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.MAC UPDATES
Three Reasons to Attend MAC's Virtual Regional
MAC Virtual Regional, scheduled for Nov. 9, will bring together the payments industry for a half-day virtual event covering the industry’s topics and trends. This virtual event is packed with the resources you need to prepare for upcoming changes and updates to the payment ecosystem.
Click here to discover three reasons why you should plan to attend.
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Make an impact with MAC
Are you looking to make an impact in the payments ecosystem? Consider sharing your knowledge as a speaker at a MAC event, such as Level Up or a monthly webinar.
MAC seeks proposals from diverse organizations and individual experts across the payments and fintech industries, academia, government, and law enforcement. Please 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
2 key digital payments trends in the post-COVID world
PaymentsJournal
No one could have predicted what 2020 would bring. That sentiment rings true across nearly every aspect of our lives, and the way consumers pay is no exception. Now well into 2021, changes in behavior offer insight into the evolution of digital payment trends since the pandemic began.
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Boarding more merchants faster is key to growing a merchant acquiring business, but it’s risky. KYC due diligence is more than simply a required “tick-the-box” task—it’s the first and critical line of defense against boarding bad actors. This series is designed for risk managers looking to implement the latest advancements in KYC technologies to speed due diligence and underwriting while increasing revenue and compliance.
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Global payments industry to bounce back from pandemic-induced contraction this year
The National
The global payments industry posted its first contraction in 11 years in 2020 but is poised to quickly return to its long-term growth trajectory, according to management consultant company McKinsey & Company's annual sector report.
The sector's revenue fell 5 per cent annually last year to $1.9 trillion, as the pandemic-induced global economic slowdown weighed heavily on the industry.
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Fraudulent payments possible using locked iPhone with Apple Pay Express Transit Mode and Visa Card
CPO Magazine
Security researchers discovered that someone could make fraudulent payments worth thousands of dollars using a locked iPhone without authentication. The researchers from the Universities of Birmingham and Surrey and the U.K National Cyber Security Centre (NCSC) said that the risk originates from an unpatched vulnerability in Apple Pay and Visa credit or debit card combinations.
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New report: Capturing the global cryptocurrency payments opportunity
PYMNTS
Consumers and businesses alike are expressing more curiosity surrounding emerging payment methods after a year of rapid change to common shopping and banking practices. Both groups are making a larger amount of their daily transactions online nowadays, a trend that led merchants to examine the current payment method they offered and their current benefits with more scrutiny. Interest in emerging payment tools such as cryptocurrencies is rising as businesses and financial institutions (FIs) look for ways to stay competitive.
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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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Fintech-enabled solutions are helping to advance women's financial health
Information Age
In the thirty years since the fabulous movie Working Girl hit our screens, much has changed for women’s gender parity in the workplace and outside. Movements such as #MeToo and #TimesUp have exposed the magnitude of the sexual violence faced by women, while campaigns such as #MeTooPay have uncovered discrepancies in salaries that have fueled the fight for pay equality. Yet there is one area where the gender gap remains wide open, and the taboo surrounding it lingers unchallenged: the financial health and wellbeing of women.
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Canadian fintech Periculum gets a boost for automated credit assessment with $620,000 pre-seed funding
TechCabal
Focused on improving financial inclusion in Nigeria and other emerging markets through automated credit assessment tools that close the consumer credit gap and help financial institutions provide credit facilities to the financially excluded, Canadian fintech startup, Periculum, has raised a $620,000 pre-seed funding round. This will help it to expand its team, improve product development and scale its operations in Nigeria and other markets.
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McKinsey: Firms should prepare for the 'inevitable changes' of CBDC
Finextra
McKinsey’s annual Global Payments Report released on day one of Sibos 2021, outlines a positive, albeit unbalanced, return to growth across the sector after COVID-19, underscoring the action firms should take in anticipation of widespread digital currency adoption.
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Mobile money — how innovation in Kenya paved the way for digital payments
The Economist
Paying for things using your phone has become far more widespread during the pandemic. But Western consumers are playing catch-up. Mobile payments have been widespread for more than a decade in Africa, and in particular in Kenya, where the world’s first successful mobile-money system, called M-PESA, was launched in 2007.
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Promoted by LegitScript
Merchant's ads can be problematic and subject to scrutiny from regulators and card brands. It is vital to understand the types of ads merchants run to drive traffic to their website. In an upcoming webinar on October 13th at 1:00 p.m. ET, you’ll learn how, when and why you should be evaluating advertising for your sponsored merchants.
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Banks must embrace next generation of payments to stay in the race says Capgemini
Banking Exchange
U.S. banks must prioritize digital services in order to remain competitive, according to the World Payments Report 2021 by Capgemini.
By 2025, instant payments and e-money payments will account for more than 25% of global non-cash transactions, with almost 45% of consumers now frequently using mobile wallets to make payments.
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How fintech can foster financial inclusion as our preference for cash wanes
The National
Is cash dead? Not yet. The majority of people in most countries — roughly 75 percent of the world’s population — still conduct most transactions with cash.
Nonetheless, a massive transition to digital payments is under way. According to a recent survey by management consultancy McKinsey, 58 percent of Middle East consumers strongly prefer digital payment methods, while only 10 percent strongly prefer cash.
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What to know before applying for a crypto credit card
Blockchain News
Nexo’s deal with MasterCard created a huge development in the world of crypto: for the first time, crypto holders could borrow against a variety of digital currencies and use them to make day to day transactions. With this co-branded crypto card, users could easily spend digital assets and not have to worry about conversion fees or minimum monthly repayments.
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Promoted by
Sysnet Global Solutions
| Are you ‘prescribing’ the right security solution to your merchants?
When it comes to small businesses, an all-in-one cybersecurity solution is just what the doctor ordered. |
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Promoted by
Select Choice
| The world is changing every day. Help your team stay ahead of the curve with people solutions from Select Choice. In our latest whitepaper, Making Moments Matter, you'll have access to leading research on staff and resource development. |
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