

Paxos, the most comprehensively regulated blockchain and tokenization infrastructure platform, announced it is launching an engineering research & development center of security and cryptography excellence in Israel. Paxos plans to expand its Israel engineering center with senior, staff and principal engineers with specialized skills in enterprise-grade security, applied cryptography and blockchain technology given the strong tech talent pool in Israel.

February 1, 2023

On the web

January 27, 2023

On the web

4 Payment Trends for Grocers to Watch Throughout 2023

Progressive Grocer

A landscape of mixed economic signals surrounds grocers entering the New Year. Inflation has slowed yet remained persistent, affecting everyday purchases like gas and groceries, while supply chains have yet to stabilize...So, how are grocers responding? We see multiple payment trends coalescing around two different themes: optimizing costs for the grocer and offering more choices for the shopper....

Payment Trends to Watch in 2023


If 2021 was focused on growth and scale, and 2022 saw cost-cutting and survival as key objectives, then 2023 is a year to aim for stability. A challenging macroeconomic climate is forcing payment issuers and acquirers to prioritize revenue growth and operating efficiency, seen as the top priority by 25% and 24% respectively of respondents.

January 11, 2023

On the web

Reap Leverages Fireblocks to Enable Crypto Repayments with Reap Card


Reap, the global fintech company powering expense management through the industry’s first Reap Visa Corporate Card (Reap Card) platform, launches industry-leading innovation by including cryptocurrency repayment functionality for the Web3 industry. Together with the Reap Card, Reap offers expense management software that will enable Web3 companies to settle their fiat payments with cryptocurrencies.

The Buy Now, Pay Later Bubble Is About to Burst


"Many Gen Zers have rejected traditional credit in favor of new-age layaway programs, which are riskier than they may seem. As familiar as Americans are with the concept of credit, many of us, upon encountering a sandwich that can be financed in four easy payments of $3.49, might think: Yikes, we’re in trouble.  Putting a banh mi on layaway—this is the world that buy-now, pay-later programs have wrought. In a few short years, financial-technology firms such as Affirm, Afterpay, and Klarna, which allow consumers to pay for purchases over several interest-free installments, have infiltrated nearly every corner of e-commerce. People are buying cardigans with this kind of financing."

January 10, 2023

On the web

Embedded Finance Is Fast Becoming A Viable Alternative To Traditional Banking For Many Financial Services


"It may now be less necessary for Americans to rely on a bank to succeed financially. As e-commerce grows and digital products become more available, embedded finance has become an option for consumers and companies. Embedded finance comprises non-financial companies offering financial products and services. These products and services can include debit cards, payment programs, accounting software, etc.  An example of embedded finance in action is how Uber now offers its drivers a debit card where the money they make on the app can be put on an Uber debit card, circumventing a traditional banking institution for its drivers. "

Afterpay vs LatitudePay: Difference Between the Two BNPL Services (Australia)


"Whether you want to purchase groceries, a new phone or even pet supplies, there's likely to be a buy now pay later (BNPL) service that lets you buy what you want and pay for it later in smaller instalments. However, the maximum amount you can spend on a BNPL app and how much time you get to repay the amount owing on your purchases could differ between service providers.   For instance, Afterpay, Australia's first BNPL service provider, allows you to pay for your purchases in four instalments, payable over six weeks. LatitudePay, another popular BNPL service, allows you to repay your shopping expenses in 10 weekly repayments."

Afterpay vs LatitudePay: Difference Between the Two BNPL Services (Australia)


"Whether you want to purchase groceries, a new phone or even pet supplies, there's likely to be a buy now pay later (BNPL) service that lets you buy what you want and pay for it later in smaller installments. However, the maximum amount you can spend on a BNPL app and how much time you get to repay the amount owing on your purchases could differ between service providers.   For instance, Afterpay, Australia's first BNPL service provider, allows you to pay for your purchases in four installments, payable over six weeks. LatitudePay, another popular BNPL service, allows you to repay your shopping expenses in 10 weekly repayments."

January 9, 2023

On the wires

Newest Personal Finance Data Study Looks at How Much Americans Have Spent and Saved Last Year, Despite Lingering Debt

PR Newswire

"Upgraded Points shared the results of a recent survey that delves into the spending habits of average Americans, from credit card expenditures to how much people have managed to save over the last year despite rising inflation. The study looked at credit card purchases, frequency of use, age/gender of cardholders, card benefits, banks most cardholders use, how often cardholders miss payments, and other interesting financials."

January 4, 2023

On the web

European Central Bank Calls For Input to Create Digital Euro Scheme Rulebook

Ledger Insights

"The European Central Bank is forming a working group that will consult in the creation of a central bank digital currency (CBDC) rule book for the Digital Euro Scheme. All potential digital euro payments will have to comply with the set of rules created with work on the rulebook commencing in February. In December, the ECB appointed Christian Schäfer to manage the digital euro scheme rulebook. Now it’s looking for individuals to join the Rulebook Development Group that Schäfer chairs, but they must represent a stakeholder association. The relevant stakeholders include banks, payment providers, as well as the users of a potential digital euro such as consumers, retailers, corporates or SME users."

Sezzle Becomes First BNPL to Offer Free Credit-Building in Canada

IBS Intelligence

“Sezzle, a Buy Now, Pay Later solution in Canada, has announced the expansion of Sezzle Up, a consumer credit product, into the Canadian market. Sezzle notes that many lenders are hesitant to extend credit to consumers without any credit history or score. Consumers may face a catch-22 situation –– unable to get that first credit product when they lack a credit history. Sezzle Up gives consumers the opportunity to build their credit profile if they choose to do so, bridging the gap between the credit underserved and the ability to use and build credit wisely.”

January 2, 2023

On the web

‘Buy Now, Pay Later’ Company Afterpay Quits in New Mexico


“New Mexicans will no longer be able to use “buy now, pay later” service Afterpay starting Jan. 1. Last week, Afterpay emailed New Mexico customers informing them that due to “regulatory changes” in New Mexico, the company would no longer be doing business in the state. “Due to a new state regulation effective January 1, 2023, Afterpay is unavailable to New Mexico residents,” read a statement provided to the Journal by an Afterpay spokesperson. “We hope to be able to offer our service to New Mexico customers in the near future.” The regulation in question is House Bill 132, “Interest Rates for Certain Loans,” an amendment to the New Mexico Small Loan Act and New Mexico Bank Installment Act.”

December 30, 2022

On the web

The Ongoing Battle to Protect Consumer Payment Card Data

Retail TouchPoints

“Buying goods online is second nature to most of us. Using our payment card whilst we shop online rarely gives us pause, and the many millions who buy online generally trust the system.  However, the recent busy shopping season means it’s a good time to remind ourselves that there is an ongoing battle to make sure that the payment card data of your customers remains secure. The payment card industry has not sat still in the face of the threat of attack by criminal gangs. Their security standard (PCI DSS) is a contractual baseline for anyone that wants to accept payment cards, and is revised regularly to take into account both technological change and criminal attack methodology…”

On the wires

December 29, 2022

On the web

The Trends That Will Shape Next Year’s Fintech Scene


“The past year was an extremely turbulent one in several respects. Fintech companies in particular suffered greatly from the difficult market environment and resulting turmoil, with several high-flyers brought down to earth. Although 2023 will continue to be challenging, the fintech industry continues to evolve with market trends, and innovation in the fintech sector will continue to drive change in traditional financial services.”

Here’s What Happened to BNPL in 2022—and What It Means for Next Year

Insider Intelligence

“The popularity of buy now, pay later (BNPL) kept growing in 2022 as consumers sought out more flexible payment methods, merchant acceptance grew, and BNPL spread into new sectors. The total value of BNPL in the US increased 25.5% year over year in 2022, according to Insider Intelligence research. Here are five trends and events that shaped the BNPL industry this year:…”

December 28, 2022

On the web

Cyber-Attacks Set To Become ‘Uninsurable’, Warns Insurance Boss


“The days of organisations relying on insurance policies to pay out after suffering a cyber-attack, may be coming to an end.  This is the stark assessment from Mario Greco, chief executive at insurer Zurich, one of Europe’s biggest insurance companies, speaking to the Financial Times. Amid growing concern among industry executives about large-scale cyber-attacks, Greco warned that cyber-attacks, rather than natural catastrophes, will become “uninsurable”.”

Biometrics Trends for 2023: Multimodal and MFA to Grow Alongside Privacy Regulations

Biometric Update

“As we enter the last week of 2022, we look at some of the  biometrics and digital ID trends predicted by experts in the field. This was the year the world mostly emerged from the effects of the Covid pandemic, and numerous companies moved forward in creating innovative technological solutions. The trends and forecasts emailed to Biometric Update mostly reflect ongoing developments, but also suggest significant changes for how digital trust works in the near future.”

December 27, 2022

On the web

Fidelity and HSBC File Web3 Trademark Applications for Financial Services in the Metaverse


“American multinational financial services corporation, Fidelity, has filed three new trademark applications indicating further plans for the metaverse…the trademarks cover business marketing, referral services in the field of investment advice and financial planning, personnel placement and recruiting services, provision of an online marketplace for buyers and sellers of digital media, namely, non-fungible tokens (NFTs) featuring textual and graphic content, all in the metaverse and other virtual worlds…HSBC also filed Web3 trademark applications for its name and logo with the USPTO on Dec 15. The trademarks cove software to allow users to perform banking and electronic business transactions in the metaverse and other virtual worlds; downloadable virtual goods, namely, computer programs featuring bank cards, cash cards, cheque cards, debit cards, credit cards, charge cards for use online and in online virtual worlds; and downloadable digital files authenticated by NFTs.”

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