What's New in Payments

Grab to issue mobile-first numberless Mastercard across SE Asia

Grab launches Asia’s first numberless card — Grab — “The physical version of the card is completely numberless, front and back, thus averting the prospect of theft of personal and financial information… The digital GrabPay Card is available in Singapore starting today… The digital GrabPay Card will be launched in the Philippines in Q1 2020, with other Southeast Asian countries to follow in the first half of next year.” 


What's New in Payments

MUFG to use digital currency for mobile payments in Japan

MUFG digital currency finds second life as mobile payment — Nikkei Asian Review — “Users will convert funds from their bank accounts or elsewhere into the digital currency using a smartphone app. The service will use this currency in transactions, which will be handled through QR codes. Money sent via the app can be moved back into an account as cash, allowing for transfers between individuals.” 


What's New in Payments

Hang Seng adds mobile cash withdrawals to Hong Kong ATMs

Hang Seng launches mobile cash withdrawal service — Hang Seng Bank — “Customers in Hong Kong can initiate cash withdrawal instructions on their mobile phones by using the Hang Seng Personal Banking mobile app and then collect their cash at the nearby Hang Seng ATM… At launch, all Hang Seng ATMs will support QR code cash withdrawals and over half will support both QR code and NFC cash withdrawals. NFC connectivity will be extended to all ATMs in the first half of 2020.” 


What's New in Payments

Juniper forecasts mPOS transaction market

mPOS transaction values to exceed $1.9tn by 2024 — Juniper Research — “Juniper Research forecasts that mPOS (Mobile Points of Sale) transaction values will exceed US$1.9tn by 2024, up from $850bn in 2019. This growth will be driven by service adoption from new business users, including pop-up stores and street vendors, for whom the acceptance of card payments was previously inaccessible.” 


What's New in Payments

Russia’s domestic payments system to expand into Europe

Presentation of the first European acquirer of the Mir card scheme at the Russian-British business forum — Roscongress — “The ability to make transactions through the Russian system will simplify payment transactions for customers of companies that offer products or services in the Russian market and, as a result, increase their turnover. For the UK, which will be the first launch country, the Mir payment system opens up access to the Russian consumer market.” 


What's New in Payments

Discover lets cardholders pay with points at PayPal merchants

Discover and PayPal collaboration gives cardmembers new way to redeem rewards — Discover Financial Services — “Discover cardmembers can now use their Cashback Bonus or Miles to pay for purchases at millions of online stores through PayPal… Once cardmembers link their Discover card with PayPal, they can instantly redeem any amount of their rewards on eligible purchases at checkout.” 


What's New in Payments

Ant Financial to create $1bn fund for Asian payments and financial services startups

Ant Financial to raise a $1bn startup investment fund — Bloomberg — “Billionaire Jack Ma’s Ant Financial is planning to raise about US$1bn for a fund that will invest in startups from Southeast Asia to India and help strengthen its foothold in fast-growing mobile internet markets, a person familiar with the matter said. The internet finance company is looking to back more startups in those regions that focus on payments and online finance.” 


What's New in Payments

BMW lets drivers order meals from their cars

Olo and pilot brands experiment with in-car ordering trial — Olo — “The online ordering experience is designed for easy pre-configuration of orders, making saved favorites and repeat orders easy. Trial participants can order and pay with the push of a button and follow driving directions to pick up their orders… Nekter Juice Bar and Portillo’s Hot Dogs are the first live brands to participate in the in-car ordering pilot.” 


What's New in Payments

Ghana to launch national QR mobile payments service in December

Govt to launch universal QR code to make Ghana cashless society — GhanaWeb — “The government will in December 2019 launch a Universal QR code in a bid to make Ghana a cashless society, vice president Dr Mahammudu Bawumia has announced. He says with the code which leverages existing technologies, traders and businesses will be able to receive payments without a point of sale device.” 


What's New in Payments

Central bank reports continued growth in Chinese mobile payments market

China mobile payments maintain rapid growth in Q3 — Xinhua — “Banks in the country processed 27.27bn mobile payment transactions in the period, up 61.05% year on year, said the People’s Bank of China in a report. The value of these transactions increased by 31.52% from the same period of last year to 86.11tn yuan (about US$12.2tn). Meanwhile, online payment transactions by the non-banking institutions were valued at 63.99tn yuan in Q3, up 23.04% year on year.” 


What's New in Payments

Apple Pay goes live in Belarus

Apple Pay Belarus rollout begins today with BPS-Sberbank — 9to5Mac — “The Apple Pay Belarus rollout began today with the announcement of support by BPS-Sberbank… The bank says that both Visa and Mastercard are supported.” 


What's New in Payments

Survey finds US consumers would switch to mobile payments to save money

Ibotta Holiday Shopping and Mobile Payments Study — Ibotta — “Of the 61% of survey respondents who have used their phones to make an in-store purchase, 63% are motivated by payment methods that offer rewards, rebates and cash back, while 55% would be inclined to adopt mobile payments if the solutions saved them money… More than half (52%) of these shoppers say they feel overwhelmed by the large number of mobile payments and rewards programmes.” 


What's New in Payments

Bank of America adds face recognition to mobile banking app

Bank of America updates Android app to support Pixel 4 face unlock — 9to5Google — “Release notes for version 8.3.11 of Bank of America for Android prominently mentions the ‘Ability to sign in with face unlock (Pixel 4 only)’… After updating, you’ll need to enter your password one more time, and select the ‘Set up biometric sign-in’ checkbox. After completing BofA’s process, Pixel 4 face unlock will work on all subsequent sign-in attempts.”