Payments NEXT news roundup

Here are the top global payments news stories from this week, all curated for your weekend reading pleasure.

Fed seeks feedback on plans for RTGS system for faster payments

Federal ReserveThe Federal Reserve Board is calling for public comment on its plans to build a real-time is settlement (RTGS) system that finally brings faster payments to America. For five years, the Fed has inched the US along a journey towards a payments system fit for the 21st century. That task force finally reported back last July, calling on the Fed to develop a 24/7 settlement system. Read more…

NRF Forecasts Holiday Sales Will Increase Between 4.3% and 4.8%

NRF holiday sales predictionsThe National Retail Federation announced today that it expects holiday retail sales in November and December – excluding automobiles, gasoline, and restaurants – to increase between 4.3 and 4.8 percent over 2017 for a total of $717.45 billion to $720.89 billion. The forecast compares with an average annual increase of 3.9 percent over the past five years. Read more…

22 experiential stores NYC has to offer

SonosWhether you’re in Manhattan for pleasure or business, there are dozens of experiential stores to check out. Some double as community hangouts, some serve as learning experiences and some are just for the fun of it. Here are 22 to hit up next time you’re in the Big Apple. Read more…

Square Installments gives small business customers easy payments plans

Square Installments payments planSquare today launched a new payment option for small businesses to let customers pay for larger purchases in monthly installments. Refining Initially, the new Square Installments payments plan is available in 22 states for businesses already using Square payments. Square Installments offers a simple way for customers to make a large purchase on a monthly payment plan. Read more…

Apple Pay Makes Up 77% of Mobile Payments Among Debit Card Users, says Auriemma

Apple PayApple Pay makes up three in four mobile wallet transactions according to an Auriemma study of debit card issuers, likely due to demographics. While mobile payments are still a niche product, they represent a growing share of debit card transactions and an important part of issuers’ 2019 roadmaps. Read more…

Bitglass: Financial institution data breaches tripled in two years

Bitglass data breach researchWhen cloud security provider Bitglass examined the state of financial services cybersecurity in 2018, it was shocked to see that data breaches of financial institutions had nearly tripled since its 2016 report. In its 2018 Financial Breach Report, there were nearly three times as many breaches as there were two years ago. Read more…

Contactless Payment Cards Forecast to Account for over 50% of all Cards Delivered Globally in 2018

Contactless payment card issuance is set to hit 1.5 billion units in 2018, accounting for over 50% of all payment card shipments delivered globally, according to ABI Research. Breaking the 50% barrier marks a significant milestone in contactless card migration, where market momentum is expected to continue due to next-generation migration opportunities. Read more…

NAFTA is now USMCA. Here’s what the deal means for e‑retailers

USMCAUS and Canadian negotiators late on Sunday secured an agreement to salvage the basic framework of the 24-year-old North American Free Trade Agreement. However, the new deal, which is called the US-Mexico-Canada Agreement, or USMCA, includes a few key provisions that will yield key benefits for online retailers. Mexico is doubling its de minimis threshold to $100 from $50, and Canada is doubling its threshold to C$40 from C$20. Read more…

Danske Bank begins wearable chip trials

Danske Bank Danske Bank is testing FastPay, a wearable contactless chip that can be clipped to a wristband, keyring, jewelry or watchstrap for tap-and-go payments at the checkout. Operating like a Mastercard debit card, FastPay enables users to make payments of up to Dkr350 without having to type in their PIN. Read more…

HSBC gives US customers a single platform for business and personal banking

HSBCHSBC has launched a service in the US that allows customers to easily manage both their small business and personal accounts on a single digital platform. HSBC Fusion will offer a single point of access, whether in the branch, by phone or through digital banking services, where customers can manage both their personal and business finances. Read more…

Online sales tax in 13,000+ jurisdictions now a reality for online sellers

The US Supreme Court decided on June 21, 2018, that states and local governments could require online retailers to collect online sales tax even if they don’t have a physical presence in the local tax jurisdiction. After some initial confusion, online retailers realized they needed to start planning for a new world of taxation reality to arrive at their virtual storefronts starting October 1. Read more…