The modern mobile wallet no longer uses a card as a crutch. Instead, it sees it as an additional product that can add revenue from interchange, lending and loyalty.
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About 78% of Mastercard’s European transactions are now contactless, and the company expects the shift in payment choice will be permanent.
Even digitally savvy organizations face a vexing dilemma when sending emergency funds: The neediest recipients often have little other option than to receive paper checks.
The lines of white cooling trailers that silently announce the scale of the tragedy are what lockbox employees at JPMorgan Chase see on their way to work.
Many companies are postponing product rollouts until the economy improves, but the Samsung Money debit card could be better suited for spending habits during the coronavirus pandemic.
Mobile and contactless payments have generated more consumer attention as ways to safely move money during the coronavirus pandemic, but there's also a growing wave of support for The Clearing House's Real Time Payments network for banks.
The coronavirus shutdowns have tossed businesses into disarray in numerous ways, most notably the tricky transactions that come with operating a restaurant as a drive-through for the first time.
Like a lot of operations, such as small businesses, hospitals and suppliers, St. Joseph Episcopal Church in Queens Village, N.Y., found out it was not as “online” as it thought.
The coronavirus lockdown could provide the opportunity for parent-controlled payment cards or mobile apps for children to gain traction after a wobbly past in terms of consumer adoption.
The Financial Conduct Authority is pushing for a review of fintechs that provide payment technology, out of concern that the coronavirus may be harming their financial performance.
The coronavirus pandemic is driving a rapid increase in NatWest’s U.K. small-business merchant acquiring unit, with many being first-time card acceptors.
Chief legal officerDating.com GroupMay 29
Vice president of strategy and business developmentBottomline TechnologiesMay 28
Global risk and transformation leader in banking and capital marketsGenpactMay 28
Arizent, the parent company of PaymentsSource, has released a broad industry survey on both the impact of the crisis and emerging responses. The survey found the pandemic has forced many companies to implement new or modified business continuity plans, appoint executive response teams and invest in new technologies to enable a remote workforce. The pandemic is also expected to lead to a greater investment in technologies that reduce the reliance on face-to-face interactions for both coworkers and clients.
Unlike past economic recessions where businesses and consumers have had to adjust their payment habits and debt levels over the course of months or quarters as the economy shrank, the coronavirus-induced economic crisis has forced many to make much more abrupt financial adjustments.
The coronavirus pandemic has had an immediate impact on a wide swath of consumer spending habits and payment choices — some of which may remain in place for some time after the crisis subsides — as certain categories such as travel have fallen to the wayside and others such as grocery stores have risen as more consumers eat meals at home.
There is one area of commerce that has experienced an uneven consumer response to the coronavirus crisis: subscriptions. Some companies have benefited greatly while others have not.
Ever since people started sheltering at home to limit the spread of coronavirus, payments industry experts have wondered how this would affect the use of cash and cards.
Fintechs in the payments industry saw problems coming when the CARES Act’s SBA Paycheck Protection Program opened the floodgates for millions of coronavirus-stricken small businesses to apply for loans.
During a time of business lockdowns and layoffs amid the general population attempting to stay healthy during the coronavirus crisis, one thing is quickly bubbling to the surface of the minds of consumers, small-business owners, banks and regulators: The state of the credit card market, and where it could go from here.
As millions of U.S. consumers are beginning to see stimulus checks electronically deposited into their bank accounts as part of the CARES Act, many companies are wondering how Americans will spend these funds.
While reports of toilet paper and hand-sanitizer shortages may be common stories on the nightly news, one consumer goods category is flying off the shelves at an even faster pace, one never seen before – guns and ammunition, increasing payments volume for gun shops, a merchant category financial service providers traditionally avoid.
The reloadable debit card resembles a bank account with new high-yield savings account and other tweaks.May 27
American Express began adopting cloud computing a couple of years ago and has leaned hard on the technology to help front-line and corporate employees work at home during the coronavirus crisis, its global head of infrastructure says.May 27
Money transfer agent Remitly has launched a cash deposit service for its digital bank account holders on the Green Dot retailer network.May 27
Venture capital and technology marketing veteran Allison Johnson has departed PayPal, where she was chief marketing officer for the past 16 months.May 22
Checkout-free stores would seem to be the perfect fit for germaphobic shoppers during the coronavirus pandemic, but until now the model has been mostly experimental.May 22
Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.May 22
Customers normally receive debit and credit cards inside a branch. Now banks are shifting the process to their drive-throughs and finding alternative ways for cardholders to key in their PINs.May 21
Mastercard and Judopay have teamed up to enable mobile payments through The Pharmacy Centre.May 21
The challenge posed by digital-only remittance services has prompted a rapid change at MoneyGram.May 21
To get a better handle on the coronavirus-driven boom in Latin American e-commerce, cross-border processors are ramping up digital alternatives for shoppers who pay cash for online purchases.May 20
The payments industry is in a unique position during the coronavirus crisis: It is a lifeline for many businesses, but it is also facing its own upheaval as habits and needs drastically change.
Suneera Madhani, CEO of the digital acquirer Fattmerchant, tells PaymentsSource how the coronavirus pandemic has affected how her employees go to market with new payments technology — and how making the shift to digital helps both the acquirer and its clients.
Consumer behavior is more dynamic than ever with changing preferences, healthy credit demand and greater access. Nidhi Verma, Vice President, Consulting for TransUnion is our special guest. Hosted by Penny Crosman, Editor at Large, American Banker.A Consumer Credit Podcast