Facebook has added a payments feature to its Messenger app, although its purpose is somewhat different from Apple Pay and others designed for use at the point-of-sale. In keeping with its mission to facilitate communications between "friends," the Facebook payment system is peer-to-peer and free, enabling the half billion Facebook users to send money to each other through Messenger after linking a Visa or MasterCard debit card to their account.
Offering more clarification in the problem of Apple Pay fraud, The New York Times has reported that the problem started with the big banks' rush to participate in the service. This mostly confirms the original source of the report of Apple Pay fraud, Cherian Abraham, mobile commerce and payments lead specialist at Experian Global Consulting, who reported the issue on his Drop Labs blog.
While twice as many companies were validated as compliant during their initial compliance review in 2014 compared to 2013, nearly 80 percent of all businesses fail their interim Payment Card Industry compliance assessment leaving them vulnerable to cyberattacks, according to Verizon's 2015 PCI Compliance Report.
Bloggers are fighting back against reports of Apple Pay fraud, questioning the extent of the fraud, the reliability of the evidence supporting the contention and how clearly it was reported that Apple Pay itself is not responsible.
Costco Wholesale Corp. reported today that Visa will be its new credit card network of choice and Citigroup would issue its co-branded card, replacing a 16-year deal with American Express.
Many credit card issuers will not have fully implemented EMV technology by the October deadline, according to PaymentsSource.
It's getting better. Research firm Aite Group reports that 59 percent of all point-of-sale locations in this country will be EMV compatible by the end of 2015, according to a report at Pymnts.com. The payments industry has been concerned about the rate of retail adoption of EMV, but these results signal that merchants are starting to move faster on the new chip card technology, especially larger retailers.
American Express is making plans for life after Costco. Last week, the two companies said they would end the 16-year co-brand and merchant acceptance agreements on March 31, 2016 when they are due to expire.
MasterCard and Visa are adding more firepower in their fight to combat data security abuses. The plans were revealed separately by each company, and coincided with last week's White House Summit on Cybersecurity and Consumer Protection at Stanford University.
Against the backdrop of growing losses to cybersecurity breaches and a technology industry frustrated by the federal government's lack of action on surveillance activities, Apple CEO Tim Cook proved Friday that he was more than a warm-up act for President Obama.