dLocal has announced that it supports payments through WeChat Pay, AliPay and Union Pay on its platform.
Together, the three online payments providers cover 70% of the Chinese market which had a value of USD 2.9 trillion in online payments in 2016. The new integration allows merchants on the dLocal platform to reach 300 million Chinese consumers.
The company’s payments platform supports over 200 local payment methods used in emerging markets in APAC, Latin America, Eastern Europe and the Middle East. dLocal supports local credit cards, cash payments, and bank transfers in each region. Merchants that accept payments through dLocal can enable WeChat Pay, AliPay, and Union Pay with just one click.
The cross-border ecommerce market in China is booming. According to Boston Consulting Group, Chinese consumers spent about USD 750 billion online in 2016 and the ecommerce market will continue to grow by 20% annually.
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.
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.
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Highlights of the report:
- The fastest convergence of the CEE is happening in digitalisation; the lag for this can be measured in a couple of years, rather than decades.
- Digital Infrastructure is relatively well developed, while CEE is not fully reaping the benefits of digitalisation, especially in eGovernment services.
- Well-functioning eGovernment service could bring huge positive externalities to society and contribute to the prosperity of CEE countries.
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CEE taking digital path to prosperity_Erste Group Research_22 June 2017-Report
A new report by Juniper Research has found that retailers are in danger of losing USD 71 billion from CNP (Card-Not-Present) fraud by 2022.
The Online Payment Fraud: Emerging Threats, Key Vertical Strategies & Market Forecasts 2017-2022 report found that merchants do not invest enough in preventing online fraud, saying that the costs are too high. Because of this, many are not prepared to deal with online fraud following the introduction of EMV (chip and signature) payment cards in the US.
The analysis, however, points out that most merchants will receive value for their investment. Consequently, Juniper Research believes that extra effort is needed in educating merchants on the benefits of FDP (fraud detection and prevention).
The research points out that CNP physical goods sales are especially vulnerable to fraud, where loses will reach USD 14.8 billion annually in 2022. In spite of these figures, retailers are unwilling to impose rigorous ID checks on pick-up, fearing that this practice would damage the consumer experience and affect conversion rates.
Finally, the research argues that machine learning will be a key tool in identifying genuine users and combating fraud in 2018. At the same time, the ecommerce market will rely on 3DS 2.0 and biometrics.