The Buy Now, Pay Later (BNPL) alternative payment method is the hottest trend in payments right now. Amazon announced a major partnership with Affirm, Square will acquire Australian BNPL provider AfterPay, and now PayPal will acquire Paidy for $2.7 billion. All of this activity occurred in about a 40 day span.
More than 36 percent of consumers admitted to falsely claiming a transaction was unauthorized or fraudulent while 31 percent falsely claimed a product never arrived, arrived damaged or was unsatisfactory, according to a recent study. While there is overlap of consumers who have made each of these false claims, this represents a meaningful share of consumers who knowing and willingly committed friendly fraud.
This joint survey report and white paper from The Fraud Practice and Executive Search firm Greenings focuses on the talent planning needs and concerns of organizations while providing insights around attracting, developing and retaining talent in the payments and fraud space.
Following a series of accounting fraud scandals that resulted in the insolvency of German processor and payments provider Wirecard AG, Banco Santander will be acquiring their payment technology assets for €100 million.
The acquisition only includes the assets related to merchant services and payment processing with the approximately 500 employees who manage the assets, who will now join GETNET, Banco Santander’s global merchant services team.
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A FinTech lawyer reported that as many as one-fifth of his merchant clients have been contacted by their payment processors about the possibility of increasing their reserve requirements. This comes as Square increased provisions for merchant transaction losses to $79.3 million in the first quarter, a three-fold increase from the same quarter last year.
The pandemic has not only made business more difficult for many merchants, but also the acquiring banks that underwrite their merchant accounts.
Although the number of Apple Pay users worldwide more than doubled in 2017, this represents just 16 percent of iPhone owners that have activated Apple Pay, leaving opportunity for rivals like Samsung Pay and Alphabet, who is re-branding Android Pay to Google Pay, to catch up.
Apple is the leader when it comes to NFC mobile wallets today but overall usage of these mobile payment methods is still far from mainstream adoption. Although relatively new (Apple Pay launched in October 2014) and continuing to grow rapidly, increasing to 127 million Apple Pay users from 62 million in 2016, use of Apple Pay or any mobile wallet at the physical point-of-sale still pales in comparison to the use of credit cards. Estimates of Apple Pay users come from private equity firm Loup Ventures’ annual analysis of Apple Pay adoption.
Vantiv, the largest acquirer in the U.S. based on transaction processing volume, is now a significant global competitor as well, following the $9.9 billion dollar acquisition of UK-based WorldPay, who has over 400,000 processing clients across 146 countries.
It was announced on July 5th that Vantiv would acquire global processor WorldPay for $9.9 (£7.7) billion in the form of cash, a converted rate of shares to Vantiv and a cash dividend with total value representing an 18.9 percent premium compared to the closing price for WorldPay on Monday July 3rd.
At the end of May, First Data announced they had reached agreement to acquire another large, publicly traded payment processor, CardConnect, for $750 million. This occurred just two weeks after the privately held North American Bancard Holdings LLC agreed to acquire Total Merchant Services Inc., for an undisclosed amount, to become the 7th largest processor by merchant locations in North America.
Amazon Cash is the latest payment method and feature supported by Amazon and was designed for the under- and unbanked. Consumers can request a barcode that is linked to their Amazon account, and when checking-out at a partner retail store location the customer can add between $15 and $500, using cash, which will become stored credit on their Amazon account. Amazon Cash was announced on April 3rd and is now available in the United States.
This new payment method immediately becomes a new option for U.S. Amazon customers. According to the FDIC, 7 percent of U.S. households were unbanked in 2015, while an additional 20 percent were considered underbanked. Amazon Cash provides a more direct way for these consumers, 27 percent of U.S. households, to make purchases with the online retailer.