Card issuers have long feared that third-party mobile wallets would erode their brand power by rendering them an invisible part of the payment process — and issuers like Barclays and TD Bank are finding ways to fight back.
Retail and hospitality payments software provider Veea Inc. is partnering with cross-border mobile payments provider Citcon to allow businesses using Veea services in the U.S. to accept Alipay and WeChat Pay mobile payments.
It's an important pivot point for the industry — consumer trust is threatened by a steady flow of data breaches, and consumers are divided on whether they want to stick with plastic or move on to mobile and wearable payments.
A challenge for governments and banks in emerging countries is persuading consumers and small businesses to move from the informal cash economy to electronic payments. A project in Peru may be the answer.
Barclays is one of the top five cobranded card issuers in the U.S., but because the bank has no branch network it must use unconventional marketing approaches — and unique technological innovations — to win customers.
Younger adults who regularly use mobile payments are more likely to take financial risks and rack up fees, according to a new financial literacy study by the George Washington University School of Business.