The U.K. prepaid gift card market is experiencing strong growth among consumers who buy them as gifts and for self-use, as well as among businesses that purchase them for customer loyalty programs and as employee incentives. The U.K. gift card market is expected to reach US$13.1 billion (about £10 billion) in transaction volume by 2020,…
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Banks and Apple Pay have not always had easy partnerships, but a hot market for co-branded cards gives Goldman Sachs a chance to advance its consumer ambitions and Apple an opportunity to offset slumps in device sales. As Apple picks up adoption among merchants and consumers, it is plotting a deeper dive into payments that…
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As gas stations add EMV-chip card acceptance at the pump, they will also find themselves rebuilding systems for loyalty programs and special offers that were reliant on their older hardware. And the clock is ticking. The card brands set an October 2020 deadline for the EMV liability shift at pumps, delaying it from an earlier…
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This coming April, all major American credit card companies will become signature-optional, meaning merchants won’t need to require users to provide a signature in order to complete a credit card purchase. The move is hardly a radical change, but is a signal that the U.S. is catching up to the U.K. and Canada when it…
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The Payment Services Directive, or PSD2, will have a major impact on determining the scope of fraud, which will require retailers and payment service providers to step up their security risk management. Retailers and their PSPs will not want to exceed specific fraud levels to minimize the impact of Secure Customer Authentication on customers. Advanced…
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Discover Financial Services’ digital exchange will provide tokenized payment credentials for wearable of Internet of Things devices powered through FitPay. The network services agreement between Discover and FitPay Inc., a unit of NXT-ID, allows Discover cardholders to make contactless payment transactions through their FitPay devices operating through the FitPay Payment Platform. Users of other partner…
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Whether it’s finding the perfect holiday gift for that special someone or buying the missing ingredient for tonight’s dinner, more and more shoppers are putting purchases off until the last minute. In fact, despite record-breaking holiday sales in 2017, Cardlytics’ 2017 Holiday Spend report found that 25% of seasonal sales occurred during the last two…
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It may be surprising to learn that a recent American Bankers Association (ABA) survey reported that 87% of community banks do not have a payments strategy, given the key role that payments play for financial institutions in driving economic value and customer satisfaction. Banks that devote the time and energy to conduct this assessment will…
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If you thought the past year brought aggressive expectations from consumers, you might want to brace yourself for the next 12 months. And you can’t really blame them. That mentality isn’t greedy or unfounded or above and beyond the realm of reason. After all, in a world where social security numbers were compromised in an…
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The demand for safer data, faster payments and better experiences presents great opportunity, but also significant challenges. The way we pay is changing. As shopping habits evolve, e-commerce and m-commerce methods such as in-app and one-click ordering are becoming increasingly popular. In addition, the exponential growth of the IoT is introducing a wealth of new…
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