As most of you have heard Apple rolled out Apple Savings Monday. A 4.1% savings account with $250k max balance (FDIC limit). Here are a few quick take items.
Short Blog – Apple Savings
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Future of Retail Banking – Part 5
This is the last of my 5 part blog series that started over 6 months ago. As a pragmatist, my views will likely be unpopular (and perhaps incorrect), but they are informed. Most of this blog will be obvious to US Retail Bankers and payment teams; the more interesting parts may be around Fintech and Asia. The exec summary captures the entire blog, it’s a new format.. I’m going to break down the detail of these points in separate posts. Today is Part A
For quick reference, I’ve listed the links to the previous blogs.
- Part 1 – US Payments Environment – Drivers of Change
- Part 2 – Power of Bank Networks
- Part 3 – Last Mile: Internet 2.5 – Embedding Financial Services
- Part 4 – Network Innovation – The Efficacy of V/MA
- Part 5 – Future of Retail/Commercial Banking … What Will Define Bank Success?
The reason for this blog is to interact and challenge… please feel free to do so.
Visa Launches Visa+ with PayPal as Anchor
Short Blog
https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.19621.html
Today Visa announced a major expansion of Visa Direct called Visa +, with PayPal as the anchor launch partner. “help individuals move money quickly and securely between different person-to-person (P2P) digital payment apps” without requiring the recipient to have a Visa card.
Visa+ expands Visa’s role as the meta-directory of payments connecting consumers, wallets and accounts with a master “payname”. If I were to write the marketing one-liner for Visa+ it would be “pay people in the way they want to be paid”.
Continue readingIdentity Driving Payments
Great article in today’s MRC Journal Moving identity authentication earlier in customer flow/
Short Blog. Summary. US issuers are creeping into identity and eCom data as they seek to build a non-network auth. The only model which will work is where networks are the enablers of identity. From a payments perspective, there are only 2 options for owners of identity and authorization 1) V/MA or 2) Apple/Google.
I was fortunate to go to MRC-Vegas this year. Whereas M2020 is filled with Issuers/Fintechs/Investors MRC is filled with payment operators (merchants), and the companies supporting them (ie Visa/Cybersource, Stripe, Adyen, …).
Continue readingApple Launches Pay Later
https://www.apple.com/newsroom/2023/03/apple-introduces-apple-pay-later/
Apple Pay Later was announced at Apple’s WWDC on June 6, 2022 (Youtube – ~21:00 in). I covered the details last year in Apple Pay Later – What is it?
Today it is going live in a limited rollout. Summary points
Payment Authorization – Under The Hood
Retailers should tread very carefully in direct issuer connections
My focus over the last 18 months has been identity, trust, authorization and assertions. Today I thought we would get under the hood a little on the technology of authorization and the current operational issues with a key network service: 3DS.
MRC Recap – Looking up – A Retailers Perspective On Payments
I’m glad I made the decision to attend my very first Merchant Risk Council event this week. For those that don’t know, MRC Vegas is the second largest payment event in the US (after M2020) but with a VERY different focus. MRC is attended by the “hands on” payment leaders from all the top merchants and the vendors that serve them: Stripe, Adyen, PayPal, V, MA, risk, fraud, …. Etc. Whereas M2020 is attended by FinTech, Crypto, Venture, Institutional investor, and strategy audiences, MRC is much more focused on making payments work.
Tap to Pay – Growing the Network – $700B GDV Opportunity
~$700B GDV opportunity for breakout volume growth as the network could “double” in scale as every cardholder could become a “merchant” in 20-30 min.
This month was a first! During my 25 yrs in payments, I could accept a card payment (in person) with no additional hardware. Enrolling as a Square merchant took only 30 min and I was then live with Apple Tap and Pay. A fantastic experience! (see Square). This is a tremendous “team effort” by Visa (VAS), Apple (See Mobeewave blog) and Square (as PayFac).
Continue readingBill Pay in the US (short blog)
Bill Pay in the US
Given that Bill Pay is a RTP/FedNow opportunity I thought I’d provide an update into the chaos that is US Bill Pay.
Continue readingFedNow Hurdles and Opportunities
Short Blog – Follow Up to Last Week’s FedNow Update
I’ve got 4 blogs in queue with Part 5 – Future of Retail Banking coming next week. I’ve been asked to expand beyond my pro-network bent into areas like FedNow, PayPal, Stripe and Asia… etc and I will oblige. For today, drilling down on FedNow’s opportunity and the key barriers for “break out growth” (expanding on the last 2 bullets within 22 Feb FedNow blog). Feedback appreciated.