Digital wallets — such as Apple Pay and Google Pay, which use near-field communication tags, and Amazon Pay and PayPal, which use QR codes — offer shoppers a contactless method to complete their purchases. Because digital wallets store encrypted debit and/or credit card information, they...
Stripe surpassed $1 trillion in total payment volume in 2023. That milestone marked a 25% increase from the previous year and meant that businesses running on Stripe accounted for about 1% of global gross domestic product (GDP), Stripe co-founders Patrick Collison and John Collison wrote...
Elon Musk says X could soon receive money transmitter licenses from New York and California. The license from California could come in the next month or so, while New York’s approval may be “a few months away,” said Musk, whose comments Wednesday (March 6) at the Morgan...
Paytm’s regulatory troubles appear to have pushed Indian consumers to Walmart and Google-owned payments operations. Data released Wednesday (March 5) by the National Payments Council of India (NPCI) showed that the value of Paytm payments made using the country’s Unified Payments Interface (UPI) system fell 14% between January and February. Meanwhile, PhonePe, owned by...
Wedge has introduced a white-label programmable payment solution for banking associations and credit unions. The firm has also appointed Kim Askwith, formerly of Ernst & Young, as president to lead the go-to-market strategy for the product, the FinTech startup said in a Wednesday (Feb. 28) press release. The Wedge...
Amid consumer hesitation to adopt account-to-account (A2A) payments, cash-back incentives could go a long way toward driving use. By the Numbers The PYMNTS Intelligence study “Tracking the Digital Payments Takeover: Consumer Familiarity Controls Account-to-Account Payment Growth” drew from a survey of more than 3,300 U.S....
False declines, which cause friction in the payment process, have a detrimental effect on transaction success rates and discourage customers from returning. According to findings detailed in “Fraud Management, False Declines and Improved Profitability,” false declines put a staggering $157 billion at risk in the United...
Insurance companies are crucial in helping consumers with essential needs. They may provide funds to cover significant emergencies such as major medical procedures, home repairs following a disaster or replacing a car totaled in a collision. However, the slow payment practices within the industry hinder...
An Indian parliamentary panel has reportedly highlighted a need to support the growth of domestic FinTech players in India’s digital payments market. The panel pointed to the dominance of PhonePe and Google Pay, which currently corner a combined share of more than 83% of the...