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Author archives: Kaye Skinner

Current accounts top target for fraudsters

The humble current account has become the most targeted financial product by fraudsters, due to a loophole in the UK’s seven-day switching service. At least 89 in every 10,000 applications for a current account are made by an imposter, according to Q1 figures released by Experian. Within the first three months of last year, 32% of fraudulent current account applications were… Continue reading >>

PayPal acquires Xoom as it enters mobile remittance market

PayPal is spending $890m of its $6bn war chest on a deal to buy Xoom, a money transfer company, ahead of its split with parent company Ebay later this month. Shares in Xoom jumped 22% to $25.26 in after-hours trading when PayPal announced it would buy the San Francisco-based money transfer company. The transaction at $25 per share in cash… Continue reading >>

Biometrics has a strong future in financial services

The financial services industry must set aside competition and collaborate on biometrics to ensure consistent, easy and convenient services for end users. These are the findings of a survey published today by Mobey Forum, exploring the current attitudes to biometrics within the banking industry, the key use cases, industry drivers and obstacles standing in the way of progress. Of the… Continue reading >>

Facebook Messenger payment service

Having trialled the Facebook Messenger payment service, Facebook announced that the payment feature is now available for Facebook Messenger users in the US. Now you can make person-to-person payments by adding your debit card through Facebook Messenger in just a few taps. The money goes straight from your checking account to the recipient’s checking account, said Facebook’s head of messaging products David… Continue reading >>

Visa denies Fundamo shut down

Visa has denied that it is about to shut down Fundamo, the mobile payments company it bought for $110m in cash five years ago. That is contrary to what a number of sources claim, with some reporting that key senior staff have left the company in recent months to work elsewhere or start their own ventures. In answer to inquiries, Visa said… Continue reading >>

Alibaba follows PayPal and looks to POS for Alipay growth

Chinese fans of fried chicken will soon have a new way to pay for their food fix after Alibaba’s payments unit Alipay hooked up with KFC, as the country’s ecommerce groups look to diversify through “online-to-offline” deals. Alipay’s agreement with KFC China, the country’s largest food delivery business with 5,000 restaurants across 900 cities, was followed by search engine Baidu… Continue reading >>

International groups battle for Indian e-commerce

The world’s largest technology companies are piling in, seeking to replicate in India the e-commerce dominance they enjoy in their home markets. The contest will soon pit American tech groups against rivals from Asia, and China in particular. Who will win? The attractions of India for both sides are obvious. The local market is potentially enormous but still technologically under-developed…. Continue reading >>

Creating a marketplace for global trade

In as little as a decade we will look back at the fractured banking and payments sector with utter astonishment at just how long traditional banking services weren’t challenged – costing businesses millions of pounds. Businesses of all sizes trade internationally every day, and have done for many years. Yet still they routinely accept – or sleepwalk into accepting –… Continue reading >>

European payments regulation driving change

European payments regulation, such as the original Payment Services Directive (PSD) of 2007 and Single Euro Payment Area (SEPA), have already caused significant change within the banking and payment industry. Business models, propositions and customer relationships have all been affected – and more regulation is expected. PCM considers three areas: the security of internet payments, card interchange regulation and the PSD2…. Continue reading >>

US merchant card processing fees rising

With more Americans using credit, debit and prepaid goods to pay for goods and services, the merchant card processing fees to process those cards continues to rise. General purpose and private label credit, debit, and prepaid cards generated $5.165 trillion in payments for goods and services in 2014.  Processing fees, including interchange paid by US merchants to handle that business, were… Continue reading >>