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Posts Tagged ‘ mobile payments ’

PayPal has announced a new deal with Skype that will allow users in 22 countries worldwide to send money to other Skype users through an updated version of the Skype mobile app.

 

This extends PayPal’s potential reach by a sizable amount – the Skype app has been downloaded over a billion times to date, and has approximately 300 million monthly active users.

 

To use the feature, users will need to be on the latest version of the Skype mobile app. Then select “Find” on the top bar while in conversation with a friend or family member, and choose the “Send Money” add-in, just type in the amount to send, confirm the payment, and hit send to complete the transaction.

 

The feature is designed for sending money between friends and family – not payments for goods or services from a business. And like PayPal’s peer-to-peer payments on other platforms, the rates are the same. That is, sending is free when you use your PayPal balance or debit card in the US If you choose to use a credit card instead, the fee is 3.4 percent of the transaction amount plus USD 0.30.

 

This is the latest in a series of partnerships PayPal has announced in recent months, as it works to solidify its position. The company has also recently announced integrations with Samsung Pay, Android Pay, and Baidu; and extended its partnership agreements with Citi and Chase. And on the technology side of things, PayPal has introduced instant bank transfers, Siri integration, support for payments in iMessage, Slack, and Microsoft’s Outlook.com.

 

The full list of supported markets includes: the US, the UK, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, San Marino, Slovakia, Slovenia and Spain.

 

 

Samsung Pay has announced that users will be able to use PayPal in-app, in-store and online.

 

Users can add their PayPal accounts to Samsung Pay and use their PayPal wallet anywhere Samsung Pay is accepted. And because it uses proprietary MST (Magnetic Secure Transmission) technology, which allows you to use Samsung Pay at terminals that don’t accept NFC, it’s accepted in many places. Merchants will also be able to accept Samsung Pay online through PayPal’s Braintree.

 

Using PayPal wallet with Samsung Pay is only currently available in the US. However, Samsung is working on expanding PayPal wallet support to the 18 other markets it serves, including Spain, South Korea, China and India, soon.

 

PayPal has been moving more and more into mobile payment methods. With these integrations, you may soon be able to use your PayPal account just like a real bank account.

 


 Visa has launched a new payment system, called mVisa, which enables mobile payments between merchants and customers.

 

The system is based primarily on QR codes, but it also works with numerical codes for future phones. When making a purchase with mVisa, a consumer uses a smartphone to scan a QR code, which triggers a transfer from the consumer’s bank account to the merchant.

 

According to Visa, the mobile payments system works regardless of the customer and merchant’s respective banks, and it operates independent of their MNO services. It is also compliant with EMVCo’s newly published QR Code Payment Specifications.

 

The mVisa platform is targeted to merchants looking for a cheap and easy means of enabling mobile payments for their customers. Visa says that support for the platform is available in India, Kenya, and Nigeria, and that it is now working to extend the service in 12 additional countries including Cambodia, Egypt, Ghana, Indonesia, Kazakhstan, Malaysia, Pakistan, Rwanda, Tanzania, Thailand, Uganda and Vietnam.

 

Tencent has opened its credit scoring system to limited group users on QQ, WeChat’s older sibling.

 

This marks a big step forward for Tencent:  not only does this fill in a glaring gap in their product lineup, it also puts them in direct competition with Alibaba’s Sesame Credit.

 

According to previous screenshots from early testers, the credit scores—ranging from a maximum of 850 points and a minimum of 300 points—were calculated from five indexes: social connections, security, wealth, the ability to honor an agreement, and consumption behavior.

 

Social data constitutes a major part of Tencent Credit’s rating system. The data collected from WeChat and QQ—which claim 900 million and 860 million monthly active users respectively. The consumption data was mainly gathered through Mobile QQ and WeChat payment.

 

Tencent is also partnering with financial institutions like WeBank, China Construction Bank and local service institutions for complementing the credit rating mechanism.

 

Both Alibaba and Tencent have set early sights on the credit scoring sector, an essential component for financial services to solve the rising online security issues by leveraging big data. In 2014, when Alibaba’s Ant Financial was tinkering on Sesame Credit, Tencent also laid out in the sector with plans to launch a similar product. Both the companies obtained government approval to run their consumer credit rating services two years ago. 

 

The UK-based mobile-only Starling Bank has announced the integration of Apple Pay for its customers.

 

The bank thus becomes the first bank in the UK to offer ‘in-app provisioning’, meaning that new customers will be able to load their card into their digital wallet with a single tap.

 

When using a credit or debit card with Apple Pay, the actual card numbers are stored on a unique Device Account Number, encrypted and stored in the Secure Element on the devices. Each transaction is authorized with a one-time security code.

 

Online shopping in apps and on websites accepting the payment solution no longer requires the need to manually fill out account forms or repeatedly type in shipping and billing information. When paying for goods and services on the go in apps or Safari, the solution works with iPhone 6 and later, iPhone SE, iPad Pro, iPad Air 2, and iPad mini 3 and later. One can also use the payment solution in Safari on any Mac introduced in or after 2012 running macOS Sierra and confirm the payment with iPhone 6 or later or Apple Watch, or with Touch ID on the new MacBook Pro

 

Samsung has announced a partnership with PayPal to allow Samsung Pay users to make in-app, online and in-store payments with the US payment platform.

 

The service will be available in the US first and will be expanded to other countries in the near future. 

 

Moreover, Samsung Pay will be accepted as a payment method in apps and online through Braintree, a US-based online payment provider, acquired by PayPal in 2013.

 

After its launch in August 2015, the payments platform is now available in 18 markets: the US, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand, Malaysia, India, Sweden, the UAE, Switzerland, Taiwan, Hong Kong, the UK and Korea.

 


 

Apple has announced that it will enable PayPal payments in its digital stores, including iTunes, iBooks, Apple Music and the App Store.

 

The deal struck on 11 July 2017 will enable Apple customers in US, UK, Canada, Mexico, Australia and parts of Europe to choose PayPal as a payment option. The US-based payments service provider has also stated that it will integrate with Siri and bring the One Touch feature to Apple ID accounts, allowing for faster purchases.

 

Customers with an Apple ID will be able to select “PayPal” as a preferred payment method, which will make it the default payment method and all future purchases will be charged to the PayPal account. This includes one-time purchases as well as monthly fees such as Apple Music subscriptions and iCloud storage.

 

PayPal will also be added as a payment option directly on iOS, the company says. This will be available in all 12 markets, including the U.S.

 

The majority of UK tills have lifted the GBP 30 limit for mobile payments made with Apple Pay.

 

Hundreds of thousands of terminals have been upgraded to supported limitless contactless payments for Apple Pay, allowing customers to make payments of any value.

 

Most terminals that support contactless payments have a GBP 30 limit to prevent fraud. However, Apple Pay transactions, which are made by holding the iPhone or Apple Watch against a card reader, are approved using biometrics such as the iPhone fingerprint scanner. This gives retailers an incentive to lift the payment limit for transactions made through the app.

 

Apple Pay transactions in the UK market have increased by 300% in 2016 and in 2017, 23 banks support the service, according to The Telegraph.

 

 

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PayPal processed a total of USD 31 billion in mobile payment volume in the fourth quarter of 2016, according to the company’s latest financial report.

This figure represents an increase of 53% over the same period in 2015. Mobile payments represented 31% of the company’s USD 99 billion in payment volume in Q4.

Venmo, the company’s social payments platform, processed USD 5.6 billion in total payment volume, up 126 % from the same period in 2015.

PayPal said that in the five days between Thanksgiving and Cyber Monday, it processed more than USD 2 billion in mobile payments, accounting for one-third of total payment volume for the period.

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Global spend via mobile wallets is expected to rise by nearly 32% to USD 1.35 trillion, a new study from Juniper Research has found.

The study, Mobile Wallets: Service Provider Analysis, Market Opportunities & Forecasts, has found that spend is currently concentrated in the Far East & China, due primarily to the success of Alipay and WeChat. However, it claimed that moves by key players such as PayPal and Apple to offer wallets which can be used both instore and online means that wallets will increasingly become the default payment mechanism in other markets.

PayPal’s decision to introduce an HCE (Host Card Emulation) NFC solution to enable POS payments as a key disruptive moment has proven to be a successful hit in the wallet wars, the study notes. According to the research, this – allied to the burgeoning success of its social payments subsidiary Venmo – places PayPal in pole position to capitalise on the increased demand for mobile wallets.

Additionally, the research argued that the implementation of the PSD2 (Payment Services Directive 2) legislation should spur further competition within the European wallet space, with existing players poised to introduce additional services to complement their payment offerings.

However, it warned that outside emerging markets, remaining mobile network operator wallet ventures were unlikely to gain traction. According to research author Dr Windsor Holden, “Network operators remain wedded to offline payments based on an NFC SIM card, at a time when more agile competitors are deploying integrated HCE wallets that also enable online usage.