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The race is on to transition unbanked and underbanked consumers from cash to mobile and digital payment methods, with Amazon.com Inc. and Apple Inc. in the lead. The retail giants launched service offerings in 2017 designed to bring personalized shopping experiences to consumers who prefer to pay with cash.
EMV may have reached a tipping point in the United States, according to the 2017 Holiday Payments Index published by Cayan LLC. The report found EMV transactions accounted for 73 percent of Black Friday in-store payments, compared with 18 percent magnetic-stripe cards.
The operations of TIO Networks remain suspended to protect customer data during an ongoing investigation of TIO platform vulnerabilities, according to PayPal Holdings Inc., which acquired TIO in July. The suspension began Nov. 10, after PayPal discovered security vulnerabilities on the TIO platform.
Retail analysts noted a trend toward ecommerce merchants opening physical stores. Recent store openings by Warby Parker, Everlane and Amazon.com Inc. are indicative of consumers' need to touch and feel products before they buy, analysts believe.
Discover Financial Services revealed it will no longer require signatures at the POS as of April 2018. This is for credit and debit transactions on the Discover Global Network in the United States, Canada, Mexico and the Caribbean.
Reports suggest merchants with an online and brick-and-mortar presence attract more customers during the holiday shopping season. Analysts have seen a pre-shopping trend among consumers who research products online, then touch and buy in stores.
The Hartford Steam Boiler Inspection and Insurance Co. reported that almost one-third of U.S. business owners experienced a data breach in the last 12 months. The survey cited third-party contractors, employee negligence, and lost or stolen mobile devices as leading causes of the criminal exploits.
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