Facial recognition hardware may secure the future of mobile commerce

https://www.mobilepaymentstoday.com/articles/facial-recognition-hardware-may-secure-the-future-of-mobile-commerce/
| by David Jones
Facial recognition hardware may secure the future of mobile commerce

As mobile banking security takes on new forms of authentication technology, a report by Juniper Research found that facial recognition will likely become the fastest-growing use of biometric hardware on smartphones. 

The report indicated that facial recognition will reach more than 800 million mobiles by the year 2024, up from an estimated 96 million during 2019.

“We believe that facial recognition is going to pick up to such a large degree on mobile devices because of ease of use,” Juniper Research analyst James Moar, said via email. “While some forms of facial recognition (such as Apple’s Face ID) have dedicated hardware for security, several are able to use software alone, meaning that they can be used on any smartphone with a selfie camera.”

The report also found that software would remain the leading method of biometric technology however, with about 1.3 billion devices using software-based facial recognition by the same year. 

Juniper said advances have been made with companies such as Mastercard and iProov to develop facial recognition that was strong enough to be used for payments and other high-end authentication needs. 

Moar said there were limits as to how much crossover there would be between facial recognition hardware in the smartphone, versus using the same technology in the ATM space. 

“Because this technology’s success is reliant on it always being present on the phone, it is unlikely to achieve much success the ATM space, which will always require additional hardware to be installed,” he said. “In addition the ergonomics of using facial recognition at ATMs means that facial recognition would not be able to be smoothly integrated into the ATM experience.”

The report also found that about 4.6 billion smartphones would have some form of fingerprint authentication built into the device by 2024. Despite this widespread availability, their use for payment would be less prevalent, however.

The report said 60% of biometric authenticated payments would be used for remote purchases or ecommerce transactions. 

Cover image: iStock


Topics: Handsets / Devices, Mobile Apps, Mobile Payments, Security, Trends / Statistics

Companies: Juniper Research, MasterCard, Apple



David Jones

David Jones is a veteran business and technology journalist, with three decades of experience writing about business travel, real estate and technology.

Since 2015 he covered a range of technology stories for the ECT News Network, which includes the E-Commerce Times, TechNewsWorld, LinuxInsider and CRM Buyer, writing about cybersecurity, artificial intelligence, machine learning, open source computing and privacy issues among others,. He recently covered FinTech issues for PYMNTS.com.

He worked as a staff writer for Bloomberg Business News and an online reporter for Crain’s New York Business. He has written for numerous media organizations, including Reuters, The New York Times, The Real Deal, Continental, City Limits and The Nation.

He was previously awarded the George Washington Williams Fellowship for Journalists of Color by the Independent Press Association.


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Loomis to buy Swedish cash-handling firm Nokas Vardehantering

https://www.mobilepaymentstoday.com/news/loomis-to-buy-swedish-cash-handling-firm-nokas-vardehantering/

Loomis AB, through its wholly owned subsidiary, Loomis Sverige AB, is buying cash-handling firm Nokas Vardehantering AB, subsidiary of Norway’s Nokas Kontandthantering AS, in a deal valued at SEK 80 ($8.4 million) including assumed debt. 

Nokas Vardehantering and Loomis Sverige are both cash-handling firms operating under supervision of the Swedish Financial Supervisory Authority, and the newly acquired business will be consolidated into Loomis. 

“The acquisition of Nokas’ Swedish cash handling will add opportunities to further develop our service offerings in the Swedish market,”Patrik Andersson, president and CEO of Loomis, said in a company release. “We are convinced we can add value for our new customers, but also for our current customers in Sweden.”

Nokas Vardehantering has a total of 220 employees and annual revenue for the fiscal year ended in September 2019 was SEK 215 million ($22.6 million), however the company has a current operating margin that is negative. 

After including integration costs, the acquisition is expected to have a marginal dilutive effect on earnings but is expected to be profitable afterwards. 

Nokas CMS AB, which deploys ATMs in Sweden, is not part of the acquisition and will remain part of the Nokas Group. 


Topics: ATMs, Mergers & Acquisitions, Mobile Banking, Mobile Payments, Region: EMEA


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Mastercard kicks off massive climate change effort with Citi, IHS Markit, others

https://www.mobilepaymentstoday.com/news/mastercard-kicks-off-massive-climate-change-effort-with-citi-ihs-markit-others/

Mastercard kicks off massive climate change effort with Citi, IHS Markit, others

Mastercard has launched the Priceless Planet Coalition, a massive effort to combat climate change that will involve a five-year commitment to plant more than 100 million trees. It’s enlisting the help of major corporate partners in its founding coalition, including Citibank, Santander UK, IHS Markit, bunq, Saks Fifth Avenue, L.L. Bean, the New York Metropolitan Transportation Authority, Transport for London and American Airlines, according to a company press release.

The partners will work to promote the use of public transportation as a means of reducing carbon emissions, and Mastercard will work with Citi Treasury and Trade Solutions to allow corporate card customers to contribute to reforestation efforts through their card purchases. IHS is the first company to come onboard in that program. 

“No matter who you are or what you do, climate change affects you,” Ajay Banga, president and CEO at Mastercard, said in a company release. “But it has the biggest negative impact on those who are socially and economically vulnerable. The time for just negating our environmental footprint has passed.”

Cover image: iStock


Topics: Card Brands, Mobile Apps, Mobile Banking, Mobile Payments

Companies: Citi, Banco Santander, MasterCard


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Canadian fintech Mogo launches digital rewards account with carbon offset

https://www.mobilepaymentstoday.com/news/canadian-fintech-mogo-launches-digital-rewards-account-with-carbon-offset/

Canadian fintech Mogo launches digital rewards account with carbon offset

The MogoSpend account includes a prepaid Visa, no fees and cashback rewards.

Mogo Inc., a Vancouver, Canada-based fintech, has launched the MogoSpend digital spending account, a no-fee mobile app that offers customers a prepaid Visa card with loyalty rewards designed to help customers reduce their carbon footprints. 

MogoSpend charges no monthly or annual fees and offers 1.5% back on domestic purchases in Canada and 3% back on foreign currency purchases, with no caps on the rewards cash. In order to reduce the carbon footprint of customers, Mogo said it will offset one pound of CO2 for every dollar spent using the card and is partnering with Offsetters, a Vancouver-based company that helps firms become more sustainable.

“One of the biggest financial challenges consumers face is overspending and 57% of Canadians now carry credit card debt,” David Feller, founder and CEO at Mogo, said in a company release. “With MogoSpend our goal was to create a product that gives consumers even more control than a debit card and with cashback rewards that rival the best credit cards in Canada, without charging monthly or annual fees, and more importantly, we wanted to make this a card that also helps to make a positive impact on the planet.” 

 


Topics: Card Brands, Loyalty Programs, Mobile Apps, Mobile Payments, Region: Americas


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Travelex CEO issues video apology after cyber attack, says some systems back online

https://www.mobilepaymentstoday.com/news/travelex-ceo-issues-video-apology-after-cyber-attack-says-some-systems-back-online/

Travelex CEO issues video apology after cyber attack, says some systems back online

Travelex CEO Tony D’Souza issued a video apology to customers and announced an initial recovery from a New Year’s Eve ransomware attack, saying that the first of its customer-facing systems in the U.K. were back up.

D’Souza thanked customers, partners and staff in the video and confirmed that customer data had been protected. He also outlined steps that the London-based currency exchange and money transfer had taken to mitigate the damage. 

“We have made good progress in our recovery and I’m pleased to say our first customer-facing systems are now successfully live,” he said in a written company statement updating the recovery efforts. “We have a clear strategy for the phased restoration of services, prioritizing the UK as this is our single largest market.”

He said Travelex had restarted forex order processing electronically in some of its UK stores and UK partner retail locations, and has started VAT refund service at UK airports. 

The automated order placement used by many of Travelex’s high street banking partners is once again live, however, the company planned to phase in the restoration of services and start processing about 70 currencies, expanding that number over time. 

Travelex said although it was making progress with its UK International money-transfer service, it would not be restored until the end of January. 

As previously reported the Metropolitan Police had been investigating the breach, which was suspected as a criminal ransomware attack. Company officials said customer data had not been exposed, however they were posting regular updates on recovery efforts. 

Cover image: iStock


Topics: Money Transfer / P2P, Region: EMEA, Security


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Ant Financial to back $2.6B merger between Global Blue and Far Point

https://www.mobilepaymentstoday.com/news/ant-financial-to-back-26b-merger-between-global-blue-and-far-point/

Ant Financial to back $2.6B merger between Global Blue and Far Point

Global Blue, a provider of tax free shopping and payments, has entered a merger deal with Far Point Acquisition Corp., a special purchase company sponsored by asset manager Third Point LLC and former NYSE President Thomas Farley, in a deal backed by Ant Financial Services Group, the operator of China’s leading mobile wallet Alipay. 

Far Point will invest $650 million in cash, while Ant Financial and Third Point have agreed to invest a total of $350 million in the newly combined company, at a valuation of $2.6 billion (2.3 billion euros). The newly combined company will be based in Switzerland and trade under the Global Blue name. 

Global Blue CEO Jacques Stern will continue to lead the combined company, and Farley will become chairman of the firm. Current investors, including Silver Lake, will continue to be significant shareholders in the combined entity. 

“Global Blue is the clear market leader in the attractive and growing tax free shopping ecosystem worldwide,” Farley said in a release from Global Blue. “The company has achieved remarkable progress in digitalization, geographic expansion and strategic value creation under Jacques’ leadership and the stewardship of its existing shareholders, including controlling shareholder Silver Lake, whose principals I have known personally and professionally for years.”

Angel Zhao, president of Ant Financial’s International Business Group, said that Global Blue was an important partner for Ant Financial and the broader Alibaba ecosystem. 

“Alipay and our global wallet partners’ user bases, along with Global Blue’s extensive merchant and airport footprint across more than 50 countries, together creates significant potential to expand the relationship and introduce new technologies and services to the marketplace,” he said.

Cover image: Global Blue.
 


Topics: Mergers & Acquisitions, Mobile/Digital Wallet, Mobile Payments, Region: EMEA, Retail


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PayPal processed $10.3B in donations in 2019

https://www.mobilepaymentstoday.com/news/paypal-processed-103b-in-donations-in-2019/

 PayPal Holdings Inc. said it has processed a record $10.3 billion in donations globally during 2019, with 21% of the funds coming through mobile devices.

“Our efforts to drive social impact and create value for all our stakeholders continues to expand,” Franz Paasche, senior vice president, corporate affairs at PayPal, said in a company release. “As we enter 2020, we remain committed to harnessing the power of our technology and scale to provide new ways for people to give to the causes they care about – and to help charitable organizations raise mission critical funds that make a difference in communities around the world.”

Earlier this week, New York State Attorney General Letitia James announced a settlement with PayPal Charitable Giving Fund Inc., to ensure that donors received adequate information about funds raised online through the service. 

“Every individual who chooses to donate funds deserves transparency and honesty throughout the process,” James said in a release from her office.


Topics: Mobile Apps, Mobile Payments, Regulatory Issues

Companies: PayPal


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Red Sox affiliate looks to boost concessions with autonomous checkout

https://www.mobilepaymentstoday.com/articles/red-sox-affiliate-looks-to-boost-concessions-with-autonomous-checkout/

Self-checkout shopping has made great strides since Amazon Go cashierless convenience stores launched in late 2016, and technology provider, Standard Cognition, has made its own headway expanding self-checkout convenience to sports stadiums in addition to other retail environments.

Michael Suswal, co-founder and chief operating officer at Standard Cognition, took the stage this week at the CES Hi-Tech Retailing Summit Las Vegas along with one of his clients, Matt Levin, the senior vice president and chief financial and technology officer of Pawtucket Red Sox —  the Triple A team of the Boston Red Sox. They discussed their partnership that is bringing frictionless concessions to sports facilities worldwide.

First pro team to offer autonomous checkout

The Pawtucket Red Sox is the first professional sports team to have an autonomous checkout store, which will be in Polar Park, a ballpark the team is building in Worcester, Massachusetts,  scheduled to open in April 2021.

“We’re really trying to enhance the experience by introducing the technology,” Levin said in describing the cashierless transactions at the concessions area, which will be called Left Field Market. “We as the retailer are bringing the magic to the consumer experience.” 

Larry Lucchino, a Boston Red Sox Hall of Famer and the chairman and principal owner of the Pawtucket Red Sox, decided to partner with Suswal, whose company uses artificial intelligence and computer vision technology, since he wanted to extend the benefits of cashierless concessions to other sports facilities, Levin said.

Suswal said reducing the wait in a concessions line would not only make the fan experience better, but would save lost sales from fans who chose not to wait in line for their purchase. Standard Cognition, which operates one store in San Francisco but focuses on marketing its technology to other retailers, leverages artificial intelligence and cameras to enable consumers to shop and pay without scanning or stopping to check out.

“The vision is beyond this store,” Suswal said, noting that his partnership with Pawtucket Red Sox, called LL Ventures, has already gained attention from numerous other sports facilities asking about the technology.

Unlike other autonomous checkout platforms, Standard Cognition’s does not use shelf sensors and requires cameras only on the store ceiling; it accepts cash or credit; and it can accommodate any existing store layout, eliminating the need to reconfigure an existing store.

No job killer

Despite what many may assume, cashierless transactions does not mean the ballpark will need fewer employees. Instead of serving as cashiers, Levin said the employees will become concessions ambassadors.

Suswal took it a step further, saying people, in general, would benefit, comparing the cashierless checkout technology to modern ride share transportation, which he claims has improved the human relationship between passengers and drivers compared to traditional taxis that have walls between the parties.

Future benefits coming

Lastly, the partnership also provides an opportunity for Standard Cognition to better understand the impact of autonomous checkout on shopper behavior. Suswall, for example, has a partnership with Mars Wrigley, a manufacturer of candy, gum, mints and confections, that could eventually lead to providing retailers with recommendations on how to design stores that balance operational efficiency with customer satisfaction and financial optimization, according to The Shelby Report.

Suswal said he was attracted to the Polar Park project because of the specific vision the Pawtucket Red Sox articulated for the facility, which is a fan-focused experience. He said other retailers have also contacted him with specific user experiences in mind.

Levin encouraged attendees to always  “live through the customer journey” when designing a retail space.

 

https://www.mobilepaymentstoday.com/articles/red-sox-affiliate-looks-to-boost-concessions-with-autonomous-checkout/

Just Eat rolls out exclusive mobile food delivery with Greggs Bakery in UK

https://www.mobilepaymentstoday.com/news/just-eat-rolls-out-exclusive-mobile-food-delivery-with-greggs-bakery-in-uk/

Just Eat rolls out exclusive mobile food delivery with Greggs Bakery in UK

Greggs, the largest bakery chain in the U.K., is launching an exclusive partnership with app-based delivery service Just Eat, following a successful trial in Newcastle, London and Glasgow. 

The service will immediately expand into Bristol and Birmingham, England followed by Manchester, Leeds, Nottingham and Sheffield by the sprint. A full nationwide rollout will follow. 

“We know from the trials we have carried out that our customers love the idea that they can get Greggs delivered directly to their door and we’re delighted to now be working with Just Eat to provide that service to our customers across the U.K. by the end of the year,” Roger Whiteside, CEO of Greggs, said in a joint release. 

“We’re proud to be the only food delivery app that can bring you the likes of the Greggs Vegan Sausage Roll wherever you are,” Andrew Kenny, UK managing director at Just Eat, said in the release. 

Just Eat delivers to about 12 million customers in the U.K. from restaurants ranging from Kentucky Fried Chicken, Subway and Wagamama to local favorites like Toby Carvery and Caribbean favorite Turtle Bay.

The blockbuster merger between Just Eat and Dutch delivery giant Takeaway.com is expected to close within weeks, according to a spokesperson, after a rival $6.3 billion hostile bid by Prospus was rejected earlier this month.

Cover image; Just Eat


Topics: Mobile Apps, Mobile Payments, Region: EMEA, Restaurants


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Tencent leads $44.7M Series B funding into Paris-based fintech Lydia

https://www.mobilepaymentstoday.com/news/tencent-leads-447m-series-b-funding-into-paris-based-fintech-lydia/

Tencent leads $44.7M Series B funding into Paris-based fintech Lydia

Lydia, a Paris-based fintech super app, said it raised $44.7 million (40 million euros) in Series B funding, led by Chinese gaming and social media giant Tencent, to scale its mobile payments platform and expand across Europe. 

Lydia, which has 3 million customers in France, offers a range of financial services through its mobile app, including payments, insurance, savings, loans and gift cards. 

Cyril Chiche, co-founder and CEO at Lydia, said that 25% of 18-30-year-olds in France have an account with Lydia, and so far the company has managed to grow with very little outside investment. 

“With the new funding round and partner like Tencent, who will help us save a lot of time and avoid costly mistakes in this scaling up phase, we have all the reasons to be ambitious,” Chiche said in a company release. “We are now in a position to challenge the traditional retail banking distribution model with a mobile platform similar to what we see in sectors like retail, music or travel.”

Prior investors, including Open CNP by CNP Assurances, XAnge and New Alpha, participated in the new funding round. The company, launched in 2013, has raised more than $67 million (60 million euros) to date. 

Cover image: Lydia 


Topics: Mobile Banking, Mobile Payments, Region: EMEA, Venture Capital


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Getsafe enters UK with app-based content insurance, plans European expansion

https://www.mobilepaymentstoday.com/news/getsafe-enters-uk-with-app-based-content-insurance-plans-european-expansion/

Getsafe enters UK with app-based content insurance, plans European expansion

Marius Blaesing, founder and CTO and Christian Wiens, founder and CEO of Getsafe.

Getsafe, a German-based insuretech, has launched its U.K., business, where it will offer app-based contents insurance through a U.K. subsidiary and partnership with Hiscox. The firm said the U.K. launch will kick off a larger plan to grow the business across Europe. 

Getsafe said the insurance, known in the U.S. as renter’s insurance, will be offered through a subsidiary firm that it has established in the U.K., meaning the business will not be hurt by the upcoming Brexit withdrawal from the EU.

“Getsafe acts as a platform with multiple carriers, including Munich Re and AXA, providing the capacity in the background,” Christian Wiens, founder and CEO of Getsafe said in a company release. “With Hiscox, we have a renowned carrier for our UK content product at our side and we are pleased to be working with them.”

The company plans to continue expanding starting in the next few months and will eventually be active in all major European markets. The firm also is expanding its range of insurance products, with plans to add the first fully digital life insurance policy in Germany later this year.

Cover image: Getsafe


Topics: Mobile Payments, Region: EMEA


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Galileo offers wealth, spending accounts with IFA broker dealer

https://www.mobilepaymentstoday.com/news/galileo-offers-wealth-spending-accounts-with-ifa-broker-dealer/

Independent Financial Advisors, a full-service broker dealer, insurance agency and investment advisor, has partnered with l with Galileo Money+ to offer high-yield, FDIC-insured bank accounts to clients.

Galileo Money+, a division of Galileo Financial Technologies, provides white-label bank accounts through wealth management firms, allowing advisers to offer the services to their customers. 

Galileo Money + offers two separate accounts through the Bancorp Bank, including the Galileo Money+ Spending account, which offers 0.73% APY and the Galileo Money+ account, which offers a 1.36 APY for wealth accumulation. 

“Financial advisors haven’t had a way to compete with brick & mortar banks for the trillions of dollars that high net worth households keep in bank checking, savings and CDs,” Aaron Dillon, managing director of Galileo Money+, said in a company release from IFA. “The white-labeled services provided by Galileo Money+ enable financial advisors to compete with banks in a meaningful way.”

 


Topics: Mobile Apps, Mobile Banking

Companies: Galileo Processing


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KAL and Ceska launch first Windows 10 ATM on Linux Hypervisor

https://www.mobilepaymentstoday.com/news/kal-and-ceska-launch-first-windows-10-atm-on-linux-hypervisor/

KAL ATM Software and Ceska sporitelna announced the launch of the first ATM running Windows 10 on a Linux Hypervisor.

KAL said its new Kalignite Hypervisor solution, created under a partnership with Red Hat, represents a breakthrough solution that allows banks to bypass costly and disruptive ATM hardware upgrades. 

Jacub Otahal, the ATM Innovation software product owner at Ceska, cited the previously scheduled end of Windows 7 support by Microsoft Corp. for his company choosing to install Kalignite Hypervisor in a pilot. 

“KAL’s new solution gives Ceska sporitelna control over when to carry out hardware upgrades,” Otahal said. “This means we can cut costs by keeping to our 10-11-year renewal recycle, rather than being forced to comply with the hardware lifetime.”

He said the Kalignite Hypervisor solution also allows the company to keep its software up to date.

“We are delighted that Ceska sporitelna decided to partner with us to achieve this impressive world first,” KAL CEO Aravinda Corala, said in a company release. “Kalignite Hypervisor enables Ceska sporitelna to stay completely up to date and run the latest versions of all software on their ATMs.”

Korala said the new technology not only helps with the Windows 10 migration, but also allows Ceska sporitelna to migrate to the Windows LTSC and SAC upgrades without the need to change hardware. 


 


Topics: ATMs, Mobile Banking, Region: EMEA, Software

Companies: Microsoft, KAL


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Raisin acquires Choice Financial to let US banks offer customized savings accounts

https://www.mobilepaymentstoday.com/news/raisin-acquires-choice-financial-to-let-us-banks-offer-customized-savings-accounts/

Raisin acquires Choice Financial to let US banks offer customized savings accounts

Daniel Smith, CEO of Choice Financial Solutions

Raisin, a Berlin-based wealth management platform, agreed to buy Choice Financial Solutions, a software firm that will allow American banks and credit unions to offer a broader range of savings products directly to their customers or through the Raisin platform. 

Choice FS, which originally launched in 2010, will allow banks to offer customized short and long-term savings products that offer for example, cash distributions at set periods over time or ad hoc withdrawal availability. 

“Joining forces with Choice Financial Solutions lets Raisin begin offering cutting edge services to banks and customers before we even launch our U.S. platform,” Paul Knodel, CEO of Raisin U.S., said in a company release. “Retail customers increasingly expect convenience in every area of life, and banks want to meet that demand, not just in terms of online and mobile banking, but also their bank’s available range of products.”

Choice FS founder and CEO Daniel Smith said the company has been able to help banks and credit unions, burdened with legacy systems, develop customized deposit products for individual customers without excess overhead for the financial institution. 

“Joining the Raisin family for us means greatly strengthening our ability to scale and connect our software to the sector that needs it most,” he said,” in the release. 

Terms of the deal were not disclosed.

Cover image: Raisin


 


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Genmega Inc. introduces new features to universal kiosk

https://www.mobilepaymentstoday.com/news/genmega-inc-introduces-new-features-to-universal-kiosk/

Genmega Inc., a kiosk and ATM manufacturer, has introduced its new and improved Universal Kiosk 2, with plans to ship in spring 2020, according to a press release. 

The Universal Kiosk 2 provides greater flexibility and functionality. Customers can mix and match the components they need to create a custom kiosk to fit virtually any self-service need. Options include cryptocurrency, check-cashing, food-ordering, sports-betting, parking garages and more.

Other key features are a UL 291 safe, attractive edge lighting with 256 color variations and an integrated topper, eliminating the need to add additional signage for advertising.

Image courtesy of Genmega Inc.
 


Topics: ATMs, Bitcoin, Cryptocurrency, Mobile Banking


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Persistent Systems, Gojoko team with AWS on community bank, credit union platform

https://www.mobilepaymentstoday.com/news/persistent-systems-gojoko-team-with-aws-on-community-bank-credit-union-platform/

Persistent Systems, Gojoko team with AWS on community bank, credit union platform

India’s Persistent Systems Ltd. and U.K.-based Gojoko Marketing Ltd. have created a digital lending platform to help community banks and credit unions rapidly deploy a range of services to customers that allows them to more effectively compete against large incumbent financial institutions. 

The Community Lenders Go Digital Platform, which runs on top of the Persistent Digital Credit Union Solution and is backed by Amazon Web Services, allows credit unions and community banks to scale a wide array of services, ranging from digital onboarding to online deposit opening and Know Your Customer (KYC) services that use machine learning and artificial intelligence. 

“Credit unions and challenger banks aren’t in business to be technology experts, they’re in business to provide value to their members and customers,” Jaideep Dhok, general manager, banking, financial services and insurance at Persistent Systems, told Mobile Payments Today via email through a spokesperson. “Software is so interchangeable and seamlessly integrated that this new era is all about the composable enterprise and there’s no way for most businesses to grasp all the changes.”

In the U.K., the companies have been able to accelerate the growth of banking partners like My Community Bank, which uses the platform with the help of technology partners like Salesforce and Mambu. 

The platform is not just limited to credit unions and community banks, but after the U.K. launch in the fall., the firms signed one of their largest deals with a U.K. challenger bank, and that agreement is currently being implemented.


 


Topics: Mobile Banking, Region: APAC, Region: EMEA, Technology Providers

Companies: Persistent Systems, Amazon


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Temenos launches cloud-based banking distribution services

https://www.mobilepaymentstoday.com/news/temenos-launches-cloud-based-banking-distribution-services/

Temenos launches cloud-based banking distribution services

Temenos, a Switzerland-based banking software developer, announced the launch of Temenos Infinity Distribution Services, a suite of cloud-based banking distribution services that use artificial intelligence to help financial institutions transform their legacy systems to modern, digital platforms. 

The platform will help banks offer everything from digital onboarding services to funds authorization, marketing and other services that banks of any size can deploy out-of-the-box. 

“All banks today want to differentiate themselves and now they understand that to deliver standout customer experiences, they need to look beyond their app look and feel,” Darryl Proctor, product developer, digital at Tememos, said via email. “Banks now need the next generation of hyper-personalized, AI-driven experiences delivered independently of their core banking, which often means gathering data, pushing data and understanding data from multiple systems in a bank’s myriad of systems and services just to make a simple payment.”

The company said Temenos Infinity is available on premise, as a software-as-a-service offering or in the cloud via Microsoft Azure, AWS or Google Cloud. 

Cover image: Temenos.


Topics: Mobile Banking, Region: EMEA, Software, Technology Providers


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Visa to buy fintech data network Plaid for $5.3B

https://www.mobilepaymentstoday.com/articles/visa-to-buy-fintech-data-network-plaid-for-53b/

Visa Inc. has landed a blockbuster deal to acquire Plaid, a data network that connects bank data to apps like Venmo, Chime, Betterment and other major fintechs. The price tag: $5.3 billion. 

The acquisition will link Visa’s global credit and debit payments network with the startup firm, which connects about 25% of U.S. banking customers to financial apps, effectively linking more than 2,600 fintech developers to more than 11,000 financial institutions.

“Plaid opens up new market opportunities by significantly expanding Visa’s network capabilities and provides a terrific platform for extending our integrated payments solutions and value added services and positions Visa to capitalize on the fintech driven revolution that is happening in financial services,” Al Kelly, chairman and CEO of Visa said during a conference call,

Plaid co-founder and CEO Zach Perret said the agreement would help his company expand into new markets and provide a set of services at a rate that only a global network like Visa could provide. 

“The more we have partnered with and learned about Visa the more excited we are about the potential for accelerating our mission and impact by utilizing the global scale of Visa, its deep expertise in building financial networks and of course its world class brand,” he said during the call

He will continue to run the Plaid business and report to Visa. 

Kelly said the acquisition would help Visa and Plaid offer expanded services to customers in four ways: 

  • Partner more extensively with a broad range of fast growing fintechs through the delivery of developer services that Visa does not currently provide.
  • Deliver a variety of payment capabilities and value added services as part of a network-of-networks strategy.
  • Provide high value offerings in international open banking markets.
  • Offer consumer data management solutions that put consumers at the center of managing their data and how and where it is used. 

Erika Baumann, senior analyst at Aite Group, said the agreement was in line with sentiments expressed by Visa in the past couple of years and recent moves by the payments company to accelerate its reach. 

“As Visa embeds itself into the payments architecture, connectivity is so important to building out a robust network to create a rich payments footprint that is as large as possible,” Baumann told Mobile Payments Today via email. “Visa and Mastercard have both exhibited their commitment to, as well as the importance of, a business strategy that reaches beyond the traditional card network and owning the payment end-to-end, agnostic of payment type.”

Nick Maynard, senior analyst at Juniper Research, said the acquisition was another example of a major card network to get ‘beyond the card’ and significantly diversify its revenue stream.

“Visa’s acquisition of Plaid is particularly noteworthy, given that Mastercard had previously invested alongside Visa in a previous funding round,” he said. “This acquisition also reflects the importance of Open Banking, which has the potential to completely disrupt previously established banking models.”

The agreement is subject to regulatory approval and is expected to close in three to six months. 

Cover image: Plaid

https://www.mobilepaymentstoday.com/articles/visa-to-buy-fintech-data-network-plaid-for-53b/

BP launches customer loyalty program at BP, Amoco gas stations

https://www.mobilepaymentstoday.com/news/bp-launches-customer-loyalty-program-at-bp-amoco-gas-stations/

BP launches customer loyalty program at BP, Amoco gas stations

Provided

BP plc, a London-based energy producer, has launched a consumer loyalty program, called BPme Rewards, which has rolled out to participating BP and Amoco gas stations across the U.S. 

The program replaced the previous loyalty program, called BP Driver Rewards, which ended Sept. 30. The new program provides a 5 cent per gallon discount during the first month of use, and if customers buy $100 of gas per month, offers 5 cents off each gallon. 

The loyalty program can be accessed exclusively through the BPme mobile app, which allows customers to buy gasoline without the need to swipe a credit card or use the pin pad at the fueling station. The app also helps customers track their rewards and automatically deducts points on purchases. 

“We know our customers are busy, so we want to make fueling up as quick and easy as possible, while continuing to provide great rewards that keep them coming back,” Nicola Buck, BP head of marketing, said in a company release. “BPMe Rewards delivers on both these promises – and is a cornerstone of BP’s strategy to connect seamlessly with today’s on the go consumer.”

The company is offering customers who open a BP Visa Credit Card or BP Credit Card and enroll in BPme Rewards a discount of 30 cents a gallon. 

Cover image: BP


Topics: Loyalty Programs, Mobile Apps, Mobile Payments, POS


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Paysafe expands omni-channel payment offerings with Handpoint

https://www.mobilepaymentstoday.com/news/paysafe-expands-omni-channel-payment-offerings-with-handpoint/

Paysafe expands omni-channel payment offerings with Handpoint

Provided by Paysafe

Paysafe has expanded its omni-channel offerings with the launch of the Cloud SDK from Handpoint, a firm that specializes in integrated payments. 

The service allows independent software vendors with cloud-based platforms to provide firms with enhanced in-person payments, which complements existing Handpoint APIs an SDKs used by Paysafe clients with iOS, Android or desktop apps, according to a company press release.

Paysafe said the move comes at a time when independent software vendors are broadening payment options, and the new integration allows ISVs to diversify their offerings through in-person payments using EMV cards, as well as mobile wallets like Apple Pay, Google Pay.

“An omni-channel payments offering is vital for success in the ISV space — providing consumers with a seamless experience whether they’re paying in person, online or via mobile,” O.B. Rawls, CEO of Global Payment Processing at Paysafe, said in the release.

Jody Muelegger, COO and head of North America at Handpoint, said ISV’s need to support the evolving needs of merchants. 

“Our cloud SDK combined with Paysafe’s omnicommerce technology enables cutting edge software providers to integrate unified payments across every touchpoint, without compromising security, control or the customer experience,” Muelegger said in the release.

 


Topics: Mobile/Digital Wallet, Mobile Payments, POS, Software, Technology Providers

Companies: Paysafe Group


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