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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 >>

US EMV payments: PIN or signature?

There are lots of ongoing discussions around EMV payments in the US; PIN versus signature, contactless, mobile payments (firmly back on the table after the introduction of Apple Pay), tokenization, as well as transit payments, to name a few. The one going on the longest has to be the back and forth between the payment systems and US issuers on… Continue reading >>

Google retires Bebapay card in Kenya

Google is to close its Bebapay prepaid card in the Kenya market in order to shift its focus onto the payments space. Bebapay was launched in 2013 as a prepaid card for contactless transit fares, but the service will be discontinued in March 2014. Google partnered with Kenya’s Equity Bank to launch the scheme, which has over 100,000 cardholders. The… Continue reading >>

Raiffeisen Bank, Tieto enable contactless Visa cards across Bosnia and Herzegovina

European software specialist Tieto has helped Raiffeisen Bank become one of the first banks in Bosnia and Herzegovina to provide contactless payment services for Visa cards. With the Card Suite solution developed by Tieto, Raiffeisen Bank in Bosnia and Herzegovina was able to introduce contactless cards in the market with an additional option of gradual credit repayment. This extra option… Continue reading >>

US EMV POS migration gathers pace

By the end of 2015, approximately 59% of US POS locations will be EMV-enabled, according to a report from payment consultancy Aite Group. Awareness of the migration to EMV among small to mid-size US retailers has increased, with two-thirds of merchants aware of the standard. However, Aite states that a significant awareness gap still needs to be addressed for the… Continue reading >>

EMV cards are no panacea for credit card security

Whilst the EMV (Europay, MasterCard and Visa) bashing in the US continues to gather pace, US banks, credit card companies and retailers continue to invest heavily in the technology widely used in Europe. EMV cards provide greater security than the magnetic stripe cards currently in use in US market by including a computer chip embedded in the card and requiring a PIN supplied by… Continue reading >>

Core banking infrastructure replacement critical say banks

A clear majority of banks believe that they will have to overhaul their core banking infrastructure over the next three to five years if they are to face off the threat from more agile competitors, according to research conducted by Finextra. The study, ‘Invigorating Banking’, conducted on behalf of next-gen banking vendor Five Degrees, calibrated responses from 126 participants at… Continue reading >>

UK adults believe that smartphone payments will outpace credit and debit cards by 2020

A new study published by Experian reveals that a third of the UK population (33%) believes credit and debit cards will no longer be the preferred method of payment in 2020, as paying with a smartphone will take over. The Banking Moving Forward study provides a valuable insight into what expectations individuals have of lenders and how they view the financial… Continue reading >>

Disagreement over US EMV implementation readiness

EMV implementation is under way in the US, but only about half of the 12 million merchant payment terminals will be converted to accept more secure EMV smart credit and debit cards and NFC-ready smartphones by the end of 2015, according to financial officials working to support the conversion. There’s wide disagreement over whether that 50% adoption rate is happening… Continue reading >>

Paym heading towards 2 million users

Nearly two million people have registered for Paym, with the potential to link every current account in the country with a phone number, new figures released by the service show. The mobile payments service was launched on April 29 last year and by the end of December, a total of 1,851,612 mobile numbers were registered on the Paym database. Last year, more than… Continue reading >>