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.MAC UPDATES
Why you need to attend Tech Day(s)
Tech Day(s) is a must-attend event for those in engineering, change management, settlement, project management, product management, frontend, and backend processing, switch SMEs, gateway providers, and anyone responsible for managing technical or tactical compliance with the card brand and industry regulations.
This event will keep you abreast of ever-evolving technical threats and the impact they can cause on your organization. Industry leaders will cover important developments in AI, cybersecurity, and compromised employees, and much more. The full agenda is available online here.
With the ever-evolving payments landscape, Tech Day(s) will give you the resources to get up to speed on the latest industry challenges and provide actionable takeaways to implement within your organization to combat growing threats.
This event is free for MAC members and $149 for nonmembers. Register today.
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MAC Community - We need your help!
As we continue to build our event calendar for 2021, we seek speaking proposals from diverse organizations and individual experts across the payments and fintech industries, academia, government, and law enforcement.
We encourage you to submit a proposal if you specialize in risk mitigation, compliance, AML, fraud prevention, researching criminal networks, or have awesomeness to share that could be in scope for our members.
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.INDUSTRY NEWS
Amazon expands its biometric payment offering to more stores
Business Insider
The retailer is bringing Amazon One, its hand-scanning payment offering, to three additional Amazon Go stores in Seattle, per PYMNTS. The tech, which was originally launched in September, allows customers to authenticate payments in-store using their palm, and also works as an alternative entry method for Amazon Go stores.
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Legitimate merchants and bad actors alike can adapt to anything, including a pandemic. Whether you have a conservative or risky merchant portfolio, understanding shifts in payments risk is core to your success. This year’s event is dedicated to the tools of modern risk management—web forensics, data science, and automation.
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B2B payment trends to watch for
Mobile Payments Today
2020 was such an unexpected year. Even if you saw the pandemic coming, I doubt anyone would have guessed in March 2020 that we'd still be talking about it in January 2021. Or grasped how much it would change pretty much everything. Still, some clear trends in B2B payments have emerged from the year's events and are likely to unfold in the next eleven months.
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New healthcare study: Emergency intervention needed for patient payments, experiences
PYMNTS
Historians will remember 2020 as the year when a global health crisis cratered hospital and medical practice financials when they would otherwise have been strong.
Healthcare’s own visit to the economic ER is one of many contradictions arising from the COVID-19 era. As PYMNTS' January 2021 Healthcare Payment Experience Report, done in collaboration with Rectangle Health, notes, “The stakes are extraordinarily high. Physicians and health systems lost billions in revenue during the first few months of 2020, and barriers to positive consumer experiences, like unwieldy payment processes or handwritten registration procedures, can diminish patients’ loyalties to their healthcare providers."
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Invisible payments bring visible benefits and risks
PaymentsSource
For most of human history, payments have been tangible, whether they’ve come in the form of bartered goods, hard currency, or cards. But in our digital world, invisible payments are increasingly ubiquitous, as customers turn to convenient, efficient, and user-friendly methods like e-wallets and app-based payments.
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AgeChecker.Net is the leading provider in online age verification for age-restricted industries. Compliance for Tobacco, Vape, CBD, gaming, supplements and many more. Require your merchants to use online age verification for age restricted products. Protect your merchant portfolio by adding an additional layer of KYC compliance.
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As contactless menu ordering becomes the norm amid COVID, China pushes back
TechCrunch
Digital ordering and paying at restaurants was already gaining much ground in China before the COVID-19 pandemic hit. The tap-to-order method on a smartphone is part of the greater development in China where cash and physical documentation is increasingly being phased out. Many restaurants across large cities go as far as making digital menus mandatory, cutting staff costs.
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Top m-commerce trends to look for in 2021
The Paypers
COVID-19 has accelerated existing m-commerce and consumer payment trends around the world. M-commerce growth has been limited by consumers not seeing the additional benefit over their existing preferred payment method. The pandemic has made clear the value from social distant purchasing both in proximity in-store and remote mobile payments. Euromonitor projects total m-commerce across 47 researched markets to reach USD 6.2 trillion by 2025. M-commerce across the same markets increased by 26% from 2019 to 2020. Some key developments in the immediate future for m-commerce will be the focus on virtual brand engagement, consolidation in the fintech space, rising level of fraud, and an increase in mobile proximity payments.
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Combating rising card fraud during a pandemic
ITProPortal
The frequency of debit and credit card fraud has risen to unprecedented levels since the start of the pandemic. Even as many national economies falter from coronavirus, and millions of citizens struggle with job losses and debt, fraudsters haven’t stopped and are continuing to actively pursue fraudulent transactions.
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Top 5 fintech trends that will shape financial markets in 2021
Entrepreneur
The year 2020 was not the greatest for many industries due to COVID-19. But interestingly, the likes of fintech reported rapid growth during the pandemic. In the absence of physical contacts, consumers relied on virtual financial services to access and disburse funds and fintech solutions came through.
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Promoted By LegitScript
Ever wish it was easier to navigate complex industries engaged in e-commerce like CBD, supplements, or telemedicine? Sign-up for LegitScript's webinar on January 27 at 1pm ET to learn how.
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Payments in 2021: Five trends driving industry transformation
Forbes
The unforeseen market shifts that confronted the payments industry in early 2020 remained prevalent throughout the year. These shifts further catalyzed three overarching themes that continue to reshape the competitive dynamics within the payments ecosystem: the rapid growth of digital commerce, the proliferation of emerging payment methods and the development of next-generation payment infrastructure. In 2021, these three inextricably intertwined themes will be at the heart of payments industry transformation and innovation.
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Video: Goodbye cards, hello open payments
Forbes
This time three years ago, PSD2 came into force in Europe. It set in motion open banking initiatives across Europe, requiring banks to open up their financial data to third-party providers.
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Italian Banking Association embraces need for speed for future of real-time payments
PYMNTS
To get a sense of the present state — and future — of instant payments, look to Italy. It has pulled ahead of its EU neighbors in developing real-time payments technology and in recruiting banks to adopt it.
It’s a trend that has been encouraged by the Italian Banking Association, whose official role is to “represent, safeguard and promote the common and legitimate interests of its members, undertaking initiatives for the orderly, stable and efficient growth of the banking and financial sector in a competitive framework, consistent with the national and European regulation.”
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The growing popularity of no-transaction fraud
The Paypers
As opposed to payment fraud, which occurs at the checkout stage, with the fraudster actually performing a transaction on the merchant’s website or app, no-transaction fraud happens earlier in the buyer’s journey. Although no-transaction fraud doesn’t result in a direct purchase via the checkout process, it can cause substantial damage to the business.
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Ransomware payments are going down as more victims decide not to pay up
ZDNet
The average ransom paid to cyber criminals following a ransomware attack is falling as more companies become reluctant to give into extortion demands.
Analysis by cybersecurity company Coveware has found that the average ransom payment paid following a ransomware attack decreased by a third in the final quarter of 2020, dropping to $154,108 from $233,817 during the previous three months.
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Promoted by
Sysnet Global Solutions
| Learn how acquirers and processors can reduce their reliance on PCI non-compliance fee revenue while setting the stage to deliver enhanced security capabilities that increase PCI compliance, reduce merchant churn, and dramatically enhance overall recurring revenue |
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Promoted by
MultiView
Nearly two decades ago we recognized that industry associations relied on offline communications in an increasingly online world. We also saw that businesses who sell to other businesses [B2B] were limited to just a few traditional tactics for reaching their niche groups.
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Taking the Swedish approach to instant payments ubiquity
PYMNTS
The global payments ecosystem is still in flux after a year of rapid changes caused by the pandemic, and instant payments are becoming more intriguing to consumers around the globe. One PYMNTS study found that 59 percent of United States consumers would use instant payments because of their convenience, for example. Roughly the same number would choose them for their primary virtue: speed.
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