Second Menu

Domestic schemes – set for domination?

The launch of RuPay in India and plans for a Russian payment network indicate a resurgence in domestic schemes, but at what cost to the international players? While Europe’s banks and regulators are still mulling over the possibility of a third debit scheme in Europe to rival Visa and MasterCard, India and Russia are getting down to business, albeit for… Continue reading >>

How to secure HCE applications

E-security solutions provider, Cryptomathic, has published its latest white paper, which offers advice to banks and payment service providers on how to protect mobile banking, payment and (Host Card Emulation) HCE applications against security attacks. The paper, titled: ‘Protect HCE Mobile Applications ’ highlights the benefits that HCE brings to the market through simplifying and speeding up the deployment of… Continue reading >>

Banking and Payment vertical continues to offer strong growth for smart cards

The global market for smart cards  will see steady growth due to the increasing emphasis on the Europay, MasterCard and Visa (EMV) standard in the payment and banking vertical. In 2015, multiple financial institutions in the US are expected to make their payment cards EMV-complaint. Countries in the Middle East, Africa and Asia-Pacific will follow suit. New analysis from Frost… Continue reading >>

TfL goes contactless in London

In the wake of Transport for London (TfL) going fully contactless across its travel network, Visa predicts Brits will make 500 million contactless payments between now and December 2015. Transport for London customers can now use their contactless cards to pay for journeys on all Tube, tram, DLR, London Overground and National Rail services that accept Oyster. These services join… Continue reading >>

Mobile operators scrap Weve

As history repeats its self, Weve, owned by EE, O2 and Vodafone, has ditched plans for a joint mobile wallet, based on NFC, which was meant to help the operators enter the £14.2 billion payment market. In June 2005, Simpay, a different joint venture between the big telcos also relating to payment services collapsed after T-Mobile could not agree to… Continue reading >>

US push ahead with faster payments initiative

The U.S. Federal Reserve has restated its commitment to push for development of a faster payments system, with the Fed’s financial services policy committee saying officials will prepare and share a road map for improvements “in the coming months.” A Minneapolis representative says the Fed aims to publish the road map before the end of the year. The regional Fed… Continue reading >>

Apple Pay to work with China UnionPay

Apple may work with China’s leading issuer of credit cards China UnionPay to offer Apple Pay via NFC (Near Field Communication) supported payment systems with its latest smartphone, the iPhone 6. The NFC system could challenge the dominance of the QR code popular among Chinese third-party payment services. The newly announced Apple Pay allows iPhone 6, iPhone 6 Plus and Apple Watch… Continue reading >>

Canada nears agreement on lower credit card fees

Joe Oliver, the Canadian Finance Minister, is said to be pressing credit card companies and banks to accept lower credit card fees paid by retailers, which the government claims are among the highest in the world, according to two people familiar with the talks. The government, which flagged the issue in its 2014 budget, wants  MasterCard and Visa to voluntarily curb fees by about… Continue reading >>

Mobile commerce worth $516 billion by 2017

Mobile commerce will drive an estimated $516 billion in sales over the next three years, accounting for more than 70% of all mobile Internet revenue. That is the prediction of a new report from research firm Digi-Capital, which says that all mobile Internet revenue will top $700 billion annually by 2017. The absolute top driver in this picture is mobile commerce. But other… Continue reading >>

Citi claims first blood for US digital wallet launch

Citigroup has claimed to be the first global bank to introduce its own branded digital wallet in the US. However, questions are being asked as to how many of Citi’s millions of payment card holders will care as digital wallet services proliferate. The new Citi Wallet is based on MasterCard’s MasterPass platform, which the network introduced in February 2013. At… Continue reading >>