Legacy card issuers are facing a huge problem that threatens their relevance. Most of them are trying to launch a spaceship with a steam engine, and many of the solutions to that quandary are expensive, risky — and temporary.
After warnings of an impending major ATM cash-out had bank security teams working overtime last weekend, crooks made off with over $13 million over the weekend in a double attack on India’s venerable Cosmos bank.
The U.S. may be next to see a surge of contactless credit cards, following other major markets around the world. But it’s unclear whether enough U.S. consumers are interested in contactless payments for issuers to make the investment.
Installing a modern payment gateway, for example, makes the checkout process more convenient, speeding up order processing while offering alternative payment methods, saved customer information and location-specific options, writes Amit Bhaiya, co-founder and CEO of DotcomWeavers.
The information you need to start your day, from PaymentsSource and around the Web. Today: Google Pay adds more banks; Diebold Nixdorf scores a win in patent fight; Ant dominates Asian fintech investment; California may allow cryptocurrency political donations.
American Express is entering the arena of wearable payments in offering the Amex Band to cardholders attending the US Open tennis tournament in New York.
Security researchers are uncovering widespread vulnerabilities in several popular mobile point-of-sale systems, which have become increasingly popular in recent years among many types of merchants large and small.
When there are leadership roles for women in the payments industry, the individual, the entire company, its workforce and the industry thrive, writes Lisl Dutterer, executive director at Wnet.
Installing a modern payment gateway, for example, makes the checkout process more convenient, speeding up order processing while offering alternative payment methods, saved customer information and location-specific options, writes Amit Bhaiya, co-founder and CEO of DotcomWeavers.
With increasing value propositions, use of Apple Pay for in-store purchases should continue to increase, writes Mohammad Khan, president and co-founder of Omnyway.
When there are leadership roles for women in the payments industry, the individual, the entire company, its workforce and the industry thrive, writes Lisl Dutterer, executive director at Wnet.
The U.S. may be next to see a surge of contactless credit cards, following other major markets around the world. But it’s unclear whether enough U.S. consumers are interested in contactless payments for issuers to make the investment.
Each of these wallets has developed its own personality — and, presumably, its own must-have feature to pull consumers and merchants away from the competition.
While mass transit has long been seen as a potential catalyst for changing payment habits, it's apps such as Uber, Grab and Lyft that are making the biggest difference in how people pay for transportation.
How will you stay ahead in the data science arms race? Banks are shoring up their AI-enabled fraud prevention resources, in part by investing in data science teams. Meanwhile, fraudsters are rapidly evolving their tactics. The winners in this adversarial climate will be the banks that combine the best in-house data science with open source tools.
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