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.MAC UPDATES
MAC announces new website upgrades
If you missed the announcement during Tech Days, MAC is releasing a new member website this Spring. What can you expect from our new website?
- Improved functionality
- Tools to collaborate with peers in the payments ecosystem
- Resource library and reference materials
- Trends and alerts at the forefront
Please watch this space and MAC emails for updates and sneak peeks as we work to build your new MAC member website.
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MAC has an open call for Board seats
As an industry-leading group of risk management professionals, MAC has a unique opportunity to educate and influence our peers and those organizations that govern our businesses. As such, we are looking for strategic leaders who have a passion for evolving our industry. The MAC Board of Directors and Board Advisor elections are now underway.
The MAC Board is comprised of 15 Directors and 7 Board Advisors. Currently, the following positions are open for election: (1) Treasurer and (5) Directors.
As a MAC member, you may apply for any one of these open positions. The minimum criteria to be considered are the following:
- 5+ years experience in the payments industry
- Consent/support of your company
- Be a current MAC member in good standing
- Possess a passion for change, leadership, and new opportunities to make a difference
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.INDUSTRY NEWS
Credit card industry trends in 2021
Bankrate
Cash was already going the way of the dinosaur, and then COVID-19 came along. All of a sudden, something as innocuous as paying for groceries with paper bills became a scary proposition. For some, even using credit cards seemed daring and they switched to digital wallets that let them “tap to pay” when checking out in a store.
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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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The most influential women in payments, 2021
PaymentsSource
The payments industry is no stranger to disruption, which is why it was so well equipped to handle the economic and health crises of 2020.
Each payment company had a role to play — whether it was reaching underserved audiences, distributing stimulus payments or increasing digital access to accounts — and none of these tasks would have succeeded without strong leadership.
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Four payments industry trends to watch for
Business Insider
The payments space has accelerated at a faster pace than previously expected because of the pandemic and change in consumer behavior.
Last year, more consumers embraced different payment methods, including contactless payments. And it's a behavior that will likely stick as more adults worldwide come to expect this option going forward.
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Data-driven: Vroom CEO takes fast lane to car buying's connected economy
PYMNTS
There are a lot of things U.S. consumers associate with the car buying experience.
For example, a 2020 report from the Federal Trade Commission suggested that “unfair negotiation” was one of them. As the car industry struggled and then recovered during the pandemic, that customer experience started to change. Several digital-first companies took the car buying experience more seriously, making it an essential part of their value proposition. Among them: Carvana, Vroom and Shift.
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PayPal fraud: What merchants should know
WeLiveSecurity
With a total payment volume of $247 billion, PayPal remains one of the more popular online payment providers among major brands and a variety of smaller businesses and vendors. Indeed, the payment giant boasts 28 million registered merchants on its platform.
However, compared to major, big-name companies like Sony or Microsoft, smaller vendors, especially those that sell items as a sideline, don’t have the luxury of having a whole army of cybersecurity professionals manning their cyber-defenses. As a result, smaller vendors are a lot more susceptible to various forms of fraud and cyberattacks that threat actors can fling their way.
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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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Digital payments firm SumUp borrows 750 million euros to fund growth
Yahoo!
Digital payments provider SumUp said on Tuesday it had borrowed 750 million euros ($894 million) from backers led by Goldman Sachs to invest in acquisitions and new products as it continues its global expansion.
Also backing the debt round by the provider of mobile point-of-sale terminals for small businesses like cafes and car repair shops were Singapore's Temasek Holdings, Bain Capital Credit, Crestline and funds run by Oaktree Capital Management.
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Strategic trends in retail payments: Steps towards genuine financial inclusion?
Lexology
The report published by Pay.UK, “Strategic trends: Retail payments in a future world,” examines the way our homes, work and play are changing due to evolving technologies, smarter AI and changing consumer behaviors. It explores the key drivers of change in payments, underlying market trends, and what this could mean for how payments manifest themselves by 2030.
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Opinion: Why buy now, pay later may be one of the biggest retail trends of 2021
AdAge
We’ve seen how much e-commerce has grown over the past year, how more people are ordering groceries online and how click-and-collect is booming. But one of the less talked-about trends could become one of the most impactful ones in the retail space in 2021. It's "buy now, pay later," which allows consumers to receive an item and pay for it in installments, with no interest or late fees if paid on time.
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P2P payment fraud is declining overall, but some types are on the rise
PaymentsJournal
Mercator Advisory Group’s most recent consumer survey report, 2020 North American PaymentsInsights: Debit – Continued Change, from the bi-annual North American PaymentsInsights series, takes an in-depth look at U.S. consumers’ current attitudes and behaviors with regard to debit cards and P2P payments.
While the data from this survey indicate a decrease in the number of debit users, actual debit card volume is increasing in the pandemic era.
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Promoted By LegitScript
In this upcoming LegitScript webinar on Wednesday, March 24th, learn the latest research on transaction laundering typologies, including the ways in which launderers hedge their risk and alter strategies over time.
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Payroll diversion, supply chain crime raise B2B payment fraud alerts
PYMNTS
Criminals are creative, and when it comes to corporate payments, there are a plethora of ways scammers can infiltrate a transaction workflow to steal not only money, but also goods. This week's B2B Data Digest looks at some of the biggest stories in B2B payments fraud, including a post-payment supply chain theft and a dramatic surge in payroll diversion crime.
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Flutterwave teams up with PayPal on African payments
Yahoo!
Fintech company Flutterwave has teamed up with U.S. payments giant PayPal to enable PayPal customers pay African merchants through its platform, the Africa-focused payments firm said on Tuesday.
The collaboration will connect small and medium enterprises with the more than 377 million PayPal account holders globally, Flutterwave said, eliminating the barrier to cross-border commerce.
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Putting speed bumps in the path of real-time payments fraud
PYMNTS
No one ever said that developing real-time payments would be easy. While more businesses are realizing the need for the velocity and data that comes with real-time payments, they’re also realizing that it’s challenging to safeguard such systems. “These struggles are leading many to examine cutting-edge tools that can help them better protect these transactions from fraud,” according to PYMNTS January 2021 Real-Time Payments Tracker® done in collaboration with The Clearing House.
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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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Antitrust risks cloud outlook for fintech deals amid surge
Roll Call
The pace of global merger activity involving financial technology companies is accelerating as the economic turmoil caused by the COVID-19 pandemic gradually begins to subside.
A total of 232 global fintech deals were announced from Jan. 1 through March 10 with an aggregate value of $47.8 billion, compared with 160 deals collectively worth $39.3 billion during the first full quarter of 2020 before the pandemic fully struck the United States, according to data provided to CQ Roll Call by law firm Ropes & Gray LLP.
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