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Technology

Facebook Launches Integrated Payment on WhatsApp, Messenger, and Instagram

Facebook is making a foray into online payments with its new Facebook Pay service, the company announced Tuesday – and could be poised to take a big bite out of PayPal ‘s and Apple Pay’s business. The new service rolls out in the U.S.

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Goldman Sachs Will Reevaluate Apple Card Credit Limits After Bias Allegations

Goldman Sachs denied allegations of gender bias and said it will reevaluate credit limits for Apple Card users on a case-by-case basis for customers who claim to be affected.

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JPMorgan Has a Plan to Help Amazon and Airbnb Look More Like Banks

JPMorgan Chase has long feared that technology giants will act more and more like banks. The firm’s surprising solution: help them do it.

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Latest Trends in Mobile Banking Development for SMEs: E-invoicing and Ecosystems

The purpose of this text is to reveal how technologies can help banks outreach to SME customers and why the implementation of e-invoicing is one of the most strategically sound ways to start a financial services ecosystem. Or at least to keep the bank’s market rank.

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Industry

PayPal and Venmo to Move Into In-store Payments ‘Next Year’

PayPal is to begin a major new push into in-store payments next year, under both the PayPal and Venmo brands and using both NFC and QR codes, CEO Dan Schulman has told Axios. Axios asked Schulman if it is important for PayPal to have a place in the physical retail store.

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Banks Have Lost a Quarter of the Payments Franchise to New Players

Non-banks now account for a quarter of the institutions offering payment services or payment instruments, up from 14% in only six years, according to a fresh batch of statistics from the bank for International Settlements. The data comes from the Basle-based BIS’s annual Red Book report on payments and financial infrastructures.

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Goldman Sachs Lent Out Approximately $10 Billion to Apple Card Users in the First Month

Goldman Sachs reached this approximate total as of September 30, just over a month after Apple Card’s full US launch, per Bloomberg. Cardholders had $736 million in loan balances at the end of September, and the release of these metrics follows both Apple CEO Tim Cook and Goldman Sachs CEO David Solomon speaking highly of […]

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14 Fintech Trends to Watch for in 2020

Automation and technology aimed at improving financial services—fintech—has garnered a lot of attention lately. From crowdfunding to mobile payments and money transfer services, fintech has the potential to revolutionize how consumers and businesses handle financial transactions.

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Regional

PEPSI: A European Payment System to Rival Visa and Mastercard?

Twenty European banks are reported to be working on setting up a pan-European payment system in order to challenge the perceived dominance of Visa and Mastercard as well as technology companies such as Google, Apple, AliPay and WeChat Pay. At the end of 2018, there was a total of 6,088 banks operating in the European […]

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U.S. Holiday Sales Could Top $1 Trillion, With Mobile Payments Growing 32%

Research firm eMarketer Inc. forecasted that 2019 U.S. holiday sales will surpass $1 trillion in value for the first time. Cyber Monday, the Monday following Thanksgiving, is expected to be the biggest online shopping day and could approach $10 billion in sales.

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US Mobile Payments Staging a Strong Consumer Led Comeback

A new report reveals that the use of mobile wallets and mobile payments by US consumers has rebounded to 2016 levels or higher after a two-year decline. The use of any mobile payment has increased from 48% in 2018 to 60% in 2019. In comparison, in 2016 53% reported using a mobile wallet.

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China Announces New Regulatory Authority to Certify Digital Payments, Blockchain Products

China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and blockchain services with its new verification system called the Certification of Fintech Products.

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Regulatory

FedNow Will Have a Hard Time Stopping Fraud

The way in which we process payments here in the U.S. market has undergone significant change over the years. That said, the Automated Clearinghouse (ACH) process itself has remained fairly static, at least up until now. That’s all set to change, with the Federal Reserve’s recent announcement of its FedNow service.

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OCC Cannot Grant Special Bank Charters to Fintech Companies

A federal judge in New York ruled that the Office of the Comptroller of the Currency (OCC) did not have the authority to issue special bank charters to non-bank fintech companies.

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Congress Could Require Facebook to Build More Open APIs Under New Bill

Over the past few months, lawmakers have taken aim at Big Tech, calling out companies like Facebook for anti-competitive behavior and sometimes threatening to break them up entirely.

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Behavioral Biometrics – Securing Digital Banking Without Compromising on User Experience

Digital banking has grown rapidly in recent years. Juniper Research forecasts that by 2021, one out of every two adults in the world will use a smartphone, tablet, PC or smartwatch to access financial services.

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