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Bank of Canada asks: Is a cashless society problematic?

/payments

Bank of Canada asks: Is a cashless society problematic?

If the long-predicted cashless society ever materialises it will be unlikely to cause material system-wide problems, according to a Bank of Canada paper, which nevertheless warns that options such as central bank digital currencies might be needed to tackle operational reliability and contestability issues.

QRails bags $7 million from prominent angel investors

/payments

QRails bags $7 million from prominent angel investors

Cloud-based payment processing startup QRails has secured $7 million in funding from a group of heavyweight angel investors, including Gary Hoffman, chairman of Hastings Insurance, former CEO of Barclaycard and board member at Visa, Jonathan Hughes, previously a senior executive at Worldpay, and Alan Morgan of Adfisco.

SoGen tests biometric cards for limitless contactless payments

/security

SoGen tests biometric cards for limitless contactless payments

Societe Generale is trialling a payments card with a built in fingerprint reader that enables users to make contactless payments of any amount.

Mastercard signs off on removal of card signature panel

/Cards

Mastercard signs off on removal of card signature panel

Mastercard is embracing new modes of authentication across its network, introducing a voluntary programme for banks to eliminate the signature panel on physical plastic, and enabling token services on all cards by 2020 for shopping online.

Payments revenue to hit $2.4 trillion by 2027

/Cards

Payments revenue to hit $2.4 trillion by 2027

The payments industry remains one of the brightest spots on the financial services landscape, according to a report from the Boston Consulting Group (BCG) and Swift, which predicts global revenue to grow by more than $1 trillion by 2027.

US payments giants struggle to meet Indian data storage deadline

/regulation

US payments giants struggle to meet Indian data storage deadline

Visa, Mastercard, American Express, PayPal and Amazon all look to have failed to meet the deadline to comply with new rules that require information about transactions in India to be stored in the country.

Contactless overtakes Chip and PIN for in-store transactions

/Cards

Contactless overtakes Chip and PIN for in-store transactions

Worldpay is declaring a tipping point for contactless payments in the UK, as tap and pay transactions overtake Chip and Pin for in-store card payments for the first time.

Westpac rolls out designer wearables

/Cards

Westpac rolls out designer wearables

Westpac is rolling out a new designer range of wearable payment accessories, including an iron or sew-on patch and safety pin that can be hidden on clothing.

Historic artefacts re-created for the contactless era

/Cards

Historic artefacts re-created for the contactless era

Scotland's National Trust has embedded contactless technology into replicas of a couple of its most important artefacts in a bid to halt a slide in cash donations at two of its historic locations.

Card fraud at EU payment terminals hits lowest level for 13 years

/Cards

Card fraud at EU payment terminals hits lowest level for 13 years

And now for something completely different - losses due to card fraud at EU payment terminals have fallen to the lowest level since 2005.

Danske Bank begins wearable chip trials

/Cards

Danske Bank begins wearable chip trials

Danske Bank is testing FastPay, a wearable contactless chip that can be clipped to a wristband, keyring, jewellery or watchstrap for tap-and-go payments at the checkout.

Revolut looks to mitigate Brexit with Lux licence

/Cards

Revolut looks to mitigate Brexit with Lux licence

London-based digital payments company Revolut is applying for a licence in Luxembourg in order to mitigate any fallout from Brexit.

Outage fever strikes UK banks

/Cards

Outage fever strikes UK banks

A spate of online banking glitches has hit the UK's leading high street banks, leading inevitably to discussions of resilience and operational risk in the industry.

ANZ introduces cardless ATM withdrawals

/Cards

ANZ introduces cardless ATM withdrawals

Customers of ANZ can now leave their wallets at home and withdraw cash from the Australian bank's ATMs with their mobile phones via Apple Pay and Google Pay.

Stripe moves into in-store payments

/Cards

Stripe moves into in-store payments

Stripe is going after the high street, launching its own point-of-sale payments terminal package targeted at online retailers making the jump to offline.

New York sues the OCC over fintech charter rule

/Cards

New York sues the OCC over fintech charter rule

New York state has filed a lawsuit against the US Office of the Comptroller of the Currency (OCC) over a decision to allow fintech companies to apply for national banking charters.

China UnionPay to enter European market

/Cards

China UnionPay to enter European market

The world's largest payment card issuer, China UnionPay, is reportedly planning to enter the European market in a move that could cause serious competition for Visa and Mastercard.

Nearly half of UK transactions now contactless

/Cards

Nearly half of UK transactions now contactless

The UK's love affair with contactless payments continues to flourish, with almost one in two transactions now tap and pay, according to Mastercard figures.

European committee green-lights tougher sentences for digital payments fraud

/Cards

European committee green-lights tougher sentences for digital payments fraud

Criminals cashing in on digital payment trends and the rise of cryptocurrencies can expect stiffer jail sentences under new rules approved by a powerful European Parliament committee.

Regulator to crack down on ATM closures

/Cards

Regulator to crack down on ATM closures

The UK's Payment Systems Regulator is promising to take action to protect the availability of free-to-use cash machines across the country after the publication of new figures by network operator Link which show more than 250 machines a month disappearing from the high street.

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