WeChat Pay are testing a new facial recognition POS device ‘Frog Pro’ in China.
The new POS machine allows shoppers to pay by scanning their face at checkout. Alipay rolled out facial recognition payment system Dragonfly late last year, which has been deployed in more than 300 cities across China, so We Chat is playing catchup.
Wirecard will provide integration with the Chines ‘pays’ and Pay by Bank.
Barclaycard’s payment solution will be integrated with TouchBistro’s iPad-based POS solution. TouchBistro will automatically calculate payment values, eliminating manual calculations and double entries, and generally streamline the bill-paying process.
Discover Global Network and Arkéa have signed an acquiring agreement.
The agreement will allow merchant clients of Arkéa group’s distribution networks to accept Discover, Diners Club International and alliance partner cards from POS/mPOS terminals and online from payments webpages. Arkéa group’s ATMs will also accept cards that are part of Discover Global Network for cash withdrawals.
Adyen will support payments outside the Chinese mainland for AliExpress, Taobao, Tmall, and Alibaba.com as the Alibaba Group looks to streamline existing payment management operations.
SIX is using the network partner model to open its eBill infrastructure to all interested parties that require digital invoicing solutions. The move will enable business software providers, Fintechs and financial institutions to act as network partners and support their customers in adjusting to the changing demands that accompany digital invoicing and paying invoices. The network partner model was introduced in July with startup Billte the first company to have signed a contract.
CaixaBank is to start issuing biodegradable cards.
The bank expects to distribute around 150,000 units per year of the new gift card. The cards will be made from a biodegradable material with a use life of approximately two years.
Pay.UK has issued a Call for Information on a potential FPS rule on a Contingent Reimbursement Model fee.
The Request, made by seven major bank FPS Direct Participants, proposes a change to the FPS Rules for the payment of a CRM Fee to fund the reimbursement of all customers who fall within the category of ‘no blame’.
LINK has announced that funding will be made available to protect free access to cash and says it will step in to ensure that an ATM is made available and paid for with funding from all the UK’s main banks and building societies.
The Swiss National Bank has conducted a survey on digitalisation and fintech at Swiss banks. Full Report.
The survey focused on financial stability considerations with the aim of gaining a representative picture of how digitalisation and fintech are influencing 34 banks operating in the deposits and lending business.
The program is managed by a third-party vendor and the incident “has no connection to Mastercard’s payment transaction network.” The Belgian and German data-protection regulators have been notified.
Onfido and others are testing portable identity in the FCA regulatory sandbox.
Alongside Monese, Seedrs, Curve and B-Social and supported by Evernym and Deloitte, they are exploring a safer and more secure way to make identity verification work using the concept of portable (re-usable) identity.
Amadeus and Visa’s CyberSource are partnering to deliver SCA and fraud management.
The collaboration will help travel merchants prepare for SCA, reduce fraud risk, and minimize the potential impact on customer experience with the introduction of two-factor authentication through the integration of CyberSource’s 3-D Secure 2.2 authentication solution.
Mark Carney Speech at Jackson Hole – The Growing Challenges for Monetary Policy in the current International Monetary and Financial System
Interpretations vary as to what Carney was saying but essentially agree that the US dollar could be replaced with a digital currency backed by Central Banks. It points to the US dollar’s position as the world’s major reserve currency is coming to an end and a replacement is needed.
China’s Central Bank meanwhile is reported as about to launch a state-backed cryptocurrency.
The currency will be issued to seven institutions in the coming months that include Alibaba, Tencent and Unionpay as well as major banks.
It is alleged that the technology behind the cryptocurrency has been ready since last year and that it could be launched during November.
The Swiss banking app allows customers to manage all their existing bank accounts from one platform, enabling users to gain an overall picture of their financial status. Numbrs plans to use the latest funding to support its expansion as it plans to grow its footprint outside its main market Germany, with the UK it first target.
Enjoy Inc has raised $150m in a Series C growth round.
The funds will be used by the US fintech to accelerate innovation and international growth. It has also done a deal with EE in the UK. Enjoy has developed an on-demand Mobile Store that pairs the convenience of online commerce with the actuality of a physical store, by delivering the online purchase to the customer’s home with a trained Expert.
Temenos is to acquire Kony Inc for $559m and an earn-out of $21m.
The US digital banking SaaS company will significantly enhance Temenos’ scale and capabilities in the US and adds significant digital expertise that will help strengthen Temenos Infinity.
Raisin is the first fintech in Germany to buy a bank, giving it a full banking licence that it will use to drive the growth of its cross-border savings and investments offer. MHB-Bank AG will be renamed Raisin Bank but retain its independent operations. Raisin and Raisin Bank intend to use synergies in the areas of customer access, technology, and regulation to launch new products and enter new markets.
Users gain access by scanning their debit card, with cameras and ‘smart shelves’ tracking purchases and automatic payment on exit. Similar to Amazon Go but does not require an app.