Shakespeare’s A Midsummer Night’s Dream may have been a comedy, but mid-summer in the world of payments is no laughing matter!
From pet stores to Paris, this week in the payment industry brought with it some new developments, and growth into apps and experiences we’re already used to.
1. How technology is saving PetSmart millions by eliminating sales fraud
Are you looking for a better way to catch online fraud? If so, it might be worth taking notes from PetSmart. Last year alone, PetSmart saved $12 million dollars by identifying fraudulent orders before they were shipped using technology from Kount – that’s a lot of pet toys and treat!
It feels like every week a major European city announces their plans to move to a contactless payment system of some kind, and this week it’s Paris! The Paris metro system is set to phase our paper tickets and introduce a new contactless ticketing system. This ticket will be linked to the cardholders’ bank account, and all usage will be removed at the end of the month in a single transaction.
3. Global Payments Industry Sees Surge In Acquisitions
The global payments industry is really heating up, with mergers and acquisitions in the payment technology field that have already far surpassed last year’s numbers. There have been 102 transitions, worth a total of $46 billion, made in the first six months of 2018; compared to 32.9 billion in the entire year of 2017. With just under half a year left, it will be interesting to see how much more movement happens in the industry before 2019!
If you get frustrated having to open up separate apps for your mobile wallet and mobile tickets, Google has made the solution for you. As an enhancement to the ever-popular Google Pay app, users can now send and receive money, store card information, and access saved tickets and boarding passes within the application.
5. BMO Bank of Montreal Opens First Smart Branches in Alberta
BMO has opened two Smart Branches in Alberta, as part of the bank’s rollout of the new store format across Canada. The Smart Branch format offers a different customer service experience, that’s more geared towards customers’ expectations, including smaller square footage, self-check-in hubs, and more. Make sure to take a look at this article to find out more about this interesting new development!
If you’re interested in learning more about the recent developments in the world of payments, make sure to take a look at our recaps from July 2 to July 6 and June 25 to June 29.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.