Topic “JPMorgan Chase”

Analysis: Chase Pay Latest Bank Wallet to Shut Down; Why Did They Fail?

NFC TIMES Exclusive Insight – Plans disclosed this week by JPMorgan Chase to shut down its Chase Pay app for in-store purchases is yet another nail in the coffin–perhaps the final one–for bank wallets in the U.S. And the situation does not look much brighter for bank-issued wallets abroad.

In-Depth: 2020 Could Mark Landmark Year for Contactless Payments in U.S.

NFC TIMES Exclusive Insight– October will mark the fifth anniversary of the launch of Apple Pay in the U.S., Apple’s first country for its groundbreaking NFC payments service. 

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.

HEADLINE NEWS

Contactless EMV Card Rollout in U.S. to Pick Up Speed in 2020, but Shape of Adoption Remains Unclear

NFC TIMES Exclusive Insight – With contactless EMV cards expected to have a significant footprint in the U.S. in 2020, the debate continues over whether the rollout will promote or harm take-up of NFC mobile payments and whether contactless open-loop transit payments will make a real impact on use of contactless at the retail point of sale.

More Open-Loop Transit Payments Services to Launch in Taiwan

Dec 24 2019

NFC TIMES Exclusive Insight – Taiwan’s airport train service will begin accepting Visa- and Mastercard-branded credit cards starting next month, making it the second mass-transit service on the island nation to support open-loop payments for fares.

In-Depth: China Moving Forward On Face Payments of Transit Fares, Despite Some Hesitation by Users of Technology

NFC TIMES Exclusive Insight –  More and more Chinese cities are trialing use of facial recognition technology for transit ticketing, a development that could enable users to avoid either cards or smartphones to pay fares on subways and other modes of transit.

Apple Launches Express Transit in London; Mobility Service also Adds NFC Payments Feature in Apple Wallet

NFC TIMES Exclusive Insight – Apple has expanded its Express Transit service to another major market, enabling Apple Pay users to pay for fares on Transport for London-run trains and buses without first authenticating themselves on the NFC devices.

Analysis: Outlook Remains Dim for Bank Mobile Wallets as Another Major Bank Plans to Shut Down its Wallet App

NFC TIMES Exclusive Insight – Major Dutch bank ABN Amro will discontinue its NFC-enabled mobile wallet in January, a little more than three years after launching the app in late 2016, with the bank acknowledging that few customers use the service.

Use of Contactless EMV to Pay Transit Fares Accelerating, According to Two Agencies That Launched Service This Year

NFC TIMES Exclusive Insight – Two transit agencies, one large and one small, that began accepting contactless bank cards and NFC wallets to pay fares in recent months are reporting that use of the new payments services is accelerating among their customers.

More Transit Authorities and Operators, Including Those in UK, to Support Google Pay

Nov 6 2019

NFC TIMES Exclusive – San Francisco Bay Area transit authority MTC has confirmed to NFC Times that it will support mobile payments with its closed-loop Clipper transit card, including with Google Pay, by the end of 2020.

NFC Wallets Make Up Growing Share of Contactless Payments on London Transit

NFC TIMES Exclusive – Use of NFC wallets continues to steadily increase as part of Transport for London’s landmark contactless payments service, with payments from NFC-enabled smartphones and smartwatches now accounting for 20% of all contactless payments, NFC Times has learned. 

Market Research Firm: Apple Pay Surpasses Starbucks App in Users in U.S.

NFC TIMES Exclusive Insight –Apple Pay, which launched its mobile payments service five years ago this week in the U.S., has so far failed to live up to expectations with the service, either in the U.S. or globally, in terms of users and transactions.

Cubic Strikes Deal with Google to Enable Closed-Loop Transit Payments in Google Pay

NFC TIMES Exclusive Insight – In a move that could enable more large transit agencies to offer NFC mobile payments with their closed-loop transit cards, U.S.-based Cubic Transportation Systems has signed an agreement with Google to integrate contactless transit cards with Google Pay. Among the agencies planning to support the service are those serving Google’s home base in Silicon Valley and the San Francisco Bay Area, as well as the Metropolitan Transportation Authority in New York. 

In-Depth: Persistent Consumer Security Fears about Mobile Payments Prove Difficult to Dislodge

NFC TIMES Exclusive Insight – Results of yet another survey has shown that a significant percentage of U.S. consumers continue to harbor security fears about using their smartphones for payments, a stubborn problem that has hindered growth of mobile payments from the beginning.

Mobile Suica Still Accounts for Disappointing Share of Suica Users and Transactions in Japan

NFC TIMES Exclusive – While Apple Pay next month will mark the 5th anniversary since its launch in the U.S., there is another contactless-mobile payments service that is three times as old as Apple Pay–Japan’s Osaifu-Keitai, or wallet phones, which this year turned 15.