Apple Makes Acquisition To Possibly Enter Merchant Processing Business
According to a Bloomberg report, Apple has purchased mobile pay hub company Mobeewave for $100 million. Mobeewave enables shoppers to use their smartphones for contactless payments and P2P payments, similar to its existing Apple Pay service. The real difference is that Mobeewave technology could turn any iPhone or IOS devices into a payment acceptance device, […]
PayPal Bails Out Of Russian Domestic Payment Services
Russian news agency TASS reports that PayPal is changing its business model in Russia, citing details from a letter PayPal sent to the Russian Central Bank which Tass reviewed. According to the report, PayPal will stop offering payment and money transfer services between Russian users by August and focus on cross-border trade instead. Furthermore, PayPal […]
PayPal Issues Advance Notice On User Agreement Updates Effective July 31, 2020
PayPal sent out an advance notice to users to inform them of impending changes to the PayPal User Agreement. Most of these changes will go into effect on July 31, 2020, unless otherwise noted. The changes described here are for U.S. account holders. PayPal users in other countries should check their email for a notice […]
Payment Processor Square Defends Reserves Policy After Mounting Criticism
In May we reported that Square was withholding portions of payments for some merchants for up to 120 days citing its Reserves Policy. The practice seemed to target merchants in service industries that do not sell tangible goods. Apparently, Square decided these merchants high-risk merchants, even if they had no prior problem with the payment […]
Open Payments Coalition Launches PayID, A Universal ID For Global Payments
Leading technology, finance and nonprofit companies join forces to announce the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency. GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps and others have collaborated on the development of PayID through the […]
Visa Launches Digital Tool To Combat New Account Fraud
Visa launches a digital tool to help U.S. financial institutions with their efforts to combat new account fraud – estimated at $10 billion a year – and give consumers greater peace of mind. Advanced Identity Score combines Visa’s artificial intelligence and predictive machine learning capabilities with application and identity related data to generate a risk […]
WhatsApp Users In Brazil Can Now Send Digital Payments Inside Chats
WhatsApp launched digital payments in Brazil enabling users to securely send money without leaving the chat. With over 10 million small and micro-businesses being the heartbeat of Brazil’s communities, it’s become second nature to send a zap to a business to get questions answered. Now, in addition to viewing a store’s catalog, customers will be […]
Amazon To Begin Using Mastercard Tokens In 12 Countries
Mastercard announced that Amazon customers in 12 countries across North America, Latin America, Middle East and Europe will have their stored card credentials tokenized. By replacing a consumer’s physical card number with a token, payment information is unique to each individual transaction and can be used only by the merchant that requested it. The rise […]
American Express Becomes First Foreign Payments Network To Receives Approval In China
American Express announced its joint-venture in mainland China, Express (Hangzhou) Technology Services Company Limited (Express Company), has received final approval from the People’s Bank of China (PBOC) for a network clearing license to become the first foreign payments network to clear local currency transactions. Amex in a statement said that is has built a network […]
Credit Card Processor Square Faces Lawsuit Over Merchant Payment Holds
Last month we reported that Square notified a small business merchant that it would withhold 30 percent of the transaction amount in a Reserve for up to 120 days. The small business owner in our story had no chargebacks or other payment problems and when he asked Square for details, they did not provide any […]