Europe is now the world’s third largest region by B2C E-Commerce sales, following North America and Asia. While non-cash payment methods, especially credit cards, dominate in the Western sub-region, cash on delivery and various alternative methods are most used in Eastern European countries but, the potential for mobile payments growth is real..
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Regulation and legislation have again effected every portfolio revenue variable: including total revenue, interest income/fee income split, thus seeing issuers respond by assessing new fees and repricing existing fees, where permissible. However, R.K. Hammer’s annual state-of-the-industry report notes the CFPB still has yet to fully catch its stride, so even more…
Businesses can now pay their vendors through a collaboration announced today by Behalf, Comdata and MasterCard. The initiative helps improve cash flow for SMBs by providing alternative payment terms for their payments to merchants that accept MasterCard and are approved for participation by Behalf. Behalf will pay an SMB’s vendor invoice of up to $10,000 per purchase, and the SMB then pays Behalf back over up to 120 days. SMBs receive favorable rates and terms while their vendors benefit from more rapid cash flow, lower risk of fraud, fewer credit losses and increased sales. The offering extends Behalf’s product benefit by adding the ability to use a unique, secure virtual card for both point of sale and online purchases while receiving convenient payment terms.
Minneapolis-based APG Cash Drawer is introducing new cash recycling technology along with purpose built European products. Feature rich and purpose built for retail, the new technology will effectively serve restaurants, quick serve, supermarkets, c-stores and more.
Misys software has been awarded the SWIFT Certified Application labels for trade, supply chain finance and corporate supply chain finance. Having won the recognition for the seventh consecutive year, Misys was namely awarded for its FusionBanking Trade Innovation and FusionBanking Corporate Channels, FusionBanking Trade Innovation and FusionBanking Corporate Channels – Supply Chain Finance and FusionBanking Corporate Channels – Corporates-Trade Supply Chain Finance. Misys’ dedication to SWIFT best practices over the years has ensured the firm’s trade services platforms are compliant with the latest standards in trade finance. In upcoming releases this will include support for the SWIFT FATF 16 changes, due in 2015 as part of SWIFT’s roadmap to address financial crime in payments and trade finance.
While the payments industry is ablaze with mobile payments technology and potentially huge profits, it will not come to fruition unless consumers are educated on the performance and ease of use of mobile pay services.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Fred Brothers, Executive Vice President of Strategic Innovation of FIS.
San Diego-based PayLease has added a retired Morrison & Foerster attorney to its Board. PayLease, is a provider of electronic rent payment services for the property management industry.
A new credit card processing service has been introduced offering a free POS terminal that automatically applies surcharges to credit cards and provides customers with itemized receipts.
Salt Lake City-based Code is introducing a reader with embedded formatting features that can quickly manipulate barcoded data, including driver license and military identification information, to fill out loyalty forms and credit card applications or print templates for ID cards.
Skrill digital payments has partnered with Linden Lab to integrate the Skrill Digital Wallet as a payment option for Second Life user-created virtual world. Users can buy Linden Dollars (L$) with their currency of choice at the market exchange rate. Linden Dollars are then used for transactions among users for a wide variety of user-created virtual products and services in the Second Life marketplace. Since Second Life first opened in 2003, millions of people from all over the world have participated in the vibrant virtual economy, and Linden Lab pays out tens of millions of dollars to successful Second Life content creators every year. Skrill’s Digital Wallet provides users with a secure and easy method to send and receive Linden Dollars. Skrill 1-Tap, Skrill’s recurring payment solution, allows users to enter their information only once to enable continuous payments thereafter with just one tap or click.
The UK’s LINK ATM network announced Christmas 2014 was a record time for cash machine withdrawals. A total of £662 million was dispensed by ATMs on 24 December 2014, with an average withdrawal of £82. This was a 22% increase on the £544 million dispensed on the same day in 2013 while £11,899 million was withdrawn throughout December 2014, an increase of 4% on December 2013, which totaled £11,468mn. There was also an increase on New Year’s Day, with 14% more cash withdrawn this year than last (£164 million on 1 January 2015, compared with £144 million on 1 January 2014).