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Apple Pay’s first large-scale promotion in China intensifies its competition with Alipay and WeChat Pay
The size of Apple Pay’s share in the mobile payments market in China will depend on how well Apple Pay fits the needs of the local market and how substantial an investment Apple and its partners are prepared to make. Apple launched its first large-scale marketing campaign targeting Apple Pay consumers in mainland China between [...]
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EU prepaid wallets and cards may need to change fees
A New EU directive coming will make it illegal to surcharge for Debit and Credit cards. In the UK the government has extended this to include American Express and PayPal. In 2010 alone consumers spent £473m on such charges, according to estimates by the UK Treasury. A side affect though of his new directive is that loads [...]
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Bank of America and PayPal partner to enable in-store payments
Bank of America and PayPal announced a strategic partnership that will enable Bank of America customers to transact with PayPal in stores and seamlessly link their Bank of America cards into PayPal. The agreement will take effect immediately, with availability to Bank of America customers in the first half of 2018. The two companies will [...]
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Global non-cash transaction volumes record highest growth of past decade
Global non-cash transaction volumes grew 11.2% during 2014–2015 to reach 433.1 billion, the highest growth of the past decade, and slightly above last year’s World Payments Report prediction (Figure 1.1). Two regions fuelled this increase: Emerging Asia with a growth rate of 43.4% and CEMEA (Central Europe, Middle East, and Africa3), with 16.4% growth. Expansion [...]
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China surpasses Brazil to rank third among non-cash transactions markets
Within the top-10 markets for non-cash transactions volumes, China climbed to third place with 38.1 billion transactions, surpassing 2014’s number three market Brazil, which fell to fourth place with 29.0 billion transactions (Figure 1.3). China’s rise was fuelled by its phenomenal growth rate of 63.2%, a result of higher adoption of digital payments initiatives in [...]
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