8.16.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
A new EMV speed race
A few weeks after Worldnet cut EMV processing time, Square has introduced a 'faster chip' processing option.
Square says it can process a chip transaction in two seconds, down from its previous rate of about four seconds and less than half of the industry average of about eight seconds.
The card networks and other payment companies first began cutting EMV transaction time at the point of sale in 2016 as a line-busting move. The time savings are more in the customer experience, since the transaction process does not change on the back end.
Ant's emerging markets
Ant is using the scale and influence from its huge market in China to push a financial inclusion project in Africa.
The United Nations' Economic Commission for Africa and the International Finance Corporation will use Ant's expertise in building online payment systems in the Philippines and other emerging markets to support payments and other financial services in African markets.
The ECA, IFC and Ant will also directly invest in local payments technology in Africa.
Card on tap
Pabst Blue Ribbon has debuted a branded credit card that's tied to an incentive marketing program.
Pabst is collaborating with O Bee Credit Union, an Olympia, Wash.-area credit union that issues brewery-linked credit cards. O Bee has also issued cards for Olympia and Rainier Beer.
CBA's small biz play
Commonwealth Bank of Australia is integrating its small business management tool, Wiise, with its credit card and banking systems, hoping to reach a segment that still relies on checks and paper-based processing.
The integration will combine payroll, invoicing and e-commerce with HR, inventory and manufacturing.
Wiise is a collaboration among CBA, KPMG Australia and Microsoft.
From the Web
An ex-refugee is shaking up the money transfer business
CNN Money | Wed August 15, 2018 - Former refugee Ismail Ahmed knows how difficult it can be to send money home — so he started a company to make it simpler. The business he founded, WorldRemit, has 600 employees and handles 1.1 million payments per month.
Apple Pay Looks Hugely Successful
The Motley Fool | Wed August 15, 2018 - One service that has been quite successful for Apple has been its mobile payments service, Apple Pay. "Well over 1 billion" Apple Pay transactions occurred during the June quarter-- tripling the number of transactions that took place in the same period a year ago.
How WeChat became China’s everyday mobile app
South China Morning Post | Thu August 16, 2018 - WeChat, or Weixin as it’s known in China, began life in a southern corner of the country at the Tencent Guangzhou Research and Project centre in October 2010. Since then, it has grown into the most popular mobile app in the country with over 1 billion monthly active users who chat, play games, shop, read news, pay for meals and post their thoughts and pictures.
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