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Top News In Payments: Contactless Payments Rise In UK; Libra’s Initial Members Sign Charter

Top News In Payments

Today in the payments news roundup, UK Finance data indicates that contactless payments in the country continue to grow. Also, the 21 initial members of the Libra Association formally signed the organization’s charter. And AMC Theaters, the largest movie theater chain in the U.S., is rolling out an on-demand video service.

 

AMC Theaters Gets Into Streaming With On-Demand Movies

The largest movie theater chain in the U.S., AMC Theaters, is rolling out an on-demand video service. The offering will allow customers to rent or buy movies similar to how Amazon’s Prime Video and Apple’s iTunes Store have operated for years. Rental fees are expected to range from $3 to $5.99, while movie purchases are said to cost $9.99 to $19.99.

UK Contactless Payments Grow 18 Pct. YOY

New UK Finance data indicates that contactless payments in the country continue to grow, encompassing nearly 50 percent of all debit card payments. Cardholders in the U.K. made 1.5 billion transactions with their debit cards in July of this year, which marks a jump of 8.9 percent from the year before. The total amount of the transactions was $63.8 billion (£50.7 billion), a rise of 1.4 percent from a year prior.

 Thousands Laid Off As WeWork Faces Collapse 

WeWork will reportedly lay off a minimum of 2,000 staff in the coming week — 13 percent of its 15,000 payroll — with thousands of more job losses expected to follow. Not many people in the company believe “the cuts will stop there,” in the words of one outlet. At the same time, it was noted that new projects have also been paused.

Facebook-Led Libra Names 21-Member Council After Top Firms Flee

The 21 initial members of the Libra Association formally signed onto the organization’s charter. They also formalized the consortium’s executive team and named its board of directors following the meeting. Members include Coinbase, Bison Trails and Vodaphone, among others. 

How Subscription Merchants Can Avoid the SCA Conversion Cliff

It might seem that subscription enterprises could fly under the radar of the new regulations at first glance — strong customer authentication (SCA) exempts recurring payments from authentication. But there is more to this exemption than meets the eye, and it could provide subscription services with a false sense of security.

Payments Execs Get Real About AI

When it comes to artificial intelligence (AI), beyond the buzzwords lies the reality. PYMNTS queried 22 payments executives to get a sense of what’s real, what’s in the here and now and what lies ahead. It also asked for concrete examples of how their own companies — spanning digital IDs, payments processing and other functions — are currently leveraging AI in applications like risk scoring and core processing. 

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