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Google Wallet gaining traction with merchants

Google’s efforts to promote broader adoption of its Google Wallet mobile payment system appear to be gathering momentum. The company earlier this week announced that Dunkin’ Donuts and online food ordering service Seamless have integrated their mobile applications with Google Wallet. The integration allows people using these merchants’ retail transaction applications or using their Websites to pay for purchases using… Continue reading >>

Europeans rapidly adopting mobile payments

The number of Europeans who will use a mobile payment application in 2015 will rise 51% year over year for a total of about 185 million, according to an ING survey. 59% of 14,000 consumers said they are more likely to use bank-associated apps for mobile, compared to 39% of those who will use “named groups” such as Google or… Continue reading >>

AmEx Lab testing facial recognition technology

According to a WSJ blog, American Express is experimenting with facial recognition and wearable technology that could turn into new capabilities for some of its mobile apps, including products aimed at customers traditionally underserved by financial services companies. To boost business growth, the company wants to use emerging technologies to appeal to consumers in new segments, such as heavy mobile… Continue reading >>

Royal Bank of Canada launches Mobile Wallet

Royal Bank of Canada, which over a year ago built its own mobile wallet technology (with partners) that it’s adapted to work with Apple Pay, Android alternatives and the card networks’ host card emulation. It has a patent pending on its RBC Secure Cloud technology. The bank’s goal is to secure a prominent place in customers’ mobile wallets before it… Continue reading >>

86% of fraud in chargebacks

Global Risk Technologies (GRT) recently examined friendly fraud, and found approximately 86% of chargebacks are fraudulent, and many consumers bypass merchants to directly file complaints with card-issuing banks. GRT CIO Monica Eaton-Cardone describes the practice as a learned behaviour, and says most consumers do not intentionally attempt to get something for free the first time they initiate a dispute with… Continue reading >>

ACH volume increases to 23 billion payments in 2014

ACH volume grew to almost 23 billion electronic payments, an increase of almost 5%, or 1 billion transactions, over 2013 volume, according to new statistics released by NACHA — The Electronic Payments Association. A total of more than $40 trillion was transferred over the ACH Network last year, increasing more than 3% compared to 2013. “The ACH Network has continually… Continue reading >>

Massive drop in number of unbanked says World Bank

From 2011 and 2014, 700 million people became account holders at banks, other financial institutions, or mobile money service providers, and the number of “unbanked” individuals dropped 20% to 2 billion adults, says a new report from the World Bank. “Access to financial services can serve as a bridge out of poverty. We have set a hugely ambitious goal –… Continue reading >>

NCR launch cloud-based ATM software platform

NCR says it has introduced the biggest change to the way an ATM operates since the self-service banking channel was invented nearly 50 years ago, launching Kalpana software, an enterprise software platform that moves ATM software and operations to the cloud. Kalpana software runs ATMs remotely, initially through a thin-client ATM including an Android operating system, and is designed to eliminate malware,… Continue reading >>

Card fraud increases as stolen cards used once every 20 seconds

British businesses were hit by card fraud once every 20 seconds in March, with Worldpay warning that small businesses are likely to have been hackers’ biggest targets. Worldpay saw over 133,000 fraudulent transactions worth £10 million reported in March alone, leaving businesses out of pocket as fraudsters purchased goods and services using stolen card details. Over 67% of all fraudulent… Continue reading >>

Growth in global NFC SIM market

The SIMalliance membership, which represents approximately 90% of the global SIM card market, has reported an 11% year-on-year increase in SIM unit shipments in 2014. Globally, the growth trend for NFC SIM shipments, which has now been evident over the past four years, continued throughout 2014, as units soared by 69% from 78 million in 2013 to 132 million units…. Continue reading >>