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Posted: Dec 22, 2016
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Author: Tom Davis

Cloud-based solutions provide convenience to consumers and cost-savings for merchants.

With the release of Apple Pay back in 2014, mobile wallets at the point of sale (POS) have been all the buzz.  Apple, Samsung, and Android have swallowed up the headlines with their POS payment innovations.  However, the next wave of POS payment innovations have dramatic changes in store.  In fact, it could be said that mobile wallets are about to be leapfrogged by a new and better way to pay.  Several checkout-less shopping technologies are starting to show up in the marketplace leveraging “cloud-based payments”.  With checkout-less shopping, consumers can walk into a retail establishment and take whatever products they want off the shelves and walk right out of the store.  No lines, no hassle, and the payment happens automatically and is mostly invisible.  Sounds too real to be true?  It isn’t!  In fact there are several examples in market across many different retailers utilizing several different technologies.
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Posted: Nov 7, 2016
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Author: Paul Castner

CSCU was in attendance and found the following topics of interest to credit unions

Editor's Note: CSCU was on the scene at this year's Money 20/20 in Las Vegas.  Billed as the world's largest payments and financial services innovation event, Money 20/20 attracted 11,500 attendees this year while drawing more than 400 fintech vendors.  As our experts saw it, a few themes emerged such as APIs, blockchain, bots, and the critical need for financial institutions to think and act differently to keep up with the changes in technology.  Following is a recap of some of the sessions and announcements with links to relevant articles.

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Posted: Jul 26, 2016
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Author: Bill Lehman
Walmart Pay has joined the burgeoning list of “Pays” – mobile payment apps – and has quietly made its way from its launch in 2015 to now be accepted in every Walmart store (over 4,600 locations) in the U.S. And early reports show that 88% of transactions processed through Walmart Pay are from users who previously used the app, meaning high satisfaction. Contrast this with Apple Pay’s low repeat usage rate – one-third of all Apple Pay users don’t use it a second time. Walmart Pay, which is actually a component of the Walmart mobile app, works with any credit, debit, prepaid (and of course) Walmart card, and allows payment at checkout by opening the app and scanning a QR code.
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Posted: May 31, 2016
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Author: Bill Lehman

There was a time when a bank or credit union did not talk about fraud to their cardholders. They did not want to give the impression that their financial institution might be susceptible. The only mention was when describing the benefits of using the Visa or MasterCard brand which carries zero liability to the cardholder in case of fraud. But those days of silence on the subject are long in the past. Consumers are leery of identity theft, have started to look closely at their statements and, have learned the need to keep their social security numbers private.

 


 

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Posted: May 24, 2016
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Author: Tom Davis

Not a day goes by where you don’t read or hear news about bitcoin and/or blockchain.  One expert in the payments world likens bitcoin to the Kardashians, the reality show stars who manage to keep themselves in the headlines even if there is nothing new to report.  Without question, bitcoin and blockchain are the darlings of the financial and business media. What follows in this article is background and insight on bitcoin, the cryptocurrency, its relationship to the blockchain, and reasons why credit unions won't need to spend too much time (if any) worrying about bitcoin.

In our second article, to be published on The Payments Review at a later date, we will take a much deeper look into the intriguing and complex world of the blockchain distributed ledger technology and why credit unions will want to keep an eye on it.

 


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