PYMNTS
JUNE 17, 2016
In this week’s edition of PYMNTS’ Weekly Tech Center Roundup , we take a look at Canada’s “economic powerhouse” and explore why Toronto may just be the next great tech startup creator. Before we jump into the post, here are a few quick facts about Toronto, Canada and its tech scene: Estimated population was 6.2 million as of 2016. The city’s GDP tops $304 billion.
Katz,Sapper&Miller
JUNE 16, 2016
In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-03, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council) (ASU No. 2016-03).
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PYMNTS
JUNE 14, 2016
Tapp Commerce , the peer-to-peer commerce exchange network that traces its roots to Finland but has been targeting expansion in Asia, said on Sunday (June 12) that it has garnered $9 million to help fund growth initiatives. The firm said via release that the latest funding brings the cumulative investment in the firm to date to just under $13 million.
PYMNTS
JUNE 17, 2016
Visa is the first to admit that a lot of progress has been made in the U.S. EMV migration over the last seven months. Today, there are 300 million chip cards in circulation and 1.2 million EMV merchant locations. It’s also the first to say that there could and should be more places for consumers to use their chip cards. Terminal certification has, so far, been a big barrier to making that possible, and the hue and cry across the ecosystem over the EMV certification backlog has now reached
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PYMNTS
JUNE 14, 2016
Gas stations offer a lot of benefits for card fraudsters. They’re unattended, which makes it easy (and even inconspicuous) for them to check out whether their counterfeit cards are alive and well and ready to use. Recognizing that problem for station owner/operators, in 2014, Visa introduced the Visa Transaction Advisor (VTA) to help these retailers fight back, especially given the anticipated lag in equipping fuel pumps with EMV readers.
PYMNTS
JUNE 17, 2016
Silicon Valley has the banking industry in its crosshairs. Hardly a day, hardly even a nanosecond, goes by without a VC, entrepreneur, or tech media pundit claiming that some Internet-something-or-other is going to take out the stodgy financial services industry. It’s even gone mainstream: Lesley Stahl’s breathless “60 Minutes” interview with the 20-something Stripe founders ends with the anchor exclaiming , “Oh!
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
JUNE 14, 2016
Retailers are struggling to keep tabs on shoplifters who are increasingly becoming their top source of loss, averaging $377 per incidence, up $60 from the year before. At 39 percent, shoplifting was found to be the biggest contributor among factors that led to overall inventory shrinkage in 2015 causing a $45.2 billion loss across the United States, according to NRF’s 2016 National Retail Security survey.
PYMNTS
JUNE 16, 2016
The interbank messaging firm SWIFT has had a rough few months. Cyberattackers were able to steal $81 million from the Bangladesh central bank by compromising the SWIFT messaging system , forcing the company — and financial services players everywhere — to take a renewed look at payments security measures. The security compromise hasn’t led FinServ firms to shy away from the global payments messaging company, however.
PYMNTS
JUNE 17, 2016
Is the concept of “experimenting with a digital dollar” the financial services industry’s version of the hula hoop? Flash in the pan sizzle that will soon crash and fizzle? Bank of Canada has put its toe in that digital dollar water by announcing this week that it was working with one of the largest banks in the land (of Canada) to create its own electronic version of the Canadian dollar : CAD-COIN, a blockchain-based digital fiat currency.
PYMNTS
JUNE 16, 2016
Pushing heavy carts across Walmart stores might soon be a thing of past. The retail giant is working on developing smart shopping carts that are capable of helping customers look for items on their shopping list. The robotic shopping carts would also save Walmart customers the trouble of pushing them around the store and into the parking lot, Bloomberg reported.
Speaker: James Kahler, COO of Full Course
Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.
PYMNTS
JUNE 16, 2016
Visa and MasterCard are using security measures prone to fraud, putting retailers and customers at risk of thieves, The Home Depot says in a new federal antitrust lawsuit. It’s the latest large retailer to raise the security concerns, with a lawsuit filed this week in U.S. District Court in Atlanta. Last month, Walmart sued Visa over similar issues.
PYMNTS
JUNE 17, 2016
Advertising is designed to drive sales but it’s often tough to close the loop and prove the point. It’s a question that USA Technologies, a leader in digitizing payments for unattended retail , wanted answered with respect to the use of mobile payments to buy goodies in vending machines. As they say, survey says … it does … and for a very particular mobile payments provider: Apple Pay.
PYMNTS
JUNE 16, 2016
A lot of fuss is made over millennials and their proclivities toward things being easy. What’s often lost in this dismissive, overarching perception is that easy is not the same as lazy. But really, why would this generation – or any other – not look for an easier way to do things? Marathons and other tests of endurance aside, unless there’s some sort of positive outcome for taking a more tedious, labor intensive route, why would anyone take it?
PYMNTS
JUNE 17, 2016
If you were asked to describe the average Dollar Store consumer, most people are likely to think of the phrases “working class” or “low income.” But as it turns out, the dollar stores (Dollar Tree, Family Dollar, Dollar General, etc) are increasingly attracting a set of buyers that may surprise most: young affluent shoppers merely looking for a bargain.
Speaker: Jamie Eagan
As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of
PYMNTS
JUNE 15, 2016
Apple Pay will soon be coming to IBM ‘s website to serve its commercial clients with the ability to use Apple Pay to pay on the iPhone, iPad or Mac with just one touch. IBM announced this week that it will offer Apple pay to clients that use IBM’s WebSphere Commerce or IBM Commerce on Cloud. WebSphere Commerce currently powers over 12,000 store fronts for online retailers globally and provides omnichannel shopping experiences.
PYMNTS
JUNE 17, 2016
Mobile device users ages 21–29 and 30–39 are leading the charge in the country’s mobile payments adoption. Millennials in China make the vast majority of the mobile payments taking place, eMarketer reported on Thursday (June 16). Data from Ipsos found that these young adults living in tier 1 and 2 cities in China use their mobile devices to pay for bills, conduct transactions and participate in online-to-offline commerce and other payment-related activities.
PYMNTS
JUNE 15, 2016
Will it really happen? Thus far polls show that in the U.K., with an eye on the European Union, the answer to the question “should I stay or should I go” is … go. . A June 23 vote is scheduled and being watched with bated breath to see if the U.K. does indeed go its own way. For FinTech, where the U.K. has been at the forefront of technology and innovation, with the wholesale backing of the government, the problems would start almost immediately, once an exit is actually engineered.
PYMNTS
JUNE 15, 2016
Retail sales in May surpassed expectations with an increase in consumer spending that is projected to uplift the U.S. economy in the second quarter. Retail sales grew by 0.5 percent, beating a projection of 0.3 percent increase in sales. The increase comes on the heels of a 1.3 percent boost in sales last month, which marked the biggest gain in sales this year, Bloomberg reported.
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Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.
PYMNTS
JUNE 14, 2016
“We’re having a digital identity crisis in financial services, and it’s starting to get in the way of the access to payments and financial services that consumers and business that they interact with increasingly want and need.”. That was the crux of a recent digital discussion Karen Webster had with Ken Allen, SVP of operations at Socure , when the two dug into one increasingly evolving, complex topic that’s driving the future of payments and financial services: authenticating the consume
PYMNTS
JUNE 16, 2016
For the many retailers racing toward retail’s future, ship-from-store has emerged as a saving grace for a multitude of reasons. If a merchant has a network of stores, often located within an hour or less of their consumer base, why wouldn’t they leverage that advantage when it comes to putting goods into consumers’ hands? Furthermore, the web has no shortage of articles pitching the wonders of ship-from-store as the solution to a variety of retailer woes.
PYMNTS
JUNE 15, 2016
[link]. Matchmaker, matchmaker … make me a match. If only it were that easy. Or, if we were back in the good old “Fiddler On The Roof” days, the concept of the multi-sided platforms weren’t a driving topic of conversation. Even so, the idea of matchmaking — an age-old concept — is alive and well, but it’s rapidly changing as the concept of a two-sided relationship has evolved the very way consumers, companies and investors in the payments and commerce industries in
PYMNTS
JUNE 13, 2016
When most people think retail applications for drones at this point, they are likely thinking about delivery. Some eagerly anticipate the drone-based commerce logistics, others fear it, but in general both sides are in agreement that when one is talking retail drones, they are talking about using it to move goods. But Walmart has some different ideas about the highest and best good drones can offer their retail operations.
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PYMNTS
JUNE 13, 2016
This piece will give you important insight that hasn’t been covered about Apple’s developer announcement last week. So, keep reading. I promise it will be worth it. But we have to get into the right frame of mind – and for that we must first visit Sweden. Stockholm is one of my favorite cities in the world and has become a real FinTech innovation hub.
PYMNTS
JUNE 13, 2016
This week’s Data Digest goes out to all of the managers out there. Whether you’re part of the C-suite or an entrepreneur leading your own business, managers keep the business running. The latest reports and studies lift the veil on emerging trends among these corporate managers and reveal a few ways they might want to examine how to do better. 100,000+ public officials will be impacted by government eInvoicing mandates , suggests a report from Billentis.
PYMNTS
JUNE 11, 2016
If new data is to be believed, Americans may be back to taking dinner time extremely seriously. According to the latest Harris Poll, the majority of Americans are sitting down to a “family” meal at least once a week. Where they sit down to have that meal varies, as does what they eat when they do. But there’s one guest who’s no longer welcome at the dinner table: the mobile phone.
PYMNTS
JUNE 17, 2016
Reports indicate that more than $50 million was stolen from the virtual currency project known as Decentralized Autonomous Organization, which sent out alerts Friday (June 17) saying it may be halting the VC-backed fund in order to protect the project. “The D.A.O. is being attacked,” Griff Green, a community organizer with the company that wrote the project’s software wrote, according to The New York Times ‘ report.
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PYMNTS
JUNE 16, 2016
American Express announced the launch of Quick Chip , a service designed to provide a faster route to process EMV chip card transactions at the POS. Amex Quick Chip uses a technology that is said to help merchants provide their consumers with a frictionless and faster in-store checkout experience. For cardmembers who pay using their EMV-enabled chip cards, Amex Quick Chip is available for those merchant processors.
PYMNTS
JUNE 16, 2016
Earlier today Visa announced a handful of new moves aimed at pushing EMV chip adoption among merchants. Changes include streamlined tech requirements, an amended (and simplified) terminal certification process, and a further commitment to offering technical support and expertise for merchants. Taken together, Visa believes the changes will help cut the EMV adoption timeline in half.
PYMNTS
JUNE 16, 2016
Cybercrime is often considered a high-tech activity. We envision computer-savvy criminals behind screens using algorithms and code to hack into a corporate network and steal funds. And while this sort of technologically sophisticated crime is grabbing headlines, the enterprise remains at risk for less advanced fraud. A new report from Strategic Treasurer and Bottomline Technologies uncovered some of the patterns underneath fraud attacks on corporate treasuries.
PYMNTS
JUNE 15, 2016
“Reaching a 100 percent conversion rate is impossible — actual fraud should be blocked and some shoppers will always have second thoughts — but it is possible to create a seamless process that guides shoppers through the purchase, ensuring merchants attain a greater proportion of their hard-fought revenue.” In a perfect world, there wouldn’t be conversion friction.
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