Connect with us

Top Stories

SIX PAYMENT SERVICES PROCESSES 1.195 BILLION CARD-BASED PAYMENT TRANSACTIONS IN 2013

Published

on

Six payment services processes 1.195 billion card-based payment transactions in 2013

Further increase expected for 2014 / what’s coming up for merchants

The payment service provider SIX Payment Services continues to see strong results in traditional card-based transactions at point of sale (POS) – despite innovations such as instantaneous payment of electronic invoices and biometric authentication causing a furore in 2013. So what can be expected for 2014? The importance of online retailing, outsourcing processes in the banking sector and convenient payment options is set to increase, which will in turn also boost the market potential for payment service providers. The Single Euro Payments Area (SEPA), changing consumer demands and legislation means that online merchants and payment service providers will also be required to demonstrate a high level of flexibility.  They will need to achieve this in an increasingly complex payment market with new business models and greater competition. Those who keep up to date with the latest developments can, however, take advantage of trends such as peer-to-peer and micro-payments, as well as subscription commerce.

Six payment services processes 1.195 billion card-based payment transactions in 2013

Six payment services processes 1.195 billion card-based payment transactions in 2013

2013 was an exciting year for payments. SIX Payment Services has evaluated the results from the past twelve months. For SIX, the busiest shopping day of the year was December 23, processing 5.3 million transactions with a volume of EUR 420 million.  December 21 was even ‘hotter’, with the late afternoon peak reaching almost 13,000 transactions per minute. The total volume transferred in 2013 amounted to approximately EUR 100 billion; physical trade in shops accounted for the largest share of this figure, while the second largest share was accounted for by the high volume of transactions in the growth area of e-commerce.

The most important milestone for SIX Payment Services in 2013 was the acquisition of Austrian PayLife Bank. With  this acquisition, SIX was able to almost double its merchant portfolio. The company’s international growth strategy and proximity to its clients was underlined by the introduction of the combined debit and credit card for the Belgian-based Banca Monte Paschi Belgio, which was recognized with the “Highly Commended” FSTech Award 2013.

“The guiding principle for 2014 will still be to make the payment process as simple as possible – for there is an ever increasing number of options. We will support our clients in meeting their customers’ demands in terms of flexibility, convenience and security when making payments,” says Niklaus Santschi, CEO of SIX Payment Services.

SIX expects that the number of transactions made last year will once again be significantly exceeded in 2014. The entire sector finds itself confronted with challenges, meaning it is high time for merchants to seriously address the issue of payments.

Payment trends for the coming year:

·         Peer-to-peer payments via mobile wallet
Alternative payment methods require a critical volume of users in order to gain a foothold. The time now appears ripe for mobile. Mobile wallet solutions, for example, are finding their way into the mainstream payment market. Peer-to-peer payments, i.e. solutions for the direct electronic transfer of money between individuals, are increasingly being integrated. In 2014, we expect to see more start-ups introduce apps to the market with payment service providers also putting their solutions forward. The universal challenge here will be to ensure the security of customer data: mobile transactions must meet the PCI DSS Data Security Standard.

·         Micro-payments
As things stand, micropayments are not yet particularly attractive for e-commerce – the costs for an individual payment transaction can be disproportionately high relative to the value of the good. Until now, no solution has succeeded in becoming widely accepted here. From mobile communication providers to offerings such as ClickandBuy, PayPal and other country-specific solutions, there is a whole range of new micropayment options, at least in the area of online retailing. For retailers, these solutions offer competitive advantages, allowing them to improve their image and increase turnover thanks to spontaneous purchases.

·         Biometric authentication
From this year, Apple and MasterCard have been using biometric data for the authentication of payment services. Meanwhile, online payment provider PayPal is currently testing an innovative new method using facial recognition to verify cashless payments. We expect further offers of this kind to appear in 2014, with providers looking to develop these into mass-market solutions.

·         Subscription commerce
Subscription commerce offers clear benefits to both online merchants and clients: client loyalty for the former and convenience for the latter. This holds great potential for the food, cosmetics and clothing sectors in particular.  The implementation of subscription commerce entails a key technical challenge: ensuring the smooth integration of the shop and inventory management systems and the payment infrastructure. A corresponding solution simplifies the management of the subscriptions, automatically triggering orders and recurring payments. This means the integration of external subscription services into the shop is no longer necessary. The availability of such solutions will lead to more retailers adopting subscription commerce approaches in the coming year.

·         State-of-the-art issuing and acquiring processing
In order to ensure a competitive advantage, it is essential for banks to be at the cutting edge in terms of technology. To this end, banks can enter into successful strategic partnerships. Here, there is untapped potential in the areas of both acquiring and issuing processing. Banks which manage their own retailer and card portfolios are often required to handle overly complex processes relative to their size. By working together with processing partners, they can take on board the required knowledge of payment technology, without the need to develop products and solutions themselves ( the costs of which they are unable to pass onto merchants or cardholders.) This will allow them to focus their competitive advantage on their customer relationships with cardholders and merchants which they have been developing over decades. Merchants, in particular, are happy if they can work with a single provider for all their payment requirements. Forward-looking payment processors will respond to this demand and stand out thanks to integrated offerings which meet all payment needs.

Top Stories

Bitcoin, ether hit fresh highs

Published

on

Bitcoin, ether hit fresh highs 1

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.

The world’s most popular cryptocurrency rose to an record $56,620, taking its weekly gain to 18%. It has surged more than 92% this year.

Bitcoin’s gains have been fuelled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.

Ether, the second-largest cryptocurrency by market capitalization and daily volume, hit a record $2,040.62, for a weekly gain of about 12%.

Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.

Ether futures contracts launched on derivatives exchange CME earlier this month.

(Reporting by Vidya Ranganathan; Editing by William Mallard)

Continue Reading

Top Stories

World Bank pushing for standard vaccine contracts, more disclosure from makers

Published

on

World Bank pushing for standard vaccine contracts, more disclosure from makers 2

By Andrea Shalal

WASHINGTON (Reuters) – The World Bank is working to standardize COVID-19 vaccine contracts that countries are signing with drug makers, and is pushing manufacturers to be more open about where doses are headed, as it races to get more vaccines to poor countries, the bank’s president said on Friday.

World Bank President David Malpass told Reuters he expected the bank’s board to have approved $1.6 billion in vaccine funding for 12 countries, including the Philippines, Bangladesh, Tunisia and Ethiopia, by the end of March, with 30 more to follow shortly thereafter.

The bank is working with local governments to identify and fill gaps in distribution capacity, after they purchase vaccines under a $12 billion World Bank program, and also to standardize the contracts they are signing with manufacturers, he said.

The bank’s International Finance Corp, its private financing arm, has $4 billion to invest in expanding existing production plants or building new ones, including in developed countries, but needs more data on where current production is headed, he said.

“We are eager to be investing in new capacity, but it’s hard to do because you don’t know how much of the existing capacity is already committed to the various off-takers,” Malpass said in an interview with Reuters. New or expanded plants could be used to produce other types of vaccinations in the future, he said.

The bank’s funds could be used to expand plants in advanced economies, if the production was earmarked for developing nations, he said.

Malpass welcomed Friday’s pledge by the Group of Seven rich countries to intensify cooperation on the pandemic, saying it could help jump-start deliveries of vaccines to poorer countries, which are lagging far behind rich countries in getting shots in arms.

Data compiled by Our World In Data, a scientific online publication, showed Israel was leading the world in COVID-19 vaccinations, with nearly 82 of 100 people vaccinated, while India and Bangladesh reported less than one person per 100, Many African countries have not started at all.

Malpass said he was heartened by news about new vaccines coming down the road, and about Pfizer Inc and BioNTech SE seeking permission to store their vaccine at higher temperatures, which would ease another obstacle to deliveries in lower-income countries.

(Reporting by Andrea Shalal; Editing by Heather Timmons and Leslie Adler)

Continue Reading

Top Stories

Google to evaluate executive performance on diversity, inclusion

Published

on

Google to evaluate executive performance on diversity, inclusion 3

By Paresh Dave

(Reuters) – Alphabet Inc’s Google will evaluate the performance of its vice presidents and above on team diversity and inclusion starting this year, the company said on Friday in one of several responses to concerns about its treatment of a Black scientist.

Timnit Gebru, co-leader of Google’s ethical artificial intelligence research team, said in December that Google abruptly fired her after she criticized its diversity efforts and threatened to resign.

Alphabet and Google Chief Executive Sundar Pichai ordered a review of the situation. While Google declined to share specific findings, the company announced on Friday it will engage human resources specialists during sensitive employee departures.

Pichai in June said that by 2025, Google aims to have 30% more of its leaders come from underrepresented groups, with a focus on Black, Latinx and Native American leaders in the United States and female technical leaders globally. About 96% of Google’s U.S. leaders at the time were white or Asian, and 73% globally were men.

As a result of the investigation, the company also expanded a commitment announced in June to devote more resources to retaining and promoting existing employees, including by expanding a team addressing disputes among workers and their managers.

The diversity component of executive performance reviews was not previously announced, and the company did not immediately share details about what would be measured and how pay would be affected.

Alphabet for years had rejected proposals from shareholders and employees to set diversity goals and tie executive pay to them.

Irene Knapp, a former Google employee who advocated for one such proposal at a 2018 shareholder meeting, said on Friday, “I am pleased that they met our demand from 2018, which was a bare minimum that should have been easy to do immediately.”

Evaluating managers on diversity goals is becoming more commonplace. McDonald’s Corp on Thursday tied executive bonuses to diversity.

(Reporting by Paresh Dave; Editing by Cynthia Osterman)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 4 FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 5
Trading2 hours ago

FTSE Russell to include 11 stocks from China’s STAR Market in global benchmarks

SHANGHAI (Reuters) – Index provider FTSE Russell will add 11 stocks from China’s STAR Market to its global benchmarks, according...

Foxconn chairman says expects "limited impact" from chip shortage on clients 6 Foxconn chairman says expects "limited impact" from chip shortage on clients 7
Business2 hours ago

Foxconn chairman says expects “limited impact” from chip shortage on clients

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients...

Bitcoin, ether hit fresh highs 8 Bitcoin, ether hit fresh highs 9
Top Stories2 hours ago

Bitcoin, ether hit fresh highs

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its...

UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims 10 UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims 11
Trading2 hours ago

UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims

(Reuters) – The Association of British Insurers (ABI) said on Saturday insurers are likely to pay up to 2.5 billion...

Citigroup considering divestiture of some foreign consumer units - Bloomberg Law 12 Citigroup considering divestiture of some foreign consumer units - Bloomberg Law 13
Banking2 hours ago

Citigroup considering divestiture of some foreign consumer units – Bloomberg Law

(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with...

World Bank pushing for standard vaccine contracts, more disclosure from makers 14 World Bank pushing for standard vaccine contracts, more disclosure from makers 15
Top Stories2 hours ago

World Bank pushing for standard vaccine contracts, more disclosure from makers

By Andrea Shalal WASHINGTON (Reuters) – The World Bank is working to standardize COVID-19 vaccine contracts that countries are signing...

Google to evaluate executive performance on diversity, inclusion 16 Google to evaluate executive performance on diversity, inclusion 17
Top Stories2 hours ago

Google to evaluate executive performance on diversity, inclusion

By Paresh Dave (Reuters) – Alphabet Inc’s Google will evaluate the performance of its vice presidents and above on team...

EU seeks alliance with U.S. on climate change, tech rules 18 EU seeks alliance with U.S. on climate change, tech rules 19
Business3 hours ago

EU seeks alliance with U.S. on climate change, tech rules

By Sabine Siebold and Kate Abnett BERLIN (Reuters) – Europe and the United States should join forces in the fight...

Oil extends losses as Texas prepares to ramp up output after freeze 20 Oil extends losses as Texas prepares to ramp up output after freeze 21
Trading3 hours ago

Oil extends losses as Texas prepares to ramp up output after freeze

By Devika Krishna Kumar NEW YORK (Reuters) – Oil prices fell for a second day on Friday, retreating further from...

Dollar edges lower as investors favor higher-risk currencies 22 Dollar edges lower as investors favor higher-risk currencies 23
Investing3 hours ago

Dollar edges lower as investors favor higher-risk currencies

By Stephen Culp NEW YORK (Reuters) – The dollar lost ground on Friday as market participants favored currencies associated with...

Newsletters with Secrets & Analysis. Subscribe Now