Tuesday , December 10, 2019

20 European Banks Challenging Card Networks and other Digital Transactions News briefs from 11/6/19

  • Twenty European banks are working on setting up a pan-European payment system to challenge Visa, Mastercard and technology companies such as Google and PayPal, according to press reports. The project is code-named PEPSI, for Pan European Payment System Initiative.
  • In a development that signals an opening in China’s long-protected payments environment, Chinese mobile-payment giants Alipay and WeChat Pay announced that payments on their systems can now be made with foreign cards, Reuters reported. After WeChat Pay parent company Tencent announced its move, Visa Inc. issued a statement saying it is working with Tencent “on a secure, convenient and interoperable mobile-payment experience that will benefit the large number of international travelers visiting China … this partnership means that we’ll be working towards an environment where Visa cardholders will be able to use their Visa card in China at the millions of places where WeChat Pay is accepted, instead of having to rely on cash.”
  • Fiserv Inc. said its First Data unit is processing online payments for Aldi in Austria, Switzerland, and Germany. More than 10,000 stores worldwide operate under the Aldi brand.
  • Payment card manufacturer CPI Card Group Inc. said U.S. credit and debit card net sales rose 7.3% year-over-year in the third quarter to $51.5 million, in part because of more orders for higher-priced dual-interface EMV cards. Net U.S. sales of prepaid cards fell 3.5% to $20.5 million.
  • Canadian debit network operator Interac Corp. acquired 2Keys Corp., an identity-verification technology provider that performs 4 million verifications daily. Terms of the deal were not disclosed.
  • American Express Co. said its virtual card has been integrated with a supplier-payment platform from Coupa Software. The integration will be available to AmEx corporate customers in the United Kingdom and Australia late this year and in the United States by the middle of 2020.
  • Recurring-payments provider GoCardless said it is working with TransferWise, an international-payments specialist, on a global network for bank debit transactions.
  • The National Restaurant Association released its “Restaurant Industry 2030: Actional Insights for the Future” report that says mobile-payment acceptance and pay-at-the-table at restaurants will most likely be commonplace in 10 years.
  • Decoupled debit provider ZipLine released a white paper prepared by Mercator Advisory Group on the market for private-label debit and rewards programs.
  • Visa Inc. announced New York City police commissioner James P. O’Neill will join the company as senior vice president and global head of physical security upon his retirement from the police force Dec. 2. O’Neill will succeed Don Hill, who is retiring.
  • Upper Hand Inc., a sports and fitness software developer, said Todd Linden, former chief executive of Paysafe for North America, joined its board of directors.

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