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The Internet of Things will change how commerce and transactions are conducted, and in turn will require changes in payments. For the Internet of Things (IoT) to deliver on its promise, payments capability will be crucial. As devices and entire platforms (e.g., cars) connect to the Internet, they become conduits for commerce transactions and require [...]
The post Payments and the Internet of Things: Opportunities and challenges appeared first on Payments Cards & Mobile.
Global card purchase volume for goods and services, which excludes cash advances on credit cards and cash withdrawals on debit cards across the global card networks, grew by 5.8% to $20.606 trillion in 2016, according to The Nilson Report. UnionPay debit cards were the most popular payment product based on purchase volume, followed by Visa [...]
The post Spending tops $20 trillion on global card networks in 2016 – Infographic appeared first on Payments Cards & Mobile.
Adoption of more expensive chip cards continues to drive global card growth with 70% of all financial cards now having a chip, according to the International Card Manufacturers Association’s (ICMA) release of its 2016 Global Card Market and Personalization and Fulfillment Statistics Reports. The new research report also revealed that chip cards represented 88.6% of revenue [...]
The post 70% of financial cards have chip – global outlook buoyant appeared first on Payments Cards & Mobile.
The Euro Banking Association has issued a new information paper looking into potential benefits and use cases of cryptotechnologies in the context of international payments and more specifically correspondent banking practices. Cryptotechnologies in international payments was delivered by the EBA’s Cryptotechnologies Working Group, which brings together experts from EBA member organisations to explore promising business models [...]
The post Euro Banking Association paper analyses cryptotechnologies in international payments appeared first on Payments Cards & Mobile.
Credit, debit, and prepaid general purpose and private label cards issued in the United States generated $5.936 trillion in payments for goods and services in 2016. Card fees, which include processing fees and interchange fees, paid by US merchants to handle all card payments, were $88.39 billion, according to The Nilson Report. “When you add up [...]
The post US merchants paid $88.39 billion in card fees in 2016 appeared first on Payments Cards & Mobile.