How does the federal government send $3 trillion to individuals and businesses across the country? Not as efficiently as it could, said Erika Baumann at Aite Group, a fintech analytical firm. TCH — The Clearing House – owned by 25 of the largest banks operating in the U.S. — launched a real-time payments system late in 2017, named,…
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Visa Inc. divulged both grim and hopeful payment data Thursday that largely reflects what its rivals have been seeing after the early weeks of the Covid-19 pandemic. “After strong growth in January and February, payments volumes dropped precipitously in the second half of March as lockdowns went into effect across the U.S.,” chief financial officer…
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Contactless payments may finally be gaining further adoption by U.S. consumers. Spurred by prevention efforts in reaction to the Covid-19 pandemic, many consumers—51%—use some form of contactless payment, Mastercard Inc. says. In what may be the most detailed data yet publicly released about U.S. consumers and contactless payments, Mastercard’s survey of 1,000 U.S. banked consumers…
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Fears of catching coronavirus during the payment process has given a sharp boost in usage and awareness of contactless payments since the pandemic began, according to a new survey from Mastercard. Mastercard also reports more than 40% growth in contactess transactions globally during the first quarter of 2020, according to a Wednesday press release. About…
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Payment firms are pushing contactless payments as governments and consumers try to minimize the interactions between people and common surfaces to combat the spread of the virus. Mastercard and Visa are raising contactless transaction value limits in several more countries. The card networks are raising the limit in Canada from CA$100 ($71.64) to CA$250 ($179.10), per Digital…
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Publix, a Lakeland, Florida-based grocery chain, is rolling out contactless payment to all stores, including its organic GreenWise Market, as part of a strategy to protect customers and store employees from exposure to COVID-19. Publix customers can use contactless credit or debit cards, the Publix mobile app and widely used mobile wallets, including Apple Pay,…
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As another impact of COVID-19, some Chick-fil-A shops are not accepting cash payments. Medical reports have appeared indicating that currency bills can carry and retain the novel coronavirus. Food store employees are already working under precarious conditions and don’t need one more thing to worry about regarding their safety, so QSR chains like Chick-fil-A may…
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The coronavirus pandemic could be devastating for many companies, but it’s also shining a spotlight on the power of fintechs. They seem to be responding to the sudden challenge, though uncertainties lie ahead. The virus-driven moratorium on travel and the trend of companies encouraging people to work from home are changing the way people behave…
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Commonwealth of Australia (CBA) reports digital wallet users spent a AUS$1 billion (about $630 million) in March 2020, a high for the bank that’s part of an acceleration to digital wallets and contactless cards during the coronavirus crisis. CBA’s digital wallet transaction dollar volume in March 2020 increased by 17% from February 2020 and outpaced…
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KEY POINTS Personal finance start-up SoFi has agreed to buy Utah-based payment processor Galileo for $1.2 billion. Deal talks began before “things got challenging,” but they were able to continue despite the coronavirus slowdown, SoFi CEO Anthony Noto says. Galileo has been around for a decade longer than its acquirer and works with many of…
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