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Proposed legislation in the cities of New York, Washington and Philadelphia would prevent merchants from banning cash payments at retail stores and restaurants. Aimed at protecting unbanked and underbanked consumers, the prospective bills have garnered support from the ATM Industry Association and National ATM Council.
"The issue is far broader than the poor and unbanked segment of the economy pointed to by these legislative measures," said David Tente, executive director of ATMIA USA. "Cashless retail severely limits consumer payment choice and eliminates the favored payment method for 26 percent of the population."
Marketing research company J.D. Power completed a first-ever study of small business satisfaction with merchant services providers. It found that merchant satisfaction runs high, but that customers of the largest banks are the most satisfied overall.
The J.D. Power 2019 Merchant Services Satisfaction Study evaluates small business satisfaction with 19 of the largest merchant services providers in the United States, including large banks, banks working in partnership with First Data Corp., large nonbank acquirers, and financial technology companies like PayPal and Square.
Boston-based Aite Group LLC launched a global directory and worldwide competition to recognize digital commerce growth. The Digital Wallet Database, published in partnership with Mobey Forum, is a comprehensive listing of service providers, Aite representatives stated.
The global research and advisory firm is also calling for submissions for its Digital Wallet Innovation Awards, a competition aimed at showcasing best-in-class ewallet solutions and capabilities.
A new edition of Capgemini's Global Digital Mastery Series found financial service firms lag behind other industries in adopting and implementing digital services. The Capgemini Research Institute surveyed 360 executives and 213 companies across an array of industries for the study. They contrasted current data with an equivalent study done in 2012. Despite growing emphasis on digital transformation, researchers found, only 31 percent of banks and 27 percent of insurance companies had mastered digitalization, and only 33 percent of executives are confident in their companies' digital competencies.
Merchants and their customers may soon have an easier way to transact mobile payments. The NFC Forum is developing a new money transfer application the standards group hopes will emerge as the go-to alternative to QR-based payments. Mobile payments are poised to snag a notable share of POS transactions. Juniper Research projects mobile payments will total $2 trillion, or 15 percent of the value of POS transactions, globally, by 2020.
To date, two models have emerged for mobile payments: one based on Quick Response (QR) code technology, the other using near field communication (NFC) technology.
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