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W3C joins battle for payments standard

In October 2014, W3C, the World Wide Web standards organization, announced plans to develop a world-wide payments standard for internet payments. The initiative is an interesting project to monitor since W3C has a clear track-record of driving marketplace development. Who/What is the W3C? W3C is the organization responsible for developing and managing the standards that power the internet, such as… Continue reading >>

Amazon withdraws mobile wallet app

Amazon has quietly announced that it is withdrawing from the mobile payments scene and has removed its mobile wallet from the various app stores after just six months. The limited scheme was only available in the US during its short lifespan and the fact that it’s now being eliminated would suggest that Amazon doesn’t think it has the potential to be… Continue reading >>

Multiple payment options critical to merchants

A lack of payment options are forcing customers to abandon their baskets and merchants to miss out on sales. Online retailers are dramatically losing out on sales by failing to address customers’ preferred payment methods. According to research[i] by international electronic payment specialists, The PPRO Group, 68% of UK consumers have abandoned an online retail site due to the payment process. Over… Continue reading >>

Circle adds NFC support to bitcoin app

Bitcoin specialist Circle has added support for contactless mobile payments to its Android app, enabling crypto-currency enthusiasts to make instore purchases with a wave of their phone. The move follows BitPay launching an NFC POS app for merchants, which Circle says means that thousands of high street locations around the world will support its new feature. NFC payment technology is… Continue reading >>

Cyber-attack record thefts at record highs

A new report from IBM has found that despite a 50% decline in the number of cyber-attacks against US retailers in 2014, the number of records stolen from them remains at near-record highs. IBM Security researchers reported that in 2014, cyber attackers still managed to steal more than 61 million records from retailers despite the decline in attacks, demonstrating cyber… Continue reading >>

India’s Icici Bank creates digital village

India’s Icici Bank is aiming to transform a rural Indian community into a “digital village”, using technology to bring banking, education and health services to locals. The village of Akodara in the Sabarkantha district of Gujarat is being transformed to mark Icici’s 60th birthday and to show how technology can be used to transform the lives of India’s rural poor, says… Continue reading >>

Tencent unveils China’s first online-only bank

Chinese internet company Tencent has launched China’s first online-only private bank. WeBank, named after Tencent’s popular WeChat messaging service, is now operational after the Chinese financial service regulator granted Tencent a licence in 2014. China is aiming to boost banking competition in the country in order to aid small businesses seeking financing. According to Chinese premier Li Keqiang: “We will… Continue reading >>

Apple Pay early adoption stats

ITG Research has released  figures which show that iPhone users, via Apple Pay, were responsible for 1% of digital payment dollars spent in the month of November. The ITG Mobile Payments report, which uses data from the firm’s proprietary consumer panel, found that Apple Pay customers used the service roughly 1.4 times per week, with a return rate of 66% for future transactions… Continue reading >>

MBNA launch digital wallet with MasterPass

MBNA has, in partnership with MasterCard, launched a trial of a digital wallet. Once the trial is complete in early 2015, the MBNA Wallet could be quickly rolled out to customers. This will enable customers to securely store their credit and debit cards in their ‘e-wallet’ and, at the checkout for their online shopping, select which card to use to… Continue reading >>

Cyber crime to drastically increase this Christmas

Christmas 2014 looks set to have a large increase in cyber crime with the UK shopper set to spend a record £374.3 million over the festive period with one in four pounds expected to be spent online. It is estimated that online sales will grow by 19.55% to £17.4 billion compared to £14.5 billion in 2013. “Overall Cyber Crime looks… Continue reading >>