A Thing
The Green SheetGreen Sheet

Breaking News articles for January 2020

US card giants one step closer to China

Wednesday, January 22, 2020

The trade agreement signed this month between the United States and China contained some good news for U.S. payments giants Mastercard, Visa and American Express: a shot at access to China’s $27 trillion payments market. To date, the Chinese market for electronic payments has been dominated by two Chinese firms, Alipay, a subsidiary of Alibaba, and WeChat Pay, the payments ecosystem that supports the country’s WeChat messaging and social media platform. Phase One of the U.S.-China trade agreement, signed with much fanfare at the White House ceremony on Jan. 14, 2020, specifically mentions the three leading U.S. card brands in stating the Chinese government will expedite applications for banks and payment networks to operate on mainland China.

read more

Travelex partially restored after cyberattack

Tuesday, January 21, 2020

London-based Travelex disclosed Jan. 17, 2020, that its automated order placement service is back online in the United Kingdom, the global foreign exchange company’s largest market. Travelex CEO Tony D’Souza thanked partners, customers and staff for their patience as the company works to restore services following a Dec. 31, 2019, ransomware attack that impacted worldwide operations and put partnering organizations around the world in harm’s way.

read more

Blackhawk study highlights digital wallet growth

Friday, January 17, 2020

A recent study by Blackhawk Network makes a case for implementing mobile wallets in retail and hospitality establishments. Talbott Roche, Blackhawk Network CEO and president, pointed out that the cost of losing market share far outweighs any investments in infrastructure upgrades. Citing research highlights presented at NRF 2020 on Jan. 13, 2020, Roche indicated that three out of five smartphone owners use some form of mobile wallet, but few digital payments options are available at U.S. brick-and-mortar stores. She noted that U.S. mobile wallet spend may reach $190 billion by 2021 and urged retailers to offer more digital payments options at checkout.

read more

Visa’s Plaid acquisition a Big Show stopper

Tuesday, January 14, 2020

Two days into NRF 2020, Visa’s $5.3 billion dollar Plaid acquisition, disclosed Jan. 13, 2013, momentarily stole retail’s Big Show. Payments analysts reacted to the news with a mixture of awe and disbelief. Among them was Fintech Today’s Ian Kar, who stated, “I didn’t really expect this.” He suggested Visa may have seen Plaid as a threat due to the ways in which its financial network manages funds and data at scale. Al Kelly, CEO and chairman of Visa, described Plaid as a fintech leader with best-in-class capabilities and talent. “The acquisition, combined with our many fintech efforts already underway, will position Visa to deliver even more value for developers, financial institutions and consumers,” he said.

read more

Green products top price, according to IBM, NRF

Friday, January 10, 2020

Global demand for sustainable products and services was a key takeaway in a study published Jan. 10, 2020, by the IBM Business Institute for Business Value and the National Retail Federation. Nearly 19,000 shoppers from 28 countries and various age groups and backgrounds participated in the survey, which sought to identify emerging consumer and retail trends. Mark Mathews, vice president of research development and industry analysis at the NRF, said the survey revealed a new type of environmentally conscious consumer. “Shoppers today show an increased willingness to pay premiums for products that align with their values,” he stated. “The study’s findings show that today’s retailers need to be proactive in evaluating and understanding what drives current and future core buyers while still boosting margins for their business.”

read more

Cross-channel shopping drives 2019 holiday spend

Wednesday, January 8, 2020

As payments and retail analysts predicted, omnichannel commerce played a major role in 2019 holiday spend, outperforming digital-only and in-store only shopping. Trends such as buy online, pick up in store (BOPIS) and purchases made in stores after returning ecommerce items, can blur the lines between physical and digital shopping, according to Phil Rist, executive vice president strategy at Prosper Insights & Analytics. “The growth in online retail sales is a tide that lifts everybody,” Rist said. “When consumers are buying from retailers online but picking up or making returns in-store, it is more and more difficult to distinguish between the sales retailers make in their stores and the ones they make on their websites.”

read more

New Fed data points to soaring card payments

Tuesday, January 7, 2020

Americans continue to ring up a growing share of purchases using credit and debit cards. New data published by the Federal Reserve reveals that growth in credit and debit card payments is outpacing growth in all other forms of noncash payments. Americans made 174.2 billion noncash payments in 2018, an increase of 30.6 billion (or nearly 4.7 percent) over 2015, according to the 2019 Federal Reserve Payments Study. The combined value of “core” noncash payments (credit and debit cards, ACH and check payments) totaled $97.04 trillion, an increase of $10.25 trillion (or 8.47 percent) over 2015, the Fed said.

read more

IoT-based cyberattacks expected in 2020

Friday, January 3, 2020

A Dec. 31, 2019 malware attack on Travelex reflects a new wave of advanced, automated attacks against financial infrastructure, experts warned shortly after the breach. First reported by the Wall Street Journal and TechCrunch, the attack that forced the retail foreign exchange service to close its mobile app and worldwide network was initiated by a computer-borne virus. In a Jan. 2, 2020 TechCrunch article, Zach Whittaker reported the global outage is disrupting financial institutions, such as Tesco Bank, that rely on Travelex services. The article, “Travelex suspends services after malware attack,” indicated the Travelex corporate site is offline while the company makes “upgrades.” The company posted notices on its Twitter accounts indicating that staff are “unable to perform transactions on the website or through the app,” he wrote.

read more

Facebook
Twitter
LinkedIn
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
A Thing