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Copyright © 2019 Networld Media Group, LLC. All rights reserved.Visit Other Networld Media Group Sites:Select a siteATM MarketplaceBlockchain Tech NewsDigital Signage TodayFastCasualFood Truck OperatorKiosk MarketplaceMobile Payments TodayPizza MarketplaceQSRwebRetail Customer ExperienceWorld of MoneyBank Customer Experience (BCX) SummitCONNECT Mobile Innovation SummitFast Casual Executive SummitInteractive Customer Experience (ICX) SummitRestaurant Franchising & Innovation SummitMarch 6, 2019
Fleetcor Technologies Inc., a provider of corporate payment and fuel purchasing solutions, has agreed to buy Nvoicepay Inc., a provider of accounts payable automation technology, according to a company release.
More than 400 businesses use Nvoicepay solutions to make electronic payments to their suppliers. Fleetcor provides corporate cards and virtual cards to corporate clients.
"The addition of Nvoicepay to the Fleetcorp Corporate Payments portfolio enables us to manage full disbursement of accounts payables for businesses," Kurt Adams, group president of corporate payments at Fleetcorp, said in the announcement.
Ron Clark, chairman and CEO of Fleetcor, said the combination of Nfoicepay with previously acquired companies Comdata and Cambridge will create one of the most comprehensive international and domestic AP payment solutions on the market.
Topics: Mobile Payments, Online Purchasing
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March 6, 2019
Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United, and host of Super Bowl LIII last month, announced that it will go cashless, becoming the first stadium in the National Football League and Major League Soccer to do so, according to a press release.
The stadium tested cashless transactions extensively during the Super Bowl. According to the release, MBS processing partner NCR Corp. completed 76,446 transactions during that game, a single-event record for all sports venues served by NCR.
The cashless policy will be fully implemented on March 10, with Atlanta United's first home game of the season against FC Cincinnati.
Stadium officials said the cashless model will make it easier to adjust food and beverage concession prices, as the stadium has made several major changes in pricing, slashing concessions prices by 50 percent a couple of years ago, and as of March 10, reducing the prices of several items by an additional 50 cents.
Previously, concessions were priced in whole dollars to speed up cash payments. Going cashless allows the stadium to raise or lower prices incrementally, the release said.
"Arthur Blank repeatedly challenges us to find innovative ways to improve operations across our businesses," AMB Group CEO Steve Cannon said in the release. "As we've always said, it's incumbent upon us to listen and respond to our fans, and we've heard that value, quality and speed of service are incredibly important. Therefore, we've made operational adjustments that address each of these areas."
Topics: Contactless / NFC, Mobile Payments, NFC, Retail
Companies: NEC
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March 5, 2019
Chime, the San Francisco-based mobile bank, has raised $200 million in Series D funding, led by DST Global, according to a company press release.
DST, a prior investor in Chime, was joined by Coatue, General Atlantic, Iconiq Capital and Dragoneer Investment Group.
"We’re excited to welcome some of the world’s leading growth investors to Chime," Chris Britt, founder and CEO of Chime said in the announcement. "Banking should be free, helpful and easy, but traditional banks are reluctant to embrace this reality."
He said the new investment would be used to accelerate growth and launch new products.
The bank raised $70 million in a Series C investment round in May 2018 led by Menlo Ventures, and has raised a total of $300 million from investors to date.
The bank, which previously sat down for an interview with Mobile Payments Today, said it has grown the number of active accounts to 3 million, up from 1 million last summer.
Topics: Financial News, Mobile Banking
Companies: Chime
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March 5, 2019
The NFC Forum, a body that advocates for the near field communication industry, has issued the NFC Money Transfer Candidate Specification, an alternative to QR code-based payment transactions.
NMT is faster and more efficient than a QR code-based transaction because it eliminates the need for a camera or scanner to capture a QR code, a forum press release said.
Forum officials said that NMT uses an open framework that allows payment service providers to easily map out their already-defined data exchange.
"The NFC Money Transfer Candidate Specification uses the intrinsic benefits of NFC technology — convenience, speed, security and usability — to create a better user experience than QR codes," Paula Hunter, executive director of the NFC Forum, said in the release.
To pay via NMT, consumers hold their device next to an NFC reader. A smartphone camera or portable scanning device is not required, making the transaction faster and more secure than a QR code transaction.
Hunter said that more than 2 million NFC-enabled devices are currently in use around the world, making the majority of smartphone users able to use the technology as a standard feature.
Topics: Contactless / NFC, Internet of Things, NFC, Technology Providers
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As consumers and businesses increasingly use mobile devices for e-commerce, banking and other payment transactions, experts in the cybersecurity industry are being forced to shift their technology and tactics to better identify new methods being used to access vulnerable data.
A new report from ThreatMatrix showed that cybercriminals are increasingly targeting mobile as a means of attacking vulnerable endpoints, particularly in the banking space. The biannual report showed that attacks on mobile account logins have jumped 107 percent in just the prior six-month period, as financial services continues to grow as a primary target.
In the research, account logins showed the highest growth rate of all, as fraudsters are using brute force attacks, bots, or stealth remote access attacks as methods to obtain account data.
The report shows that North American financial services firms saw a 48 percent increase in attack rates, a 116 percent increase in mobile transactions and a 35 percent increase in mobile attacks.
"Fraudsters are master manipulators, with constantly shifting tactics," Alisdair Faulkner, chief identity officer at LexisNexus Risk Solutions, which shares the same parent firm as ThreatMatrix, said in the report announcement.
"They adapt their attack patterns and modus operandi to take advantage of shifting consumer trends, evolving regulations and technological changes, always attempting to stay one pace ahead of business."
E-commerce sites continued to be a major source of fraudulent activity, ranging from card not present attacks as as as well as other forms of stealing user identity or accessing payment information.
E-Commerce fraud
NuData, a unit of Mastercard, announced earlier this month that it had helped retailers detect more than a billion irregular activities during the holiday season. Retailers typically are vulnerable during holiday shopping periods as new customers access their e-commerce sites and user information has to be authenticated.
"The shopping frenzy becomes a perfect cover for fraudsters, who try and take advantage during this time of heightened activity, taking a chance that any irregular activity would go unnoticed," Chris Reid, executive vice president, cyber and intelligence services at Mastercard North America, said in an email.
He said the number of fraudulent card not present attempts rose 35 percent in the fourth quarter, compared with the year-ago period. The number of fraudulent purchase attempts rose about 20 percent during the holiday period 2018, compared with year-ago figures.
Enterprises vulnerable
CrowdStrike Inc. announced this week the launch of CrowdStrike Falcon, which it calls the first enterprise endpoint detection and response solution in the cybersecurity industry.
The technology is designed to hunt for malicious, unwanted or accidental threats found on mobile enterprise devices that can lead to the compromise of company data, which bad actors have increasingly targeted in order to steal identities and access sensitive financial data.
"The unique challenge with securing mobile is user privacy," Dan Larsen, vice president of product marketing at CrowdStrike, told Mobile Payments Today via email. "Many users own their own device and then choose to opt in to limited management by their employer so they can use enterprise email and apps on their device."
He said that employees are increasingly using apps like Slack, Salesforce and Workday on a daily basis and those apps often contain sensitive corporate data, but the existing security systems don’t have the ability to gain visibility into how that data is being used.
Cover photo: iStock
Original author: David Jones
March 5, 2019
USA Technologies Inc., a digital payment and logistics provider for the self-service retail industry, has received notice from Nasdaq Stock Market LLC that it will be delisted as of March 7, unless it appeals the move, according to to a company release.
Nasdaq informed USA Technologies that the company was being delisted because it was not in a position to file the periodic reports with the Securities and Exchange Commission by the extended March 12 deadline, which is a Nasdaq requirement.
USAT notified Nasdaq on Feb. 8 that it would not be able to file its annual report for the fiscal year ended in June 2018, the fiscal first-quarter ended in September or other required filings, according to the release.
In January, USA Technologies shook up its senior management team and named a compliance committee after an internal investigation found that revenue had been improperly recognized during the fiscal 2017 and 2018 fiscal years.
The Malvern, Pennsylvania-based firm said it will file an appeal of the delisting by the March 5 deadline and will ask for a hearing. The panel will review the request and respond by March 20; a hearing is normally granted 30 to 45 days later.
Topics: Contactless / NFC, Mobile Payments, Regulatory Issues
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