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Payment systems update: Mobiles to become point of sale and much more

Payment systems development continues, over the last month key developments have been:

  • Mobiles to become point of sale: Imagine downloading an App and your mobile turning into a payment acceptance device. Alex Rolfe in PaymentsCards&Mobile writes, “ That’s the utopian dream many companies are chasing today and it could bring huge benefits to the payments ecosystem, merchants and consumers as card and mobile payments continue to grow.” He continues, “For small transactions, accepting a payment could work in much the same way as traditional terminals do for contactless card or mobile payments; using the RF/NFC rails with no need for an additional PIN pad or external device. For larger transactions, the security of the transaction needs to be strengthened by enabling PIN entry on the mobile device itself. This is commonly known as PIN-on-Mobile or PoM.”
  • Earthport expands their cross-border payment network to Bangladesh
  • NACHA—The Electronic Payments Association® announced Bottomline Technologies Paymode-X as a Preferred Partner for Business-to-Business (B2B) Payments.
  • Cash still vital: ECB study shows that cash predominant payment form in Europe, and role of cash in other developed countries still vital
  • Apple Pay roll out continues: In France SocGen announced they will release it in France. However, in the USA Wal-Mart Stores Walmart Pay app is close to surpassing Apple Pay in usage for mobile payments in the US, giving the world’s largest retailer even more clout as a growing number of people shop with their smartphones. 
  • WeChat, the e-wallet solution from China, is to launch in London’s Camden Market, as it continues its global roll-out.
  • UK’s Faster Payments single immediate payments continue to grow annually at +20%+, direct debiting grew at +4% in last year, and cheque usage continued to decline at -14%/year. 

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