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Square Overtakes Venmo as Cash App Cryptocurrency Play Bears Fruit

Square’s push into the cryptocurrency market is leading to a surge in downloads for the firm’s Cash app, surpassing PayPal’s popular Venmo mobile money service for the first time.Cumulative downloads for the Cash App now total 33.5 million, exceeding Venmo’s 32.9 million for the first time ever, according to data from Sensor Tower and Nomura.

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Alternative Payments Trump Traditional Rivals in APAC eCommerce Market

Alternative payment methods such as mobile wallets now account for just over half of ecommerce transaction value in Asia Pacific, according to research from GlobalData. The APAC online shopping market is booming, predicted to hit 1.6 trillion this year, rising to 2.3 trillion in 2022.

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Apple Pay Growth Set to Fuel Smartphone Sales

The ability to conduct mobile payments is set to become a key theme in future marketing campaigns for the Apple iPhone, as international growth pushes transactions to new heights, according to research from US venture capital outfit Loup Ventures.

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As Digital Momentum Grows, CBA Remains Wedded to the Branch 

Commonwealth Bank of Australia has re-affirmed its commitment to its 1000-strong branch network and call centre operations, despite figures showing almost 60% of all transactions at the bank are now conducted digitally,While more than 6.

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Australians and Kiwis Still Wedded to Cash

NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, has released findings from a study identifying consumer behaviours and attitudes towards banking services across Australia and New Zealand.

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Revolut Slashes Fraud With Disposable Virtual Cards

Digital banking startup Revolut is hailing its recent introduction of disposable virtual cards for online purchases, claiming a 30 reduction in card fraud cases. In March Revolut began letting customers create disposable virtual cards in seconds, with card details that automatically regenerate after every transaction.

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Crooks Use Mobile Games to Launder Money From Stolen Credit Cards

Cybercrooks are buying and selling in-game currency from mobile games such as Clash of Clans to launder money from stolen credit cards, according to security firm Kromtech Security Kromtech says that last month it found a strange database exposed to the public internet with a cache of credit card numbers and personal information inside.

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UK Payments Regulator to Probe Card Acquiring Market

The UK’s Payments Systems Regulator is to conduct a market review into the card acquiring market in the wake of retail industry complaints about spiraling fees and ineffective competition. In the UK in 2017, 13.2 billion payments were made by debit card and an additional 3.1 billion payments by credit card.

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Bank of Queensland to Hand Out Free Square Card Readers at Branches

Looking to drum up support in the SME market, Bank of Queensland is to distribute Square card-reading devices and 1000 in free processing to all new small business customers. The Square reader for contactless and chip will be available to new BOQ small business customers in 180 branches across Australia from today.

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Banks Stand to Reap $512 Billion Revenue Boost From ‘Intelligent Automation’

With banks the world over exploring the business case for AI and robotic automation, a new report estimates that hundreds of a billions of dollars in additional revenue may be up for grabs as the focus moves away from costs savings to income generation.

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Citizens Launches Digital-only Bank

Citizens Financial Group has become the latest traditional lender to launch a standalone digital bank. Citizens Access offers FDIC-insured online savings and certificate of deposit (CD) accounts to people across the US, expanding Citizens’ reach beyond the 11 states it serves through 1150 branches and 3300 ATMs.

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Mastercard: Biometric Payments to Take Centre Stage Under PSD2

Mastercard is forecasting a bright future for biometric technology, as new rules on strong customer authentication under PSD2 come into force across Europe. The European rules aim to tackle online fraud, by increasing the number of transactions subject to two factors of authentication by the payer.

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