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.MAC UPDATES
Level Up 22 will offer more educational tracks!
Level Up 22 will now offer three education tracks at our first in-person event since 2019! Join us in Las Vegas, March 1-3, and participate in a curated education agenda built by your industry peers. With three parallel tracks on the agenda, we are sure to have a session or a topic of interest for you and your role in the payments ecosystem.
In fact, do you have a topic to share? We are still accepting presentations or topic suggestions, but space is limited. Submit a topic by clicking here.
Register early and pay the pre-pandemic 2020 registration fee until December 17. Continue to watch this space for agenda highlights, details on networking events, and more event updates as we build the framework for Level Up 22.
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Access the Video Playback of Virtual Regional 21
Are you looking to refresh your skillset or learn more about a trending topic in the payments landscape? Access the Virtual Regional Playback, complimentary for MAC members. If you missed the live event, we encourage you to take advantage of the playback and hear from industry experts on topics such as Buy Now Pay Later, Adult Merchants, Surcharging/Cash Discounting, Regulatory Updates, and much more.
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.INDUSTRY NEWS
A shared responsibility between institutions, consumers
Business World
Digital payments are becoming a part of people's lifestyles in the new normal as consumers are further adopting electronic wallets, online banking, and e-commerce platforms, to name a few. A survey by Mastercard across 18 markets globally show that 90% of the consumers were found to have tried at least one emerging payment type in the last year, while 60% would like to shy away from merchants who do not offer electronic payments of any kind.
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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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ACI's network intelligence technology takes aim at real-time payments fraud
Digital Transactions
As criminals increasingly target real-time payments networks with fraud scams, ACI Worldwide Inc. on Monday announced the launch of its proprietary Network Intelligence Technology as part of its ACI Fraud Management platform.
The new technology enables banks, processors, acquirers, and networks to augment fraud-prevention strategies by allowing them to share industrywide fraud indicators through machine-learning models.
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Cash no longer king as digital payments boom
Forbes
Hong Kong is heading towards a near-cashless society with FIS, a payments processor, forecasting that paper money and coins will account for no more than 1.6% of point-of-sale (POS) transactions by 2024, the lowest in the Asia-Pacific region, and down from 9% in 2019.
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Christmas shopping: How to pay and protect your purchases
Forbes
Brits are planning to spend more on Christmas shopping this year than in 2020, according to the Shopping for Christmas 2021 report, an annual joint venture between Vouchercodes.co.uk and GlobalData. After a year where many were either furloughed or laid off due to the Coronavirus pandemic, 13% less (62%) say they will be using their own earnings, opting for credit cards, store cards, loans, and payday loans instead.
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Negative-option billing, also known as continuity marketing, is a deceptive approach to ensnaring consumers in ongoing subscriptions without their express consent. LegitScript's new 13-page negative-option billing guide discusses important topics in this area, including how negative-option billing works, common red flags, and tips to minimize risk.
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Costco warns customers their payment card details may have been stolen
PC Mag
Some Costco customers will need to keep a close eye on their bank accounts in the months ahead after a card skimmer was discovered at one of the company's stores. As BleepingComputer reports, Costco hasn't revealed which warehouse the skimmer was discovered at or when it was discovered.
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Mitigating the risks of payments fraud
Africa.com
Global losses from payment fraud have tripled from US$9.84 billion in 2011 to US$32.39 billion in 2020, according to Deutsche Bank's 2021 report on the future of payments. And financial professionals are saying COVID-19 hasn’t helped matters, with 65% believing that the global pandemic is to blame for some of the accelerated rate in fraud activity, revealed by a 2021 survey by the Association for Financial Professionals (AFP).
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Facebook Pay is a new payment system for WhatsApp, Instagram, and Facebook
The Verge
Facebook recently launched a new payment system, appropriately named Facebook Pay. It will be available across Facebook, Messenger, Instagram, and WhatsApp, and it's designed to facilitate payments across Facebook’s popular social networks and apps. You’ll be able to use Facebook Pay to send money to friends, shop for goods, or even donate to fundraisers.
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Mobile payments continue to accelerate post-pandemic
The Paypers
A pandemic fuelled a surge in the volume and value of mobile payments conducted using digital wallets has laid a foundation for their continued adoption even as global lockdown restrictions have eased. And that trend should drive parallel growth in other mobile payment methods such as QR codes and carrier billing as more significant numbers of consumers become progressively more comfortable using their smartphones to pay for goods and services.
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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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Twilight of China's super app era as WeChat Pay cooperates with state-backed banks
Verdict
One of China's biggest mobile payment platforms, WeChat Pay, is apparently cooperating with several national financial institutions to further promote openness and interoperability among the digital payment industry. The news comes as regulators have urged private financial service providers in China to open up their platforms or face penalties.
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