You can add Apple to the list of companies making it easier for merchants to accept contactless payments. Apple's Tap to Pay on iPhone, which turns iPhones into payment-acceptance devices, will be available soon for payment platforms and app developers to integrate with their iOS apps and offer to their business customers as a payment acceptance option. Stripe will be the first platform to offer Tap to Pay on iPhone to clients, including Shopify, which will be up and running with it by Spring. Others are expected to follow later in the year.
As ACH adoption soars in B2B and B2C sectors, Nacha plans to phase in new guidelines to encourage usage and protect against errors and fraud. The 2022 rules begin to take effect in March 2022. Jane Larimer, Nacha president and CEO, confirmed same-day ACH transactions, currently capped at $100,000, will be increased to $1 million per payment on same-day credits and debits to further encourage business and consumer usage. In addition, Larimer noted, ACH transactions initiated online must meet new fraud prevention criteria.
Recent updates to EMVCo specifications will support new contactless authentication methods, enabling merchants and consumers to securely transact on smartphones, EMVCo representatives stated. The global technical body summarized 2021 milestones in a newly published annual report and indicated it will continue efforts to make contact and contactless smartcard payments more secure and seamless in 2022. EMVCo Board of Managers Chair Jianhua Ni commended EMVCo members for supporting consumers, businesses and economies throughout pandemic-related challenges.
Consumers really like prepaid gifts. So much so that most can't wait to use the cards. Seven in 10 consumers (71 percent) recently surveyed by Fiserv said it only takes one or two purchases to redeem the full value of a gift card received. Sixty-eight percent said it takes less than three months to fully redeem their gift cards.What's more, unlike many other consumer purchases, gift card sales didn't take a hit because of the COVID-19 pandemic. Most consumers polled said their gift card purchases haven't changed over the past two years.
Payrix disclosed its new status as an FIS brand, fulfilling its dream of becoming "a global leader in embedded payments, recognized for the passion of our people, integrity of our platform, and the possibilities demonstrated to our partners and their businesses." Payrix is a privately held fintech firm specializing in SaaS-based platforms and embedded commerce solutions for small and midsize business owners. The company's growth trajectory was marked by year-over-year growth as it implemented more than 40 innovative SaaS platforms, which attracted publicly held FIS, Payrix representatives stated. 
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