PayPal and Samsung have announced a collaboration that will make Samsung Galaxy S5 users the first to be able to login and shop at any merchant that accepts PayPal on mobile and in-stores with only their fingerprint.
The new biometric feature will mean that Galaxy S5 users will no longer need to remember passwords or login details, PayPal will be the first payments company to support Samsung’s mobile fingerprint authentication technology.
“We spearheaded the Fast IDentity Online Alliance last year and predicted that the industry would soon move beyond passwords, and this announcement brings us one step closer to that reality,” said Hill Ferguson, Chief Product Officer for PayPal. “By working with Samsung to leverage fingerprint authentication technology on their new Galaxy S5, we are able to demonstrate that consumers don’t need to face a trade-off between security and convenience. With a simple swipe of a finger, consumers can still securely log into their PayPal account to shop and pay with the convenience that mobile devices afford.”
“We are very excited about our relationship with PayPal as it will bring one of the most trusted online payment solutions in the world to the broader mobile market,” said Hankil Yoon, Senior Vice President of Mobile Product Strategy. “Together with PayPal, we expect to provide our customers with a seamless and secure experience in online shopping and payments on our new Samsung Galaxy S5.”
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Visa has announced a series of enhancements to Visa’s Advanced Authorization (VAA) technology that significantly improve the ability of its global processing network to detect potential electronic payments fraud.
Financial institutions can use the information to more reliably know which transactions to decline in real time, potentially reducing fraud by billions per year, while more confidently approving legitimate transactions to remove friction from payments for merchants and consumers alike.
“Cardholders, merchants and issuers all want to have confidence in the convenience and the security of every Visa transaction,” said Mark Nelsen, Head of Risk and Authentication Products, Visa Inc. “The great improvements we’ve made in Advanced Authorization this year were designed to do just that: fight fraud and its costs to financial institutions and merchants, while also ensuring legitimate transactions are handled with the speed and convenience that consumers and merchants want.”
Visa has increased the breadth of each account profile in the Advanced Authorization model by adding more transactional history data, along with additional neural networks to analyze that data. The account profile is a major component of the risk score assigned to a given transaction and provided to the issuer for them to make an authorization decision. The result is more robust performance and improvement of as much as 130% in detecting fraud in debit transactions and 175% for credit transactions.
The enhanced model includes additional risk indicators specific to Automated Fuel Dispensers (AFD) transactions. Visa’s network now can pinpoint suspicious activity at a gas station and apply that to all transactions processed through that station. The model also uses account velocity at AFDs compared to that account’s normal behaviour in the score determination. This can potentially increase the effectiveness of fraud detection in this segment by as much as 266% for debit transactions and 163% in credit.
The VAA improvements offer the potential to substantially reduce fraud in both transactions where the physical Visa card is present, such as a retail store, as well as in “card not present” environments such as online shopping. The improvements are effective for both consumer and commercial accounts and transactions.
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By Ben Carsley, Managing Editor (@BC_PYMNTS)
Welcome to PYMNTS.com’s 2013 CEO Series: a quick and concise glimpse into the minds of the leaders of the payments industry and how they view innovation, change and growth. We’ll ask each top exec the same six questions about the payments industry to gauge who they view as innovation experts and why they feel their company stands out. What advice do these leaders have to offer to those looking to survive in a complex and dynamic industry? On PYMNTS.com, you can find out.
In this installment, we speak with Ken Paull, CEO of ROAM, to learn his thoughts on payments innovation, how the industry is changing and more. What does Paull believe many players forget when trying to innovate in payments, and what does he say payments’ past tells us about its present and future? Find out below.
How would you define your company’s approach to innovation?
It’s a collaborative effort between our own vision of where we see this industry going and the demands coming from our customers and partners. We put a lot of pressure and responsibility on ourselves to be visionaries in this space, as evidenced by delivering the first encrypted card reader to the market and some of the more recent innovations we’ve worked on with customers, such as the integration of payments into a broader mobile experience. You learn so much more and shape such a stronger vision by engaging your customers in this process and jointly leveraging each other’s ideas.
What is the most innovative thing that you have introduced into the market – and what did it deliver to the stakeholder group that was its target?
I’d have to say the most innovative thing we’ve done is architecting our entire platform in a way that’s not only fully brandable and customizable, but also flexible enough so that it can be unbundled into separate offerings. Taking that approach has allowed many major players out in the market to leverage our platform to not only compete with the likes of Square and the other players in the market, but actually break out more value-added solutions and do it with ease and agility. We’ve given other players in the market a huge competitive advantage by providing an affordable way for them to get to market with a mobile commerce solution of their own.
Where do you look for innovative ideas and why?
I already spoke about how important our customers are to our innovation process, but in our goal to become a best of breed provider, we acknowledge that we can’t always develop everything in-house ourselves, especially not in such a rapidly growing segment. So, we also look to key partners for their input and expertise. By integrating some of our partners’ solutions into our platform, those partners become another source of innovation. We’re always surveying the market for other businesses that are providing new and innovative mobile development tools and software modules that might bring value to our customer base.
What do you think that most people underestimate about innovating in payments?
Many companies don’t look backwards and learn enough about where the payments industry has been and how it has evolved. Even though mobile is a new frontier, the mobile payments space is following a lot of the same trajectory that physical payments and eCommerce went through. For example, if you look at a physical countertop device, at first it only accepted credit cards, next it was debit cards, then it was prepaid cards, gift cards, loyalty cards, etc. That’s in essence what we see happening in our industry. Now the software and value-added applications are really streaming in to surround the existing hardware capabilities for mobile card acceptance. I think people underestimate how much innovation has already taken place in the industry and how much of the groundwork has already been laid for the new players entering this space.
What person or company do you think “gets” innovation and why – and, conversely, who or what has missed it and why?
That is a very difficult question. In terms of mobile payments, we are probably working in some form or fashion with a majority of the industry players, so it’s difficult in two respects. The first is that many of them ask us not to disclose information about our relationship, as is the nature of being a “behind the brand” technology platform. The second is that there are just too many people we could offend by excluding. Being an Ingenico company, we obviously have a bias in this respect because we certainly think Ingenico “gets” innovation. By investing in ROAM and building out a mobility line of business, they have the vision to understand how key mobile is to the transformation of this industry and how important it is to their future. On the contrary, we have seen many of Ingenico’s competitors put a less persistent effort into this market during a time that is a very critical inflection point in our industry.
What advice would you give a young innovator in this space and why would you tell her to heed it?
Never lose sight of the wants and needs of your customer (or in the case of a distribution channel environment – your customer’s customer). And don’t be afraid to reach out to your customers and to the market to share ideas and gain other people’s input. This is a complicated ecosystem that we operate in and to develop and bring products out to the market in a silo is a risky venture.
Ken Paull, CEO of ROAM
Ken has over 20 years in senior management roles in the electronic payments industry including senior vice president at RBS Lynk (now WorldPay), vice president at Triton Systems and general manager at VeriFone. He was responsible for building and rapidly growing what is now WorldPay’s national account payments division while also directing the turnaround of what had been a declining ATM processing business. While at Triton, the company surpassed NCR as the second largest domestic ATM supplier and also became the global leader in retail ATM deployments. At VeriFone, Ken built their major account, retail division which has become one of the largest segments of their business. Most recently, Ken has held positions of board director at Access to Money, director at Market Platform Dynamics and president of Pax. A native of the Boston area, Ken holds a B.S. in Marketing and Communications from Babson College, as well as an MBA in Telecommunications Management from Golden Gate University.
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Transactions in China through third-party payment systems, which include online payment companies, topped $1.13 billion in value in the first half of 2013, according to a report by CCID Consulting. The report identified China UnionPay Merchant Services, which processed 46.3 percent of that total, as the market leader with Alipay (17.8 percent) and China Payment and Remittance Service (6.2 percent) rounding out the top three.
Online payment and bank point-of-sale businesses accounted for more than 97 percent of all third-party transactions in the country for the six-month period ending June 30. The $1.13 billion value of third-party transactions in the first half of 2013 represents 66 percent of the value of all transactions in the entire year of 2012.
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Sales of online goods between countries are set to triple over the next five years to be worth USD307bn. The figure, which comes from a report commissioned by PayPal, represents a jump from USD105bn this year in cross-border e-commerce between Australia, Brazil, China, Germany, the UK and the US.
The report found that last year a quarter of all marketplace revenue and more than half of payments processed by PayPal came from international transactions. With figures set to rise, PayPal has been upping its cross boarder promotion in emerging markets, focussing on China as a particular area for further growth.
The US was the top exporter, with 45% of those surveyed saying they bought goods from there, followed by the UK with 37%. China was the biggest destination for US goods, with 84% of Chinese online consumers asked buying from the region. Clothes and shoes are expected to remain the most popular items, followed by beauty products and consumer electronics devices.
The UK Cards Association’s new website will give consumers better access to tailored information on their credit card costs
Following a research project undertaken with the Personal Finance Research Centre (PFRC) at The University of Bristol*, The UK Cards Association today announces the launch of a new website – www.cardcosts.org.uk with the objective of helping consumers improve their understanding of their credit card costs. The website is built on the findings of the research, which concluded that consumers are struggling with the ‘APR’ as the traditional measure of illustrating the cost of borrowing.
The CardCosts website will allow credit cardholders to:
- Gain a better understanding of the cost of their current repayment choices;
- Experiment with different levels of payments and desired periods to pay off a balance;
- Learn from a range of informative messages which explain what can be complicated terms;
- Link to other help and guidance, such as credit card statements and summary boxes; and
- Quickly receive details of sources of free independent debt advice.
The website looks to go further than other similar existing tools by capturing details of different types of Balance, covering not only traditional card purchases, but also balancetransfers and cash advances. Furthermore, it allows the user to clearly see the impact of paying just a little more than the minimum payment. These enhanced features will ensure that the indicative costs provided are as tailored to a customer’s individual circumstances as possible.
This is the latest in a series of important enhancements to transparency and responsible lending delivered by the card payments industry over many years, which has included the introduction of summary boxes, the delivery of a series of new consumer rights offering greater control and convenience, a contact process to provide advice for cardholders who are frequently paying only the minimum payment and also the introduction of annual creditcard statements.
The initiative has received support from the Department for Business, Innovation & Skills, where the Minister for Employment Relations, Consumer Affairs & Postal Services, Jo Swinson MP, has welcomed the alignment of this work with its own ambitions around ‘consumer empowerment’.
The development process for the new website included feedback from key stakeholder round-tables involving Which?, the Money Advice Trust, Citizens Advice, AdviceUK, StepChange Debt Charity, Money Advice Scotland and with subsequent input from the Money Advice Service.
The UK Cards Association will now be working with its members and other stakeholders to discuss how best to ensure that the benefits of the website are made available to as many customers as possible via various channels.
Melanie Johnson, Chair of The UK Cards Association, commented:
“I am delighted with the outcome of this important research, the result of working closely with the highly respected Personal Finance Research Centre. The research confirmed that customers find it difficult to understand APRs and would prefer to see credit card costs displayed in a way that is more easily understood. This website does just that, allowing people to better understand their costs in a clear, tailored and interactive way. This is another important step in the industry’s transparency journey, which has seen a series of initiatives delivered in the interests of customers over many years.”
Andrea Finney, Senior Research Fellow at the Personal Finance Research Centre, commented:
“One of the most striking findings to come out of our research was how strongly the people we spoke to wanted to understand the costs of their credit card in relation to their own spending. A hypothetical balance, such as the one used for calculating the APR, simply wasn’t meaningful. This new website was developed to give users the opportunity to see the cost of their cards as a direct reflection of their actual balance and how they use theircard.
The way that credit card costs are calculated and applied can be complicated enough, but when you add in the potential different combinations of types of balance and the many different approaches consumers can take to repay their cards, the picture becomes even more complex. It’s extremely difficult for consumers to navigate this complexity on their own. The key challenge in developing a tool like this therefore lay in stripping back this real-world complexity to make the interface as simple and intuitive to use as possible, while retaining the validity and representativeness of the results.”
Jo Swinson MP, Consumer Minister, commented:
“The Government is committed to helping consumers in financial difficulty. A big part of managing financial problems and debt is knowing how to avoid them, and well informed consumers make better choices and spending decisions. That is why I am pleased that The UK Cards Association and Bristol University have launched the CardCosts website today, which I’m confident will be a welcome aid to consumers seeking more information on credit cards. This website will help consumers take control of their bills and pick the best credit card for their needs. “Consumers who are in financial difficulty can talk to the Money Advice Service on 0300 500 5000, who provide free and confidential debt advice.”
To view a short film of Jo Swinson and The UK Cards Association Chair, Melanie Johnson discussing the new website please visit: http://youtu.be/CZepNRj-41w
To view the press release as a PDF, with notes to editors, please click the link below.
For further information please contact The UK Cards Association Press Office on 020 3217 8436 /07767 114703 or email email@example.com
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MasterCard has announced that it will deploy a target of 410,000 MasterCard PayPass– enabled point of sale (POS) terminals throughout Japan over the next three years, enabling travellers visiting the country to enjoy the speed and convenience of making contactless transactions.
In February, MasterCard announced strong growth of contactless payments on MasterCard-enabled cards across the Asia/Pacific, Middle East and Africa region in 2012, citing a 28% (YoY) increase in merchant locations, reflecting a strong demand from consumers in the region for simple and secure ways to make everyday payments.
The early adoption and penetration of contactless payments in Japan, ahead of other countries, saw transactions amounting to over 2 trillion yen in 2011, according to the Bank of Japan. Contactless payments continue to expand at a rapid rate, in part due to the increased use of NFC payments.
The 410,000 MasterCard contactless terminals will be deployed by domestic card companies including Mitsubishi UFJ NICOS, Sumitomo Mitsui Card, Orient Corporation and UC Card.
Robert Luton, division president of MasterCard Japan said, “Consumers around the world are embracing the contactless payment experience. With the introduction of MasterCard’s contactless terminals across the country, cardholders traveling from abroad will get the benefit of safe and secure contactless payments in Japan. We look forward to providing more contactless payments opportunities for cardholders around the globe when they visit Japan, through a wider range of MasterCard-enabled cards and devices.”
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American Express has announced a new multi-year digital commerce initiative designed to help identify and develop innovative technologies, and plans to invest $100 million in early stage startups in the digital commerce space.
“American Express is a 162 year old company that has continuously reinvented itself,” said Dan Schulman, Group President, Enterprise Growth, American Express. “As we enter the next chapter in our history, we recognize the need to work with emerging technology companies to inspire change, encourage innovation, and ultimately deliver the best products and services to our customers.”
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LONDON–(BUSINESS WIRE)–October 17, 2011
Citigroup today announced that its Global Transaction Services unit is expanding its premier cross-border payment solution, WorldLink® Payment Services (WorldLink), into eight new countries for local payments.
This expansion sees the traditional Automated Clearing House (ACH) offering increase from 21 countries, primarily in Europe, to 29 countries spanning Europe, Africa, Asia and the Americas. As part of the continuous improvement to WorldLink, file based clients can now benefit from this expanded currency offering for local payments.
Key additions to the WorldLink suite of countries for the ACH offering now include Brazil, Dominican Republic, Israel, Jamaica, Morocco, South Africa, Trinidad & Tobago and Tunisia.
This increase in ACH country availability further establishes WorldLink as having the largest currency suite available across the widest array of payment types for cross border payments in the market. WorldLink offers in excess of 130 currencies in Funds Transfers, ACH, Mass Pay, Remote Checks, On-Site Checks and Cash to over 180 countries worldwide.
In September 2011, WorldLink announced enhancements to the exotic currency offering. These enhancements coupled with our extended ACH offering firmly place WorldLink as a market leader, continuing to stay ahead of the curve for exotic and emerging market payments.
Michael Vallance, Global Head of WorldLink Payment Services at Citi, says “We continue to see increasing client requirements for a larger focus on local currency payments, especially in emerging and developing markets. Thanks to Citi’s global network, local presence and WorldLink’s long history of cross-border payment execution we have been able to quickly refine and optimize our offerings to meet our clients’ ever-changing needs.”
Citi’s WorldLink® Payment Services has been operating for over 27 years. These services successfully enable Citi’s clients to issue payments in more than 130 currencies, by leveraging an existing network of over 225 partner relationships and accounts. WorldLink makes over 30 million payments annually with a value of almost 900 billion US Dollar equivalent. The WorldLink solution is a convenient non-account-based product, offering multicurrency payment solutions for corporations, financial institutions and public entities. Supporting over 4,000 currency pair conversions, WorldLink provides transparent flexible foreign exchange options which are bundled with the most comprehensive distribution network of any international cash management service provider globally.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com Twitter | @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
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