Does the Apple Card Signal Apple’s Plan to Ultimately Disrupt the Payments Industry?

Apple made big news last week when it announced its entry into subscription services, ranging from news to video streaming services.  Antitrust commentators, justifiably, expressed concerns that Apple might exploit the market power it enjoys via its dominant platform to undermine competition in those industries.  Obscured by the mainstream press attention regarding Apple’s foray into subscription services was...

The Arrival of the China Pays

The payments news last week was dominated by Apple, whose CEO Tim Cook promised that its newly introduced Apple Card and its Apple Pay platform will “transform another fundamental method of payment.” But many payments professionals are equally intrigued by the steady unveiling of potentially more impactful disruptors. These disruptors come not from the innovation labs at Cupertino, but from China. Two companies,...

Payments News Update - April 3, 2019

US-China Trade War Deal Could Be Too Late for the Likes of Mastercard, American Express and Visa South China Morning Post - April 2, 2019 A trade deal between President Xi Jinping and United States counterpart Donald Trump could finally fulfil a long-delayed promise to open up China’s 208.1 trillion yuan (US$31 trillion) market for credit cards and other third-party payment processors to American companies like...

Why the Fed Needs to Offer a Real-Time Payments Alternative

The U.S. continues to be an embarrassing laggard in payments.  While the rest of the developed world spent the last 25 years implementing Chip & PIN to reduce fraud, the United States continued to rely on signatures and magnetic stripes.  That was the equivalent of the world migrating to personal computers, while Americans remained loyal to the typewriter.  Remarkably, while we have begun to use Chip based cards we...

Facebook's Foray into Payments: Revolutionary or More of the Same?

To merchants, the evolution of digital payments was supposed to be a “get out of jail” card that released them from the shackles of the current payment system.  That dream could be reduced to the following proposition - the technology industry could conquer any industry. If anyone could disintermediate Visa and Mastercard and shake up payments, it would be Apple. Facebook, Google, Samsung, or some other tech...

Can Blockchain Introduce Competition in Payments?

U.S. merchants' unhappy experience in payments is well known by now.  Take it or leave it interchange rates that are orders of magnitude higher than rates that prevail in other parts of the world.  An increasingly long list of opaquely described network fees, which are also take it or leave it propositions.  Indefensible extensions of the Honor All Cards rules to force merchants that implement contactless...

C|C Payments Weekly News Update

March 13, 2019

Legal and Regulatory Developments SPOTLIGHT: The Battle for Real-Time Payments Dominance in the U.S. Finextra - March 11, 2019

Since Fed catalysed the private sector to deliver real-time payment capabilities, there has been advocacy for the central bank backed, real-time payments (RTP) scheme. Many feel the lack of a ubiquitous RTP infrastructure has become a road block to innovation in financial...

C|C Payments Weekly News Update

March 6, 2019

Legal and Regulatory Developments

SPOTLIGHT: Will 'Open Banking' Sizzle or Fizzle in the U.S.?

The Financial Brand - February 27, 2019

In the U.S., open banking may not yet be law like it is in the U.K., but its impact will continue to ripple across the pond. Here's how experts say the concept will affect banking providers worldwide, including American institutions.

Open banking allows...