Monday, 08 May 2017
NPCI Enables Acceptance of JCB Cards across ATMs & POS Terminals in India
National Payments Corporation of India (NPCI) and JCB International Co. Ltd. (JCBI), operationalised acceptance of JCB payment cards at ATMs and POS terminals in India. Through this strategic partnership, JCB cards acceptance coverage in India will reach to about 100 per cent for both ATMs and POS terminals in the coming few years.
This development has enabled JCB to serve increasing number of tourists and business professionals with payment options at ATM and POS in India especially from Asia where JCB has large number of card members. The total card member base of JCB is about 101 million which spans across 23 countries and territories.
The scope of this strategic partnership also covers issuance of co-badged RuPay-JCB International cards by NPCI member banks in India. This works as a RuPay card in India and as a JCB card outside the country.
Mr. A. P. Hota, Managing Director & CEO, NPCI said, "NPCI-JCB collaboration is one of the most valued alliance for our home-grown card network, RuPay. We are pleased to provide access to about 225,000 ATMs and over 2 million POS terminals in India through our National Financial Switch and RuPay network. With such initiatives, both the companies will continue to provide high value service to our esteemed customers."
Mobile Biometric Payment Volumes to Triple in 2017
A new study by Juniper Research has found that the number of mobile payments authenticated by biometrics will rise to nearly 2 billion this year, up from just over 600 million in 2016.
The new research, Mobile Payment Security: Biometric Authentication & Tokenisation 2017-2021, found that while Apple Pay had provided the catalyst for initial growth, other leading wallets including Android Pay and Samsung Pay were increasingly offering biometric solutions for authentication.
The size of the opportunity has been boosted by the greater availability of fingerprint sensors. According to the new research, around 60% of smartphone models are expected to ship with such sensors this year, with many Chinese vendors incorporating them into mid-range models.
The research emphasised the increasing momentum behind alternative biometric solutions. It recognised Mastercard as an early leader in this space through its Identity Check Mobile capability, due to go live later this year. Informally known as "selfie pay", this allows users to scan their fingerprints and/or take selfies to validate their identities and thereby make payments.
Meanwhile, it expected to see strong adoption of the authentication app recently unveiled by India's identification authority, through which merchants can verify a customer's ID via either fingerprint or iris scan. Indeed, since the biometric data is linked to a bank account, the process acts as both authentication and transaction enabler.
Digital Safety - The Great British Fraud Fightback
Barclays is spearheading a new GBP 10million nationwide drive to increase the public's awareness of financial fraud risks, and help them to stay safe in the digital age with information, tools and tips.
This major initiative is being launched as latest crime figures show 5.6m fraud and cyber offences in the UK making up half of all recorded crime, and costing the UK GBP 11billionn. Yet, these numbers could be even higher as new Barclays research reveals a quarter of people in the UK (25 per cent) have experienced a cyber-fraud or scam in the past three years, 18 per cent of them more than once, suggesting that many cyber-crimes go unreported.
The new national Digital Safety Index survey, released today, also shows that: London, Bristol, and Birmingham are the scam capitals in the UK, with the largest gaps in public resilience. London and Bristol also top the tables for the most reported cases of fraud, with Manchester joining them in the top three. Newcastle reported fewer cases of fraud and scams, while Liverpool reported a particularly high number of impersonation scams.
Ashok Vaswani, Chief Executive of Barclays UK, said: "Fraud is often wrongly described as an invisible crime, but the effects are no less damaging to people's lives. As a society our confidence in using digital technology to shop, pay our bills and connect with others has grown faster than our knowledge of how to do so safely. This has created a 'digital safety gap' which is being exploited by criminals. I believe the need to fight fraud has now become a national resilience issue, and we all need to boost our digital safety levels in order to close the gap.
Visa Announces New Ways for Financial Institutions to Enhance Digital Card Management Experiences for Customers
Visa Inc. had announced it will help its financial institution partners create customised digital card management experiences for their customers. As the Internet of Things (IoT) grows, consumers put their card on file and implement recurring payments in more places. To help give consumers more visibility and control, Visa is creating upcoming enhanced capabilities that will complement several existing Visa functionalities.
The new offerings will build on existing capabilities of Visa Token Service (VTS) to let issuers create a customisable suite of services to offer to their Visa cardholders. Visa Token Service replaces sensitive account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual account details.
Visa is also developing a new Visa Card-on-File Data API that will provide issuers with details around merchants where a consumer has stored their card on file. The API will scan transaction history and identify card-on-file transactions such as bill pay or subscriptions, providing Visa cardholders with additional insight into where their card is stored. Additionally, an issuer will receive information about where their customers' cards are updated in the event of a reissuance, due to reasons like expiration or loss of card.
The new capabilities will be available to issuers in the United States and Australia in 2018.
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