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Differing forecasts for mobile wallet

Research and opinion on mobile payment trends contain conflicting predictions and conclusions, partly as a result of banks commissioning fewer market studies, leaving researchers to find a new starting point for evaluation, says consultant Steve Mott. For example, research from Auriemma Consulting Group found at least 42% of iPhone 6 and 6 Plus users have tried Apple Pay at least… Continue reading >>

Türk Ekonomi Bankası launches mobile payment app using Visa’s HCE technology

Türk Ekonomi Bankası (TEB) has announced it will launch a mobile contactless payment application, powered by Visa Europe’s HCE (Host Card Emulation) technology. The application will use the HCE functionality that is gathering pace across Europe as NFC enabled smartphones become widespread. The application allows the bank’s customers to perform quick and secure contactless transactions via a smartphone, using card data… Continue reading >>

Money laundering rules for digital currency to be put in place by UK government

Setting out its approach to digital currency, the UK government has vowed to start applying anti-money laundering regulation to exchanges but also promising to put cash behind research into the potential of blockchain technology. Last August the government outlined plans to look into the risks and benefits of digital currencies and their underlying technologies. This was followed up by a call… Continue reading >>

Bitcoin users to approach 5 million by 2019

A new report from Juniper Research has found that the number of active Bitcoin users worldwide will reach 4.7 million by the end of 2019, up from just over 1.3 million last year. However, the report argues that usage will be continue to be dominated by exchange trading, with retail adoption largely restricted to relatively niche demographics. Retail Activity “Extremely Low”… Continue reading >>

IBM to create blockchain-based digital payments infrastructure for central banks

IBM is rumoured to be considering adopting the underlying technology behind bitcoin, known as the blockchain, to create a digital cash and payment system for major currencies, according to a person familiar with the matter. The objective is to allow people to transfer cash or make payments instantaneously using this technology without a bank or clearing party involved, saving on transaction costs,… Continue reading >>

EU Parliament approves interchange fee caps

The European Parliament has voted in favour of a bill to cap credit and debit card interchange fees. The bill, which will come into force in October this year, will cap interchange fees at 0.2% of the transaction value for consumer debit cards and at 0.3% for consumer credit cards. Member states will also have the flexibility to define lower… Continue reading >>

Samsung waives fees for Samsung Pay mobile payment service

Samsung, which is gearing up to launch its own mobile payment service, Samsung Pay, in Korea and the US this summer, has decided not to collect fees on Samsung Pay to help dominate the rapidly-growing mobile payments market. Samsung’s move appears to be aimed at securing new markets related to mobile payments, rather than putting a halt on its market… Continue reading >>

Bank of England: The economics of digital currencies

Digital currencies represent both innovations in payment systems and a new form of currency. This article examines the economics of digital currencies and presents an initial assessment of the risks that they may, in time, pose to the Bank of England’s objectives for monetary and financial stability. A companion piece provides an introduction to digital currency schemes, including some historical… Continue reading >>

ECB: Digital currencies unstable

The European Central Bank has published a new report on digital currencies, describing them as “inherently unstable” whilst remaining upbeat about the potentially transformative benefits they may offer in payments. The ECB study builds off an earlier study published in 2012, offering both a general overview of digital currencies as well as follow-up analysis on the potential benefits and risk of using so-called virtual… Continue reading >>

Visa Europe launches payment tokenisation and expands P2P payments capabilities

Visa Europe has announced its plan to launch a payment tokenisation service customized for the needs of the European market. Tokenisation technology will be at the heart of new mobile payment solutions and has been hailed as one of the best data protection and fraud prevention methods available.  The new service will be available for financial institutions from mid-April 2015…. Continue reading >>