Despite popular belief, the use of contactless cards will not trigger widespread adoption of mobile payments, according to new research. Instead of easing consumers into the habit of paying for things with their mobile devices, the New York-based research firm, Auriemma Consulting Group, reported that contactless cards may not actually attract new mobile payment users. They believe this may be...
Rogue mobile apps account for 28% of fraud attacks, according to the Q2 2018 fraud report by Bedford, Mass.-based security solutions company RSA. Other highlights from the report include: Phishing accounted for 41 percent of all fraud attacks observed by RSA in Q2. Canada, the United States, and the Netherlands were the top three countries most targeted by phishing. Fraud...
The groundwork has been laid for widespread U.S. contactless payments adoption, but what will be the impetus for actually taking shape is a mystery, according to the Federal Reserve Bank of Boston report, “Tap to Pay: Will Contactless Cards Pave the Way for NFC Mobile Payments in the U.S.?” Background on the Contactless Card and Mobile Payments Movement In 2015,...
By 2021, eMarketer projects that 79.3% of smartphone users in China will be swiping, scanning, and tapping at point-of-sale machines. Meanwhile, only 30.8% in the U.S. and 22% in Germany will be doing the same. China’s Alipay exceeded 1 billion users with more than 700 million users in China alone, according to news reports. Additionally, more than 40 million small...
Samsung Pay is providing greater flexibility and possibilities to consumers in France. For the first time in France, PCS MasterCard prepaid card users can make mobile payments through Samsung Pay. Samsung Electronics France recently partnered with French card issuer Prepaid Financial Services to allow its fleet of PCS Mastercard prepaid cards to be loaded onto the Samsung Pay wallet. PCS...
Mobile and IoT payments are happening now and will continue to grow, so that means banks need to embrace emerging technologies to handle them. Banks need back-end infrastructures that are flexible enough to handle payments enabled by mobile devices, wearables, and whatever smart technology gets thrown at them next. Banks may be stressing out about moving away from legacy technology,...
Overall, people hopped on the cryptocurrency ecosystem quickly. With the right measures and forethought this means the blockchain has the potential to change financial services forever. It may have the power to revolutionize the payments industry, but cryptocurrency has to get through it’s growing pains first. The expansion of mobile payments will help. As more consumers use online and mobile...
Wells Fargo & Co. recently announced it is launching contactless cards, which allow customers to tap and pay at retail stores and public transit hubs. The bank has already started handing out contactless cards to those who pen new consumer credit card accounts. Existing credit card customers will receive contactless versions when their current ones expire. Later this year, the...
In the modern technology-driven world, any retail business should use advanced tools and methods like mobile payment processing to remain competitive in the industry. Providing customers with convenience to make purchases and improving their experience play an incredibly important role in any merchant’s continuous success. Read this article to know how you can improve customer experience in today’s world of...
When it comes to mobile payments, the situation has been described as ‘a very complicated, hot mess’. Why? While the U.S. is exceptional at developing new electronic payments systems, it does not do a great job with commercializing those systems. In the words of Retail Dive, “the market is still in its early days, and people may not be used...
