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Nov. 15, 2018
Grab announced what it calls the first wallet-to-wallet remittance service in Southeast Asia, the initial step in a plan to allow cross-border transfers that will enhance instant financial access for millions of migrant workers, according to an announcement made at the 33rd annual ASEAN summit and a company spokesperson.
The service, scheduled to launch in 2019, will allow workers to remit payments in other countries in the region using their GrabPay wallets, and the receiver can use the funds to use the Grab app to pay bills, make purchases or cash out funds.
The region has millions of vulnerable migrant workers, many of them without bank accounts, who need to rely on incumbent money transfer operators or financial institutions. They often have to spend hours in line to get their paychecks cashed, according to the spokesperson.
Grab will reveal more information about the pricing structure as the launch date approaches.
Topics: Bill Payment, In-App Payments, Mobile/Digital Wallet, Region: APAC
Companies: Grab
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Nov. 15, 2018
JP Morgan Chase and Visa are rolling out contactless payments to millions of the bank's cardholders starting later this year, including debit, credit and co-branded cards, according to a blogpost from the card issuer and company release from the bank.
Starting later this year, Chase customers receiving their renewed cards or being issued a new Visa card will get the contactless Tap to Go capabilities in their new cards, starting with Chase Freedom Unlimited and Chase Slate customers.
All Chase credit cards will have the Tap to Go capabilities by the first half of 2019. Chase will rollout Tap to Go to all debit card holders during the second half of 2019.
The contactless payment feature means that cardholders only need to tap their card on the reader at millions of retailers and other outlets that feature the contactless symbol. The cards use secure EMV chip technology, according to Chase. During the transaction a one-time code is issued to secure the payment information, according to Chase.
Topics: Card Brands, Contactless / NFC, EMV, Mobile Banking
Companies: Visa, JP Morgan Chase Bank N.A.
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Nov. 14, 2018
The U.S. Faster Payments Council, a new organization backed by some of the nation's largest banks, retailers, fintech companies and other entities, will work with the federal government in modernizing the nation's payments system to allow secure transfers of funds with near immediate availability.
The council, created by the Governance Framework Formation Team, is a 27-member group that includes J.P. Morgan Chase, Visa Inc., Walmart, Wells Fargo, Mastercard and Early Warning Services. It will work to resolve challenges holding back the industry from rapid adoption of a faster payments framework, according to a press release.
"The industry has clearly signaled that while our nation's faster payments capabilities are rapidly innovating, there's much to be done to promote ubiquity and faster payments adoption," said Douglas Berg, senior vice president of payment industry relations for Wells Fargo Bank, in the release.
Topics: Mobile Banking, Mobile Payments, Regulatory Issues
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Nov. 14, 2018
BillingTree said it will enhance the integration of text-based billing and payment into its Careview and Payrazr platforms, and will now operate the service under the name BillingTree SMS, according to a company press release.
The service allows health-care providers, financial services companies, accounts payable and other billers to contact consumers and receive payment directly via text, using two-factor authentication. The technology does not require a mobile app or a payment card to be present.
To make a payment, consumers simply follow text prompts, according to the company, which is offering 6-month free trials for current and existing clients using BillingTree for merchant services.
Text-based billing has been around for many years, but the level of adoption has risen sharply in recent years. Officials said research shows 80 percent of consumers getting a text notification settle their bill balances and 65 percent pay after the first message.
Topics: Bill Payment, SMS / MMS
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