Money 2020, the leading Payments event took place this week and I thought I´d share the most relevant announcements made during the event:
Early Warningannounced Zelle, a new, faster payments network for participating US banks. Payments can be sent using just an email address or mobile phone number from within the mobile banking experience of networks banks. It is really the Bizum equivalent for US banks. Zelle will launch in early 2017
Ant Financial announced that is partnering with First Data and Verifone as part of its global expansion to let Chinese visitors and tourists in the US pay with AliPay. Ant Financial explained that they aim to have at least one million merchants outside the Chinese Mainland to accept Alipay worldwide in three years.
IBM announced the launch of IBM Pay, a white-label branded mobile payments solution in the cloud for large merchants and retailers. The solution requires no new investments in hardware and can be integrated directly into existing merchant shopping apps. IBM Pay works with all merchant´s private –label payment card to help merchants maximize revenues and increase loyalty program participation. IBM Pay is part of IBM Watson Commerce unit.
Samsung Electronics announced that Samsung Pay is adding three new countries (Malaysia, Russia and Thailand), a global partnership with Mastercard to offer a simplified online payment and express checkout solution through its digital payment service Masterpass and new features in the US: access to deals at nearby stores and in-app payments. Samsung also informed that with the addition of its latest financial partners Capital One and USAA, Samsung Pay now supports banks and credit unios representing over 85% of the US debit card and credit card market.
Bank of America
Bank of America's president of retail banking, Thong Nguyen, unveiled an artificially intelligent bot to help customers make smarter decisions.. The new digital assistant "Erica" — a play on the bank's name — will be available inside the bank's mobile app staring next year. Erica will use artificial intelligence, predictive analytics and cognitive messaging to help customers do things like make payments, check balances, save money and pay down debt. She will also direct people to look up their FICO score and check out educational videos and other content.
PayPal enhances payment experience for Facebook and Messenger. In the US, PayPal will start to roll out as a payment option across more of Facebook´s commerce experiences, including Messenger commerce, where merchants will also be able to accept PayPal payments directly in their bots. Also, PayPal customers in the US will also be able to get notifications in Messenger, first starting with making it easier to manage receipts for PayPal transactions in one place.
Mastercard made four important
announcements during the event:
The North American rollout of
Identity Check Mobile™, a new payment technology application that uses
biometrics, including fingerprint and facial recognition, to verify a
cardholder’s identity and simplify online shopping. BMO Financial Group
(BMO) will be the first bank in the U.S. and Canada to offer Identity
Check Mobile to its corporate customers starting in the first half of
2017. The U.S. and Canada availability of Identity Check Mobile follows
the recent European rollout across 12 markets, including: Austria,
Belgium, Czech Republic, Denmark, Finland, Germany, Hungary, the
Netherlands, Norway, Spain, Sweden and the U.K.
Its plans to launch artificial intelligence (AI) bots
that allow consumers to transact, manage finances, and shop via messaging
platforms. Mastercard KAI, the Mastercard bot for banks, will seamlessly
extend Mastercard services to customers on messaging platforms and make
financial information and decisions part of consumers’ everyday lives. In
this testing phase on Messenger, Mastercard is partnering with Kasisto,
the company that created KAI Banking, the conversational artificial
intelligence (AI) platform, to power branded virtual assistants and smart
bots for financial services. It can fulfill customer requests and solve
problems, enabling financial institutions to create entirely new consumer
experiences – ones that are as easy and natural as texting a friend.
Starting early next year, consumers based in the United States can ask the
bot questions about their accounts, review purchase history, monitor
spending levels, learn about Mastercard cardholder benefits, receive
contextual offers through integration with Mastercard Priceless
experiences, and get help with financial literacy.
An agreements with Microsoft, Google and Samsung to
bring online payments capabilities to U.S.-based users of their digital
wallets. Starting early next year, Mastercard cardholders that use
Microsoft Wallet, Android Pay or Samsung Pay will be able to shop online
at the hundreds of thousands of merchants around the world where
Masterpass is accepted. Consumers using those wallets will be able to use
their same secure tokenized credentials and device authentication methods
to complete online transactions at any merchant site that accepts
Masterpass. The optimized checkout process creates a seamless shopping
experience, protected by multi-layers of security.
And a partnership with Fit Pay, Inc. to bring
Mastercard contactless payments to consumer wearables and Internet of
Things (IoT) devices. By integrating the Fit Pay platform with the
MasterCard Digital Enablement Service (MDES), the companies will work with
Wearatec and other innovative manufacturers to bring to Mastercard
cardholders a variety of secure contactless payments-enabled devices.
Visa made three important
announcements during the event:
That Visa Checkout is opening its platform to partners.
Issuers and digital wallet providers who utilize the Visa Checkout open
platform will be able to extend their payment capabilities to online
payments – ensuring their customers can pay everywhere Visa Checkout is
accepted, on any device and in apps. Once linked, online banking customers
and bank mobile app users will be able to use their banking username and
password to access their Visa Checkout accounts. Merchants who have
already integrated or plan to integrate Visa Checkout will have access to
digital wallets, such as Android Pay.
A collaboration agreement with Intel® to Drive Better
Payment Security for Connected Devices. The collaboration is twofold: 1)
More Secure Internet of Things: Intel and Visa are working together to
integrate Visa’s encryption technology with Intel® Data Protection
Technology for Transactions as an option for merchants to provide more
secure data transmission. It will support use cases in which
card data is accepted through non-traditional payment channels, such as
computers, mobile and IoT devices. 2) By providing hardware-level
data—in the form of a secure device code—during the 3-D Secure
authentication process, issuers can have even greater confidence to
approve low-risk transactions, or to require additional verification for
suspicious ones. Called Intel® Online Connect, the solution will be
included in 7th Gen Intel® Core™ systems and will work with the existing
3-D Secure protocol and the upcoming 2.0 version.
That it is allowing third party partners to offer Visa
Token Service (VTS). By expanding access to VTS to new partners –
including technology companies, device manufacturers, issuers,
Internet-of-Things (IoT) companies, wallet providers, merchants and others
– Visa will be able to more quickly and easily offer secure digital
payment services on any device to the market. Giesecke and Devrient,
Gemalto and Inside Secure are the initial partners participating in Visa’s
token service provider program to offer new expanded access to VTS.