5 January 2018

5th January 2018
  • Mobile/Contactless and omni-Commerce
  • Acquiring/Processing
  • Biometrics
  • Corporate Activity
  • Regulation

MOBILE/CONTACTLESS and omni-COMMERCE

MeaWallet has signed an agreement with Swedbank to integrate MeaWallet’s tokenisation platform with Swedbank’s mobile banking app in Latvia, Lithuania and Estonia. http://tinyurl.com/yawezfqk

MeaWallet now flies under the flag of Invuo Technologies, the former Seamless Distribution.

 

ACQUIRING/PROCESSING, etc

UnionPay International is looking to expand the use of its QR based Mobile QuickPass app.  http://tinyurl.com/ybrl2yer

While the push is concentrated in SE Asia, QuickPass is accepted at over 600,000 POS terminals outside mainland China, across 16 markets including Australia, Canada, and Russia, which has 400,000 of the POS.

Meanwhile UPI is saying UnionPay cards will be accepted at more than 90% of the local Russian ATMs and POS terminals before the 2018 World Cup. http://tinyurl.com/ycfhzz2l

 

UnionPay has also published its transaction volumes during the New Year’s holiday showing record usage. http://tinyurl.com/y8ytglm6

External use by Chinese tourists is said to have grown ‘remarkably’ with Russia and the Czech Republic included in the new favourite destinations. UnionPay QR code and UnionPay contactless QuickPass were an important part of the mix.

 

Sky Betting & Gaming has partnered with Barclays and Vocalink to allow customers to receive immediate payouts on their debit cards. http://tinyurl.com/yab6c43p

Sky says it is working with several banking partners to offer the new service for all of its customers.

 

BIOMETRICS

Gemalto is working with the Bank of Cyprus to implement an EMV biometric dual interface payment card for both chip and contactless payments. http://tinyurl.com/yasapvvx

Biometric authentication with fingerprints will replace the standard PIN code by comparing the scanned fingerprint with biometric data stored in the card. The cards are compatible with existing POS and powered by the payment terminal, eliminating the need for an embedded battery.

 

CORPORATE ACTIVITY

The Ant Financial/Moneygram deal is not going to happen. http://tinyurl.com/ya7z84j5

The two parties have ”mutually agreed to terminate their Amended Merger Agreement following the inability of the companies to obtain the required approval for the transaction from the Committee on Foreign Investment in the United States (“CFIUS”)”. There is nevertheless a strong willingness for work on ‘new strategic initiatives’ to take place, with a continuing partnership going forward.

 

REGULATION

The PSR has published a decision and consultation paper regarding fees.    http://tinyurl.com/ycmhq5sp Consultation and decision paper  http://tinyurl.com/y6uztuou

The main impact is that in future fees will be collected directly from fee payers, rather than collecting them indirectly via PSOs. Fees will be calculated on the basis of fee payers’ transaction volumes and values.

 

Western Union Financial Services has been fined $60m for AML offences by NYDFS. http://tinyurl.com/yabdqkrs

The deficiencies in its compliance programs date back to the period 2004 to 2012.

 

Speech by the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System – Thoughts on prudent innovation in the payment system. http://tinyurl.com/ycazh2yb

A rundown of issues relating to the US Payment system including Payment Systems, Networks, and Trust; Payment System Innovation; Private Digital Currencies; Central-Bank-Issued Digital Currency and Prudent Innovation.

 

Latest News Round-up

6 July 2018

Industry Videos

DNB to revolutionise international identification

DNB is working on technology that makes it possible to identify clients with just a mobile phone and a passport. The bank combines technology in the phone and data stored in the biometrical passport with its own systems. An important focus of the project is the customer experience and to resolve challenges related to international identification.

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