On again, off again, but now UnionPay has buddied up to bring Apple Pay into China. In a few months China UnionPay cardholders will be able to add their bank cards to Apple Pay on iPhone, Apple Watch and iPad.
As the European Banking Authority (EBA) develops its Regulatory Technical Standards, and as the EU Member States consider the detail of PSD2, any regulation governing online payments should enable and encourage the e-commerce sector to balance the twin considerations of risk and convenience (otherwise growth would be stifled and costs would increase).
MasterCard today announced an industry first in its move to create one global Zero Liability promise for consumers and is extending it to all regions, outside the U.S., by early second quarter 2016.
With huge influx of new payment solutions into the industry, both opportunities and challenges for merchant acquirers have reached a new level. There is paradigm shift from conventional services, such as accepting mag-stripe debit/credit cards, and mail and telephone orders, to new acceptance channels as a result of e-commerce/m-commerce, contactless technology, mPOS and omni-retailing.
The U.S. Department of Defense issued a final rule expanding the types of credit products that are covered by the 36% rate cap and other military-specific protections under the Military Lending Act. The Act provides servicemembers and their dependents with specific protections for their “consumer credit” transactions.
In today’s CardFlash News Que: AFI (MasterCard); CSI (GBTA); CHASE (homepage); and CHECKALT (First Service CU).
EverBank Financial Corp announced that EverBank has entered into an amended consent order with the Office of the Comptroller of the Currency and will continue to work toward the completion of all remaining actionable items related to its foreclosure programs identified under an April 2011 consent order with federal regulators.
Boston-based Abine is launching a new beta service designed to help Bitcoin users more fully participate in online commerce. The invite-only beta will enable Bitcoin to Abine Masked Card purchases at any merchant.
Apple’s current business model follows a cooperative approach, with almost all major card networks, issuers and acquirers supporting the launch of Apple Pay. EMV migration in the US plays a pivotal role in Apple Pay’s adoption.
The number of payment card portfolios sold in 2014 dipped to just five portfolios worth $2.7 billion. This was down significantly from year end 2013 and the record card deals done in 2012. In 2013 an estimated $17.2 billion in 10 portfolios were done, not including numerous tiny card portfolio sales ( < $10MM).
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Robert Hammer, CEO and Founder of R.K. Hammer.
Global online and mobile payments worldwide may reach three trillion Euros by 2018. Mobile payment outpacing online and the total payments market.