The mobile money agency system has made huge progress in increasing access to financial services and reducing the cost of transactions, though in terms of serving the “last mile” – those wishing to make single dollar transactions – there is still much to be done. But the answer may be staring us in the face,
Visa Inc. introduced a new specification to use biometrics with chip card transactions. The specification can enable palm, voice, iris, or facial biometrics. This first-of-its kind technology framework is designed to work with the EMV (Europay, MasterCard, Visa) chip industry standard to help ensure open, globally interoperable solutions. Biometric verification is intended to prevent fraud
First Tech Federal Credit Union announced a pilot program with MasterCard that will enable First Tech employees to authenticate and verify transactions using facial recognition and fingerprint biometrics. Dubbed “Selfie Pay,” by industry observers, this initial test will be conducted in a closed environment where First Tech employees will use artificial funds and biometrics. The
The agent banking and mobile phone transaction are picking up while pushing up as demonstrated by increase the volume and value of transactions. The agency and mobile money have assisted financial sector penetration in the country to overtake its goal of reaching 50 per cent two years ahead of the deadline in 2016. At the
TSYS announced it will help support secure transactions and facilitate enablement for issuers in processing transactions from Apple Pay, the easy, secure and private way to pay, when it launches in the U.K. next month. Through TSYS Enterprise Tokenization, the company’s plug-and-play tokenization solution, issuers as well as retailers can take full advantage of Apple
The cheque clearing system goes digital at the end of this week, in a move aimed at increasing efficiency in effecting payments, where transactions are going to be settled within a day, the central bank has said. The new system, designed to take off on Thursday, called Tanzania Automated Clearing House (TACH) is an electronic
Accepting credit cards as payment in your business transactions is a very promising concept. You can increase your revenue, your customer base and improve productivity. Getting a merchant account to be able to accept cards for payments adds convenience, cost-effectiveness and a gives the impression that your business is professionally run. If you have already
TD announced it is testing, in select GTA locations, “Smart” ATMs; automated teller machines that incorporate enhanced and efficient self-serve technology that will offer customers greater convenience and more options to conduct simple transactions when visiting their branch. A first in Canada, TD’s Smart ATMs offer an innovative approach to how traditional ATMs operate. They
Safaricom has announced the launch of M-Ledger, an Android based application that provides subscribers on the company’s network with a simple and easy to use financial journal to track and monitor their M-PESA transactions. Developed in partnership with a local start-up Dynamic Data Systems, the partnership is the first in an anticipated series of partnerships
Official figures released by the global technical body EMVCo show that nearly 30% of all card-present transactions conducted globally between July 2013 and June 2014 used EMV chip technology. The data represents all EMV chip card-present transactions – both contact and contactless – as processed by EMVCo’s members, American Express, Discover, JCB, MasterCard, UnionPay and
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