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Contactless mobile payments via mobile – no additional passwords
For the first time on the Russian market, MDM Bank, one of the largest private banks in Russia, has launched single-tap Mastercard Contactless mobile payments with no additional passwords. Using the MDM Bank mobile app, customers can now pay from their Mastercard account with no need to enter a PIN-code or additional app password or [...]
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Risky Business – High-risk acquiring and its rewards for acquirers
High-risk acquiring often means high rewards for acquirers and payment service providers. However, balancing risk with reward in the e-commerce channel can be fraught with hazards for the unwary. The risks from unscrupulous merchants, consumers and criminals are high. And when the stakes are high, doubling down may not be an option… ACQUIRER RISK WAS [...]
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The un-virtuous circle of chargebacks
Chargebacks have been part of card scheme dispute resolution rules for decades and reflect consumer protection regulations in many countries. However they are also the ultimate un-virtuous circle where almost everyone ends up unhappy. Some of the parties also end up out of pocket. A chargeback is when a card payment is returned. This may [...]
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FI’s unaware of customer account access obligations under PSD2
Only 5% of banks and other financial institutions are aware that the EU Payment Services Directive (PSD2) will require open access to customer accounts, according to a UK law firm TLT’s Digital Banking report. This is despite 67% stating that they were well prepared for PSD2. Post-Brexit, some UK banks may have been hoping to [...]
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Chinese banks struggle in m-payments battle against 3rd party providers
The rise of third-party m-payments in China at the expense of credit and debit cards is threatening commercial banks’ access to the customer data viewed as crucial to newly emerging financial and consumer business models. The president of Ant Financial, Alibaba Group’s finance affiliate, told the Financial Times earlier this month that payments through its [...]
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