Friday , February 26, 2021

Low Forecast for Contactless Mobile Payments Volume in 2019 and other Digital Transactions News briefs from 8/9/19

  • 451 Research projects that contactless mobile payments will control less than 2% of U.S. retail sales in 2019, owing to lack of a “measurably better value proposition” for mobile payments vs. cards, as well as other factors.
  • Chase Bank, a unit of JPMorgan Chase & Co., has canceled all credit card debt for cardholders in Canada, according to reports. The move follows the bank’s decision in March 2018 to close all credit card accounts in the country.
  • Omnico Group, a point-of-sale services provider, said 52% of U.S. shoppers become angry waiting to pay in a store, according to its “Omnico US Retail Research” report that canvassed more than 2,000 consumers. Seventy-four percent said technology will make shopping easier and 86% want to use scan-and-pay cell phone or tablet apps to skip lines.
  • The National ATM Council trade group said its third annual “fly-in” to Washington D.C., a two-day lobbying effort in late July in which ATM executives and suppliers met mostly with members of the Senate Banking Committee and House Financial Services Committee, resulted in 60 meetings with lawmakers and their staff members. Regarding the controversial issue of whether government should require stores to accept cash, NACS said it wants a cash option and would support bipartisan legislation “to establish clear and cohesive national policy on the issue.”
  • Wirecard AG launched a new mobile app for North American consumers who use the company to receive payouts.
  • Transport for London, operator of the city’s vast subway and bus system, on Thursday took the Web site of its Oyster fare card offline for a second day because of a credential-stuffing attack in which fraudsters using stolen account credentials from other sites attempted to use them on the Oyster site, according to press reports. A TfL spokesperson said no customer payment data has been accessed.

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