Payment credit http://fimendurance.com/ Tue, 17 May 2022 10:22:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 https://fimendurance.com/wp-content/uploads/2021/10/icon-5-120x120.png Payment credit http://fimendurance.com/ 32 32 First look at Apple’s iPhone-to-iPhone payment service https://fimendurance.com/first-look-at-apples-iphone-to-iphone-payment-service/ Tue, 17 May 2022 00:32:00 +0000 https://fimendurance.com/first-look-at-apples-iphone-to-iphone-payment-service/ Apple is testing its upcoming Tap to Pay feature, which allows iPhone users to accept payments only with their smartphone, at the Apple Park Welcome Center. Apple is using its upcoming Tap to Pay feature, which allows new iPhones to accept contactless payments without using a third-party card terminal, at its flagship Apple Park Welcome […]]]>

Apple is testing its upcoming Tap to Pay feature, which allows iPhone users to accept payments only with their smartphone, at the Apple Park Welcome Center.

Apple is using its upcoming Tap to Pay feature, which allows new iPhones to accept contactless payments without using a third-party card terminal, at its flagship Apple Park Welcome Center. The new way to easily receive payments for goods and services was first announced in February 2022 with no concrete release date. The company said it will first test the new features in its retail stores later this year, with a rollout to consumers to follow the trial. Now users get a taste of the convenience of the feature as iPhone-to-iPhone payments head to Apple Stores. The Apple Park retail store offers exclusive offers not available anywhere else, including branded t-shirts and accessories, and is the first known store to use Tap to Pay.

VIDEO OF THE DAY

There’s a reason Apple Park gets a taste of the company’s new features before other locations. The campus serves as a state-of-the-art headquarters and is where products and services are developed. Apple Park has been in development for years and was designed in part by Jony Ive, the company’s longtime design director. It opened in 2017 and has since become the hub for all things Apple. The circular building has been featured in a slew of keynote speeches that have been taped due to the cancellation of in-person events in 2020, but it’s somewhat of a mystery. Customers can tour certain parts of campus, however, and Apple Park is one of the few places users can see Tap to Pay while it’s still in development.


Related: How to use Apple Wallet for card payments, public transport and tickets

The Tap to Pay feature would make it possible to complete a transaction with nothing but a pair of iPhones, and a first-hand video shows how easy it can be to use on a day-to-day basis. An Apple Park visitor recorded the checkout process for an item in the retail store, as shown in a Tweet. The video appears to be similar to how the company has handled payments in retail stores for years – Apple employees carry iPhones around to make purchases, check inventory and process service requests – but is actually a first look at the Tap to Pay feature. In most Apple stores, the company’s iPhones use an additional case that serves as a payment terminal to process credit card and contactless purchases. As the video shows, however, no additional hardware is required and the customer pays with Apple Pay directly on another iPhone.


How Apple’s Tap To Pay Works


Promotional image for Apple's Tap To Pay with credit cards.

In the Tap to Pay demonstration, the Apple employee enters the amount to be charged or scans the items to be purchased. The employee then presses an unreadable button in the upper right corner of the screen which prepares the iPhone to receive a contactless payment. A never-before-seen software interface appears, which clearly shows the amount to be paid and the name of the company receiving the payment – in this case, the Apple Park Visitor Center. The iPhone requires the customer to hold their iPhone or other contactless payment method to the top of the smartphone, as this is where the device’s Near Field Communication (NFC) chip is located. Once both iPhones are in range, the transaction is processed without any third-party devices or external payment terminals.


The feature uses the NFC chip that is built into Apple’s new phones and Tap to Pay will be available on the iPhone XS series and newer. These phones debuted in 2018, and since most people update their phones often, the average person probably has a compatible smartphone. With these capabilities, iPhones will be able to accept payments from NFC-enabled smartphones and credit cards by simply holding the device or card near the top of the iPhone. It’s designed for business owners, but just about anyone can use this feature, including “individual entrepreneurs”. Tap to Pay supports major credit card issuers including American Express, Discover, Mastercard, and Visa, and can be implemented in third-party iOS apps with upcoming beta software and application programming interface (API) . It is not clear when Apples Tap to Pay might come to the public, but the feature aims to simplify payments between individuals and businesses.


Next: Why aren’t iPhone and Apple Watch owners using Apple Pay?

Source: NTFTWT/TwitterApple

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RealMLS Improves SEO Service With Deposit Resource — RISMedia https://fimendurance.com/realmls-improves-seo-service-with-deposit-resource-rismedia/ Mon, 16 May 2022 08:38:47 +0000 https://fimendurance.com/realmls-improves-seo-service-with-deposit-resource-rismedia/ realMLS, which serves 11,000 members in Northeast Florida, announced its partnership with Down Payment Resource (DPR) to enhance its platform with DPR’s suite of realtor tools that helps MLS customers connect homebuyers with homebuyer assistance programs. realMLS is a Multiple Listing Service (MLS) serving Baker, Clay, Duval, Nassau, Putnam and St. Johns County, Florida. According […]]]>

realMLS, which serves 11,000 members in Northeast Florida, announced its partnership with Down Payment Resource (DPR) to enhance its platform with DPR’s suite of realtor tools that helps MLS customers connect homebuyers with homebuyer assistance programs.

realMLS is a Multiple Listing Service (MLS) serving Baker, Clay, Duval, Nassau, Putnam and St. Johns County, Florida. According to DPR analysis, 44 homebuyer assistance programs are available for up to 63% of realMLS listings, including 35 down payment assistance programs, six affordable first mortgage programs, two credit certificates Mortgage (MCC) and another program, a statement on the program declared.

As a benefit to Subscribers, realMLS has incorporated DPR into its listing data so that properties eligible for one or more Homebuyer Assistance Programs are searchable and marked with the DPR icon. Additionally, realMLS subscribers will receive Down Payment Connect, a lead generation landing page that allows visitors to search for homeownership programs and realtors to collect contact information from prospects. Subscribers will also have access to DPR’s library of marketing resources, which includes graphics, social media images and customizable flyers, the statement said.

“The median price of homes in realMLS’s coverage area has climbed 25.5% over the past year, raising the cost of a 3% down payment by tens of thousands of dollars for most homes” , said Rob Chrane, CEO of DPR. “DPR tools enable realMLS subscribers to sustainably grow their business by helping families overcome one of the most frequently cited barriers to homeownership: the cost of a down payment.”

“realMLS is focused on providing technologies like DPR that enable our members to better serve consumers,” said Nicole Jensen, CEO of realMLS. “DPR gives our subscribers an edge by making them the source of home buying opportunities to proactively address the affordability challenges faced by people living and working in our communities.

For more information, visit https://downpaymentresource.com/ or https://www.realmls.com/.

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Dock Receives $110M in Funding for Its Digital Banking and Payments Platform https://fimendurance.com/dock-receives-110m-in-funding-for-its-digital-banking-and-payments-platform/ Fri, 13 May 2022 23:09:02 +0000 https://fimendurance.com/dock-receives-110m-in-funding-for-its-digital-banking-and-payments-platform/ Digital payment and banking are major parts of the online space, especially for e-commerce, which is why Dock stands out. The company offers a comprehensive platform that offers solutions for both payments and digital support, covering the entire ecosystem. Moreover, it is already a leading player in Latin America. If you want to learn more […]]]>

Digital payment and banking are major parts of the online space, especially for e-commerce, which is why Dock stands out. The company offers a comprehensive platform that offers solutions for both payments and digital support, covering the entire ecosystem. Moreover, it is already a leading player in Latin America. If you want to learn more about Dock and its awesome platform, check out the article below.

SÃO PAULO & NEW YORK–(BUSINESS WIRE)–Dock, a leading comprehensive payments and digital banking platform in Latin America, today announced it has raised $110 million in growth funding led by Lightrock and Silver Lake Waterman, with participation from investors Riverwood Capital, Viking Global Investors and Sunley House Capital, bringing its valuation to over $1.5 billion. The funds will be used to accelerate the company’s product development roadmap and international expansion plans, and to add new talent as Dock taps into the $18.5 billion total addressable market for the card processing and banking as a service in the Latin America region.1

Dock delivers best-in-class solutions through its open API and cloud-native platform, enabling over 300 customers to deliver unique user experiences across their payment, credit and digital banking offerings and powering today 65 million active end users across the region. Dock has become the leading B2B fintech infrastructure company in Latin America, facilitating an acceleration of digital adoption of financial services as its customers deliver differentiated, world-class consumer journeys.

Dock’s modern end-to-end platform enables any business to offer financial services, including launching and managing personalized cards, processing payments and banking as a service with digital accounts, mobile payments and fraud management. Dock’s broad customer base includes fintechs, retailers, banks and technology companies that are focused on improving the customer experience for the currently banked population, as well as onboarding previously unbanked and under-banked consumers. banked in digital payments and banking systems. With this capital, Dock takes another step towards achieving its mission of democratizing access to financial services for consumers and businesses in Latin America and beyond.

“This is just the beginning for us,” said Dock CEO Antonio Soares. “This investment validates our vision to bring great solutions to market that solve the real business problems of our customers, while increasing and democratizing access to financial services. As we close this round of funding, we are excited to continue to innovate and grow while creating products that help our customers grow by providing fast, efficient and personalized financial services to their customers. We add value because payments and banking are complex global businesses with local specifics, and we understand that better than anyone. »

“Dock’s mission is perfectly aligned with our goal of building a sustainable future,” said Marcos Wilson Pereira, Managing Partner and Head of Latin America at Lightrock. “Despite positive advances in recent years, the financial services market in Latin America still has significant room for accelerated growth. We are delighted to partner with Dock to enable greater financial inclusion, which will drive economic growth and strengthen equity.

“We are proud to work with Dock’s management team and stakeholders to help the business continue its expansion in the region,” said Shawn O’Neill, managing director and group leader of Silver Lake Waterman. “Dock’s scalable platform is becoming the platform of choice for businesses of all sizes, in all industries, to launch and scale digital payments and banking across Latin America, and we’re excited of what is yet to come.”

Learn more at dock.tech.

About the dock

Dock is one of the leading digital banking and payments platforms in Latin America. The company adds business value, innovation and scalability to its customers, bringing together card issuance, digital banking and acquiring through a single, comprehensive platform. Dock’s modular solutions facilitate critical processes that accelerate companies’ ability to bring new payment and financial services to market. The result is a wider range of innovative products, better consumer access to financial services, credit card services and an improved customer experience.

Dock operates 65 million active accounts and over 5 billion transactions annually through its cloud platform, reducing operational and regulatory burden and providing other valuable tools to customers through its partner ecosystem so they can focus on end user experience.

About Lightrock

Lightrock is a global private equity platform supporting entrepreneurs committed to tackling the world’s biggest challenges. Since 2009, Lightrock has invested in companies that pursue scalable, technology-driven business models around the key impact themes of people, planet and productivity/technology for good. Lightrock’s portfolio includes over 80 high-growth companies in 14 countries across Europe, the United States, Latin America, Asia and Africa, supported by over 80 professionals based in 5 offices across these regions, including Lightrock’s London headquarters. https://www.lightrock.com

About Silver Lake Waterman

Silver Lake Waterman is part of Silver Lake, the global leader in technology investing with over $90 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia . Silver Lake Waterman is focused on providing flexible expansion capital to later growth stage companies in the technology and technology sectors. For more information on Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.

1 Americas Market Analysis, Card/Payment Processing and Banking as a Service Market Reading – Latin America, September 2021

The original article is available on Business Wire.

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Credit card payments market expected to grow exponentially by 2030 – SMU Daily Mustang https://fimendurance.com/credit-card-payments-market-expected-to-grow-exponentially-by-2030-smu-daily-mustang/ Fri, 13 May 2022 13:16:20 +0000 https://fimendurance.com/credit-card-payments-market-expected-to-grow-exponentially-by-2030-smu-daily-mustang/ According to the Market Statsville Group (MSG), the global credit card payment market the size should go from $148,380.0 million in 2021 for $284,979.2 million by 2030to 8.5 CAGR% from 2022 to 2030. A credit card offers high security features to transfer payments from one account to another, which increases the demand for credit cards […]]]>

According to the Market Statsville Group (MSG), the global credit card payment market the size should go from $148,380.0 million in 2021 for $284,979.2 million by 2030to 8.5 CAGR% from 2022 to 2030. A credit card offers high security features to transfer payments from one account to another, which increases the demand for credit cards among its users. In addition, credit cards offer many benefits to customers, including providing instant loans, increasing transaction security, and offering different credit ratings and cash back based on transactions from the user.

Rising demand for cash alternatives and availability of affordable credit cards across the globe is driving the growth of the global credit card market. Moreover, the increase in the demand for credit cards among young people in developing countries is having a positive impact on the growth of the market. However, factors such as an increase in credit card fraud across the globe are expected to hamper the market growth. On the contrary, technological advancements in product offerings such as the use of blockchain for enhanced security are expected to provide remunerative opportunities for market expansion over the forecast period.

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Global credit card payments market definition

A credit card is a payment card issued to cardholders to allow the cardholder to pay a merchant for goods and services based on the cardholder’s accumulated debt.

covid19 Global Credit Card Payments Market Impact

The credit card market has experienced significant growth in recent years; however, due to the COVID-19 outbreak, the market witnessed a sudden growth in 2020. This is attributed to the implementation of lockdown by governments in majority of countries, increase in payment delays and job losses, and the borrowing of credit by individuals to cover day-to-day expenses.

The major players operating in the market are facing a positive impact from the COVID-19 outbreak and are witnessing an increase in their revenue. A number of vendors have reported an increase in their industrial profits during the second quarter of 2020. However, major market players are introducing new strategies to increase their market value and market share. There has been an increase in credit card fraud during the COVID-19 lockdown. Majority of the companies try to innovate solutions to provide safe and easy transactions to its customers. Card issuers use GPS technology to validate transaction location and protect against fraud. For example, Visa Mobile Location Confirmation allows Visa to access a credit card user’s location using their smartphone. This ensures that the user is physically present at the site where the transaction takes place.

Global credit card payments market dynamics

Drivers: Rise in demand for cash alternatives and availability of affordable credit cards

There is an increase in the demand for credit cards as they are easy to carry and also a good alternative to cash. As a result of the COVID-19 pandemic, the majority of people are trying to avoid cash and have increased the use of contactless credit cards. Additionally, companies are trying to publicize credit cards for everyday purchases. For example, MasterCard launched tap-and-go at subway stations and Fareback Friday, which allows the cardholder to use their contactless card at any participating subway in New York. Additionally, the rise in popularity of digital first point-of-sale credit cards for those with poor or decent credit like the Apple Card. Apple cardholders receive their rewards using the mobile version of the card versus the physical titanium card.

Constraints: Increase in credit card fraud worldwide

Credit card fraud is the most common type of identity theft. It is growing at a breakneck pace which is attributed to the COVID-19 pandemic. Additionally, the increase in phishing email, text message and phone call attacks has made it more difficult for the scam to be carried out, limiting the growth of the market. According to the 2020 research report, losses due to payment card fraud reached approximately $28.65 billion globally. Additionally, the United States is the most exposed to credit card fraud with approximately one-third of total global losses; it has been estimated at around USD 11 billion through the end of 2020.

Additionally, the number of new payment app scams is increasing due to the evolution of e-commerce. In these cases, the product is not received or cannot be tracked by the customer. These factors are hampering the growth of the market.

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Scope of the Global Credit Card Payments Market

The study categorizes the credit card payments market based on card type and application regionally and globally.

By card type (Sales, million USD, 20172030)

  • General Purpose Credit Cards
  • Specialty credit cards and others

By Outlook app (Sales, million USD, 20172030)

  • Food and groceries
  • Health & Pharmacy
  • Restaurants & Bars
  • Consumer electronics
  • Media and entertainment
  • Travel & Tourism
  • Others

Outlook by region (Sales, million USD, 20172030)

  • North America
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech republic
    • The rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia and New Zealand
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • North Africa
    • Rest of MEA

The general purpose credit card segment represents the largest market share, by type of card

On the basis of card type, the credit card payments market is categorized into general purpose credit cards and specialty credit cards and others. In 2021, general purpose credit cards held the largest market share of 85.2% in the global credit card payments market. A general purpose credit card is issued for a set amount and can be topped up by consumers. It offers the same convenience and ease to consumers affiliated with debit cards as well as protection against fraud and error using a personal identification number (PIN). In addition, these cards are generally intended for customers with a good to excellent credit score. Additionally, travel credits, high rewards rates on spend, and rich redemption options are just a few of the perks that general purpose credit card holders can enjoy.

Electronic payments have brought about a paradigm shift in the financial sector by reducing liquidity. In keeping with this trend, general purpose credit cards have grown in popularity for cash management. For example, in January 2019, Green Dot Corporation acquired UniRush, LLC and its operating business, RushCard, a leading online direct-to[1]provider of consumer general purpose reloadable credit cards. This acquisition enhanced the growth prospects of the Green Dot Direct division among the tech-savvy urban and millennial consumer segments of financial services.

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Europe represents the highest CAGR during the study period

On the basis of region, the global credit card payments market has been segmented into North America, AsiaPacific, Europe, South America, Middle East and Africa. Globally, Europe is estimated to hold the highest CAGR of 10.8% in the global credit card payments market during the forecast period. The market in Europe is analyzed in the United Kingdom, Germany, France, Italy, the Netherlands and the rest of Europe. Continuous technological advancements in the financial industry are driving the adoption of EMV and contactless technology by the public. In addition, the credit card is expected to remain an important payment method in European countries due to its ability to combine the offer of credit with a payment device.

The rise of technological advancements in computing power and storage, which have transformed the speed, accuracy and capabilities of data analysis to serve digital credit services, is expected to drive the market growth in Europe. Additionally, changing consumer expectations for flexibility, customization, and willingness to accept in any B2C relationship are expected to increase the market share in this region. In addition, about 80% of revenue is generated from interest paid by the consumer in this region. In addition, the acceleration of digital migration in Southern and Eastern Europe and the increased efforts of regulators for more efficiency and innovation to protect consumers against unfair practices constitute a major driver of the growth of the market.

Key Market Players in Global Credit Card Payments Market

Major vendors in the credit card market such as American Express, Chase, Citi, and Bank of America account for a significant share of the market. For example, in April 2021, American Express launched the Cashback credit card. The new card allows cardholders to earn uncapped cash back on every purchase, including when paying bills.

Key players in the global credit card payment market are:

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Visa names popular non-cash card payment categories in Azerbaijan https://fimendurance.com/visa-names-popular-non-cash-card-payment-categories-in-azerbaijan/ Thu, 12 May 2022 09:20:00 +0000 https://fimendurance.com/visa-names-popular-non-cash-card-payment-categories-in-azerbaijan/ May 12, 2022 1:20 p.m. (UTC+04:00) 329 By trend Azerbaijani citizens are increasingly turning away from cash in favor of more convenient and reliable payment methods, the Azerbaijan Visa office told Trend. According to a recent study by Visa, 59%, or about 6 million inhabitants of Azerbaijan, have one bank card, 19% – two or […]]]>

May 12, 2022 1:20 p.m. (UTC+04:00)

329

By trend

Azerbaijani citizens are increasingly turning away from cash in favor of more convenient and reliable payment methods, the Azerbaijan Visa office told Trend.

According to a recent study by Visa, 59%, or about 6 million inhabitants of Azerbaijan, have one bank card, 19% – two or more.

According to the visa office, every second Azerbaijani citizen uses a bank card once a week or more to pay for purchases, goods in online stores and online services, as well as telecommunications and utilities.

“Cashless payments of taxes, fees and fines, goods in household appliance stores, clothing stores, supermarkets, services in gas stations, hotel accommodation are also popular,” noted the society.

“At the same time, citizens of Azerbaijan pay special attention to the reliability of the bank, the level of protection against fraud, the presence and location of its branches and terminals, the absence of commission when card usage, ease of withdrawing cash and making transfers, availability of credit products,” the company noted.

“In addition, when choosing a financial institution and product bank, consumers also consider important parameters such as the commission to replenish their account or make peer to peer (P2P) transfers (card to card ), as well as card maintenance fees,” Visa said. .

The company noted that the majority of Azerbaijani citizens have realized the importance and convenience of digital payments, as well as online shopping since the onset of the COVID-19 coronavirus pandemic, when consumers and businesses were forced to switch to buying and selling goods online, also limits the amount of physical contact.

“The Visa team continues to give maximum support to the development of financial institutions in Azerbaijan, the introduction of cashless payments and new payment methods,” the company added.

Follow us on twitter @AzerNewsAz

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A tech startup offers an NFC payment implant https://fimendurance.com/a-tech-startup-offers-an-nfc-payment-implant/ Wed, 11 May 2022 11:00:49 +0000 https://fimendurance.com/a-tech-startup-offers-an-nfc-payment-implant/ Walletmor has developed a near-field communication tag that can be embedded in a user’s hand to enable credit card payments, while the long-term plan is to release a similar solution for a full digital wallet, with an integrated NFC tag for multiple payment sources, access control and medical records. May 11, 2022A UK and Poland-based […]]]>

Walletmor has developed a near-field communication tag that can be embedded in a user’s hand to enable credit card payments, while the long-term plan is to release a similar solution for a full digital wallet, with an integrated NFC tag for multiple payment sources, access control and medical records.

A UK and Poland-based tech startup sells a Near Field Communication (NFC) solution that can be embedded under the skin of consumers’ hands, enabling payments without the need for an outside card, wallet or a cell phone. Walletmor (a mix of the words “wallet” and “tomorrow”) sold several hundred chips, which individuals embedded in order to pay for their wares. In the United States, Walletmor partners with contactless payment company Purewrist, which provides accounts that users can link to their chips.

Walletmor’s NFC tag can be embedded in a user’s hand to enable credit card payments.

The technology comes with some key limitations, Walletmor reports. The tag acts as a static payment system, so it can be tied to a specific credit card that comes with an expiration date and cannot be updated. So once the card expires, the embedded tag also expires, which means a user would have to have it surgically removed or replaced. The company, however, is planning a next-generation solution that would go beyond providing a single payment source.

Walletmor envisions a digital wallet-like app and solution, similar to that offered by Apple Pay and Google Pay, that could store all the keys, credentials and information typically carried in a wallet, on a chip embedded in a hand. Until then, those using the first-generation chip can download an app from Purewrist to get an account through Sutton Bank. They can enter an activation code, link their bank card to the rice-grain-sized tag, and arrange implantation with a doctor. Similar technologies have been developed and used on a limited scale (see Wisconsin Company Plans NFC Chip Implant Party and Digital Angel Developing an Implantable Glucose-Sensing RFID Tag).

The idea for Walletmor came from a novel that Wojtek Paprota, co-founder and president of the company, was reading, in which a character used a chip in his hand to enter an office. Paprota has a background in finance and wanted to develop a similar solution that would literally put payment transactions in the hands of consumers. “I was like, ‘OK, payments are the way to go,'” he recalls. “I was contacting several people and companies around the world to see if there was [were] anything that sells that kind of device.” He couldn’t find one, he said, “So I thought, ‘OK, let’s build one.'”

Adhere to payment standards protocol

Paprota met with an engineer, who tested a system with Paprota’s own credit card information encoded on a chip built and modified to meet the contactless payment performance requirements of EuroPay, MasterCard and Visa when integrated into his hand. The result is a biopolymer coated tag, slightly larger than a grain of rice, with an embedded NXP P71 NFC chip, compliant with ISO 14443. After 11 months of engineering, Paprota has embedded the first implant in its hand , then began using the chip to make payments. In November 2020, the company completed a new biopolymer implant that underwent international ISO testing.

The tag can be read for a variety of purposes, including sources of payment, access control, and medical records.

The tag can be read for a variety of purposes, including payments, access control, and medical records.

Paprota now has three implants in her hand, one under the skin on the back of her wrist and the other two on the back of her hand, with small scars at the injection sites. Tag placement considered comfort and efficient transmission, as the chip needed to be relatively close to the skin’s surface to transmit properly. While some NFC chips have been embedded in the strap between a person’s index finger and thumb, the chip in the Walletmor solution is slightly too large for this position.

Processing payments requires the transmission of more than just the unique identification number encoded on the label – it also requires data based on security and encryption, as well as the user’s credit card number. As such, a larger chip was needed to be able to store more data. The tag also includes an antenna designed by Walletmor to ensure efficient transmission through the body. When designing the antenna, Paprota said, “We just needed to adjust the antenna parameters so that the RF waves were still readable by the [payment] Terminal.”

Ensure biocompatibility

Since the implant has no impact on the health or medical condition of the user, it is not classified as a medical device and therefore does not require the testing and approval that would be required with a such classification. Despite this fact, Paprota notes, Walletmor conducted considerable testing to prove the security of the chip and its polymer casing. “It’s a hell of a risk that you put something inside your body,” he says, “so you have to prove that it’s, of course, super safe.” The company has conducted the same studies and laboratory tests that apply to medical devices, he adds, to ensure biocompatibility and avoid toxicity and irritation.

The tag is available for sale on Walletmor’s website, although limitations on credit card expiration may affect most consumers’ willingness to go through the process of integrating a technology under their skin. “It’s one of the biggest hurdles we’re facing right now,” Paprota acknowledges. Customers become discouraged when they learn that the chip has the same lifespan as the credit card, which means that the implanted chip would have to be surgically replaced every three to five years.

A future wallet with tokenized data

Walletmor is designing a version that might have the smarts to store more of these accounts. “We want to create an app that works more or less like ApplePay,” Paprota says, “similar to an iPhone.” Since iPhones don’t expire, he adds, users can simply add or edit the account information they upload to their wallet.

Paprota Wojtek

Paprota Wojtek

Designing a device capable of storing a variety of payment methods and other information could be done relatively easily, Paprota says, although he expects partnering with the various banking providers and other bodies that provide the stored data will prove more difficult. “We as a company are not a bank,” he says. “We are not considering becoming a bank.” Instead, Walletmor wants to provide certified devices to store tokens or cryptographic keys for payment cards. He sees the company’s efforts as a way to convert wearables into implants.

Walletmor is also considering a solution that would go far beyond financial transactions. “When you think of your wallet,” Paprota says, “the first thing that probably comes to mind is money. But besides that, we also keep things like business cards, sometimes personal documents. , access cards and keys. [something] like a picture of your daughter or your husband. He expects the implant to provide access to all of this data. Information could be stored with their own security settings, and the chip could be interrogated with the NFC reader built into smartphones.

Paprota calls this the “ultimate level of security and the ultimate level of convenience”. He attributes the security aspect to the fact that the chip cannot be misplaced or stolen, and because encryption and passwords could be configured for individual data tokens. “Imagine going to the dentist, for example, and wanting to share with the dentist the history of treatments performed on your teeth,” he says. “It’s something he or she needs to know,” while other data could remain secure. “You certainly wouldn’t want to share the amount of money you have in your account. I think implants should be seen as an information aggregator and a profile aggregator in multiple systems.

Currently, the chip is priced at €200 (or $300 in the US). This does not cover the cost of implementation, which Walletmor does not provide. If the chip can be made small enough in the future, Paprota says, the company expects it can be more easily implanted, perhaps even with an injector in the user’s home.

Key takeaways:

  • The first version of the product combines an implanted chip with a single expiring credit card.
  • The long-term plans are for an app where users would store data about their implant, ranging from payment data and keys to family photos, business cards and medical records.

Exhibitors at LIVE RFID Diary! 2022 will offer NFC-based payment solutions. To learn more, visit the event website.

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Over $38 billion car wash services market by type, payment method and region https://fimendurance.com/over-38-billion-car-wash-services-market-by-type-payment-method-and-region/ Tue, 10 May 2022 10:28:00 +0000 https://fimendurance.com/over-38-billion-car-wash-services-market-by-type-payment-method-and-region/ company logo Global car wash services market Global car wash services market Dublin, May 10, 2022 (GLOBE NEWSWIRE) — The “Car Wash Services Market Size, Share and Trend Analysis Report by Type (Tunnels, Roll-over/In-Bay), by method of payment (cash, cashless), by The report “Region (North America, APAC) and Segment Forecasts, 2022-2030” has been added to […]]]>

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Global car wash services market

Global car wash services market

Global car wash services market

Dublin, May 10, 2022 (GLOBE NEWSWIRE) — The “Car Wash Services Market Size, Share and Trend Analysis Report by Type (Tunnels, Roll-over/In-Bay), by method of payment (cash, cashless), by The report “Region (North America, APAC) and Segment Forecasts, 2022-2030” has been added to from ResearchAndMarkets.com offer.

The global car wash services market size is expected to reach USD 38.61 billion by 2030, registering a CAGR of 3.1% over the forecast period. Consumer preference for professional vehicle wash services over home washing is increasing as the on-demand car wash trend continues.

A key trend among customers with hectic lifestyles and busy schedules is the shift from “DIY” to “DIY for me”. The concept of “all new, all the time” seems to have spurred the popularity of car washes, as automatic car washing has become the norm for vehicle owners over the past few decades. In the car care industry, new technologies and equipment have improved the car wash process, gained market share and raised customer expectations.

Additionally, the United States Census Bureau in 2020 estimated that over 70% of automobile owners in America started using car wash facilities instead of washing their car at home during the last decade (2011-2020). Every day, nearly 8 million vehicles are washed in car washes, according to estimates. Additionally, technological advancements are transforming the face of on-demand vehicle wash services. The primary goal of improving car wash technology is to reduce friction and manual vehicle preparation time, resulting in cleaner, drier vehicles in less time. Touchless and hybrid car washes are two technologies driving the company forward.

The COVID-19 pandemic has had a huge impact on the industry. At the height of the pandemic, most businesses were closed. New York State allowed car washes to resume in late April 2021, but only under severe conditions that limited the number of personnel allowed on site and prohibited in-person payment.

Additionally, the pandemic has brought about several significant improvements in the industry. To make it easier for tech-savvy consumers, car washes have started using smartphone apps and online reservation systems. Car washes are also starting to accept smartphone payments. For some customers, not processing virtual wallet payments can be a deal breaker in an increasingly cashless environment. Car washes that accept more payment methods than a credit card reader attract more customers and grow faster.

Highlights of the Car Wash Services Market Report

  • Professional vehicle wash services are good for the environment as they use two-thirds less water than home car washes

  • The roll-over/in-bay segment accounted for the largest share in 2021 and is expected to register a stable CAGR during the forecast period. Less operating costs, less installation space and low water consumption are some of the major factors driving operator demand for in-bay car washes

  • Cashless payments segment accounted for the highest share in 2021 and is expected to grow with a significant CAGR during the forecast period

  • The growth of the market is fueled by technological advancements in the banking sector, as well as an increase in the number of car wash providers that accept cashless payments.

  • North America held the largest market share in 2021. Changing business dynamics in the region, along with a large number of strategic alliances among industry competitors, are driving the regional market

  • For example, the International Car Wash Group (ICWG) purchased Village Express Car Wash in October 2020. With this acquisition, ICWG has positioned itself for further growth in the region.

Main topics covered:

Chapter 1. Methodology and scope

Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Payment Method Perspectives
2.3. Type Outlook
2.4. Overview of the region

Chapter 3. Car Wash Services Market Variables, Trends and Scope
3.1. Market overview
3.2. Mapping of penetration and growth prospects
3.3. Industry Value Chain Analysis
3.4. Market dynamics
3.5. Business environment analysis
3.6. Car wash services market roadmap
3.7. Market entry strategies
3.8. Impact of COVID-19 on the car wash services market

Chapter 4. Consumer Behavior Analysis
4.1. Demographic analysis
4.2. Consumer trends and preferences
4.3. Factors affecting purchase decision
4.4. Consumer Product Adoption
4.5. Observations and Recommendations

Chapter 5. Car Wash Services Market: Type Estimates and Trend Analysis
5.1. Analysis of type movement and market share, 2021 and 2030
5.2. Tunnels/Conveyor
5.3. Rollover/in the bay
5.4. Self service

Chapter 6. Car Wash Services Market: Payment Mode Estimates and Trend Analysis
6.1. Analysis of the movement of payment methods and market share, 2021 and 2030
6.2. Cash payment
6.3. Cashless payment

Chapter 7. Car Wash Services Market: Region Estimates and Trend Analysis
7.1. Regional movement analysis and market share, 2021 and 2030
7.2. North America
7.3. Europe
7.4. Asia Pacific
7.5. Central and South America
7.6. Middle East and Africa

Chapter 8. Competitive Analysis
8.1. Major Global Players, Recent Developments and Their Impact on the Industry
8.2. Categorization of main companies/competitors (key innovators, market leaders, emerging players)
8.3. Supplier Landscape

For more information about this report visit https://www.researchandmarkets.com/r/nh2suv

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CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
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Mobile-First Payment Powers CX in Utilities https://fimendurance.com/mobile-first-payment-powers-cx-in-utilities/ Mon, 09 May 2022 08:01:36 +0000 https://fimendurance.com/mobile-first-payment-powers-cx-in-utilities/ Imagine a light bulb going on above someone’s head. It’s a classic image denoting a good idea, and many utilities are experiencing this exact moment now that the digital transformation of billing and payments is coming to what is arguably the original connected ecosystem – the power grid. Surveying more than 100 billing and payment […]]]>

Imagine a light bulb going on above someone’s head. It’s a classic image denoting a good idea, and many utilities are experiencing this exact moment now that the digital transformation of billing and payments is coming to what is arguably the original connected ecosystem – the power grid.

Surveying more than 100 billing and payment executives at utility companies sending more than 30,000 bills per month, PYMNTS’s study “The Digital Payments Edge: How Utility Companies Can Succeed In The Digital Payments Revolution”, a ACI Worldwide collaboration, revealed that 93% of these experts consider digitization to be their best bet for revenue growth over the next five years.

How this plays out depends on some key variables, depending on Andre SajeskiVice President of Solutions Consulting at ACI in the world. Noting that his own utility company (which will remain anonymous) recently “updated” its mobile app – only to remove facial recognition login – he said there was a lot of confusion about the experience of consumers in paying utility bills.

“Especially with the younger generations, what is their mobile strategy? How do they leverage this to communicate with their customers, not just from a payments perspective, but in general? ” he said. “Do they notify them of power outages or meter readings or things of that nature? From a payments perspective, that’s huge, but how do they make it easy? »

Along the same lines, important questions for utilities to ask themselves include: “Am I still just doing [automated clearinghouse] and the map? Do I use alternative payment methods like PayPal, Apple Pay, Google Pay?Sajeski said.

Other factors to consider, he added, include whether utilities should leverage digital self-service options in addition to their traditional offerings to help customers who have fallen behind in their payments due to the pandemic and the pressure of inflation on household budgets. Since they effectively have a captive customer base—few to no markets have competing gas and electric options—utilities need to focus on the captive customer experience in terms of efficiency and their net promoter scores .

“It comes down to that customer-centric mindset. We know that one of the things that drives utilities is their rankings from a customer satisfaction perspective,” he said. “Digitization is part of it.”

The research backs it up. According to “The Digital Payments Edge,” 97% of utility billing and payment managers said digitized billing and payments would improve customer satisfaction.

Get the study: The Digital Payments Advantage: How Utilities Can Succeed in the Digital Payments Revolution

Powering a better experience

Among other key findings, some utilities report a technology gap internally, where legacy technology stacks and a shortage of technical staff can slow progress.

Mid-market providers need digital support far more than their counterparts serving large metros and entire regions, Sajeski said, and they need to decide which digital path to take.

“When you look lower at the middle market folks who would need more tech teams if they were going to try and do it themselves, what they have to do is look outside. They must turn to an ACI or to their ERP [enterprise resource planning vendors]. We work closely with ERPs to have integrated solutions.

Integration takes many forms. Sajeski said some utilities come to ACI for its application programming interfaces (APIs), which are known to be robust and easy to add to stacks.

For consumers, he said, “they want to know that you have a full digital offering, especially in something like utilities, where people might pay a little more attention. My rates, my bill increased in the last month. Why? What are some ideas you can offer so they see how [their utility use] compare to the same time last year? »

The result is new forms of self-service that reduce call center costs and increase customer satisfaction – a double positive impact that may be unexpected. And it starts with a mobile-first strategy that leverages smart integrations with payment methods customers already use.

“People don’t always want to download an app,” he said. “You can do a lot of communication with the consumer through Apple Pay or Apple Wallet or Google Pay where you can give them the latest information on their bill, you can send them outage notifications, you can give them payment options, and they didn’t need to download anything. It’s native.

See also: Utilities Amplify Cash Earnings with Digitized Bill Payments

BNPL for public services?

In utilities as elsewhere, the appropriate use of data leads to decisions that save money and make money.

Platforms like ACI take customer data, guess new usage patterns like home and office work, for example, and identify the latest utility trends, which has far-reaching implications.

“Once we have that data, we can present it the way they want and deliver that full experience to the customer. We’re not going to do things like help turn them on and off, but we can offer a lot of things to provide that digital experience for consumers. »

From the perspective of utility efficiency and associated cost savings, Sajeski said the right self-service solution could mean a 20% reduction in call center staff.

Some customers have fallen behind on their utility bills during the pandemic, and he said now is the optimal time for utilities to consider installment payments more as a self-service digital experience than traditional payment agreements.

ACI developed a tool called the Virtual Collection Agent during the 2008 credit crisis, which Sajeski says could be put to good use in collecting overdue balances in a way that appeals to customers.

Noting that human debt collectors are trained to interact in helpful ways, he said, “they don’t call with just one option. They have a conversation with the client to try to understand that client’s needs and give them a series of options to help them get back on track. Our Virtual Collection Agent does the exact same thing. »

“What the utility doesn’t want to do is end up having to charge for all of that because they’ve never been able to get it back,” he said, and that’s where the digital pays off as a cash-flow facilitator and driver of customer satisfaction.

See also: 55% of utility executives say digitalization is key to industry growth

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

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NatWest partners with paytechs for VRP payment option https://fimendurance.com/natwest-partners-with-paytechs-for-vrp-payment-option/ Fri, 06 May 2022 05:04:02 +0000 https://fimendurance.com/natwest-partners-with-paytechs-for-vrp-payment-option/ NatWest Group has signed agreements with payment providers TrueLayer, GoCardless and Crezco to offer a new payment option through its Variable Recurring Payments (VRP) application programming interface (API). NatWest partners with paytechs to offer a new VRP payment option The ‘industry first’ agreement will allow payment providers to give businesses another way to handle customer […]]]>

NatWest Group has signed agreements with payment providers TrueLayer, GoCardless and Crezco to offer a new payment option through its Variable Recurring Payments (VRP) application programming interface (API).

NatWest partners with paytechs to offer a new VRP payment option

The ‘industry first’ agreement will allow payment providers to give businesses another way to handle customer payments, through the Faster Payments service, meaning transactions can be completed almost instantly.

VRPs are the next phase of open banking, mandated by the UK’s Competition and Markets Authority (CMA), and are expected to be introduced in 2022.

VRP APIs allow third-party providers (TPPs) to initiate a series of payments at varying intervals, enabling faster, more efficient, and more secure payment adoption.

VRP has “tremendous potential” for consumers and businesses, says Daniel Globerson, API bank manager at NatWest Group.

VRP offers many benefits, including streamlining payment journeys, minimizing transaction costs and removing compliance issues associated with keeping card details on file.

The four-party partnership will mean NatWest will be the first UK bank to go beyond requiring banks to provide VRPs in support of ‘swiping’ – the automatic transfer of money between two accounts belonging to the same person .

Customers will also be able to set maximum payment amounts, make instant payment reversals and, unlike open banking where customers can only consent to one-time payments, customers can consent to recurring payments being taken from their account.

Jana Reid, Senior Manager of Product Partnerships at TrueLayer, says, “There is so much potential that can be unlocked with VRP to deliver value to consumers and businesses.”

Duncan Barrigan, Chief Product Officer and Chief Growth Officer of GoCardless, said: “VRPs will be a game changer for businesses and consumers.

“From swiping, which will help us grow our money hassle-free, to using cases beyond ‘me-to-me’ where merchants can take advantage of this digital and cost-effective method of payment, VRPs will “account – on-file’ the next big trend in payments.

In December, NatWest and TrueLayer completed the industry’s first open banking VRP transactions.

NatWest, having developed its VRP API ahead of schedule, was the first of the UK’s nine largest banks to conduct VRP transactions in a live environment, as opposed to a sandbox.

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Apple changes payment methods in India and only accepts online banking, UPI https://fimendurance.com/apple-changes-payment-methods-in-india-and-only-accepts-online-banking-upi/ Fri, 06 May 2022 03:35:59 +0000 https://fimendurance.com/apple-changes-payment-methods-in-india-and-only-accepts-online-banking-upi/ Apple has stopped accepting debit and credit card payments for apps and subscription purchases in India. In other words, Apple users in the country can no longer use their Indian cards to purchase apps from the App Store. Other than that, they won’t be able to use their credit and debit cards to subscribe to […]]]>

Apple has stopped accepting debit and credit card payments for apps and subscription purchases in India. In other words, Apple users in the country can no longer use their Indian cards to purchase apps from the App Store. Other than that, they won’t be able to use their credit and debit cards to subscribe to Apple Music, iCloud+ or even buy Apple TV media content. This change comes harshly after some users took to Twitter to report the issue they were facing. According to users, Apple has removed the cards they used to purchase Apple services.

Moreover, some users even commented that they were unable to add new maps. When trying to make a payment using their previously added debit or credit card, users receive a message stating: “This card type is no longer supported”. Notably, Apple’s payment page indicates that Apple users in India can pay for services through Netbanking, UPI, and Apple ID balance. Apple users in the country have expressed frustration over the removal of credit and debit card options as one of the payment options for purchases using Apple ID.

Apple no longer accepts debit or credit payments in India

The Cupertino-based tech giant spares no effort when it comes to providing a seamless experience using its services. In fact, one of the company’s goals is to provide convenient access to its products and services. For example, Apple, alongside Google and Microsoft, is currently working to enable passwordless login to its websites and apps. So why has Apple made shopping more complicated for its users in India? The company had explained the restrictions on a support page on April 18, 2022. This also confirms that the change took place last month.

The statement claims that India’s regulatory requirements do not allow Apple to receive payments for its services, products and applications via debit and credit cards. Also, it clarifies that Apple users in India can continue their Apple subscription. However, they can pay via UPI, Net banking or their Apple ID balance. As a reminder, RBI issued new guidelines for direct debiting of recurring online transactions in October 2021. Meanwhile, the company’s market share has steadily increased, unlike its competitors. Under the new RBI directive, merchants are required to set up an electronic mandate for customer cards.

So, whenever consumers pay more than INR 5,000, it requires their confirmation. In addition, there are a host of other rules imposed by the new law. These terms make it harder for Apple and other companies to receive payments by credit or debit card. Now, to combat the new regulations, Apple has decided to stop accepting credit or debit card payments from Indian users. Also, the initial payment method in the country will be UPI and Net Banking. Interestingly, the RBI direct debit rules have forced other companies like Netflix and Google to change their payment methods as well.

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