Payments Compliance – Industry News

Keeping the Bank Account at the Center of Payments

Changing consumer behavior in payments is something banks cannot ignore. With an increasing number of startup and non-financial technology companies operating in the world of payments, making sure the bank account remains at the center of each payments is a main point of focus for the industry. [Read More…]

Payments Industry Awaits Potential Fallout Of ‘Heartbleed’ OpenSSL Flaw

Hard to tell, but this week’s major breach news seemed fairly big, at least potentially, but no one had yet said whether any card data or online merchants were affected. Seems a security flaw, dubbed “Heartbleed,” in the OpenSSL data-encryption library used by two-thirds of the Internet’s websites exposed potential access to credit card and other personal information, including passwords, for the past two years. However, it was discovered, at least by legitimate concerns, only earlier this week. Everyone probably is crossing their fingers hoping the good guys saw it first. Umm…. According to, GitHub user Mustafa Al-Bassam performed a mass scan for vulnerable sites on April 8. The scan of more than 10,000 websites found 627 vulnerable, including Yahoo email and Tumblr sites and the dating site OkCupid. Such sites and others scrambled quickly to update their Open SSL software with a recently released patch. [Read More…]

Facebook Moves Deeper Into Mobile Payments

Facebook‘s goal is to connect the world. Now, it seems the company wants to connect world’s wallets. According to a report in the Financial Times, Facebook has taken steps to get regulatory approval for a mobile payments system in the United Kingdom. It’s long been rumored that Facebook might start a mobile-payments system. Like PayPal, Facebook could charge a commission for each transaction and collect a portion of payments, giving the company a new revenue stream beyond just advertising. [Read More…]

Mobile PoS Upstarts Seeing Increased Investment Interest from Giants in Financial Services, Tech, Telecom and Retail

Mobile PoS startups which enable merchants to conduct transactions and sometimes manage their businesses through mobile devices such as smartphones and tablets have raised $340M across 34 deals in the last 4 quarters.  Deal growth at the seed and Series B stages suggests increased competition at the early stage and a healthy follow-on investment market for those with early traction. Overall, deal activity has remained flat YoY and funding was actually down 7.5% as a result of the Q3 2012 $200m series D financing for Square, led by Citi Ventures, Rizvi Traverse Management, and Starbucks. [Read More…]

Rogers launches suretap wallet for m-payments

Canadian telecom operator Rogers has launched suretap wallet, an application that allows mobile customers to use their smartphones to make payments at retailers. Suretap wallet enables its customers to store payment cards on their smartphone and make purchases by holding it up to contactless payment terminals. Customers can add multiple cards to their suretap wallet including a Rogers Prepaid MasterCard that can be topped up with funds for mobile payments. They can also add Canadian retailers including Swiss Chalet, Milestones Grill and Bar, Montana’s Cookhouse, Harvey’s, Kelsey’s, Indigo, Earls Restaurants, Ardene, and Spafinder Wellness 365. The suretap wallet application is set to offer more retailer gift cards, as well as store loyalty cards, coupons and ID cards. [Read More…]

Cash Is Trash: The Future of Mobile Payment

President Obama recently said he supports efforts to abolish the American penny. But the penny is not alone in its uselessness. All physical coins and dollars will soon be rendered obsolete by the security and convenience of mobile phones and thumbprints. Just as the magnetic strip revolutionized payment by plastic credit card, near-field communication and other fast-evolving technologies will facilitate the move to payment using mobile technologies. NFC chips inside most mobile phones can transmit banking and payment data when placed near readers. Unlike a debit card, a mobile phone can display interactive payment details. And, instead of the credit card application process of filling out paperwork and waiting for the mail, using a mobile phone to pay requires only the download of an app and linking to bank details. PayPal president, David Marcus, calls it Money 3.0. [Read More…]    

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Related Event

Payments Compliance

When: Tuesday, May 27, 2014 to Wednesday, May 28, 2014

Where: InterContinental Yorkville, Toronto

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