What's New in Payments

Apple Pay Cash goes live in latest iOS and watchOS public beta releases

Apple Pay Cash now available in beta on iOS 11.2 and watchOS 4.2 — 9to5Mac — “The new feature lets you send and receive payments using Apple Pay over iMessage as well as pay in stores with a new Apple Pay Cash virtual debit card… Apple Pay Cash will be available for all customers in the United States when iOS 11.2 and watchOS 4.2 are officially released, and developer and public beta testers can start using the feature today.”


What's New in Payments

Visa gives approval to prepaid cryptocurrency card

Visa approves Monaco cryptocurrency card for Singapore residents — Bloomberg — “Visa Inc has approved a prepaid card backed by the cryptocurrency Monaco as the world’s largest payments network continues its foray into digital currencies… Visa has also approved programs for BitPay and Shift Card that allow consumers to convert cryptocurrencies into legal tender and deposit those funds into a bank account that is linked to a Visa debit or prepaid card.”


What's New in Payments

Samsung Pay adds Visa, Mastercard, Amex and Interac debit options in Canada

Samsung Pay expands in Canada with new partners — Samsung Electronics Canada — “Following a successful introduction with CIBC in the Canadian market, Samsung remains committed to enhancing Samsung Pay and making it a holistic digital wallet extending beyond credit cards with the introduction of debit cards and new partners including Interac Debit, Scotiabank, American Express Canada, ATB Financial, Visa Canada and Mastercard. In addition, Samsung Pay will be made available soon to Tangerine and Peoples Card Services customers.”


What's New in Payments

Survey: Market fragmentation is holding back the adoption of mobile payments in Canada

Fragmentation, lack of interest to blame for poor mobile payments adoption in Canada — MobileSyrup — “While almost half of Canadians made a contactless purchase with their debit or credit card, the percentage of mobile payments users for platforms like Android Pay, Samsung Pay and Apple Pay is in the low single digits — even though awareness is “relatively high,” with roughly half of those polled stating they were aware of one of the big three platforms.”


What's New in Payments

Venmo moves into merchant payment processing

Venmo will allow users to pay at merchants like Williams-Sonoma — Recode — “Venmo oversaw US$8bn in transactions in Q2 of 2017, double what it did the year before, but has yet to find a way to monetize since the regular service is free. Merchant processing fees from partnerships like Williams-Sonoma would be the first step in making money from transactions… Earlier this year, Venmo started testing a physical debit card in which Venmo customers could use their balance toward purchases at all retailers.”



What's New in Payments

There’s now an Apple Pay smart debit card for kids

There’s now an Apple Pay smart debit card for kids — 9to5Mac — “With Greenlight, the money you give your child is divided into two categories: money they can spend anywhere, and money they can spend only at a store (or a kind of store) you’ve approved in advance… Greenlight is also turning on Apple Pay support for kids who can add the smart debit card to Apple’s Wallet service on the iPhone, iPad, Apple Watch, and Mac.”


What's New in Payments

Bahrain to launch national e-wallet on July 4

Bahrain to launch national e-wallet on July 4 — Trade Arabia — “The national e-wallet is a joint initiative of the Central Bank of Bahrain (CBB) and Benefit and a first-of-its-kind project in the kingdom. It will enable instant payments via smartphones and also facilitate the collection of payments electronically through debit, credit and prepaid cards and online bank accounts, for online and in-store purchases.”




What's New in Payments

New BBVA Wallet release provides enhanced functionality and convenience

New BBVA Wallet release provides enhanced functionality and convenience — BBVA Compass — “MLC uses geolocation information being transmitted by a customer’s mobile device as a means of approving debit card transactions for customers when they travel. When a customer enrolls in MLC, the bank is able to know at the time of purchase whether the cardholder’s device is nearby.”


What's New in Payments

Transfer money instantly to your bank account with PayPal

Transfer money instantly to your bank account with PayPal — PayPal — “PayPal users in the U.S. will soon be able to instantly transfer money to their bank accounts via eligible debit cards linked to their PayPal account… Our beta of this is now available to select PayPal users and will be made available to all U.S. PayPal users with eligible Visa or Mastercard debit cards over the coming weeks and months.”



What's New in Payments

Amazon gives 2% rewards back to Prime members who deposit cash via their bank account

Amazon gives 2% rewards back to Prime members who deposit cash via their bank account — GeekWire — “Amazon Prime Reload gives customers 2% back when they reload their Amazon Gift Card Balance with a connected checking account and linked debit card. For example, if you load $100 onto your Gift Card Balance from your checking account, you’ll get an extra $2 in Amazon dollars added within minutes.”


What's New in Payments

KT introduces ‘mother of all credit cards’

KT introduces ‘mother of all credit cards’ — Korea Herald — “Dubbed ‘Clip Card’ the device looks like credit and debit cards issued by financial institutions, but it has a 1.3-inch display on the surface of the card that enables users to register all their cards, which are displayed in barcodes… The KT platform is compatible with all types of credit cards regardless of card companies and financial institutions, and with any operating systems.”




What's New in Payments

Debit cards set to overtake cash in 2018, three years earlier than expected

Debit cards set to overtake cash in 2018, three years earlier than expected — Payments UK — “Rapid growth in the use of contactless cards means cash will be overtaken as Britain’s most frequently used payment method by the end of 2018… By 2018, when debit cards are forecast to overtake cash, 13.4 billion debit card payments are predicted, of which 4.6 billion (or one in three) are expected to be contactless.”


What's New in Payments

Mobile wallet Curve launches ‘time travel’ tool to let you ‘shop in the past’

Mobile wallet Curve launches ‘time travel’ tool to let you ‘shop in the past’ — Wired — “Once a person’s cards are uploaded to the Curve platform, they are all stored on a single Curve card. When shopping, they can then choose which account they would like to shop with using an app. If they change their mind, for example if they paid using a credit card but meant to pay with a debit card, the time travel tool lets them go back and swap.”


Orange to launch mobile-only bank with NFC payments and AI

Orange Bank

Mobile network operator Orange is to launch a mobile-only bank in France in July this year that will offer customers NFC mobile payments, P2P mobile transfers using SMS and an artificial intelligence-based virtual assistant that will eventually be able to complete tasks including making transfers and putting funds in savings. More