Consumers across Southeast Asia and Greater China cited identity theft and ATM-related fraud as the top two security concerns when it comes to electronic payments. About 42% of consumers in Southeast Asia (Indonesia, Malaysia, Philippines, Singapore Thailand, and Vietnam) were most concerned with ATM-related fraud such as a stolen card, card cloning or skimming. In the Greater China markets (China, Hong Kong and Taiwan), this figure was 31%.
The largest telecom operator in Korea, KT, agreed last week to deepen cooperation with China’s UnionPay for mobile payment and technology exchange. The deal covers six major fields as Near Field Communication (NFC), mobile payment, online payment, cross-border remittance, electronic marketing based on smart mobile terminal, financial-technology business, and promote the comprehensive upgrading of innovative payment service via UnionPay cards in Korea.
Russia’s Rosselkhozbank has inked a deal with UnionPay International to enable acceptance by all its 3,300 ATMs and 4,000 POS terminals within the year and start mass issuance of UnionPay cards since 2016.
The BBVA Compass NBA American Express Card has officially hit the court and so far it is an easy dunk for NBA fans. The new card is the first payment card bearing the global NBA brand.
In less than a year since announcing support for Host Card Emulation (HCE) and cloud-based software for both secure contactless and remote payment transactions, MasterCard announces projects are currently underway in more than 15 countries. These projects provide consumers with more options for payment experiences across their Android devices.
Visa will soon begin offering Mobile Location Confirmation using mobile geo-location information to more reliably predict whether it is the account holder or an unauthorized user making a payment with a Visa account. It we be available to U.S. card-issuing financial institutions in April.
American Express reported fourth-quarter consolidated total revenues net of interest expense rose to $9.1 billion from $8.5 billion a year ago, up 7% (9% when adjusted for foreign currency translations). The revenue increase primarily reflected the previously reported gain of $719 million ($453 million after-tax) on the sale of the company’s investment in Concur Technologies. The increase also reflected a rise in cardholder spending and higher net interest income.
American Express has unveiled a suite of solutions designed to enable its card-issuing partners, processors, acquirers and merchants to create a safer online and mobile payments environment for consumers. The new American Express Token Service will meet these needs the Company says.
American Express launched its American Express Token Service allowing its card-issuing partners, processors, acquirers and merchants to offer a safer online and mobile payments environment. With NFC tokens, merchants and digital wallet operators will no longer need to store consumers’ sensitive payment account information in their systems. In addition, tokens can be assigned for use with a specific merchant, transaction type or payment device to provide further protection against fraud. It’s based on EMVCo’s Payment Tokenization Specification and Technical Framework, published earlier this year.
MasterCard and Worldline partnered to offer the digital wallet platform with open interfaces available for card-issuing institutes. The digital ‘Wallet’ solution will be available to Sparda bank customers via internet. The technology was developed for the Sparda Banks Group by Worldline which meet MasterCard’s specification. MasterPass is a truly global, interoperable solution that makes payment processes quicker, safer and simpler. This clears the path for a more comfortable shopping experience, while also helping consumers and retailers alike take an important step forward in the digital economy. MasterPass eliminates the need for consumers to register with the individual retailer, an in particular the need to re-enter payment data and shipping data with each new transaction. These are instead stored in the system and are revealed to the retailer automatically when the transaction goes through. The payment process is thus shortened to just a few clicks ” a significant time savings.
MasterCard today announced it will publish a specification that leverages Host Card Emulation (HCE) for secure near field communication (NFC) payment transactions. The approach will enable consumers to easily use their MasterCard-branded cards on their NFC-enabled phones to make contactless payments. Today, there are two million contactless-enabled merchant locations in 63 countries around the world.
China UnionPay, the national bankcard association in China, reached a number of milestones in 2013 and is now accepted in more than 140 countries and regions and covering more than 10 million POS terminals and 1.1 million ATMs outside of China. Over 24 million UnionPay cards have been issued in about 30 overseas markets. Among major developments last year: The first UnionPay card was issued in Africa; the first time UnionPay has come into cooperation with an international tourism retail group; the first UnionPay credit card is issued in North America; the first time that CUP has cooperated with a local institution in Nigeria to expand the acceptance of UnionPay cards on a large scale; the first UnionPay debit card issued in Australia; and the first UnionPay travel card outside China is issued in Singapore.