Clearly Payments

OCTOBER 7, 2024

Cash Usage Decline : The World Bank reported that cash usage in advanced economies declined by nearly 50% during the pandemic, with consumers opting for digital and contactless payment methods instead. Consumers quickly embraced mobile wallets and tap-to-pay cards, driven by the desire to minimize physical contact during transactions.

Cross-Border 88

Cross-Border Processors Multi-Currency Contactless Payments 88

PYMNTS

JUNE 3, 2020

Brick-and-mortar branches shuttered as social distancing measures were enforced, and customers subsequently turned to mobile apps or websites to fulfill their banking needs rather than risking in-person visits. Online account openings have increased 14.5 Confronting Digital Banking Reality.

Online and Mobile Banking 52

Online and Mobile Banking Contactless Payments Volume Mobile Banking 52

PYMNTS

AUGUST 7, 2020

To remedy the problem, the Reserve Bank of India supports an option for offline payments through cards, wallets and mobile devices. The country’s central bank has proposed a pilot program for such a platform with built-in safety and liability protections for users. The platform’s transaction volume increased to a record $1.34

Digital Payments 106

Digital Payments Central Bank Online and Mobile Banking Disputes 106

Stax

DECEMBER 27, 2023

A merchant account acts as a pathway between your business, your customers, and the issuer and acquiring banks to process electronic transactions like credit cards. A merchant account refers to a business bank account that allows businesses to accept electronic payments for goods and services. Request Quote What Is a Merchant Account?

Accounts 88

Accounts Online and Mobile Banking Payment Gateways PCI DSS 88

PYMNTS

JANUARY 13, 2020

For those watching the payments sphere, the tea leaves are there for the reading, tied to mobile and digital banking adoption, to outstanding balances on cards, and to auto loans and mortgages. 15) will mark releases from Bank of America and Goldman Sachs. Going Mobile. Tuesday (Jan. Looking at Credit.

Consumer 52

Consumer Online and Mobile Banking Zelle P2P 52

CB Insights

FEBRUARY 13, 2020

As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. Specifically, the Collisons aimed to more seamlessly connect online businesses and payment processors, allowing more businesses to accept online payments.

Payment APIs and Integration 98

Payment APIs and Integration Online and Mobile Banking Payments Push-to-Card 98

PYMNTS

JULY 14, 2020

Big banks kicked off the second-quarter earnings season Tuesday (July 14) by reporting COVID-weakened consumer banking revenues, but bright spots in trading and digital. Citigroup reported global consumer-banking revenues of $7.3 The bank reported an approximately $10.5 The bank reported reserve builds of $8.9

Consumer 63

Consumer Online and Mobile Banking Credit Cards Volume 63

PYMNTS

JULY 17, 2019

Zelle P2P payments increased 79 percent year-over-year (YoY) in the second quarter of 2019, Bank of America said Wednesday (July 17), signaling the latest burst of growth for that payment method. In its Q2 2019 financial release , Bank of America also gave updates on its mobile and digital efforts.

Zelle 47

Zelle Online and Mobile Banking Debit Card Payments 47

PYMNTS

JANUARY 17, 2020

BNPL solution provider Afterpay and its competitors are becoming more popular for numerous reasons, as many related services do not charge interest, and can be used for both online and offline purchases. Global retailers’ average mobile cart abandonment rate is approximately 86 percent, according to some studies.

BNPL 52

BNPL Online and Mobile Banking Consumer Addressing 52

PYMNTS

SEPTEMBER 22, 2020

Consumers moved to digital banking in droves during the early months of the COVID-19 pandemic — it appears they are not moving back. Consumers pivoting to online banking are also more concerned over the privacy and security of their data, especially as fraud volumes creep up —and financial regulators are taking notice.

Compliance 76

Compliance Online and Mobile Banking Privacy SWIFT 76

PYMNTS

OCTOBER 1, 2020

More than 40 percent of United States businesses received at least some of their invoices in 2019 via a form of communication that many younger generations may have trouble identifying, let alone using: fax. The Commonwealth Bank of Australia has launched a service that seeks to bring these unique types of disbursements into the digital age.

Online and Mobile Banking 67

Online and Mobile Banking Payments Small Business Volume 67

PYMNTS

NOVEMBER 4, 2019

From counterfeiting to identity theft to phishing attacks, digital fraud takes many forms — and online shopping continues to make consumers and merchants vulnerable to such attacks. The rise of mobile commerce and selling of digital goods has added to retailers’ fraud problems. By its measures, merchants pay $3.13 last year, a 6.5

Online and Mobile Banking 49

Online and Mobile Banking Cross-Border Federal Trade Commission Fraud Prevention 49

PYMNTS

SEPTEMBER 24, 2020

Most banks are familiar with how quickly regulatory requirements can change. One 2019 report noted that there were 220 updates to such requirements worldwide each day, equating to roughly 80,000 in one year. GDPR has been a blueprint for many online data and privacy regulations rolled out around the world.

Compliance 60

Compliance Online and Mobile Banking CCPA Rules 60

PYMNTS

SEPTEMBER 22, 2020

One recent study estimated that roughly 44 million Americans would tap food delivery apps by the end of this year, up from 38 million in 2019, and another survey predicted that the number of smartphone delivery app users will climb 25.2 percent to 45.6 million this year. That total is predicted to decline to 44.1 million in 2023.

Online and Mobile Banking 102

Online and Mobile Banking Fraud Detection Mitigation Verification 102

PYMNTS

JANUARY 13, 2020

For those watching the payments sphere, the tea leaves are there for the reading, tied to mobile and digital banking adoption, to outstanding balances on cards, and to auto loans and mortgages. 15) will mark releases from Bank of America and Goldman Sachs. Going Mobile. Tuesday (Jan. Looking at Credit.

Consumer 52

Consumer Online and Mobile Banking Zelle P2P 52

FICO

FEBRUARY 15, 2021

With the rise of Open Banking, this trend is now hitting financial services. Are you ready to become a banking ecosystem? Then there was the mobile market. Up until 2007, seven companies shared 99% of global mobile phone profits : Nokia, Samsung, Sony Ericsson, Motorola, LG, RIM and HTC. Are You Ready?

Online and Mobile Banking 52

Online and Mobile Banking Non-Bank Authorization Fraud Prevention 52

Fintech News

JANUARY 24, 2024

On January 14, 2019, the Singapore Parliament passed its comprehensive Payment Services Act (PS Act), replacing the former Payment Systems Oversight Act and Money-Changing and Remittance Businesses Act to broaden the scope of regulated payment activities to include emerging trends and industries like digital assets and cryptocurrencies.

Service Provider 98

Service Provider Cryptocurrency Payments Institute Stablecoins 98

PYMNTS

APRIL 15, 2020

Echoing some activity at another big bank that reported Tuesday — JPMorgan — Wells said that payments were being deferred across auto loans and mortgages. Overall non-performing assets were up 13 percent from the fourth quarter of 2019, tied to the pandemic, and stood at $6.4 Overall credit card loans were down by $2.4

Point-of-Sale (POS) 60

Point-of-Sale (POS) Debit Card Online and Mobile Banking Credit Cards 60

PYMNTS

APRIL 15, 2020

Customers of Microsoft can access digital purchase receipts through Canadian tech services firm Ethoca , a subsidiary of Mastercard , and its partnerships with a growing matrix of banks. Ethoca’s Digital Receipts service offers transparency about online purchases to make it easier for people to keep track of what they buy.

Online and Mobile Banking 67

Online and Mobile Banking Card Issuer Disputes Visa 67

Stax

NOVEMBER 11, 2024

in payment volume growth in Q4 2021. Or mobile wallet payment solutions like Google Pay and Apple Pay. Once the client sets up a payment profile with their banking information, the payment can be automated and paperless. The same study indicates a 72% increase in account takeover since 2019. in Q4 2021.

ACH 88

ACH Checks Identity Theft Payments 88

Tearsheet

JULY 31, 2024

The global volume of chargebacks has significantly increased over the last five years, with projections indicating it will reach $165 billion in 2024, up from around $72 billion in 2019, pre-pandemic. This shows that the lack of essential features in many banking apps further exacerbates the chargeback issue.

Disputes 52

Disputes Online and Mobile Banking Issuers Visa 52

PYMNTS

DECEMBER 31, 2020

Key Data Points: Consumers are performing 12 percent more activities at home in 2020 than they did in 2019 and making purchases during 12 percent of those activities, on average. percent made purchases via mobile in the last 24 hours. 31 percent bank via app. percent of consumers who did so in 2019 — an increase of 27.4

Innovation 111

Innovation Online and Mobile Banking Real Time Payments Cross-Border 111

Fintech News

FEBRUARY 20, 2024

In 2022, the country was home to 993 active fintech companies, representing about 25% of all fintech ventures operating across the ASEAN region, data from a 2022 report by the United Overseas Bank (UOB), PwC Singapore and the Singapore Fintech Association (SFA) reveal. billion to US$15 billion during the period. in July 2023.

FinTech 115

FinTech Payment APIs and Integration Online and Mobile Banking Security 115

PYMNTS

JANUARY 9, 2020

Paying tuition used to be a difficult process, and involved exchanging yuan to South Korean won at a bank and then paying the university, noted the report. Although mobile payments are very common in China, simple cross-border transactions are not. In 2018, it had a daily transaction volume of over one billion.

Cross-Border 52

Cross-Border Online and Mobile Banking Card Issuer Mobile Payments 52

PYMNTS

FEBRUARY 1, 2019

The fourth quarter of 2018 was kind to Venmo and Zelle , the two big peer-to-peer (P2P) services that are battling for consumer loyalty and market supremacy — a fight that pits PayPal , the owner of Venmo, against the banks that operate Zelle. For the full year 2018, total P2P volume increased 49 percent to about $149 billion.

Venmo 71

Venmo P2P Zelle PayPal 71

CB Insights

JUNE 7, 2021

Marqeta allows businesses to offer payment card products to customers without having to deal directly with a traditional bank. It handles the back-end payment technology while working with banks that process the payment transactions. . in transaction volume. . G lobal online sales are expected to reach $4.8T

Issuers 73

Issuers Card Issuer Payment APIs and Integration Innovation 73

CB Insights

AUGUST 23, 2018

trillion in total assets, JPMorgan Chase is the largest bank in the US. Its retail bank, Chase, spans 61 million American households. Led by Chairman and CEO Jamie Dimon, the bank is undergoing a transformation, moving away from offline legacy systems and into the digital age. Live briefing: Consumer Banks in The Digital Age.

Consumer 76

Consumer Online and Mobile Banking Credit Cards Push-to-Card 76

Stax

NOVEMBER 13, 2023

Google was the first, in 2011, to enable contactless payments via their mobile app. In 2015, many merchants switched to NFC-enabled terminals; by 2019, most banks were issuing contactless cards. Visa, Mastercard, and the customer’s bank) for authorization. Contactless cards All cards today can come contactless.

Contactless Payments 88

Contactless Payments Push-to-Card Online and Mobile Banking Encryption 88

CB Insights

OCTOBER 26, 2020

In 2006, investment banks were at the top of the finance world. After the collapse of Lehman and Bear Stearns and the global financial crisis that ensued, the business models of the world’s biggest investment banks needed to change. As a result, banks are facing dropping IPO profits. Some banks have collapsed.

Underwriting 78

Underwriting Research Online and Mobile Banking Non-Bank 78

PYMNTS

MAY 13, 2019

The spotlight burned brighter for peer-to-peer (P2P) payment services in the first quarter of 2019, with those payment methods finding popularity among more consumers. During Q1 2019, Zelle sent $39 billion through its network via 147 million transactions, the company said in a news release. P2P Impacts.

P2P 79

P2P Zelle Venmo Debit Card 79

PYMNTS

JANUARY 26, 2018

Methods like a one-time password sent by text message (SMS), for example, can cause many consumers to abandon their online shopping carts. 23) that its issuers must offer biometric identification to its account holders by April 2019. Many banks already provide biometric authentication for their online banking apps,” Sass said.

Authentication 66

Authentication Visa Regulations Online and Mobile Banking 66

PYMNTS

JULY 1, 2020

SMBs around the globe are dealing with an unprecedented surge in online payment volumes as consumers eschew in-store payments for eCommerce transactions that lack the risks of in-person contact. require additional authentication when contactless or online transactions hit certain payment limits, for example.

Regulations 64

Regulations Digital Payments Contactless Payments Online and Mobile Banking 64

FICO

AUGUST 26, 2021

It’s a question FICO’s fraud head honcho, TJ Horan, pondered back in 2016 , when the nascent real-time person-to-person (P2P) payments service Zelle was relaunched by a small consortium of banks (see below). in addressable payment volume. COVID Has Given a Permanent Boost to Real-Time Payments? P2P real-time transactions.

Real Time Payments 52

Real Time Payments Zelle Federal Reserve FedNow 52

FICO

JANUARY 22, 2021

In this blog post I’ll do some quick level-setting with 2019 card fraud numbers, touch on what that looked like for 2020, and then share a round-up of several of the latest credit card fraud trends. The graphs below show the top fraud types reported to the FTC in 2019 and corresponding dollar loss amounts. . Fraud Numbers Vary Widely.

Credit Cards 52

Credit Cards FTC Push-to-Card Federal Trade Commission 52

PYMNTS

NOVEMBER 2, 2020

Taken as a group, the platform companies show that consumers are increasingly comfortable coming online to get what they need, that ad targeting is working, and that the companies that are pivoting online to reach consumers where they are — namely, on mobile devices and tablets — are embracing new ways to monetize that contact.

Online and Mobile Banking 84

Online and Mobile Banking Cross-Border Volume Visa 84

PYMNTS

JANUARY 15, 2019

Federal Reserve asset cap on Wells Fargo will last all year instead of through the first half, said the bank’s CEO Tim Sloan on Tuesday (Jan. The bank, trying to restore trust among consumers and commercial clients, said full-year 2018 revenue decreased about 2.3 Debit card POS purchase volume, meanwhile, reached $89.8

Credit Cards 46

Credit Cards Federal Reserve Caps Debit Card 46

FICO

JULY 28, 2021

increase in volume and a 10.8% increase in dollar value over 2019. Additionally, ACH internet transactions rose 15% from 2019 to 2020. There are five ways that banks can comply with the account validation rule, which are detailed here. Use financial institution credentials to access the end user’s bank accounts.

NACHA 52

NACHA ACH Scams Account Validation 52