Even as real-time payments systems are proliferating around the globe, real time can mean many different things with vastly different implications to users of the system. The paper provides clarity on what a real-time payment is by exploring what real time means, outlining the challenges to implementing real time, and identifying major use cases and user impact.
Total household debt in the U.S. was $13.512 trillion at the end of 2014 and credit cards accounted for 6.52% or $881.57 billion. The ratio of credit card debt to household debt was highest in 1996 at 10.05%.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Lisa Shields, is President & Chief Executive Officer of Hyperwallet Systems.
Amsterdam-based Gemalto has deployed more than one million Optelio contactless EMV cards in a year for Banco Santander Brasil, through Santander Universities.
JetPay Payment Services and Cardis USA launched of a new small payments processing solution. JetPay is a full end-to-end payments processor specializing in complete technology solutions for the e-commerce and card-not-present (CNP) marketplace. Cardis is a developer of low-value payment processing solutions.
Earthport has signed an agreement with Caisse centrale Desjardins to provide international payment services. The International Payments Framework Association promotes the use of ISO 20022, the ISO standard for financial services messaging.
Credit card usage in Kuwait grew at a compound annual growth rate (CAGR) of 12.02% between 2009-2013, driven by the increased installation of point of sale (POS) terminals in merchant outlets and Improved banking infrastructure.
The National Bank of Abu Dhabi has implemented NCR SelfServ 91, a new hardware platform that will help NBAD transform its branches and extend its retail banking footprint. As the latest in branch banking technology from NCR Corporation (NYSE: NCR), the global leader in consumer transaction technologies, NCR SelfServ 91 is a modern, sleek, in-branch ATM that can help migrate low-value transactions from the teller line to self-service, freeing branch staff to focus on sales and customer support. When paired with next-generation NCR Interactive Banker software, SelfServ 91 can complete as much as 90 percent of typical teller transactions and connect in-branch employees to server-based software that delivers fast, real-time customer and transaction data to tablet PCs.
BofA lowers costs for low-value cross-currency payments. The new CashPro Payments service allows companies to make recurring low-value cross-currency payments that are either business-to-business or business-to-consumer.
SIMalliance has highlighted that future growth of the NFC ecosystem and NFC-based applications, resulting from host card emulation (HCE), is likely to expedite SIM-based NFC payment deployments and create opportunities for mobile network operators (MNOs) to ‘address the security and authentication gaps in HCE*’.SIMalliance published a paper in April 2014, titled ‘Secure Element Deployment & Host Card Emulation’. It explores both the advantages and the limitations of HCE, providing insights and assessments on a broad range of related topics, including the investment risks for early adopters, the security fallibilities of Android 4.4, the scale of the HCE-NFC certification challenge and the prohibitive barriers to HCE acceptance in global transport and ticketing systems.
Mashreq pioneers its Tap n Go NFC Sticker solution and is set to redefine the world of mobile payments. The Tap n Go Sticker makes low-value purchases exceedingly simple by converting any mobile phone of any generation into a credit card that can then be used to make contactless payments at thousands of retail outlets in the UAE and abroad.The Sticker is powered by the latest NFC technology that helps it to communicate wirelessly and securely with payment terminals, allowing transactions to be processed instantly. Existing Mashreq credit card customers can easily apply for the Tap n Go Sticker through MashreqOnline or the 24X7 Direct Banking Centre while new to Mashreq customers can get their Stickers just by applying for a Mashreq credit card.
Competition among banks to gain new customers, and campaigns to replace low-value cash transactions with card payments, have driven significant levels of card issuance and rising card usage in Europe, according to RBR’s new report “Payment Cards Issuing and Acquiring Europe 2014”. A 20% rise in the number of cards in circulation between 2008 and 2012 (to reach 1.4 billion) was by far surpassed by a 40% increase in payments over the same period, as consumers used their cards more frequently for everyday purchases.