Mobile payments trends report shows mainstream adoption is a long way off

Industry analysts had predicted that Apple would kick smartphone wallets into gear but that might not be it.

When Apple Pay was launched, many analysts believed this would be the start of powerful mobile payments trends. They felt that Apple was the key to the mainstream adoption of mobile wallets. That said, that wallet app has now been available for about two years and adoption has been slower than anticipated.

Some analysts are now saying that the start of the widespread use of mobile payments won’t happen for some time.

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NFC Is a Bigger Tech Opportunity for Merchants than EMV

From Payments Source -

“EMV is far from being a new technology. In fact, European countries have been using EMV chip-enabled credit cards and processing terminals for nearly 30 years.

Despite all the noise around the recent liability shift deadline for merchants to become EMV compliant, this payment technology could soon become a thing of the past, especially as it faces consumers’ increasing adoption of new payment technologies such as Near Field Communication (NFC)-enabled devices and mobile payments.”

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China launches cross-border payment system

From Finextra -

“China's cross-border interbank payments system, established as a yuan-based alternative to the interbank Swift network, has launched with 11 domestic banks and eight foreign institutions onboard.

The CIPS platform will be used to support cross-border goods and services trade settlement, direct investment, as well as financing and individual fund transfers, with the aim of boosting yuan liquidity globally. CIPS uses global payment standards and enables same day clearing across Asia, Oceania, Europe and other time zones through extended operating hours.”

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Nedbank South Africa revamps payments ahead of September 2016 deadline

From Banking Technology –

“South Africa’s Nedbank has chosen Volante Technologies to help it revamp its payments message service using VolPay Foundation, which focuses on validating and processing payments. The move comes ahead of regulatory change next year, which will force all South African institutions to change the way they handle payments.

Under the new rules, all South African banks will have to cease offering non-authenticated early debit orders by September 2016 and instead offer a new debit order instrument, called Authenticated Collections. The rule-change is part of a general drive towards greater transparency; the new AC debit order instrument uses a combination of the ISO 20022 and ISO 8583 message standards to authenticate, process and report on the lifecycle of each transaction.”

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