Tag: eCommerce

Apple Pay Expands Widely in Russia

Posted by on in Banking, eCommerce

Apple Pay launched in Russia last month in partnership with Sberbank for MasterCard cardholders, and today the mobile payments service has expanded to nine additional financial institutions in the country.

Today’s additions include Tinkoff Bank, Bank Saint Petersburg, Raiffeisenbank, Yandex.Money, Alfa-Bank, MTS Bank, VTB 24, Rocketbank, and MDM Bank. Russian Standard Bank is listed as coming soon. The banks, just added to the regional Apple Pay website in Russia, support Apple Pay as of November 1.

apple-pay-russia-banks
Eligible cards can be added to Apple Pay by tapping “Add Credit or Debit Card” in the Wallet app on iPhone 5 and later running at least iOS 8.1.

Participating retailers include ATAK, Magnit, Media Markt, Auchan, Azbuka Vkusa, bp, M.Video, TsUM, authorized Apple reseller re:Store, and elsewhere contactless payments are accepted. Burger King is also listed as a future partner once it implements contactless payments infrastructure in the country.

Apple Pay is currently available in the United States, Australia, Canada, China, France, Hong Kong, Japan, New Zealand, Russia, Singapore, Switzerland, and the United Kingdom. Apple Pay vice president Jennifer Bailey has said Apple is “working rapidly” to expand the service to additional countries in Asia and Europe.

 

Source: MacRumours

Apple bans Westpac Mobile Application Payment Features

Posted by on in Banking, eCommerce

Apple has banned Westpac bank’s mobile payments feature, which allowed customers to make payments through messaging apps including Snapchat, Whatsapp and Facebook Messenger.

While it’s confirmed that Apple has ordered Westpac to remove the mobile payments feature, it is yet to be confirmed what the exact reasoning is for this decision.

Westpac has confirmed with its customers that the recently-launched Keyboard feature would be removed from July, despite it already being installed by tens of thousands of customers. More than that, Westpac had previously addressed security concerns with Apple, regarding the payment feature, prior to its launch in March.

Additionally, the decision comes only months after the Australian Competition and Consumer Commission (ACCC) denied an application by NAB, CBA and Westpac to collectively negotiate with Apple over access to Apple Pay and the NFC contactless payments features on iPhones. This means that the banks cannot offer their own digital wallets on the iPhone and so far ANZ is the only one of the four major banks to strike a deal with Apple to offer Apple Pay to customers.

The bank will still be offering its Keyboard feature to Android users in the coming months.

Money20/20 Europe: Square is Ready For World Without Payment Cards

Posted by on in Banking, Conferences, eCommerce, Square

Money20/20 Europe kicked-off this morning in Copenhagen with keynotes from major names in global FinTech discussion how the industry is dealing with unprecedented innovation in connectivity, mobility, and commerce. Among the tech celebrities to take the stage was Jack Dorsey, CEO and founder of Square (who also happens to be the CEO of social media platform Twitter).

Read the full article here.

How PCI compliance is the first step in achieving the “CIA Triad”

Posted by on in Banking, Compliance, eCommerce

When it comes to PCI DSS compliance, most organizations consider it as a one-off task, something to complete – often only after the Acquiring Banks ask to do so – and forget about once the compliance has been validated. The problem is that compliance audits only prove best-practice during a snapshot in time, and most organizations fail to maintain best-practice after they have passed the audit. It has been found that most, if not all, organizations that were supposedly PCI DSS compliant were found to no longer be compliant at the moment they were compromised.

See the full article here. 

European eID Schemes Provide Only 69% of ID Information

Posted by on in Banking, eCommerce

A new research published by Signicat has shown that European eID schemes provide 69% of ID information needed to digitally apply for financial services.

According to “The Rise of Digital Identities” report, financial institutions are missing a vital link in the digital chain: onboarding. 40% of consumers have abandoned a bank sign up process because of the time and effort needed. This combined with the upcoming eIDAS regulation means that financial institutions need to be able to onboard customers 100% digitally.

In Belgium, for example, the eID covers all the necessary attributes but the scheme is only relevant in a consumer-to-government context. In The Netherlands, the bank-operated scheme offers the right coverage but, on its own, will not satisfy Know Your Customer (KYC) requirements.

To fully verify a customer’s identity, financial institutions must supplement eID information from a variety of sources including national ID schemes, various digital assets and traditional ID documents such as passports. To succeed, institutions must plug the gaps and ensure they have access to the right information in the right geographies.

The paper was developed with research from Innopay, the payments, digital identity and e-business consultant. Innopay surveyed the onboarding landscape across Austria, Belgium, Germany, Luxembourg, The Netherlands, Switzerland and the UK to look at KYC/AML requirements and how available eID schemes map to these requirements.