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PayPal acquires Xoom as it enters mobile remittance market

PayPal is spending $890m of its $6bn war chest on a deal to buy Xoom, a money transfer company, ahead of its split with parent company Ebay later this month. Shares in Xoom jumped 22% to $25.26 in after-hours trading when PayPal announced it would buy the San Francisco-based money transfer company. The transaction at $25 per share in cash… Continue reading >>

Biometrics has a strong future in financial services

The financial services industry must set aside competition and collaborate on biometrics to ensure consistent, easy and convenient services for end users. These are the findings of a survey published today by Mobey Forum, exploring the current attitudes to biometrics within the banking industry, the key use cases, industry drivers and obstacles standing in the way of progress. Of the… Continue reading >>

Facebook Messenger payment service

Having trialled the Facebook Messenger payment service, Facebook announced that the payment feature is now available for Facebook Messenger users in the US. Now you can make person-to-person payments by adding your debit card through Facebook Messenger in just a few taps. The money goes straight from your checking account to the recipient’s checking account, said Facebook’s head of messaging products David… Continue reading >>

Visa denies Fundamo shut down

Visa has denied that it is about to shut down Fundamo, the mobile payments company it bought for $110m in cash five years ago. That is contrary to what a number of sources claim, with some reporting that key senior staff have left the company in recent months to work elsewhere or start their own ventures. In answer to inquiries, Visa said… Continue reading >>

Wirecard launches mobile checkout platform for retailers

Wirecard announced the launch of a mobile checkout development platform for retailers. The retail payments platform enables retailers to increase the appeal and functional scope of their own app by integrating open- and closed-loop contactless payments, peer-to-peer gifting, offers and merchant loyalty functionality. Today, closed-loop mobile payment and checkout applications by retailers are dominating the mobile payments market in terms of… Continue reading >>

PayPal faces tough times in the digital payments ecosystem

Former PayPal CEO Bill Harris discusses how PayPal fits into mobile payments with Bloomberg’s Emily Chang. Harris was asked whether the company can compete with other digital payment firms, in particular Apple Pay and Google Wallet. ‘‘I think they are going to struggle, because there is so much more momentum in the mobile and retail space from other players than… Continue reading >>

World Retail Banking Report 2015

The latest World Retail Banking Report 2015 produced by Capgemini and Efma looks like  bad news for traditional banks. For the second straight year, banks have not been able to improve positive customer experiences. “With non-bank competitors now proliferating and aggressively providing banking services that are often seen as more agile, intuitive and digitally savvy, banks are now at real… Continue reading >>

Mobile apps generate 50% of retailer mobile transactions

Criteo has released its State of Mobile Commerce Report, revealing that mobile apps generate almost 50% of mobile transactions for some of the largest ecommerce players who have made their app experience a priority, due to much higher conversion rates than mobile browser or even desktop. In addition, 40% of ecommerce transactions now involve more than one device as smartphones, desktops… Continue reading >>

Cash remains king for consumers

Annual figures from the Bank of England show the British public retains a stubborn attachment to paper money, despite rapid innovations in higher-tech methods of payment such as contactless cards or mobile wallets. The total value of banknotes in circulation jumped 6% last year, led notably by demand for £20 notes, which comprise about two-thirds of the notes in circulation… Continue reading >>

Candian telcos launch mobile wallet app Suretap

As companies globally race to position themselves in the swap of physical wallets and plastic cards for virtual ones, Canada’s largest telcos unveiled the grand expansion of their mobile payments app – Suretap. The Suretap app was first launched last year by Rogers but has been rebooted as a joint venture with Bell, Telus, Koodo and Virgin. The wallet is now available… Continue reading >>