Apple has launched a project to develop its own payment processing technology and infrastructure for future financial products and services including buy now, pay later instalment payments for Apple Pay, credit checking and risk assessment, according to media reports... More
Google Pay users in India can now apply for and receive a personal loan in their bank account via the payment service’s app... More
Residents of the United Arab Emirates can now make in-app and in-store NFC and QR code-enabled contactless payments, international remittances, utility bill payments and P2P financial transfers and apply for instant credit using a single mobile payments app... More
Holders of Vanquis Bank’s credit-builder credit cards in the UK can now make instant payments into their account from any major UK bank without using a debit card and receive instant updates on their available credit via the Vanquis mobile banking app... More
WhatsApp users in Brazil can now make payments to local merchants and send money to friends and contacts “without leaving their chat”... More
Octopus transit card holders can now use their iPhone or Apple Watch to pay their fares and make purchases at 35,000 retail outlets across Hong Kong that accept Octopus for payments... More
A new amendment to the Swedish Payment Services Act means that online merchants must now present non-credit options ahead of any options that involve the consumer taking out credit... More
Mutual Trust Bank has announced it is to be the first bank in Bangladesh to go live with Bangla QR, an interoperable QR payments system backed by the country’s central bank... More
Alipay and its local e-wallet partners now collectively serve 1.2 billion users globally, Ant Financial has revealed, up 20% since the end of December 2018 and 260% over the past three years... More
The government of Sierra Leone is to introduce a blockchain-based national identity system at the end of this year, enabling citizens to “grant access to approved institutions to assert and verify identity and also build credit histories,” the country’s president has announced... More
Chinese millennials are buying hamburgers on instalment, fuelling micro loan industry — South China Morning Post — “A small layer cake can be had for as low as 0.46 yuan per month for three years, or there’s lipstick for only 1.93 yuan (3 US cents) per month for two years. Interest rates differ based on the product price and repayment period but some loans are offered interest free.”
New Brazilian driving licence adopts Cipurse specification from OSPT Alliance — OSPT Alliance — “The technology on the new card has many benefits including allowing law enforcement officers to read the data on the card via an NFC smartphone app, in any location, and quickly coordinate with other agencies across related systems. Additionally, banks can use fingerprint authentication to grant access to services and credit, and local public transportation solutions can also be implemented on the card.”
‘Let shoppers choose Eftpos’: Banks ordered to overhaul paywave systems by April — news.com.au — “Australia’s banks have been given a deadline of April next year to reduce fees charged on tap-and-go payments by giving customers the option of choosing Eftpos instead of credit… ‘It’s estimated that processing tap-and-go transactions through credit cards instead of Eftpos costs businesses A$290 [US$220m] million a year.'”
Paytm-ICICI Bank Postpaid: Now get instant digital credit in your mobile wallet — BGR — “While checking out, customers will see a ‘Pay Later’ option, and on clicking it, their credit score would be calculated instantly. ICICI Bank will arrive at the credit score based on behavioral data from Paytm, the bank’s own customer data, and financial data from the credit bureau.”
American Express introduces Pay It Plan It: A mobile feature that gives card members two new ways to pay for credit card purchases — American Express — “With Pay It, card members can use their American Express app to select smaller purchases and pay that purchase amount right away with a tap. With Plan It, card members can select purchases over US$100 and choose to make monthly payments ranging from three to 24 months with a fixed fee and no interest.”
Ant Financial extends online credit service to retailers — China Daily — “Ant Financial Services Group, the online finance firm backed by billionaire Jack Ma, will extend its online consumer credit service to four million retail businesses across the country to boost sales and encourage spending－as China’s consumers increasingly feel more comfortable shopping with borrowed money.”
Discover will begin supporting Apple Pay from September 16 and the company will award cash back to cardholders in the US who use their Discover cards through the mobile payments service... More
MasterCard is to extend its tokenization services to merchants with in-app, ecommerce and recurring billing card-on-file programs as well as to private label credit cards... More
Visa Europe has confirmed that it will play a part in the the UK launch of Apple Pay and will give debit, credit and reloadable prepaid cardholders access to the payment system... More
Vodafone customers in the Netherlands can now make NFC payments with a mobile version of a credit card... More
