Headline News from PaymentsNews.com – August 16, 2017

Written by Payments News Editor on August 16th, 2017. Posted in Uncategorized

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments consulting and education services to payments professionals worldwide!

ON THE WEB

  • Last Year Saw Double-Digit Drops in Fraud Rates for Debit Issuers, Pulse Study Says - Digital Transactions News - "The fraud-loss rate for signature-debit transactions fell 30% from 2015’s 2.6 cents per transaction to 1.8 cents in 2016, after increasing 18% from 2014 to 2015. For PIN-debit transactions, the fraud-loss rate decreased 25% to 0.6 cents from 2015’s 0.8 cents."
  • Mobile payment usage ‘remains low’, US debit card study finds - NFC World - "“Combined, Apple Pay, Android Pay and Samsung Pay account for only about one quarter of 1% of US debit transactions,” the annual Debit Issuer Study from debit and ATM network Pulse has found, while the country’s move to EMV chip cards has cut debit card fraud loss rates but “fraud continues to challenge issuers.”"
  • A Unique Position of the US Payments Industry – Interview With Sean Rodriguez, Faster Payments Strategy Leader for the Federal Reserve System - Let’s Talk Payments - "On the role of fast, safe, ubiquitous payment system and its benefit to the society in the long run, along with the dive into a remarkable initiative – The Faster Payments Task Force. We had the pleasure of speaking with Sean Rodriguez, the Faster Payments Strategy Leader for the Federal Reserve System."
  • Making Sense of the Emerging Technology Pipeline - Wall Street Journal CIO Journal blog - "There is a full pipeline of emerging technologies that could change the way companies do business, but the pace of adoption is very much an open question. A new report from Gartner Research Inc. finds some order amid the chaos, gauging which technologies are most likely to enter the mainstream in the near-term and long-term. First up: virtual reality, with some forms of artificial intelligence, augmented reality and blockchain a few steps behind."
  • New report suggests app makers should charge more if they want people to buy subscriptions - The Verge - "The Liftoff report, which analyzed data gathered between June 2016 and June 2017, categorized app subscriptions into low-cost monthly subs ($0.99 to $7), medium ($7 to $20), and high-cost subs ($20 to $50), while also factoring the cost of acquisition per customer. The company found that apps in the medium price range had the highest conversion rate — 7.16 percent — and the lowest cost to acquire a subscriber, at just over $106 dollars. This was five times higher than the rate of people who subscribed to apps when the apps were in the low-cost category."
  • Capital One eliminates 400 call center jobs from Rolling Meadows office - Chicago Tribune - "The cuts will come from the company's service operations, which support the credit card call center, spokesman Sie Soheili said Wednesday in an email. Investments in digital tools have improved customer service, allowing people to resolve issues themselves, Soheili said. "Even while our business has continued to grow, call volumes continue to decrease as customers increasingly self-service through a mix of our digital tools and contact center calls," he said."
  • APIs as infrastructure: future-proofing Stripe with versioning - Stripe blog - "An API represents a contract for communication that can’t be changed without considerable cooperation and effort. Because so many businesses rely on Stripe as infrastructure, we’ve been thinking about these contracts since Stripe started. To date, we’ve maintained compatibility with every version of our API since the company’s inception in 2011. In this article, we’d like to share how we manage API versions at Stripe."
  • Bank issues primary school kids with NFC smartwatches that let them make payments and track pocket money - NFC World - "Singapore’s POSB bank has provided 6,000 primary school children with smartwatches equipped with fitness tracking and mobile payments capabilities in a bid to “teach students how to save and spend wisely by helping them track their savings and spending habits digitally.”"

ON THE WIRES

  • Report | 2017 Mobile Payment Usage in China - "Chinese consumers spent US$5.5 trillion via mobile payment platforms last year, about 50 times more than their American counterparts. By the end of 2016, Tencent alone saw its active mobile payment accounts exceed 600 million users per month and average payment transactions also exceed 600 million transactions per day. The cashless lifestyle is now becoming a reality in China. "
  • Flywire Offers Summertime Deal for International Tuition Payments with Mastercard - "SYDNEY, Australia, Aug. 16, 2017 (GLOBE NEWSWIRE) -- Flywire is providing students and their families discounted prices on cross-border tuition payments made with Mastercard this school season. The offer is available now to international students originating from 11 countries and attending any school around the world that offers Flywire as a preferred method for international tuition payments. The program will help students and families take a small bite out of the high cost of education while benefitting from the global reach and safety and security of Mastercard."
  • EasyPark Delivers Seamless Digital Gifting Experience with CashStar Commerce - "As the only Canadian parking firm to operate on its own mobile app, EasyPark recognizes the importance of providing its customers with a seamless digital experience. With the CashStar Commerce platform, EasyPark provides easy-to-use forms of digital payments to cater to the on-the-go lifestyles of its customers, such as the company’s FlexPass option that offers customers a 10 percent savings when used to purchase parking. Consumers no longer have to carry around a physical card and can instead enter a card number, stored on their smartphone, into the terminal."
  • NEW LITTLE CAESARS® RESERVE-N-READY™ SERVICE TRANSFORMS THE WAY CUSTOMERS PICK UP PIZZA - "In keeping with the convenience Little Caesars is known for, the new RESERVE-N-READY™ service is aimed at helping customers have an easier and faster way to get pizza. Customers just place an order and pre-pay via the Little Caesars mobile app. The app will notify the customer when the order is ready. When the customer arrives at the store, they skip the line and go directly to the Pizza Portal and input a 3-digit pin or scan a QR code. Then, the door on the customer’s secured compartment opens, and they take their hot, fresh order. It’s that easy."

GLENBROOK PAYMENTS EDUCATION EVENTS

Understanding the accelerating pace of change in the payments industry has never been more important. Get the knowledge you need fast at one of our two day Payments Boot Camps. Our one day Insight Workshops follow each Boot Camp and are deep dives into key topics. Take a discount for attending all three days. Here's our fall schedule:

  • Payments Boot Camp, October 3-4, 2017, San Jose, CA, Logistics
  • Payments Boot Camp, October 17-18, 2017, NYC, NY, Logistics
  • Payments Boot Camp, December 5-6, 2017, Palo Alto, CA, Logistics
  • Global Payments, October 5, 2017, San Jose, CA, Logistics
  • Digital Payments, October 19, 2017, NYC, NY, Logistics
  • Innovation in Payments, December 7, 2017, Palo Alto, CA, Logistics
  • For more, click here. We hope to see you soon!

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    UPDATES FROM GLENBROOK

    Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

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