May 27: PaymentsNEXT global payment industry news roundup

Busy, busy, busy pretty much describes the payments industry this week. Today’s news roundup features new EMV contactless specs, faster payments features and benefits, zero fraud guarantee for SMBs, passwordless payments push by big tech and a new Visa/Fundbox flex card.

Wait, there’s more! Optty offers 41 BNPL merchant choices in one spot, tapeeno converts smartphones to POS terminals, QR code payments to reach $3 trillion by 2025, best virtual credit/debit cards, credit card market share, chip shortage impact on cards and Wineshipping. Cheers!

EMVCo announces development of EMV Contactless Kernel Specification to simplify and advance global contactless acceptance
Global technical body EMVCo announced it is developing an EMV Contactless Kernel Specification to simplify and advance global contactless payment acceptance. Following a detailed review in February and March, a draft specification is now available on the EMVCo website for public review. Currently, there are more than 20 different payment system contactless kernels in use worldwide, which technology vendors use to provide products that enable merchants to accept contactless payments. Read more…

US Faster Payments Council publishes Beneficial Characteristics of Real-Time Recurring Payments Whitepaper
The FPC Real-Time Recurring Work Group developed a new paper that explores the specific characteristics required in a recurring payment program that maximizes the benefits of faster, real-time payments for payers, payees, and all participants in the payments ecosystem. Real-time recurring payments have both the benefits of real-time payments—being instant, final, and irrevocable—and the customer benefits of frictionless recurring payments. Read more…

FinTechs get zero-fraud guarantee for inbound digital transfers
FinTech Ingo Money is bringing its new Inbound Digital Transfer and Risk Services to market in May, taking a novel approach to fraud and risk management. It’s an application programming interface (API) with interesting new capabilities. The new offering is designed to protect issuers from fraud risk associated with inbound debit, digital wallet, and bank account transfers without introducing friction to the customer experience. Read more…

Big tech pushes passwordless payments
This month, Google, Microsoft, and Apple began a big, new push in their campaign for a passwordless standard aimed at improving digital identity verification, including for payments. The companies argue the new standard avoids the consumer headaches of being forced to remember countless passwords. It also provides a more secure approach to e-commerce and a better guard against fraud and phishing attacks. Read more…

New Visa, Fundbox Flex Debit Card helps SMBs manage spend, access working capital
Cash flow visibility is critical for knowing the state of working capital, the cushion that helps operations hum. Smaller companies are moving toward managing their payables and covering expenses digitally — beyond the traditional confines of automated clearing house (ACH) payments, credit cards and even checks. Visa said it has a strategic partnership with embedded working capital platform Fundbox to bring digital debit payments to SMBs through the Fundbox Flex Visa Debit Card, issued by Pathward NA. Read more…

Optty launches world’s first independent platform for retailers to integrate multiple buy now, pay later providers rapidly
Available in more than 59 countries and 36 currencies, Optty brings together the world’s BNPL providers in one simple and rapid integration. The platform currently has 185 global integrations with 41 BNPL providers, including Afterpay, Affirm, Grab, Klarna, Scalapay, and Zip. By 2023, Optty plans to have more than 100 BNPL brands, digital wallets, and other alternative payment methods integrated into the platform. Read more…

UTP partners with Paynt to bring SoftPOS to underserved small and medium merchants
UTP has partnered with Phos to create the latest industry innovation, tapeeno, enabling smartphones to be transformed into payment devices quickly and conveniently. This technology is an industry first, with existing solutions only able to process same-day payments if it is onto a specific debit card typically provided by the solution provider. tapeeno allows quick access to payments to any UK bank account and provides a fast, easy, and convenient alternative to cash payments. Read more…

QR code payments to reach $3 trillion globally by 2025
Juniper Research predicts that the global spend using QR code payments will reach over $3 trillion by 2025, rising from $2.4 trillion in 2022. This growth of 25% will be driven by the increasing focus on improving financial inclusion in developing regions, providing alternatives to established payment methods in developed regions, and the inclusion of new loyalty programs. Read more…

Credit and debit card market share by network and issuer
If you ask the average American which credit cards are the most common, they’ll probably tell you that Visa and Mastercard dominate the market. But to what degree is that true? Which credit card network has the highest market share? Which issuers are most popular? Read on for information on credit and debit card market share by network, issuer, and more. Read more…

12 Best virtual credit/debit cards in the USA in 2022
These cards are gaining a lot of traction these days for several reasons. For starters, they are helpful when shopping online or making one-time purchases. In addition, the application process for a virtual card is incredibly convenient and super fast. Plus! As most websites online don’t accept credit cards, an individual who doesn’t own a credit card can use its virtual alternative to indulge in transactions online. Read more…

Chip shortage drives up card costs
Russia’s invasion of Ukraine is affecting card chip prices because Ukraine is home to two companies that produce half of the world’s neon supply, a key ingredient in chips, one market researcher said. Industry analysts say that payment cards are getting increasingly expensive as banks and other card issuers face shortages of computer chips. An analysis by The Nilson Report forecasts prices for finished, first-use plastic cards will increase between 5% and 20% this year and next year. Read more…

AfterShip Partners with Wineshipping to launch “Premium Tracking” to solve the last-mile wine delivery challenge
AfterShip, a leading post-purchase and tracking platform for e-commerce businesses, announced its expansion of 3PL solutions via its exclusive US partnership with Wineshipping, the national leader in Direct-to-Consumer (DtC) wine fulfillment services. Made possible by AfterShip’s proprietary technology, Wineshipping recently released “Premium Tracking” to its winery clients looking to succeed in last-mile delivery. Read more…