mdk.Update #17/22: Weekly insights from Telecoms, payment, security, eCommerce & online fraud
In this week’s market update, we have curated the following articles for you.
Anything you like to see more content on? Just leave us a comment below.
Online security and fraud prevention
Fraud as a service: Scammers are using encrypted messaging to undercut BNPL revenue
Buy now, pay later (BNPL) is booming in popularity, particularly among the traditional credit-wary millennial and Gen Z consumer populations. With $680 billion in transaction volume by 2025 up for grabs, fintech startups and long-standing financial institutions alike are jumping into the mix with their own offerings.
But, as we’ve seen with other emerging tech trends, rapid growth leads to new challenges.
ABA Foundation and FTC Release Consumer Education Infographic on Payment App Scams
The American Bankers Association Foundation and the Federal Trade Commission today released an infographic with tips and information to help consumers protect themselves when using mobile payment apps and services. As the popularity of person-to-person payment apps and services has soared, fraudsters are increasingly attempting to use the services to scam victims.
Innovation and “out of the box” thinking
Upgrade to Apple Pay tightens fraud prevention features
Apple Pay is the company’s mobile payment platform. It’s a brilliant money-making scheme because Apple receives a cut of .15% of the value of each transaction that uses the feature (15 cents for each $100 purchase). With more than a million retail stores, gas stations, supermarkets, and restaurants accepting Apple Pay in the U.S. alone at the start of this month, the volume of transactions that run through the platform is large enough to generate big bucks for Apple.
Why it’s time for your practice to adopt digital payments
For both providers and patients, digital wallets offer greater convenience, ease of use, efficiency and security than traditional methods of medical bill payment.
Video: JP Morgan at Finovate Continent 2022 – fostering innovation in payments
At the Finovate Europe 2022 conference in London, FinTech Futures sat down with Jeremy Balkin, global head of innovation and corporate development, payments at JP Morgan, to discuss the current state of affairs in the payments space and what the future might hold.
Market outlook and development
2C2P and Ant Group Enter Strategic Partnership to Further Digital Payment Adoption and Innovation in Southeast Asia Amid Regional Economic Recovery
Through the strategic partnership, 2C2P’s extensive pool of merchants inclusive of global and regional brands will be connected with Alipay+, extending its current 250 payment options offering to include even more e-wallets and local payment methods. With this, merchants will benefit from a wider geographical reach, connecting seamlessly to over one billion consumers globally.