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A #CUSO that is fast, nimble and increases your members experience? Thats #BankSocial. Let’s talk about real time payments and how it reduces fraud and increases efficiency!

BNP Paribas brings iPhone Tap to Pay to French customers. In the coming weeks, BNP Paribas will bring its French business customers Tap to Pay on iPhone. Tap to Pay on iPhone allows merchants to accept physical debit and credit cards, Apple Pay and other digital wallets using only their iPhone and the AXEPTA BNP Paribas app, removing the need for card readers or extra hardware. When launched by BNP Paribas, Tap to Pay on iPhone will be compatible with the main payment schemes used in France: Cartes Bancaires (CB), a scheme that accounts for more than half of daily-life payments on the French market, as well as Visa and Mastercard. Source: https://lnkd.in/ePw7p6v4 Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #payments #onlinepayments #digitalpayments #paymentservices #paytech #partnership #financialtechnology #financialservices #fintechnews

Mobile Wallets: A Double-Edged Sword Mobile wallets have undoubtedly transformed how we manage our finances and interact with the world. By consolidating various functions into a single device, they offer increased convenience and efficiency. Digital payments: Seamless transactions, reducing the need for physical cash. Digital IDs: Streamlining identification processes for various services. CBDCs: Potential for faster, cheaper, and more secure transactions. Loyalty programs: Centralized management of rewards and points. Access control: Keyless entry to homes, offices, and other facilities. These features significantly enhance the utility of smartphones, making them indispensable in daily life. Enhanced Security Risks However, this concentration of personal and financial information on a single device creates a lucrative target for cybercriminals. Identity theft: A compromised mobile wallet can lead to significant financial loss and identity theft. Extortion: Hackers can hold personal data hostage, demanding ransom payments. Physical threats: The value stored on a mobile device can make individuals targets for robbery or kidnapping.

#Apple is finally opening up its iPhone tap-to-pay ecosystem to third-party providers, but there is a catch. Let’s take a look. What has happened? With the introduction of iOS 18.1, developers will be able to offer NFC contactless transactions from within their own apps on iPhone. What does that mean? Using the new NFC and SE (Secure Element) APIs, developers will be able to offer in-app contactless transactions for: — in-store payments — car keys — corporate badges — student IDs — home keys — hotel keys — merchant loyalty and rewards cards — event tickets — government IDs to be supported in the future Apple is transitioning from a limited, Apple-only set-up that only allowed Apple Pay to appear as the default contactless payment method to an open set-up where third parties can integrate their own payment methods (and replace Apple Pay).

Vipps MobilePay has become the first alternative to Apple Pay on iPhones in Norway, marking a significant shift in the mobile payments landscape. This development follows Apple's decision to open its NFC technology to third-party providers, a move influenced by EU regulations aimed at fostering competition. Norwegian users can now utilize Vipps MobilePay for tap-to-pay transactions and online payments, even setting it as the default payment option on their iPhones. This advancement is a substantial win for consumers, businesses, and innovation, as it promotes a more open and competitive market in the mobile payment sector. The introduction of Vipps MobilePay on iOS devices not only offers users more flexibility but also encourages further innovation in digital payment solutions across Europe. For more information, visit: Vipps MobilePay News

Apple has introduced a new feature, “Tap to Cash,” with iOS18. This feature allows users to tap their phones to transfer funds 💲, a digital transaction that is becoming more prevalent as the use of physical cash 💵 declines. Here are a few thoughts to consider: 1. Could this feature eliminate the need to share bank account details, phone numbers, or PayIDs when splitting bills? As long as it integrates smoothly with my account and doesn’t require me to preload a wallet for transfers, I’d be open to using it. 2. Could this lead to the gradual phasing out of small Point of Sale (PoS) solutions like Square, which are commonly used by sole traders and small businesses? It could potentially save on the cost of PoS systems and enable immediate payments. #apple #iOS18 #WWDC #payments #consumerfinance

“Commission accepts commitments by Apple opening access to 'tap and go' technology on iPhones” This is such a big development and opportunity. Some of the highlights around what that commitment entails below: - To remove the requirement for developers to have a licence as a Payment Service Provider (‘PSP') or a binding agreement with a PSP to access the NFC input. - To allow NFC access for developers to pre-build payment apps for third party mobile wallet providers. - To extend the possibility to initiate payments with HCE payment apps at other industry-certified terminals, such as merchant phones or devices used as terminal (so called SoftPOS), if this is enabled. The commitments will remain in force for ten years and apply throughout the EEA. #InPersonPayments #DigitalMarketsAct #TaptoPay #Applepay #TapAndGo

The European Commission has recently accepted commitments offered by Apple Inc. as far as allowing various mobile wallet developers to access standard technology when it comes to making payments with iPhones ('Near-Field Communication'). The Commission identified that currently only Apple Pay is allowed to access the NFC input on iOS to make payments in stores thereby raising competition concerns. The tech giant has offered the following proposal which is now legally binding on the company: 1) The company would enable access to NFC in Host Card Emulation mode (‘HCE') free of charge without having to use Apple Pay or Apple Wallet. The payments using HCE could be initiated at industry-certified terminals, such as merchant phones or devices used as terminal. 2) Facilitate development of HCE by allowing the developers to combine payment functionality with NFC inputs, pre-build payment apps for third-party mobile wallet providers and ensure timely updates. 3) Allowing developers to prompt users to set up their default payment app and redirect users to the default NFC settings page with a few clicks. The said commitments have been accepted after market-testing and obtaining feedback over a month. More information could be accessed here: https://lnkd.in/gXHntN8S #Applepay #NFC #paymentgateway #HCE #competitionlaw

We're excited to have partnered with Worldpay on our launch of Tap to Pay on iPhone. Together we are unlocking an entirely new market of #smallbusinesses for bank-powered merchant services. Tap to Pay on iPhone is perfect for businesses on the go or at a remote location where plugging in a traditional merchant terminal is not possible. Tap to Pay on iPhone integration into a financial institution's iOS mobile banking app enables the financial institution to support a business owner's need to accept #contactlesspayments - without having to download a third-party competitor app. #smallbusinessbanking #digitalbanking #fintech #payments #bankingindustry

In a world where you can do almost anything with your iPhone – like avoiding eye contact or pretending you’re working while actually watching cat videos – we are taking it a notch higher. Now, your iPhone just got upgraded to a Worldpay POS terminal! Wave goodbye to clunky hardware and say hello to accepting debit, credit cards, Apple Pay, and other digital wallets with just a tap. Why this is a game changer for our customers? - SMBs: Forget about those traditional POS terminal costs. Your iPhone just kissed them goodbye. - Enterprises: Got a queue longer than a Monday morning coffee line? Dispatch your staff with their iPhones to break up that line faster than you can say "double espresso." And because it’s Apple Pay, every transaction is secure with verification to boot. Want in on the magic today?