Open banking pilot goes live in Korea
A new open banking system which is set to cut transaction fees by 90% has now entered pilot testing, Korea’s Financial Services Commission (FSC) has announced... More
Mobile banking
CIBC lets customers instantly add a replacement bank card to their mobile wallet
Customers of Canada’s CIBC bank can now replace a lost or stolen credit card “in a few simple steps through mobile or online banking and instantly use the new card with their mobile wallet before the physical card arrives”... More
Uber moves into financial services with new Uber Money division
Uber announces deeper push into financial services with Uber Money — CNBC — “The company announced on Monday the formation of a new division called Uber Money to house its efforts, which include a digital wallet and upgraded debit and credit cards. The emphasis, at first, will be expanding Uber’s efforts to give its four million-plus drivers and couriers around the world access to a mobile bank account so they can get paid after each ride. Uber could one day offer a bank account to consumers on its platform, according to Uber Money head Peter Hazlehurst.”
WHSmith to accept online payments direct from UK customers’ bank accounts
Mastercard has signed up four WHSmith retail brands for Pay by Bank (PbBa), a strong customer authentication-compliant payments service that uses customers’ mobile banking apps and the UK’s faster payments system to let online retailers accept payments direct from shoppers’ bank accounts... More
Report: EU antitrust investigators are examining Apple Pay
Apple Pay “has caught the eye of EU antitrust investigators, who have asked payment companies for feedback on the service,” regulatory risk specialist MLex reports... More
Raiffeisen Bank picks Antelop for NFC payments and strong customer authentication
PARTNER NEWS: Raiffeisen Bank has launched an Android NFC mobile payments service in Romania and the Czech Republic that uses Antelop Solutions’ digital payments and tokenization platform... More
Mexico switches on national NFC and QR instant mobile payments platform
Mexico’s Cobro Digital national mobile payments platform — known as CoDi — is now live across the country, enabling consumers to make NFC and QR payments via their mobile banking app and letting merchants receive funds instantly with no commission charges to pay... More
Revolut lets customers pre-authenticate their contactless card as they approach the SCA transaction limit
UK-based neobank Revolut has implemented a Strong Customer Authentication (SCA) system that lets customers use their mobile banking app to authenticate their contactless card as they get close to reaching the new contactless transaction limit, avoiding the risk of having their card declined when they next attempt to make an in-store purchase... More
Accenture issues $280bn payments revenue warning to banks
Banks are at risk of losing up to 15% of global payments revenue, valued at US$280bn, due to “the growth of digital payments and competition from non-banks”, Accenture predicts — but they also have the opportunity to capture US$500bn in new payments-related revenues “if they adopt innovative business models”... More
NAB to integrate receipts into mobile banking app
Customers of National Australia Bank will be able to begin viewing receipts for their purchases from within their mobile banking app from later this year... More
OCBC lets customers use mobile phones to withdraw cash from ATMs
OCBC Bank is first in Singapore to enable cash withdrawals at ATMs using QR codes — OCBC — “OCBC Bank customers can withdraw cash by just scanning a QR code using the OCBC Pay Anyone app, then authenticating the transaction via fingerprint, faceprint or mobile banking login credentials… Using a QR code instead of keying in a PIN is more secure because biometric authentication can be chosen, a more robust security feature than a PIN that can be revealed or stolen. Further, a physical ATM card can be skimmed while a mobile device cannot.”
CBA builds location tracking security into mobile banking app
CBA app wants your location, biometrics in name of security — CIO Australia — “If we see a transaction coming out of Hong Kong but we know from a customer’s phone they’re in Melbourne or Sydney: straight away that gives us an opportunity to spot a discrepancy and block it straight away… If we’re not sure we’ll pop into the app with a question in real time and we ask the customer to help us, and they can swipe or click to say yep I’m comfortable with this or no this is something I don’t recognise.”
East reports on Apple Pay fraud in Europe
East publishes European fraud update — European Association for Secure Transactions — “Two countries reported mobile wallet fraud in relation to Apple Pay. One reported that mobile wallets are fast becoming the new money mules — fraudsters are enrolling cards that are not yet associated with a specific wallet. Another country reported that fraudsters are obtaining security codes through phishing, with which they can then install a mobile banking app on their own smartphone, using the victim’s data.”
LG to launch ThinQ mobile wallet in the US?
LG applies for ‘ThinQ Wallet’ crypto wallet trademark in the US — Coin Telegraph — “According to the filing documents, the trademark is for services concerning transaction and settlement services, mobile banking, ‘issuance of cyber money’, and ‘payment application software for mobile phones’ among others. ThinQ is a brand first used for a smart refrigerator introduced by the company in 2011 at a consumer electronics show. Since then, multiple smartphones have been launched under the ThinQ brand.”
Bank of America adds instant card issuing to mobile app
Bank of America’s 27 million mobile banking users are now able to request a new or replacement debit card via the app — and instantly receive a digital version of their new card that they can use to start making purchases straight away... More
Singapore’s OCBC Bank rolls out instant banking product approval via mobile
Customers of Singapore’s OCBC Bank can now make purchases via their mobile devices minutes rather than days after applying for a digital bank card... More
Antelop unveils mobile-first digital banking and payments platform
PARTNER NEWS: Antelop Solutions has launched an integrated onboarding, authentication and mobile payments platform for Android and iOS devices that lets both traditional and challenger banks combine “best-in-class” end-to-end security with a user friendly, PSD2-compliant, mobile-first consumer experience... More
Analyst: Rise of OEM Pay smartphone wallets to cost banks US$15bn — in Australia alone
$22b of bank revenue at risk from smartphone wallets: Morgan Stanley — The Australian Financial Review — “Smartphone digital wallets offered by Google, Apple and other technology giants will put A$22bn of revenue across the major Australian banks at risk, according to Morgan Stanley… Its analysts came to that figure after looking into how a banks’ payments capability influences decisions relating to other products. This includes transaction accounts that give major banks an opportunity to cross-sell customers more profitable products such as mortgages.”
Report highlights discrepancies between what technology users want and what they adopt
Despite greater than ever use of smart devices for banking and payments and a desire for the latest technologies, Europeans are some of the most cautious adopters, according to a survey of 15,000 consumers in Europe, America and Australia... More
KBC reports on take-up of non-banking services following wearables payments trial expansion
Belgian bank KBC has reported on the take-up of the non-banking services such as car parking and transit ticketing that it has been adding to its mobile banking app since launching it last summer... More
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