This Week in Payment News – October 8 to 12

October 12, 2018

It looks like Canadian Thanksgiving had no impact on the payments industry this week, as there was no slowing down the headlines from rolling in! From biometric credit cards to international fashion brands getting into the payments space, there’s never a dull week in payments.

1. More than 50 percent of cards issued this year will be contactless

How much real estate do contactless cards take up in your wallet? More than half? According to new research, more than 50 per cent of the card issued this year around the globe will be contactless. Though Canada was an early adopter of contactless cards, for regions like the United States, Southeast Asia, and Latin America, these relatively new cards are quickly gaining momentum.

2. Pointing the Finger at Biometric Card Misconceptions

Don’t let the headline confuse you, this article includes some exciting information from Mastercard! Biometric cards are being introduced to the payment space in a wider scale this year, after being piloted by Mastercard in certain countries in Africa, Europe and the Middle East. These cards use the same biometric technology that your smartphone does, letting you use your fingerprint to authenticate a purchase instead of a PIN!

3. H&M shakes up payment strategy with new tech partnership

H&M is looking to shake up their payment options by giving online shoppers a chance to ‘try before they buy’. Though detailed information hasn’t been released yet, H&M is partnering with Klarna, a European tech company, to advance their H&M Club payment service by incorporating new features and services. The ‘try before you buy’ option would be a new offering for H&M, potentially leading to more online sales.

4. Small Merchants Are Generating Bigger Payment Volumes, Analysis Finds

Small businesses are continuing to grow in popularity according to new data! New research coming out of Omaha, Nebraska is showing that small merchants are generating significantly larger payment volumes than they were two years ago. This growth could be due to a number of factors, but a healthy economy and a growing interest in shopping with local retailers are two definite possibilities!

5. Payments Are Moving To Real-Time Around The World, The U.S. Plays Catch-Up

Real-time payments are less of a trend and more of a mandate more than they’ve ever been before, meaning the United States needs to catch up quickly. FIS, a financial technology powerhouse, reported that there are over 40 real-time payment programs around the world, three times more than 2014. The United States adoption rate of real-time payments has been slow due to lack of regulation, and this article calls on the US to start catching up soon!

Curious about what else has been making headlines in the payments industry? Make sure to check out our recaps from October 1 to 5 and September 24 to 28!

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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