Category: Payments

Payments, Security

Fraud survey designed to promote “security guarantee”

Colin Henderson

TD Canada Trust in Canada, announce a lightweight and contradictory survey.  In my view this survey is designed to try and highlight fraud concerns, in order to assert their recently introduced ‘security guarantee”.  These security guarantees are all the rage at the moment, and in effect merely confirm that Banks will do what they are legally and morally required to do in any event. Finextra: Fraud fears scaring off Canadian Web banking customers However the survey also found that less than 30% of Web banking users, and under 20% of non-users, were aware of the terms ‘phishing’ and ‘Web site … Continue reading Fraud survey designed to promote “security guarantee”

Payments2 Comments

Paypal introduce UK credit card

Colin Henderson

Paypal as predicted, comes out with a credit card in the UK. The card is not however attached to their Paypal account.

Finextra: PayPal launches UK credit card

PayPal, the online payments business of electronic auction house eBay, is teaming with finance firm GE Money to launch a credit card in the UK.

The new card does however have features that are aligned to internet users.

PayPal says it will offer instant decisions on online applications,
as well ID theft insurance and guarantees against Internet fraud.PayPal has more than 10 million accounts in the UK.

Continue reading “Paypal introduce UK credit card”

Payments

Visa Waives Signature Requirement on Purchases Under $25

Colin Henderson

In reponse to similar moves from American Express and MasterCard, Visa eliminates signature for credit, and interestingly, debit transactions under $25 for certain (17) merchant categories. Visa Waives Signatures on Small Purchases: Financial News – Yahoo! Finance NEW YORK (AP) — Visa USA on Monday said it will waive the signature requirements for purchases under $25 in a bid to speed up customer time spent at on the checkout line and increase use of its credit and debit cards. Customers previously were allowed to pay without a signature at only certain retailers, such as Starbucks. The San Francisco-based credit card … Continue reading Visa Waives Signature Requirement on Purchases Under $25

Business Models, Innovation, Payments, Web/Tech

The right questions to ask about payments

Colin Henderson

Digital Money held their forum in London, and the presentations are now online (middle left – presentations – speakers). For more detail on the decks, go to the wiki. Here are insights from the leaders in the new payments space, and Banks must listen, and think about the implications. Its a unique opprtunity to see data on Paypal, and thoughts from emerging leaders including Vodaphone, Mi-Pay, Tesco, and Peppercoin. I noted this page from the Peppercoin deck, which asks a set of higly relevant and strategic questions. Small Payments and mobile based payments Contactless payments, and mobile phone based contactless … Continue reading The right questions to ask about payments

Innovation, Payments, Smart Cards

Consumers like convenience of contactless m-payments, study shows

Colin Henderson

This is an important study for Banks and credit card companies. Payments using contactless cards are merely held over the payment device, versus the traditional method of "dipping" the card into the device, similar to an ATM. Finextra: Consumers like convenience of contactless m-payments, study shows Consumers like the convenience and ease of making transactions with their mobile phones, according to a new usability study of near field communication (NFC) and contactless payment technology released by Royal Philips Electronics and Visa International. The conventional view has been that cards would transition from mag stripe plastic into chip plastic, then evolve … Continue reading Consumers like convenience of contactless m-payments, study shows

Payments

The Convenience of an A.T.M., but So Much More – New York Times

Colin Henderson

 7-Eleven are expaning their offerring into the realm of banking payments.  The backer to Info Touch mentioned here at the New York Times, is Hewlett Packard. The Convenience of an A.T.M., but So Much More – New York Times "The convenience retailers want to become a bank for the unbanked," said Hamed Shahbazi, chief executive of Info Touch Technologies, a company in Burnaby, British Columbia, that supplies hardware and software for the Exxon Mobil, Circle K and Sunoco programs and others. "They're getting all this pressure from the Wal-Mart's of the world, and they're trying to respond." The benefits of … Continue reading The Convenience of an A.T.M., but So Much More – New York Times

Payments

Visa debit predicted to exceed Visa credit activity worldwide – 2010

Colin Henderson

Embedded in this story about debit in Australia, which is doing well, is a prediction from Visa on debit.  They predict that Visa debit will exceed Visa credit by a significant margin.  This is significant, considering that Visa debit is not even out of the gate yet. Use of debit cards on the rise – Breaking News – Business – Breaking News Visa said the trend to debit cards will continue with the number of global Visa debit card transactions predicted to increase to 91 billion by 2010, compared to 73 billion Visa credit card transactions in 2004. Relevance to … Continue reading Visa debit predicted to exceed Visa credit activity worldwide – 2010

Canada, Payments, US

Obopay P2P payments, and purchases

Colin Henderson

The third party payments space is heating up, with competition even amongst the newcomers.  This one is in direct competition with Paypal mobile, as well as competing with the US Nacha credit push initiative, and the Canadian Certapay Interac Debit. Relevance to Bankwatch:  Another example of third party disintermediation of money movement.  In plain english we (Banks) are losing control of how customers move their money, and we will eventually lose control of their balances as a result.  Finextra California-based start-up Obopay has launched a mobile payments service that allows customers to make person-to-person fund transfers and using their hand … Continue reading Obopay P2P payments, and purchases

EU, Payments

As the deadline looms, all SEPA stakeholders need better collaboration and coordination

Colin Henderson

Good background making the point that SEPA will result in reduced Bank revenue, and Banks’ should become a lot more pro-active in determining how to view this as a cost reduction opportunity, to mitigate that loss. One way suggested, is to work closely with large corporations, in development of standards, and there are clues that exist, such as XML based communication. SEPA: Time to Light the Fire At the end of the day, SEPA will come down to standards: Standardized payment processing is the name of the game, and it takes cohesiveness and collaboration to light the fire. Leading torchbearers … Continue reading As the deadline looms, all SEPA stakeholders need better collaboration and coordination

Business Models, Open Source Banking, Payments2 Comments

More on Bankless Banking (Zopa, Ripple, Prosper)

Colin Henderson

As noted earlier in March, based on the article in the Economist, there are moves afoot in the alternative banking space. We noted the appearance of Ripple yesterday. these are new business models, that provide for P2P (person to person) borrowing/ lending, with no Bank involved. Finextra now report, that Zopa from the UK intends to attack the US market, having raised $15M in preparation. This following the launch of Prosper in the US last month. Finextra: Zopa raises $15m for US launch Zopa, a UK-based online person-to-person lending and borrowing exchange, has secured $15 million in series b funding … Continue reading More on Bankless Banking (Zopa, Ripple, Prosper)