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World Payments Report 2014

Non-cash payments volumes are expected to grow 9.4% to reach 366 billion transactions in 20131, fueled by strong growth in developing markets and the use of credit (up 9.9%) and debit cards (up 13.4%[1]). With the continued acceleration of electronic and mobile payments growth and ongoing regulatory pressures, the payments industry is seeking to find new and innovative ways to… Continue reading >>

eBay and PayPal to split in 2015

In an unsurprising move, despite best efforts to keep the companies joined, eBay announced it will split its PayPal unit into a separately traded company in 2015. The separation will bring in two new leaders. Devin Wenig, eBay Marketplaces president, will become the new CEO of eBay. Dan Schulman, president of the American Express Enterprise Growth Group, will serve as… Continue reading >>

UK fraud losses on payment cards on the rise

According to figures released by Financial Fraud Action UK (FFA UK) card fraud and remote banking fraud increased during the first six months of 2014. The intelligence behind the figures reinforces recent trends, which have seen the growth of deception crimes seeking to persuade consumers to part with their personal and financial information, as well as criminals’ use of computer… Continue reading >>

Malware everywhere

The threat of malware is growing faster and faster and creating more and more issues across numerous industries – including the payments industry. Malware exploit kits are simple to use, meaning attackers of any skill level can use them. These kits also are easy to buy and are quite affordable – often comparable or less expensive than items and services… Continue reading >>

Mobile devices increasing opportunity for payment fraud

As more consumers and employees use their smartphones and tablets, the risk of payment fraud stemming from those devices increase for small- and medium-sized businesses, warns a new report from Javelin Strategy & Research. The report offers a wide-ranging view of fraud threats faced not only by businesses but also financial institutions, which are advised not to include links in… Continue reading >>

Samsung Smartwatch to use PayPal mobile payments

Samsung says it will partner with PayPal to offer mobile payments in the next edition of its Galaxy Gear smartwatch. The Korean manufacturer appears to be following in the footsteps of its great rival Apple, which earlier this month announced that its upcoming Apple Watch would support similar technology, allowing customers to make quick payments using their device. In an extremely candid interview… Continue reading >>

US chip and PIN migration worth the effort and cost

The rollout of chip and PIN credit cards could cost $8.6 billion or more. Some experts say it’s not worth it – that the technology is already obsolete, and that better, less expensive options are on the way. Others say it will be years before those options are mainstream, and the time to reduce fraud is long overdue. Relief is… Continue reading >>

US debit card interchange cap to remain unchanged

According to news out of the US, the Federal Reserve Board says it will leave its debit card interchange cap for large issuers unchanged despite finding that some of their important expenses either declined last year or had changed little from levels found by an earlier survey. A major retailer trade group said the findings show debit card issuers continue to… Continue reading >>

Is tokenization the future of payment fraud prevention?

According to a new report by the Federal Reserve Bank of Boston, tokenization is set to form a major change in the battle against payment fraud. Payment tokenization, as described by the MPIW (Mobile Payments Industry Workgroup), is the process of randomly generating a substitute value to replace sensitive information. This system has been used in financial transactions to mask credit and debit… Continue reading >>

Barclays mobile banking apps processing £4 billion per month

UK banking customers are moving away from high-street branches and increasingly using mobile banking apps, according to recent research recent by Barclays. A study by the bank found that usage of its mobile banking apps has grown hugely in recent times, with customers accessing the offerings 29 times a second. In contrast, the average customer only visits a physical branch less than… Continue reading >>