- Days after launching services that allow users to make international remittances and use a virtual prepaid card for payments, Samsung Electronics Co. launched Samsung POS, an app that it says will let merchants accept near-field communication payments on their mobile devices. Developed with payments-technology firm Mobeewave, Samsung POS is aimed at micro-merchants and other small sellers and will enable them to accept credit and debit payments via contactless cards and Samsung Pay, Google Pay, and Apple pay wallets, Samsung said. Samsung POS will be available starting now in Canada and expand globally next year.
- Payments fraud is shifting away from the well-protected point of transaction to earlier stages in the payments flow, according to the latest report from fraud-prevention firm Forter Inc. The report shows this trend in such areas as loyalty programs, where fraud losses have increased 89% year-over-year, compared to 12% for dollar losses in online fraud overall.
- JPMorgan Chase & Co. said its third-quarter merchant processing volume of $380.5 billion increased 10.7% from $343.8 billion in the year-ago quarter. On the issuing side, its debit and credit card sales volume of $282.2 billion increased 9% from $259 billion.
- Wells Fargo & Co. reported debit card point-of-sale purchase volume of $92.6 billion in the third quarter, a 6% increase from $87.5 billion a year ago. Third-quarter debit card transactions totaled 2.3 billion, 4.5% increase from 2.2 billion. Credit card purchase volume of $20.4 billion was a 5.2% increase from $19.4 billion.
- Splitit Payments Ltd. announced an agreement with Shopify Inc. to make the Splitit Buy Now Pay Later service available to Shopify’s more than 800,000 merchants in 20 countries. It signed a similar deal with Divido, a point-of-sale platform. Splitit also announced a host of merchants added the POS financing option.
- Payments-technology provider Repay Holdings Corp. announced it has acquired business-to-business payments provider APS Payments for $60 million, with $30 million paid at closing and the remainder payable upon achievement of growth targets.
- Two-thirds of consumers said always contact a merchant before requesting a chargeback, a report from Midigator found. In “The Consumer Confessional” report, based on a survey or more than 2,000 U.S. consumers, Midigator, a chargeback-management services provider, also found that most consumers—98.2%—have disputed an e-commerce purchase.
- Blockchain security firm CipherTrace Inc. launched a capability that allows customers to trace more than 700 tokens in addition to Bitcoin.
- PCI Pal, a payments provider to contact centers, said its partnership with 8×8 Inc., a cloud-communications provider, has yielded its first client contact center in North America. The client was not identified.
- The US Payments Forum released its “How Emerging Data Elements Can Support Mobile Wallet Use Cases” white paper.
- Payrix, a provider of technology to software companies interested in being payment facilitators, hired Billi Jo Wright as chief risk officer. Wright formerly held that position at payment processor Elavon.
A2A Payments A Growing Force In Payments
Account-to-account payments is becoming a growing force in the payments landscape, totaling $525 billion in …