Topic “JPMorgan Chase”

Half of Face-to-Face Visa Transactions Outside of U.S. Expected to be Contactless Soon

NFC TIMES Exclusive Insight – Half of all domestic face-to-face transactions with Visa-branded cards globally–outside of the U.S.–are expected to be contactless within the next two months, with Visa reporting that contactless technology is maturing in numerous countries worldwide, mainly in Europe and Asia.

Contactless Card Transactions Could Overtake Taps from NFC Phones ‘Quickly’ in the U.S.: Industry Veteran

Apr 23 2019

NFC TIMES Exclusive Insight – Transactions from contactless bank cards in the U.S. will “quickly surpass” those from NFC phones by the end of 2020, despite cards being rolled out much later than NFC-enabled wallets, industry veteran Randy Vanderhoof, head of the Secure Technology Alliance industry trade group and the affiliated U.S. Payments Forum, told NFC Times.

In-Depth: More U.S. Issuers to Join Contactless Card Rollout; Adoption Expected to Surpass NFC Wallets

NFC TIMES Exclusive Insight – There is more evidence that U.S. banks will be moving a substantial portion of their card base to contactless over the next few years, as they reissue their basic EMV cards with a contactless interface, giving American consumers more opportunities to tap to pay than ever before.

In-Depth: Contactless Card Issuance to Finally Get Rolling in U.S. This Year

Jan 23 2019

NFC TIMES Exclusive Insight – The U.S. is finally on the brink of large-scale contactless EMV card issuance, with optimistic projections from the payment networks, and at least one of the largest U.S. issuers committed to converting its credit and debit card portfolios  to dual-interface cards by the end of 2019.

Wells Fargo Launches NFC-Enabled ATMs, Though Rollout is One Year Behind Schedule

Oct 16 2017

NFC TIMES Exclusive Insight – Wells Fargo, the third largest U.S. bank by assets, made good on its pledge last March to launch NFC-enabled ATM cash withdrawals by the end of this year, although that is one year behind schedule, and Wells Fargo is far from the first major bank globally to support the technology on ATMs, even in the U.S.

Banks and PayPal Announce More Deals for In-Store Transactions, But It’s Unclear When NFC-Enabled PayPal Wallet Will Arrive

NFC TIMES Exclusive Insight – Although Bank of America announced that its customers would “soon” be able to use the PayPal Wallet to pay for purchases in stores using NFC, a bank spokeswoman has told NFC Times that the NFC-enabled wallet might not even be available next year.

Exclusive: Group of Major U.S. Banks Presses Visa to Open up Tokenization

NFC TIMES Exclusive – Some of the largest banks in the U.S. have been pressing Visa to allow them to tokenize their Visa-branded cards for mobile payments through a token service provider set up by their trade group, The Clearing House, which is owned by such major U.S. issuers as JPMorgan Chase, Wells Fargo, Capital One and Bank of America, NFC Times has learned.

Analysis: Chase Pay Deal with MCX–All About Economics

NFC Times Exclusive Insight – While Chase Pay will offer merchants in the MCX consortium a potential consumer base of 94 million Chase payment card accounts and the promise of integration with their loyalty programs and offers, the essential element of the deal was the very low transaction fees Chase will charge.

Chase Pay to Challenge Payment Networks, NFC Technology

Oct 28 2015

NFC Times Exclusive Insight – LAS VEGAS, Nev.: In a surprise move, JPMorgan Chase, the largest U.S. credit and debit card issuer by payment volume, announced plans to launch its own wallet app–along with a low-cost mobile-payments service accepted by Wal-Mart Stores and other big U.S. merchants in the MCX merchant consortium.

Samsung to Launch Apple Pay Rival in Summer Using Proprietary Technology and NFC

Mar 2 2015

BARCELONA, Spain – NFC Times Exclusive Insight: Samsung Electronics has unveiled its Apple Pay rival, which it calls Samsung Pay, a mobile-payments service that, as expected, supports technology from Samsung’s recent acquisition of LoopPay combined with NFC. 

HEADLINE NEWS

Lax Security Blamed for Hack of 7-Eleven’s Mobile Payments Service in Japan

NFC TIMES Exclusive Insight – Japan’s popular 7-Eleven convenience store chain reported Thursday a major hack of its QR code-based mobile-payments app, but the breach appears to be due to poorly designed security protections in the app. 

In-Depth: More Nordic Banks Support Payments on Passive Wearables with Provisioning after Sale

NFC TIMES Exclusive Insight – Two more large Nordic banks, Nordea and Swedbank, have launched contactless payments on analog watches, using technology from Swedish provisioning company Fidesmo that enables consumers to buy the watches and provision them with tokenized Mastercard-branded cards after the sale by tapping the watches on Android NFC phones.

Insight: Apple Pay’s Expansion to 13 New European Countries Won’t Add Much Transaction Volume but Follows Familiar Strategy

NFC TIMES Exclusive Insight – Apple’s expansion this week into 13 new European countries may not look so good on paper, but it follows a divide-and-conquer strategy that Apple has used effectively before.

Visa Deepens Push into Tokenization with Planned Acquisition of Rambus Payments and Ticketing Unit

NFC TIMES Exclusive Insight – Visa plans to buy the payments and ticketing unit of U.S.-based chip company Rambus for $75 million, as the payments network seeks to expand tokenization beyond Visa cards, including to bank accounts used for real-time payments, as well as to transactions processed by domestic networks.

With Contactless Payments Ready to Take Off in U.S., Payments Trade Group Concerned ‘Fragmented POS Experience’ Could Hinder Growth

NFC TIMES Exclusive Insight – While contactless payments in the U.S. is “expected to accelerate in the near future,” merchants and issuers must improve the “POS experience” for consumers, the U.S. Payments Forum, a payments industry trade group, said today.

Melbourne Transit Agency Touts Successful Launch of Closed-Loop Payments with Google Pay; Plans to Add Support with Apple Pay

Jun 17 2019

NFC TIMES Exclusive Insight – Following a successful launch of its closed-loop Mifare-based transit payments service, myki, with Google Pay, Melbourne, Australia, transit authority Public Transport Victoria has allocated AU$1 million to expand the service onto other smartphone platforms, including iOS and the iPhone, an agency spokeswoman confirmed to NFC Times.

Analysis: BBVA’s ‘Global Payment Platform' Unlikely to Make Much Impact

NFC TIMES Exclusive Insight – The recent announcement by large Spain-based banking group BBVA of plans to enable more banks across its footprint in Latin America to roll out the NFC-enabled BBVA Wallet as part of their banking apps could run into problems, given trends for low take-up of bank-issued NFC wallets. 

In North America, Many Cities Not Ready for Open-Loop Payments

May 31 2019

NFC TIMES Exclusive Insight – While open-loop transit payments services, such as one being launched this week by New York’s Metropolitan Transportation Authority, get most of the attention, most public transit agencies and operators do not plan to accept credit and debit cards directly for payment of fares anytime soon.

Visa and Chase Seize on Launch of New York City Transit Payments Service to Try to Build ‘Momentum’ for Contactless

NFC TIMES Exclusive Insight – Unlike in most developed countries in Europe and Asia, in the U.S., only a small percentage of the population regularly uses mass transit. But New York City is an exception, with more than 4 billion transit trips per year in the metropolitan area–seven times greater than in the next largest U.S. city in terms of transit use, Chicago.

As Their Resistance Crumbles, Australia’s Big Four Banks have Found that Opposing Apple Pay Too Costly, Despite Tech Giant’s Fees

NFC TIMES Exclusive Insight – Another one of Australia’s big four banks, National Australia Bank, has given in to pressure from customers and has agreed to support Apple Pay.

In-Depth: Ticketmaster Embraces Digital Ticketing to Cut Fraud and Improve Communication with Ticket Purchasers and Fans

NFC TIMES Exclusive Insight – U.S.-based sports and entertainment ticketing vendor Ticketmaster sees its new digital-ticketing technology–supporting bar codes and NFC–as a way to reduce fraud and stay in touch with both ticket purchasers and event attendees.

Japanese Payments Players Expand Support for QR Code-Based Payments

May 20 2019

NFC TIMES Exclusive Insight – Japan’s mobile payments market is expanding, but the talk is not about NFC payments services, such as Apple Pay, Google Pay or the pioneering FeliCa wallet services originally pushed by NTT DoCoMo and rail operator JR East.