Here’s the global payments news we’re keeping an eye on this week. A new one-click payment release by Bold Commerce, a BOPA delivery alternative for shoppers, a big jump in BoA client payments, and a Union Pay/Fiserv partnership is on the radar. APIs and future fintech partnerships are the secret to future banking success, and fraud keeps growing. Dive right in.
Bold Commerce releases one-click checkout for major retailers
Bold Commerce today announced its new Bold Checkout: Buy Now solution. Part of a growing checkout ecosystem designed to let retail brands completely customize every part of their checkouts, the new solution gives brands an owned alternative to third-party digital wallets and pay now options. As a result, brands can offer shoppers Amazon-like one-click functionality directly from their owned channels without sacrificing shopper relationships or checkout customizations. Read more…
Via.Delivery introduces buy online, pickup anywhere (BOPA) as a new delivery alternative for US e-commerce shoppers
Via.Delivery announced a new e-commerce fulfillment offering: Buy Online, Pickup Anywhere (BOPA). This new offering uses a network of more than 66,000 commercial pickup locations worldwide, with more than one-third located across the US, enabling pure play e-commerce vendors to give customers more options, including choosing to have their packages delivered to any convenient location for pickup. Read more…
Bank of America consumer clients make $335 billion in payments in January, up 17% year-over-year
Bank of America today said an estimated 67 million consumer clients made $335 billion in total payments during January, a 17% increase over January 2021 and the second-highest month of spending on record. This follows a 5% increase in total payments in January 2021 compared to pre-pandemic levels in January 2020. Clients’ aggregate credit and debit card spending reached $65 billion in January, up 16% compared to January 2021. Read more…
3 trends driving the digital identity market in 2022
Digital payments are now so convenient and widespread that many brick-and-mortar locations are opting to go completely cash-free – and the benefits continue to increase. As a result, the global digital payment market size is expected to grow from $89.1B in 2021 to $180.4B by 2026. With the digital identity and payments markets and the demand for safer and more secure transactions growing in lockstep so quickly, retailers and institutions will need to pivot. The new focus? Fraud. Read more…
UnionPay expands pact with Fiserv
The collaboration will allow UnionPay to grow globally by facilitating the issuance of virtual and physical UnionPay cards across international markets. Additionally, UnionPay will leverage the footprint and global capabilities of Fiserv to enable more businesses outside of Mainland China to accept UnionPay cards. Integration with the Carat omnichannel commerce platform from Fiserv will streamline acceptance of UnionPay Cards by enterprise businesses worldwide. Read more…
APIs to drive banking-as-a-service growth in 2022
Amid the pandemic, banks have had to get creative to meet customers’ demands for new products and an increasingly digital experience. Matt Naish, head of Product Strategy at FISPAN, said that application programming interfaces (APIs) are critical for helping financial institutions (FIs) create the online products they need to meet customer demand. Banks can use APIs to get the proverbial plumbing in place to enable new digital experiences. Read more…
New account bots swamp PayPal with 4.5 million phony accounts
As PayPal’s CFO saw Tuesday, some earnings calls provoke unexpected consequences. In an effort at transparency, and because it is material, CFO John Rainey revealed inflation and supply chain challenges impacted consumer spending, and PayPal would likely not reach its ambitious goal of 750 million active customer accounts by 2025. Rainey also disclosed that new account bot fraudsters had swamped the global payments company with 4.5 million estimated phony accounts created by bot farms. Read more…
The payments landscape and the politicization of payments regulation in Europe
Payment actors are becoming less visible yet more important. Traditional payment providers such as banks and card networks continue to have a significant market stake. However, digitalization and regulation are offering opportunities to new entrants. Fintechs are developing new products and solutions and, by doing so, taking over parts of the value chain. More recently, the US Big Tech companies have stepped up their game and, by benefiting from significant network economies, they have a definite competitive advantage. Read more…
Firms that automate accounting processes cut missing invoices by 60%
Adopting accounts payable (AP) and accounts receivable (AR) automation solutions, such as eInvoicing, digital workflows, and virtual cards, can benefit businesses across many industry segments. In the small to medium-sized business (SMB) sector, a study found that automation led to a 60% reduction in missing invoices, a 59% decline in delayed payment and reimbursement approvals, and a 55% drop in missing receipts. Read more…
Will free shipping boost e-commerce sales enough to be profitable?
There’s no disputing how powerful the words “free shipping” are when it comes to driving e-commerce sales. Sixty percent of US consumers say getting a great deal is a top factor influencing their purchasing decisions. According to many online shoppers, free shipping is the deal they want most. A survey of holiday shoppers found that the cost and speed of shipping is what 57 percent of consumers consider first when contemplating an online purchase — even ahead of a product’s price. Read more…
Retailers beware: e-gift card attacks, automated fraud and scalping bot usage is on the rise
E-commerce retailers need to take note of fraud that can significantly impact their business, including their revenue, brand reputation, and the loyalty of their customers. Up to 80% of e-commerce retailers’ operational costs are negatively impacted by malicious bot activity. PerimeterX recently conducted a comprehensive survey of 2,000 US consumers to gauge awareness of fraud-related threats to online shopping, including e-gift card fraud, bots, and CAPTCHAs. Read more…
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