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,…
Read more
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…
Read more
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…
Read more
While we were busy giving thanks here in the U.S. last week, Mastercard Europe was busy publishing some interesting data about peoples’ use of wearable technology to make payments. According to the press release, the use of wearables to make payments has increased eightfold since last year. That’s an impressive number. Granted, wearable payments was (and…
Read more
The Apple Card takes a more aggressively digital approach to credit card relationships than most other products on the market — but the technology behind it isn’t exclusive to Apple. Following about 18 months of secretive development with Apple and Goldman Sachs, Mastercard is ready to bring the same offering to other issuers. Its platform…
Read more
Visa Inc. and Mastercard Inc. are getting close to settling a 13-year-old lawsuit over fees charged when merchants accept card payments, according to a person familiar with the agreement. The two card companies and banks including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. would pay merchants about $6.5 billion under the…
Read more
Jeff Bezos changed the way America shops. Now, he wants to change how it pays for things. With a foray into financial services, Amazon.com could disrupt the decades-old card payments system, a move that some say could save the retailer $250 million a year in swipe fees. That could be bad news for the likes…
Read more
BI Intelligence This is a preview of a research report from BI Intelligence, Business Insider’s premium research service. To learn more about BI Intelligence, click here. Digital disruption is rocking the payments industry. But merchants, consumers, and the companies that help move money between them are all feeling its effects differently. For banks, card networks, and processors, the digital…
Read more
Mastercard is teaming with SIX Payment Services to enable cashless payments at the Hahnenkamm, a top European ski race in Kitzbühel, Austria, to speed up service and eliminate lines. The payments processor SIX, of Zurich, is supporting more than 80 mobile payment terminals temporarily placed throughout the ski resort and within the city’s center to…
Read more
Only two months after Mastercard eliminated the signature requirement on credit and debit card transactions, Discover says it also will drop the sometimes controversial cardholder authentication method. Beginning in April 2018, Discover will no longer require signatures at the point of sale for credit and debit transactions on the Discover Global Network in the U.S.,…
Read more