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May 2, 2023

On the wires

Passport Launches Text to Pay for Parking in Cities Nationwide, Including Atlanta and New Orleans

PR Newswire

"Passport, the leading mobility management platform provider, is bringing ease and optionality to parkers across the country with the launch of Text to Pay. This new functionality allows users to quickly pay for parking through the convenience of text messaging and is now available in Atlanta, Ga., Decatur, Ga., Gretna, La. and New Orleans, La. More cities will launch in the coming months, including Annapolis Md, Beaufort, S.C. and Harrisburg, Pa."

May 1, 2023

On the web

Beyond Payments for High-Risk Industries

Andreessen Horowitz

"Today, most merchants looking to sell a product or service online can quickly get their payment system live with the help of a modern checkout platform. If the merchant works in a “high-risk” industry like games, sports betting, telehealth, travel, or cannabis, however, it’s more complex. Such industries lack viable out-of-the-box software products that help with payment-adjacent issues such as identity management (for games companies), payment reconciliation (for telehealth businesses), and logistics compliance (for alcohol and cannabis businesses). While there are a few big payment-acceptance incumbents to specifically serve some of these industries, there’s now an opportunity to couple payments with a vertical-specific software layer to offer better compliance, wallets, tools for identity management and fraud detection, reconciliation, and more."

April 27, 2023

On the web

FedNow: Instant Payments or Instant Fraud?


"Being able to close on a home at any time on any day of the year has long been a pipe dream, but the Federal Reserve’s new FedNow instant payment system looks to be making that dream a reality. However, before one gets too excited, the title insurance industry is asking if it really is worth sacrificing security for speed."

Are Super-Apps Coming to the U.S. Market?

Harvard Business Review

"For more than a decade, the Asian tech ecosystem has been dominated by “super-apps:” platforms such as WeChat, Alipay, and Meituan that offer an enormous network of services all in one integrated app. In contrast, analogous services in the U.S. have remained largely distributed, with a larger array of apps and websites each offering users a smaller subset of functionalities. Yet recent trends suggest this distinction may be shifting."

BR-DGE Launches Network Tokenisation Product ‘Vault’, Strengthening Payment Security for Merchants


"Today, leading payment orchestration platform BR-DGE launches BR-DGE Vault, a state-of-the-art Network Tokenisation product to deliver industry-leading transaction performance and security to its merchants and payments partners. Amid disruptive innovation in payment technology, BR-DGE is leading the way with a ground-breaking product which enables merchants to leverage the benefits of an independent and enhanced tokenisation solution."

April 26, 2023

On the web

Mobile App Retention Tactics for Subscription Apps


"In today’s competitive app landscape, customer retention is crucial for the success of any subscription-based app. For app developers or marketers, it is important to understand that retention rate has a direct impact on the profitability of your app. In this article, we’ll explore the most effective retention tactics to help you keep your customers engaged and coming back for more. We’ll also provide tips on how to effectively implement these tactics in your app so you can maximize your app revenue."

Are You Ready for PCI DSS 4.0?

Help Net Security

"In just under a year’s time, organizations will have had to comply with several new requirements under version 4.0 of the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS comprises 12 requirements to protect payment card data and has changed very little in the last ten years. But following three years of consultation, it has now undergone a substantial overhaul. The latest version – 4.0 – was released in March 2022 and currently co-exists with version 3.2.1. It features 63 changes, 13 of which become mandatory in April 2024 when v3.2.1 is retired, with organizations required to fully comply with all the changes by March 2025."

Processing Fee Change Would Hand Walmart, Disney Millions While Pinching Small Business

Florida Politics

"Legislation ready for a floor vote in the Senate and House could stick it to small businesses while boosting bottom lines at their big box competition. Sponsored by Sen. Travis Hutson and Rep. Mike Caruso, the bills (SB 564, HB 677) would exempt credit card processing fees from state sales tax, which would save sellers a few pennies per sale, at least on paper. Known in the financial industry as “interchange fees,” the cost typically falls in the 1% to 3% range and applies to the total transaction, including sales tax, which Hutson has described as a “tax on a tax.” But small businesses and the processing companies that cater to them say the broad strokes summary glosses over many facets of the complex payment processing industry."

Onchainpay.io: Pioneering the Future of Recurring Crypto Payments

EIN News

"Onchainpay.io is leading the way in the future of recurring crypto payments with its innovative and secure payment solution. Recurring cryptocurrency payments are an essential aspect of managing ongoing expenses such as memberships, subscriptions, and services, and Onchainpay.io offers a reliable way for both consumers and businesses to process them."

On the wires

GrubMarket Launches GrubPay to Bring Payments Solutions to the Food Supply Chain Industry

PR Newswire

"GrubMarket today announced the launch of GrubPay, a powerful and easy-to-use payment platform that facilitates safe and secure payments for food wholesalers and distributors, making GrubMarket the first and only eCommerce platform to offer a fully integrated payment solution designed for the fresh industry. In addition to operating as a standalone product, GrubPay also integrates seamlessly with GrubMarket's existing software ecosystem, which includes its comprehensive 360-degree ERP system, WholesaleWare; innovative mobile eCommerce solution, Orders IO; and leading CSA management software, Farmigo, providing a centralized omnichannel solution for the food supply chain."

April 25, 2023

On the web

FIDO Alliance Paper Positions Protocol for EU Digital Identity Wallet Authentications

Biometric Update

"The EU Digital Identity Wallet represents a significant growth opportunity for FIDO authentication, according to a new white paper from the FIDO Alliance. The 45-page white paper on ‘Using FIDO for the EUDI Wallet’ was written by IDnow Senior Architect Sebastian Elfors from the proceedings of the FIDO subgroup on the EUDI Wallet to help government agencies weigh the use of FIDO for the EUDI Wallet under the eIDAS2 regulation."

What Would Happen if Paper Money Became Obsolete?


"Listener Muhammad Arbaz Khan asks:  I usually wonder what would happen if paper money suddenly became obsolete altogether and every transaction was required to be digital. Is it really compulsory to keep the paper money in circulation anyhow or somehow? More Americans are going cashless, with about 41% saying they don’t make any of their purchases in cash in a typical week — up from 24% in 2015, according to a Pew Research Center survey released late last year."

April 24, 2023

On the web

Reverse ATMs Take Bills, Dispense Cards as Stores go Cashless


"As stores and restaurants attempt to go cashless, they're installing "reverse ATMs" that dispense stored-value cards in exchange for greenbacks. Why it matters: More businesses are eschewing cash — a trend accelerated by the pandemic — but states and cities are passing laws banning them from doing so, in deference to people who don't have bank accounts or credit cards. Handling cash is also a hassle for retailers, with problems including theft and constant runs to the bank."

Societe Generale's Crypto Division Introduces Euro Stablecoin on Ethereum


"Societe Generale's crypto division, SG Forge, has introduced a stablecoin pegged to the euro on Ethereum, saying it is the first such asset deployed on a public blockchain. EUR CoinVertible will be offered to institutional clients as a means of bridging the gap between traditional capital markets and digital assets, the Paris-based bank's unit said on its website on Thursday."

On the wires

Chargebacks911: The 411 on FTC’s ‘Click To Cancel’ Rule Proposal

Business Wire

"Just last month, the Federal Trade Commission (FTC) proposed a “click-to-cancel” provision to their Negative Option Rule, requiring retailers to make it just as easy for their customers to cancel a recurring subscription as it was when they initially subscribed. According to dispute experts at Chargebacks911, the world’s first chargeback and remediation technology platform, merchants should take action now to streamline their subscription cancellation process and invest in tools that provide more self-service options for reactivating subscriptions and managing automated billing schedules."

Viva Wallet and Elo Partnership Disrupts Legacy Checkout and Embeds All Payments into Elo Mobile Android Computers

PR Newswire

"The strategic partnership between Viva Wallet, a leading European cloud-based neobank, and Elo, a leading global supplier of interactive touch solutions, is pioneering a new retail payments experience. European businesses can now offer new payment experiences, accepting Chip & PIN and Tap-on-Phone contactless payments by combining Viva Wallet's cutting-edge embedded payments platform for smart devices, with Elo M50 and M60 Pay mobile computers in an enterprise-grade mobile point of sale system."

The Digital Currency Monetary Authority (DCMA) Unveils its Whitepaper for an International Central Bank Digital Currency (CBDC)

PR Newswire

"Last week, at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of Universal Monetary Unit (UMU), Unicoin, an international central bank digital currency (CBDC) that can transact SWIFT-like cross-border payments over digital currency rails completely bypassing the correspondent banking system at best-priced wholesale FX rates and with instantaneous real-time settlement."

April 20, 2023

On the wires

False Profits: The Chargeback Lessons Learned by Businesses This Tax Season


"Throughout the year, many merchants and their accounting, customer service and legal departments work to prevent and mitigate unnecessary chargebacks from negatively impacting their business and its bottom line. While chargebacks from 2022 may be in the rearview mirror for merchants, how to best report chargebacks and their associated fees to the Internal Revenue Service (IRS) can often be an area of contention, especially starting off the new year. Monica Eaton, founder of the global transaction dispute company Chargebacks911, is informing retailers and their accountants of the best method to report their chargebacks to the IRS, as well as preventative measures merchant’s can take for next year’s tax season."

April 19, 2023

On the web

Americans Using BNPL to Make Ends Meet, With 27% of Users Bridging Paycheck Gaps and 21% Buying Groceries


"Buy now, pay later (BNPL) loans aren’t only for fancy shoes, kitchen appliances and gaming systems. Millions of Americans use these loans as lifelines. The newest LendingTree survey finds that 27% of BNPL users say they use these loans as a bridge to their next paycheck, which can help them make ends meet amid rampant inflation, rising interest rates and headline-making layoffs. The loans are also being used to purchase basic necessities. Case in point: 21% of BNPL users say they’ve used one of the loans to buy groceries."

On the wires

April 18, 2023

On the web

Voice Cloning the New Frontier for Online Fraudsters


"Imagine receiving a call, email or SMS from the authorities urgently requesting payment. The details of the request are clear, professional, and include personal information unique to you, so there is no reason to doubt it. This scam is fairly common and the majority of consumers are on the lookout for it. Now imagine receiving a call from a loved one and hearing their unmistakable voice on the other end of the line saying that they need money or your account information right away. This may sound like a fraud lifted straight out of science-fiction but, with the exponential development of AI tools, it is a growing reality."

On the wires

FS-ISAC Leads Financial Sector in Live-Fire Cyber Exercise Locked Shields

GlobeNewswire News Room

"Exercise to prepare against unprecedented, worst-case scenario financial meltdown. FS-ISAC, the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, today announced that for the first time, FS-ISAC is convening nearly 30 member financial firms from around the world to participate in the world’s largest live-fire cyber defense exercise, the annual NATO Cooperative Cyber Defence Centre of Excellence (CCDCOE) Exercise Locked Shields, taking place April 18-21, 2023."

April 13, 2023

On the web

Texas Lawmakers Push for Gold-Backed State Digital Currency


"Texas lawmakers are throwing their weight behind the development of a gold-backed state digital currency despite the pushback from critics against the launch of a central bank digital currency (CBDC). Bryan Hughes and Mark Dorazio submitted fresh bills to Texas’ lawmaking bodies on March 10, seeking to use gold as the underlying asset for the proposed digital currency."

Reward Programs are Not Very Rewarding for Banks Anymore


"When the pandemic was in full swing, credit card companies were facing fierce competition from debit cards as well as competitors like BNPL. Consumers in general became wary of revolving debt. As consumer interest wavered, credit companies scrambled to revamp their reward programs in the hopes that focusing on pandemic-era priorities like groceries and lifestyle items would make consumers stick around.  The strategy worked but required some serious money."

April 12, 2023

On the web

Is Fednow a CBDC?


"Concerns have been spreading widely that the Federal Reserve’s new payments system, FedNow, was a covert plan to launch a central bank digital currency, or CBDC. While it’s important to remain vigilant, it’s equally important to get the facts right: FedNow is not a CBDC."

Thailand, Japan and Vietnam Lag in Asia's Digital Payments Rush

Nikkei Asia

"Thailand, Japan and Vietnam were the top three Asian countries lagging in the adoption of cashless payments, even as the region overall leads in the global push toward digital pay, an industry report released on Wednesday showed. Among the region's in-person transaction value in 2022, the share of cash in Thailand was the highest at 56%, followed by Japan at 51% and Vietnam at 47%, according to U.S.-based banking and payment processing company FIS."

April 11, 2023

On the wires

April 7, 2023

On the web

Data Shows Collapse of SVB, Signature Bank Prompted Hike in ID Fraud

Biometric Update

"New York-based Socure has revealed that the level of ID fraud in small banking and investment platforms rose sharply in the wake of the closure of Silicon Valley Bank (SVB) on March 10 and Signature Bank on March 12. These are two commercial banks in the United States which closed last month. The wave of ID fraud spiked in these platforms as individuals and business entities struggled to open new accounts, Socure says in a blog post."

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