The business of getting merchants to accept cryptocurrencies like Bitcoin has started to attract independent sales organizations and payments-tech firms alike, and now Square Inc. has jumped in with a proposed service that some experts say could help the payments-technology powerhouse grab a share of online volume. The U.S. Patent …
Read More »Western Union Expands Mobile And Online Transfers to Three More Global Regions
The Western Union Co., which has been expanding its digital footprint for several years, announced a major move on Wednesday into Asia, Latin America, and the Middle East. Online and mobile money transfers will start over the next few weeks in Malaysia and Singapore, the company said, with service already …
Read More »An Activist Social Network Alleges PayPal Is Still Processing for Supremacist Groups
Reacting to violent clashes a year ago in Charlottesville, Va., between white supremacist groups and counter demonstrators, several major payment systems shut down access for supremacist organizations that used the systems to process donations. But now a social network devoted to activist causes says PayPal Holdings Inc. is still processing …
Read More »Why the Electronic Transactions Association Is Focusing on Canada
In response to Canada’s moves to introduce further regulation of its payments industry, the Washington, D.C.-based Electronic Transactions Association said this week it is “expanding” its advocacy effort into that country. So far, the ETA’s effort includes hiring a lobbyist to represent the interests of Canadian payments companies and U.S. …
Read More »At Its Three-Year Mark, Samsung Pay Cites 2,000 Partners And a Billion-Plus Payments
Samsung Pay launched in South Korea three years ago Monday, and on Tuesday Samsung Electronics Co. Ltd. marked the anniversary by releasing some numbers for the mobile-payments platform. Widely known as one of three “Pays” that rely on near-field communication technology for in-store transactions (Apple Pay and Google Pay are …
Read More »A Startup Opens a Concept Store to Compete With Amazon in Ditching Checkout Lanes
Amazon.com Inc. may not have a lock on the concept of a checkout-free store. A San Francisco-based startup company called Zippin said on Monday it has opened a store that lets consumers walk in, pick up the items they want to buy, and simply walk out. Zippin’s technology tracks what …
Read More »Ripple Signs Three Exchanges to Support Cross-Border Payments As Pilots Near Completion
Distributed-ledger payments provider Ripple Labs on Thursday announced three cryptocurrency exchanges that will work with its xRapid cross-border payments product. XRapid uses Ripple’s XRP digital currency and depends on exchanges to translate transactions into local fiat currencies. San Francisco-based Ripple said it is partnering with Bittrex for exchanges to U.S. …
Read More »With Fast-Growing Fintechs Taking a Toll, Banks Will Soon Claim Less Than 50% of Payments Revenue
Financial institutions have been battling fast-growing fintechs and other nonbanks for payments share and revenue for years, but now new research indicates banks, which have historically controlled this crucial business, are on the cusp of slipping from that dominant perch. In 2017, U.S. banks’ total payments revenue netted out to …
Read More »Eye on Crypto: Square Takes Bitcoin to 50 States; A Former Top Visa Exec Touts Easier Transfers
Users of Square Inc.’s Cash App can now buy and sell Bitcoin in all states, according to a tweet the company sent at mid-day Monday. The Bitcoin capability, which Square introduced in November as a pilot, is hardly a major business for the San Francisco-based payments company, but it is starting …
Read More »Commanding 92% of the Home Market, It’s No Wonder Chinese Mobile Giants Are Looking Abroad
One reason China’s Ant Financial Services Group and Tencent Holdings Ltd. are interested in facilitating mobile payments for Chinese travelers in foreign markets, including the United States, is that both companies are topping out in their home market. Combined, Ant’s Alipay and Tencent’s WeChat Pay controlled an estimated $15.5 trillion …
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