This Week in Payment News – May 20 to 24

May 24, 2019

What a week in payments! From Overstock launching an AR shopping solution to Mastercard making not one, but two headlines this week, there’s something for everyone in This Week in Payment News.

1. Launches World’s Largest Omni-Channel AR and 3D Customer Experience in E-Commerce, Pioneering Mixed Reality and 3D Models 

Have you ever found yourself online shopping for furniture or home goods, just to decide against a purchase because you don’t know how it would look in your home? Well may just have the solution you need. This week Overstock announced that they’ll be introducing an augmented reality solution into their ecommerce platform, allowing shoppers to view true-to-life size 3D renderings of thousands of products. Make sure to check out this headline to learn more!

2. Mastercard and Interac collaborate to give Canadians a fast, simple and secure way to send money globally

This week, Mastercard and Interac announced a collaboration to offer Canadians a simple and secure way to send international payments. By leveraging Mastercard Send, a push-payments service, Interac e-Transfer platform will now allow customers to send money from Canadian banks to international accounts, first starting in Europe. This solution could make a significant change in the ways Canadians send money overseas, so we’re excited to see how it’s adopted!

3. Mastercard, Lyft launch co-branded banking, debit card with immediate driver pay

In addition to the press release with Interac this week, Mastercard also announced a co-branded debit card this week with ride-sharing service Lyft! This card will offer a number of different perks, and was designed to help workers in the “gig economy”. The card will launch in several cities where Lyft is most popular in the U.S, before seeing a broader expansion. There’s no mention of when the card will come to Canada, so we’ll keep our eyes open for more news.

4. Calgary Transit to test pay-by-smartphone on four routes, with full rollout by 2020

The public transit industry keeps making headlines in the payments space for their willingness to adopt contactless payments into their systems, and this week it was Calgary that decided to make the change. This week, Calgary Transit announced they will launch a mobile ticketing pilot program that will allow riders to pay for their fair using a smartphone app. The pilot program will be tested throughout the summer on four transit routes before targeting a full rollout in 2020.

Excited about learning what else has been happening in the payments industry? Make sure to check out our recaps from May 13 to 17 and May 6 to 10.

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. 

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