Cash was used in 32 percent of all U.S. transactions in 2015 — the highest of any payment method. (In case you’re curious, consumers used debit cards for 27 percent of purchases and credit cards for 21 percent.) While cash may still technically reign as king over forms of payment, an increasing number of small businesses are switching to a cashless payment policy. Read more.
It’s no secret that technology is dramatically changing the way financial services are being delivered. At the beginning of 2010, few banks offered mobile banking apps; now having one is almost a requirement to conduct business. Read More
The idea of sharing data and exposing APIs to third parties was usually routinely dismissed out of hand by financial institutions. But that’s beginning to change, as both regulatory and consumer demands are moving the world in the direction of open banking. Read More
Real-time payments (RTPs) have long been a dream for consumers and the financial industry alike, but so far have yet to become ubiquitous. In the U.S., the legacy systems used to run banks – and the rails on which payments are moved – simply weren’t built to handle RTPs. Read More
In the past five years, the B2C payments space has seen significant advances. The widespread adoption of mobile wallets, the rise of contactless payments in Asia, and high popularity of peer-to-peer payment platforms exemplify how B2C payment solutions are rapidly evolving to keep up with consumer demand for simplified, secure transactions. Read More
The EU Revised Payment Services Directive, or PSD2, came into effect January 2018. While this expansive regulation includes numerous updates, the requirement for financial institutions to participate in an open banking system is arguably the most disruptive. Read More