#Faster Payment Service (FPS) Market Opportunity

[marketdevelopment]

Global Faster Payment Service (FPS) Market Size to Reach USD 3,067 Million by 2030, At Growth Rate (CAGR) of 21.20%

The global market for Faster Payment Service (FPS), estimated at USD 543.5 million in 2022, is projected to reach USD 3,067 million by 2030, with a CAGR of 21.20% during the forecast period from 2022 to 2030.

FPS allows individuals and businesses to transfer money between bank accounts almost instantly. This enables faster settlement of payments, making it suitable for various purposes such as bill payments, salary transfers, online purchases, and peer-to-peer transactions. FPS is often integrated into online and mobile banking platforms offered by banks and financial institutions. Users can conveniently initiate and manage payments through these channels, providing greater flexibility and convenience.

Major Market Players

Key players in the global Faster Payment Service (FPS) market include ACI Worldwide, FIS, Fiserv Inc., wirecard, Mastercard, Temenos Headquarters SA, Global Payments Inc., Capgemini, Icon Solutions Ltd, M & A Ventures LLC, PAYRIX, Nexi Payments SpA, Obopay, and Ripple, among others. Recent developments include Fiserv launching the EnteractSM, a cloud-based customer relationship management platform, and ACI Worldwide partnering with BI-FAST to extend their real-time payment services in Indonesia.

Get more Information About the Faster Payment Service (FPS) Market here & Take a Sample Copy:

https://introspectivemarketresearch.com/request/16608

Updated Version 2024 is available our Sample Report May Includes the:

Scope For 2024

Brief Introduction to the research report.

Table of Contents (Scope covered as a part of the study)

Top players in the market

Research framework (structure of the report)

Research methodology adopted by Worldwide Market Reports

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. 

Faster Payment Service Market Segmentation:

By Mode of Payment

Single Immediate Payments

Forward-Dated Payments

Direct Corporate Access Payments

Domestic P2P Payments

P2M Payments

B2B Payments

Others

By Component

Solutions

Payment gateway

Payment processing

Payment Security

Services

Others

By Deployment

Cloud

On-Premises

By End Use Industry

Retail and E-Commerce

Banking, Financial Services, & Insurance (BFSI)

IT & Telecom

Travel & Tourism

Others

Inquire or Share Your Questions If Any Before the Purchasing This Report @

https://introspectivemarketresearch.com/inquiry/16608

Regional Insights:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America (US, Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

South America (Brazil, Argentina, Rest of SA)

Acquire This Report:

https://introspectivemarketresearch.com/request/16608

About us:

Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assisting our clients to grow and have a successful impact on the market. Our team at IMR is ready to assist our clients to flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, that specializes in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.

Contact us:

Introspective Market Research

3001 S King Drive,

Chicago, Illinois

60616 USA

Ph no: +1-773-382-1049

Email:sales@introspectivemarketresearch.com

[marketinsight1234]

Global Faster Payment Service (FPS) Market Size to Reach USD 3,067 Million by 2030, At Growth Rate (CAGR) of 21.20%

The global market for Faster Payment Service (FPS), estimated at USD 543.5 million in 2022, is projected to reach USD 3,067 million by 2030, with a CAGR of 21.20% during the forecast period from 2022 to 2030.

FPS allows individuals and businesses to transfer money between bank accounts almost instantly. This enables faster settlement of payments, making it suitable for various purposes such as bill payments, salary transfers, online purchases, and peer-to-peer transactions. FPS is often integrated into online and mobile banking platforms offered by banks and financial institutions. Users can conveniently initiate and manage payments through these channels, providing greater flexibility and convenience.

Major Market Players

Key players in the global Faster Payment Service (FPS) market include ACI Worldwide, FIS, Fiserv Inc., wirecard, Mastercard, Temenos Headquarters SA, Global Payments Inc., Capgemini, Icon Solutions Ltd, M & A Ventures LLC, PAYRIX, Nexi Payments SpA, Obopay, and Ripple, among others. Recent developments include Fiserv launching the EnteractSM, a cloud-based customer relationship management platform, and ACI Worldwide partnering with BI-FAST to extend their real-time payment services in Indonesia.

Get more Information About the Faster Payment Service (FPS) Market here & Take a Sample Copy:

https://introspectivemarketresearch.com/request/16608

Updated Version 2024 is available our Sample Report May Includes the:

Scope For 2024

Brief Introduction to the research report.

Table of Contents (Scope covered as a part of the study)

Top players in the market

Research framework (structure of the report)

Research methodology adopted by Worldwide Market Reports

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. 

Faster Payment Service Market Segmentation:

By Mode of Payment

Single Immediate Payments

Forward-Dated Payments

Direct Corporate Access Payments

Domestic P2P Payments

P2M Payments

B2B Payments

Others

By Component

Solutions

Payment gateway

Payment processing

Payment Security

Services

Others

By Deployment

Cloud

On-Premises

By End Use Industry

Retail and E-Commerce

Banking, Financial Services, & Insurance (BFSI)

IT & Telecom

Travel & Tourism

Others

Inquire or Share Your Questions If Any Before the Purchasing This Report @

https://introspectivemarketresearch.com/inquiry/16608

Regional Insights:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America (US, Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

South America (Brazil, Argentina, Rest of SA)

Acquire This Report:

https://introspectivemarketresearch.com/request/16608

About us:

Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assisting our clients to grow and have a successful impact on the market. Our team at IMR is ready to assist our clients to flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, that specializes in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.

Contact us:

Introspective Market Research

3001 S King Drive,

Chicago, Illinois

60616 USA

Ph no: +1-773-382-1049

Email:sales@introspectivemarketresearch.com

[marketingsites]

[gazetteweekly]

Digitalisation: A Double-Edged Sword for Consumers and Financial Systems, Says RBI Report

In its Report on Currency and Finance (RCF) for 2023–24, the Reserve Bank of India (RBI) highlighted the transformative yet challenging impacts of digitalisation on consumer behavior and financial systems. Released on Monday, the report underscores how the convenience and accessibility brought by digitalisation can also lead to impulsive spending, herd behavior, and heightened risks of data breaches.

Benefits and Risks of Digitalisation

Digitalisation undoubtedly enhances the ease with which consumers can access financial services. However, it also introduces new risks. The RBI report points out that the rapid spread of financial trends and choices through digital platforms can influence consumers to follow the crowd, leading to impulsive spending and herd behavior. This is particularly evident during market frenzies, where mass buying or selling of stocks can trigger similar actions from other consumers.

Moreover, the interconnected nature of the digital financial system can complicate financial stability. For instance, widespread withdrawal of deposits due to herd behavior could lead to bank runs or failures.

Data Breaches: A Growing Concern

The report also highlights the growing threat of data breaches. In 2023, the average cost of a data breach in India was $2.18 million, marking a 28% increase since 2020. Common attacks include phishing and the use of stolen or compromised credentials. These breaches pose significant risks to both consumers and financial institutions.

Implications for Monetary Policy

Digitalisation impacts inflation, output dynamics, and the transmission of monetary policy in various ways. The report suggests that if digitalisation shifts credit supply from regulated banks to less-regulated non-banks, it could dampen the effectiveness of monetary policy. As such, central banks must integrate digitalisation considerations into their models to ensure effective monetary policy and financial stability.

Proactive Measures and International Collaboration

The RBI has been proactive in leveraging the benefits of digitalisation while mitigating associated risks. Digitalisation holds the potential to boost India’s external trade in goods and services, particularly in modern services exports. It can also reduce the cost of international remittances, benefiting recipients through higher incomes or savings.

In a significant step towards enhancing cross-border payments, the RBI joined Project Nexus, aiming to interlink domestic Fast Payments Systems (FPS) across several countries, including Malaysia, the Philippines, Singapore, and Thailand. This follows the integration of India’s Unified Payments Interface (UPI) with Singapore’s PayNow, facilitating faster and more affordable remittances between the two nations. Similarly, an MoU with the Central Bank of UAE aims to link India’s UPI with UAE’s Instant Payment Platform (IPP).

The Rise of UPI

The report highlights the explosive growth of UPI, which has seen a tenfold increase in volume over the past four years. From 12.5 billion transactions in 2019–20 to 131 billion in 2023–24, UPI now accounts for 80% of all digital payment volumes in India. As of June 2024, UPI is recording nearly 14 billion transactions monthly, driven by 424 million unique users.

Future Outlook

Cross-border digital trade policies will be crucial in leveraging new opportunities and ensuring data security and cybersecurity. The internationalisation of the rupee is also progressing, supported by a comprehensive policy approach.

In summary, while digitalisation brings significant benefits, it also poses new challenges. The RBI’s report emphasizes the need for a balanced approach to harness its advantages while managing the associated risks to consumer behavior, financial stability, and data security.

[sandlerresearch]

Russia Cards and Payments - Opportunities and Risks to 2024 published on

https://www.sandlerresearch.org/russia-cards-and-payments-opportunities-and-risks-to-2024.html

Russia Cards and Payments - Opportunities and Risks to 2024

Russia Cards and Payments – Opportunities and Risks to 2024

Summary

GlobalData’s ‘Russia Cards and Payments – Opportunities and Risks to 2024’ report provides detailed analysis of market trends in the Russian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, and direct debits during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into the Russian cards and payments industry, including – – Current and forecast values for each market in the Russian cards and payments industry, including debit and credit cards. – Detailed insights into payment instruments including cash, cards, credit transfers, and direct debits. It also, includes an overview of the country’s key alternative payment instruments. – Ecommerce market analysis. – Analysis of various market drivers and regulations governing the Russian cards and payments industry. – Detailed analysis of strategies adopted by banks and other institutions to market debit and credit.

Scope

– In order to be on par with its European peers, in January 2019 the central bank introduced the Faster Payments System (FPS), which enables users to make fund transfers in 15 seconds using the recipient’s mobile phone number. Users can make transfers online 24/7 via their bank’s mobile or internet banking service. Following the successful launch of FPS, the central bank added QR code-based functionality to the system, enabling payments of goods and services using mobile devices. To encourage the adoption of FPS-based QR code payments, the central bank is making it mandatory for banks with a universal license to offer FPS-based QR code payment services by April 1, 2022. For systemically important banks the deadline is October 1, 2021. As of February 2021, 42 banks had launched FPS-based QR code payment functionality. – The federal law signed by the Russian president in May 2017 mandated that all public sector employees and workers who receive welfare benefits from federal or state funds must migrate to Mir payment cards from July 1, 2018, and pensioners by July 1, 2020. However, against the backdrop of COVID-19, the deadline for pensioners was extended until July 1, 2021. The government also mandated the acceptance of Mir cards at all merchant stores with annual transaction turnover of more than RUB40m ($0.5m), and at any stores that accept card payments for other payment schemes. From March 1, 2021 the threshold was reduced to RUB30m ($0.4m), and from July 1, 2021 it will be further reduced to RUB20m ($0.3m). This will accelerate payment card acceptance among merchants. – The Russian government introduced the Unified Biometric System (UBS) in June 2018. This system allows individuals to authenticate their identity using biometric parameters and access financial services remotely. Users can register for the system at bank branches, where their photo image and voice profile is captured and uploaded to UBS. Based on UBS, retailers are deploying new biometric payment methods in order to enhance customer convenience. In March 2021, Russia-based X5 Retail Group announced the expansion of its “pay with a glance” service to its 150 Perekrestok supermarkets. The company initially launched the service at a coffee shop in Moscow in 2020, in collaboration with Visa and Sberbank. It was later trialed at 52 Perekrestok supermarkets.

Reasons to Buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Russian cards and payments industry and each market within it. – Understand the key market trends and growth opportunities in the Russian cards and payments industry. – Assess the competitive dynamics in the Russian cards and payments industry. – Gain insights into marketing strategies used for various card types in Russia. – Gain insights into key regulations governing the Russian cards and payments industry.

[technuter]

Apple launches iPhone 11 Pro and iPhone 11 Pro Max

Apple announced iPhone 11 Pro and iPhone 11 Pro Max, a new pro line for iPhone that delivers advanced performance for users who want the very best smartphone. The new Super Retina XDR display is a pro display with the brightest display ever in an iPhone. The powerful Apple-designed A13 Bionic chip provides unparalleled performance for every task while enabling an unprecedented leap in battery life to easily get through the day. A new triple-camera system provides a pro-level camera experience with an Ultra Wide, Wide and Telephoto camera, delivering huge improvements to low-light photography and offering the highest quality video in a smartphone that is great for shooting action videos. iPhone 11 Pro and iPhone 11 Pro Max come in four gorgeous finishes including a beautiful new midnight green, and will be available for pre-order beginning Friday, September 13 and in stores beginning Friday, September 20.

Phil Schiller, Apple’s senior vice president of Worldwide Marketing, said, “iPhone 11 Pro and iPhone 11 Pro Max are the most powerful and advanced smartphones we have ever made. They are packed with sophisticated technology that pros can count on to get their work done, and for anyone who wants the very best device made, even if they are not a pro. iPhone 11 Pro has the first triple-camera system in iPhone and is far and away the best camera we’ve ever made, it provides our customers with great range of creative control and advanced photo and video editing features in iOS 13. The Super Retina XDR is the brightest and most advanced display in iPhone and the A13 Bionic chip sets a new bar for smartphone performance and power efficiency.” Pro Design and Display iPhone 11 Pro and iPhone 11 Pro Max have a textured matte glass back and polished stainless steel band, and come in four stunning finishes including a beautiful new midnight green. The most powerful devices are also designed to be durable — iPhone 11 Pro and iPhone 11 Pro Max feature the toughest glass ever in a smartphone and are rated IP68 for water resistance up to 4 meters for up to 30 minutes, and are protected against everyday spills including coffee and soda. The new Super Retina XDR display, a custom-designed OLED, provides users an immersive HDR viewing experience for movies and other high-definition video with up to 1,200 nits brightness. Super Retina XDR features wide color support with system-wide color management and True Tone to offer a more natural viewing experience. With a 2 million-to-one contrast ratio with true blacks, pro users can enjoy a more vivid viewing experience for HDR videos and photos, and the Super Retina XDR display is even more power efficient. Customers can interact with their favorite apps in a quick, seamless way with Haptic Touch deeply integrated across iOS 13 to provide app shortcuts for everyday tasks right from the Home screen, including taking a selfie in Camera, checking an appointment in Calendar or previewing email within Mail with just a simple press. Fastest Performance with the Best Battery Life A13 Bionic, the fastest chip ever in a smartphone, provides unparalleled performance for every task iPhone 11 Pro and iPhone 11 Pro Max handle and features up to 20 percent faster CPU and GPU than A12. A13 Bionic is built for machine learning, with a faster Neural Engine for real-time photo and video analysis, and new Machine Learning Accelerators that allow the CPU to deliver more than 1 trillion operations per second. Together, A13 Bionic and iOS 13 make up the best machine learning platform in a smartphone. All of this compute, graphics and ML performance is delivered while still enabling an unprecedented leap in battery life, with iPhone 11 Pro offering up to four more hours of battery life in a day than iPhone XS, and iPhone 11 Pro Max offering up to five hours more than iPhone XS Max. A Pro Camera System for Everyone iPhone 11 Pro introduces a transformative triple-camera system with all-new Ultra Wide, Wide and Telephoto cameras, deeply integrated into iOS to create a pro-level camera experience designed for everyone. iPhone 11 Pro and iPhone 11 Pro Max set a new standard in video, with the highest quality video ever in a smartphone. Each camera in the triple-camera system records brilliant 4K video with extended dynamic range and cinematic video stabilization. With a wider field of view and large focal plane, the Ultra Wide camera is great for shooting action videos. Users can easily zoom between each of the three cameras, while Audio Zoom matches the audio to the video framing for more dynamic sound. With iOS 13, powerful video editing tools are accessible to everyone with the ability to rotate, crop, increase exposure and apply filters to videos instantly. These adjustments are easy to apply and review at a glance, so even a novice can create professional quality video projects. With the tight integration between hardware and software, iPhone 11 Pro and iPhone 11 Pro Max take the traditional camera experience even further in a way only Apple can. The all-new Ultra Wide camera fundamentally changes the camera experience by capturing four times more scene, great for taking landscape or architecture photos, tight shots and more. The new Wide sensor with 100 percent Focus Pixels and advanced software enables Night mode, and delivers huge improvements to photos shot in indoor and outdoor low-light environments, resulting in brighter images with natural colors and reduced noise. The triple-camera system takes Portrait mode to a new level with the ability to choose Wide and Telephoto framing, enabling Portrait mode with a wider field of view, great for taking portraits of multiple people. The Telephoto camera features a larger ƒ/2.0 aperture to capture 40 percent more light compared to iPhone Xs for better photos and videos. Next-generation Smart HDR uses advanced machine learning to recognize subjects in the frame and intelligently relight them for more natural-looking images with greater detail. A new True Tone flash is over 30 percent brighter. Deep Fusion, coming later this fall, is a new image processing system enabled by the Neural Engine of A13 Bionic. Deep Fusion uses advanced machine learning to do pixel-by-pixel processing of photos, optimizing for texture, details and noise in every part of the photo. A redesigned camera interface provides a more immersive experience that works together with the triple-camera system and all-screen display to let users see and capture the area outside of the frame. For the first time, users can easily record video without switching out of Photo mode with QuickTake by simply holding the shutter button to start recording. The new TrueDepth camera introduces a new 12MP camera with a wider field of view to capture selfies, and next-generation Smart HDR enables more natural-looking photos. Expressive selfie videos take on a whole new look with the TrueDepth camera that now records 4K video at up to 60 fps and 120 fps slo-mo. Additional Features The new Apple-designed U1 chip uses Ultra Wideband technology, the first ever in a smartphone, for spatial awareness. With iOS 13.1 coming on September 30, AirDrop gets even better with directionally aware suggestions. Face ID, the most secure facial authentication in a smartphone, gets up to 30 percent faster and easier to use with improved performance at varying distances and support for more angles. Spatial audio provides an immersive surround sound experience and Dolby Atmos delivers powerful, moving audio to iPhone 11 Pro and iPhone 11 Pro Max. Gigabit-class LTE up to 1.6Gbps and Wi-Fi 6 allow for even faster download speeds and Dual SIM with eSIM. Featuring iOS 13 iOS 13 on iPhone 11 Pro and iPhone 11 Pro Max delivers a seamless experience with software and hardware integration unlike any other smartphone. iOS 13 introduces a dramatic new look with Dark Mode, a more private way to sign in to apps and websites with Sign In with Apple, and an all-new Maps experience. With advanced Camera and Photos features, photo editing is more comprehensive and intuitive with powerful new tools that now extend to video editing. Portrait Lighting adjustments can be made right in the Camera app to adjust the intensity of light on a subject, and a new High-Key Mono effect creates a beautiful, monochromatic look for Portrait mode photos. Pricing and Availability iPhone 11 Pro and iPhone 11 Pro Max will be available in 64GB, 256GB and 512GB models in midnight green, space gray, silver and gold starting at $999 and $1,099, respectively. Customers can also get iPhone 11 Pro for $24.95 a month5 or $599 with trade-in and iPhone 11 Pro Max for $29.12 a month or $699 with trade-in from apple.com, in the Apple Store app and Apple Stores. iPhone 11 Pro and iPhone 11 Pro Max are also available through Apple Authorized Resellers and select carriers (prices may vary). Customers in the US, Puerto Rico, the US Virgin Islands and more than 30 other countries and regions will be able to pre-order iPhone 11 Pro and iPhone 11 Pro Max beginning at 5 a.m. PDT on Friday, September 13 with availability beginning Friday, September 20. Through Apple’s iPhone Upgrade Program, customers in the US can get iPhone 11 Pro and iPhone 11 Pro Max with the protection of AppleCare+, choose their carrier (no multiyear service contract required) and have the opportunity to upgrade to a new iPhone every year. The iPhone Upgrade Program is available for iPhone 11 Pro and iPhone 11 Pro Max at apple.com and Apple Stores in the US with monthly payments starting at $49.91. Customers who would like to pay monthly for their iPhone — including those trading in their current device or joining or upgrading through the iPhone Upgrade Program — can use the Apple Store app on their iPhone to get pre-approved until 9 p.m. PDT on Thursday, September 12, before iPhone 11 Pro and iPhone 11 Pro Max pre-order begins. iOS 13 will be available on September 19 as a free software update for iPhone 6s and later. Additional software features will be available on September 30 with iOS 13.1. Apple Arcade on the App Store will be available with iOS 13 as a subscription for $4.99 per month and is launching with a one-month free trial. Users get unlimited access to the entire catalog of over 100 new, exclusive games, all playable across iPhone, iPad, iPod touch, Mac and Apple TV. Apple TV+ will be available on the Apple TV app on iPhone, iPad, Apple TV, iPod touch, Mac and other platforms, including online (tv.apple.com), for $4.99 per month with a seven-day free trial. Starting today, customers who purchase any iPhone can enjoy one year of Apple TV+ for free. Apple Arcade on the App Store and Apple TV+ on the Apple TV app join Apple’s breakthrough services that include Apple Music, Apple News+, Apple Pay and iCloud. Every customer who buys iPhone 11 Pro and iPhone 11 Pro Max from Apple will be offered free Personal Setup in-store or online to help customize their iPhone by helping transfer their data, wiping data from an old device, setting up email, highlighting new apps from the App Store and more. Customers get 3 percent Daily Cash when they buy iPhone 11 Pro or iPhone 11 Pro Max from Apple with Apple Card. Customers can extend their limited warranty with AppleCare+ and AppleCare+ with Theft and Loss, and get 24/7 priority access to technical support. Customers interested in learning more about iPhone 11 and iPhone 11 Pro can join one of Apple’s new Today at Apple sessions, Quick Tips. Quick Tips are 15-minute drop-in sessions focused on some of the most popular features of iPhone, like photography. The new Quick Tip sessions begin Friday, September 20. Read the full article

[epayments2-blog]

Faster Payments

Faster payments aren’t just a choice anymore, but a growing necessity. It refers to the real-time or near real-time transmission of funds and a payment message to a receiving party, all occurring throughout a nearly 24/7 timeframe. As more payment recipients experience the benefits, consumers and businesses alike are coming to expect their receivables faster than ever. In the U.S., commercial payments provider FLEETCOR Technologies recently launched a blockchain-based pilot program with enterprise blockchain solutions firm Ripple and international payments company Cambridge Global Payments to improve international settlements. Meanwhile, cross-border payments provider Transpay recently rolled out a new direct-to-bank deposit service in Australia, New Zealand and South Africa, enabling freelance workers to receive direct deposit payments in their preferred currencies. The availability of faster payments services provides a key benefit to businesses, merchants and consumers around the world, giving them quicker access to capital and more stable financial footing. The data provided by a faster payments system also offers recipients insights into their payment patterns, allowing them to make smarter, more informed financial decisions. Faster payments enable a wide range of use cases. In the P2P space, for example, parties can quickly deliver gift money, split a check or pay a babysitter. In the business-to-business (B2B) context, the service can be used to integrate payments or pay invoices. The value of payment volume in these two segments alone could exceed $15 billion by 2025. The faster payments systems phenomenon has emerged in several worldwide regions in recent years. The following deep dive presents an in-depth examination of the current state of faster payments and how the market is poised for change. Faster Payments: An Overview A variety of FinTech players have emerged to offer their services, including person-to-person (P2P) payments platform Venmo, digital payment service PayPal and money transfer service WorldRemit, among others. These companies provide money transfer services for the quick exchange of funds between parties, and their solutions are opening up new innovation opportunities for point-of-sale (POS), electronic invoicing, mobile payments and eCommerce. These emerging FinTech players have an advantage: Their services do not depend on legacy systems and, as a result, are more flexible when responding to shifting consumer demands for faster payments. As expectations rise, so does the pressure on established banks, FIs and regulatory agencies to ensure their own consumers and clients are able to enjoy the benefits of a faster payments network. Faster payments can carry risks for banks, however. Upon delivery to recipients, immediate payments are irrevocable and cannot be reversed. While this is beneficial to a payee, his receiving FI could face credit risk if the sending institution does not quickly settle the transaction – although that risk is more manageable for smaller payment sums and lower payment volumes. U.S. Faster Payments Establishing a faster payments system has been a priority for the U.S. Federal Reserve. It organized the Faster Payments Task Force in May 2015, which included stakeholders from more than 320 organizations from around the U.S. financial services sector. The group’s mission was to explore opportunities to establish and implement a faster payments system in the country. The Task Force released two reports in 2017. The first report, released in January, outlined its mission and objectives and offered an assessment of faster payments needs based on input from its members. The second report, released in July, featured recommendations to establish a system that could allow end users to receive faster payments by 2020. The Faster Payments Task Force disbanded in August 2017. Based on the Task Force’s findings, the Federal Reserve will pursue a three-prong faster payments strategy. It will first support collaborative financial industry efforts to develop and promote a faster payments ecosystem. Second, the Fed will investigate its own settlement services to address gaps in real-time retail payments settlement. Finally, it will explore whether it should take on the role of service provider — beyond providing settlement services — in the faster payments ecosystem. In addition to the Fed’s ongoing efforts, payment speeds have significantly improved as a result of the Same-Day Automated Clearing House (Same-Day ACH) rollout that began in September 2016. The first phase allowed Same-Day ACH credits to be processed within a day, enabling recipients to get their funds by the end of the day the credit was submitted. Same-Day ACH debits became available in September 2017, allowing transactions such as late bill payments or online POS transactions to be completed on the same day they were received. The third and final phase, rolled out in March 2018, required that Same-Day ACH funds be available to payees on the same day payments were sent. Another faster payments service is Zelle, a P2P service backed by a network of U.S. banks and managed by credit reporting agency Early Warning Services. The Clearing House (TCH) also launched its real-time payments (RTP) service last year, the first new payment and clearing system in the U.S. in more than 40 years. RTP can transfer funds between bank accounts in just three seconds. Faster Payments Systems Around the Globe Several nations and regions have already launched faster payments systems, and others are now taking steps to roll out their own. The U.K. became one of the first countries to offer a nationwide faster payment system with the launch of its Faster Payments Service (FPS) in 2008. According to FPS data, the service enables payments to be made on a 24/7 basis, is currently available to 52 million checking account holders in the U.K. and boasts participation from 17 banks and building societies (the U.K. equivalent of credit unions). It has been used to send more than 6 billion faster payments since its launch, and almost all U.K. internet and phone-based banking payments are processed on the FPS network. The FPS network’s launch has allowed other faster payments offerings to emerge and leverage the service. The U.K.’s Payments Council launched mobile P2P service Paym in April 2014, allowing 16 participating U.K. banks’ customers to send and receive money using their mobile phone numbers as verification. Some banks, like HSBC, are allowing business customers to make payments using the Paym service. Zapp, another bank-backed mobile payment service using the FPS infrastructure, emerged in 2015. It can be integrated into U.K. banks’ mobile banking apps to make online and in-store mobile purchases using mobile devices. Similarly, India launched its Immediate Payment Service (IMPS) in November 2010 to offer real-time, 24/7 interbank electronic funds transfer services to users. Funds can be accessed via mobile devices, online, at ATMs, through text messages and at physical bank branches, The IMPS network currently has participation from 53 commercial banks, 101 cooperative banks and 24 prepaid payment instruments (PPIs). Its goal is to allow bank customers to use their mobile devices to access bank accounts, transmit funds and assist the Indian government with digitizing the nation’s retail payments. The SEPA Instant Credit Transfer (SCT Inst) scheme launched in Europe in 2017 to allow instant credit transfers across the pan-European region. Funds transferred using the SCT Inst scheme are delivered within 10 seconds, according to the European Payments Council (EPC). The service is currently available in Austria, Estonia, Germany, Italy, Latvia, Lithuania, the Netherlands and Spain. Meanwhile, Australia rolled out its own New Payments Platform (NPP) faster payments system in February 2018. The system enables instant payments between bank customers and other financial service providers, and can be used to send money to one person or to many recipients. It offers a PayID service that allows customers to link their financial accounts to personal information, such as mobile phone numbers and email addresses. Users can then provide their PayID to businesses or individuals to receive payments. The NPP was developed by the Reserve Bank of Australia (RBA) through a collaboration with the nation’s “big four” banks: Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ) and Westpac. Together, these FIs represent a 95 percent market share of Australia’s financial services sector. The Future of Faster Payments Even more faster payments schemes are on their way. The European Central Bank (ECB) will launch the pan-European ECB TARGET Instant Payments Settlement (TIPS) in 2018, a new faster payments service that aims to offer real-time fund transfers on a 24/7/365 basis. Other nations — including Belgium, the Democratic Republic of the Congo, Hong Kong, Malaysia, Portugal, Slovenia and Spain — also have plans for their own faster payments systems later this year. Even more, including France, Hungary and the Netherlands, have announced their own national offerings will be live by 2019, and Colombia and Peru are also exploring launching South American faster payments schemes that same year. Potential issues could emerge as a result of new faster payments services, including whether the systems can communicate with each other. Many financial services players fear it will be challenging for various real-time payment systems to be interoperable, as most schemes require a local settlement account. This could impact a bank’s liquidity, from a treasury perspective, which ultimately defeats the purpose of faster payments services. As the need for interoperability grows, open APIs may be a potential solution to both ensure funds are transferred quickly and that faster payments systems can live up to their names. By investing in open APIs, FIs can connect to the outside world and explore new potential use cases and innovations on a global scale. The emergence of faster payments systems may present challenges but, as these systems become more widely available in global markets, consumers and merchants are increasingly going to expect to receive their funds quickly. Institutions that fail to deliver faster payments will risk getting left behind.

[technuter]

Apple launches dual camera iPhone 11

Apple announced iPhone 11, delivering innovations that make the world’s most popular smartphone even more powerful, improving the features people use the most throughout their day. iPhone 11 introduces a powerful dual-camera system, offering an intuitive camera experience with the highest quality video in a smartphone and Night mode for photos. iPhone 11 is powered by the A13 Bionic chip to perform the most demanding tasks, while getting through an entire day on a single charge, and is designed to withstand the elements with improved water resistance. iPhone 11 comes in six new gorgeous colors, and will be available for pre-order beginning Friday, September 13 and in stores beginning Friday, September 20, starting at just $699 (US).

Phil Schiller, Apple’s senior vice president of Worldwide Marketing, said, “iPhone 11 is the next generation of iPhone, packed with great new capabilities in an incredible design, including new Ultra Wide and Wide cameras for gorgeous videos and photos, the power and ease of use of iOS 13, and A13 Bionic — the fastest chip ever in a smartphone that quickly handles the tasks that matter most to people every day. With the tight integration between hardware, software and services, the advancements in iPhone 11 bring an unparalleled user experience at an affordable price to even more customers. We think people will love it.” Precision Design and Display With a back design that is precision milled and sculpted from a single piece of glass, iPhone 11 features the toughest glass ever in a smartphone. It is rated IP68 for water resistance up to 2 meters for up to 30 minutes, and is protected against accidental spills from common liquids such as coffee and soda. iPhone 11 comes in six new stunning colors including purple, green, yellow, black, white and PRODUCT(RED). The beautiful 6.1-inch all-screen Liquid Retina display features wide color support and True Tone for a more natural viewing experience. Customers can interact with their favorite apps in a quick, seamless way with Haptic Touch deeply integrated across iOS 13 to provide app shortcuts for everyday tasks right from the Home screen, including taking a selfie in Camera, checking an appointment in Calendar or previewing email within Mail with just a simple press. A13 Bionic A13 Bionic, the fastest chip ever in a smartphone, provides unparalleled performance for every task iPhone 11 handles and features up to 20 percent faster CPU and GPU than A12. A13 Bionic is built for machine learning, with a faster Neural Engine for real-time photo and video analysis, and new Machine Learning Accelerators that allow the CPU to deliver more than 1 trillion operations per second. Together, A13 Bionic and iOS 13 make up the best machine learning platform in a smartphone. Built for efficiency, the A13 Bionic also enables great all-day battery life. All-New Dual-Camera System iPhone 11 introduces a dual-camera system with all-new Ultra Wide and Wide cameras that are deeply integrated into iOS 13, offering the highest quality video in a smartphone and major advancements in photography for the ultimate camera experience. iPhone 11 shoots beautifully sharp video, with both the Ultra Wide and Wide cameras supporting 4K video with extended dynamic range for more highlight detail and cinematic video stabilization. With a wider field of view and large focal plane, users can shoot detailed action videos with the Ultra Wide camera. The dual-camera system lets users easily zoom between each camera while Audio Zoom matches the audio to the video framing for more dynamic sound. With iOS 13, powerful video editing tools are accessible to everyone with the ability to rotate, crop, increase exposure and apply filters to videos instantly all within the new, easy-to-use Camera interface. With iPhone 11, the all-new Ultra Wide camera fundamentally changes the photography experience by capturing four times more scene, and is great for taking landscape or architecture photos, tight shots and more. A new Wide sensor with 100 percent Focus Pixels enables Night mode, delivering huge improvements to photos captured in indoor and outdoor low-light environments, resulting in brighter images with natural colors and reduced noise. Both cameras work together to enable Portrait mode photos for people, pets, objects and more. Next-generation Smart HDR uses advanced machine learning to capture more natural-looking images with beautiful highlight and shadow detail on the subject and in the background. Deep Fusion, coming later this fall, is a new image processing system enabled by the Neural Engine of A13 Bionic. Deep Fusion uses advanced machine learning to do pixel-by-pixel processing of photos, optimizing for texture, details and noise in every part of the photo. Apple’s tight integration between hardware and software delivers a redesigned camera interface, providing a more immersive experience that works with the dual-camera system and all-screen display to let users see and capture the area outside of the frame. For the first time, users can easily record video without switching out of Photo mode with QuickTake by simply holding the shutter button to start recording. The updated TrueDepth camera introduces a new 12MP camera with a wider field of view to capture more in selfies, and next-generation Smart HDR enables more natural-looking photos. Expressive selfie videos take on a whole new look on the TrueDepth camera, now recording 4K video at up to 60 fps and 120 fps slo-mo. Additional Features The new Apple-designed U1 chip uses Ultra Wideband technology, the first ever in a smartphone, for spatial awareness. With iOS 13.1 coming on September 30, AirDrop gets even better with directionally aware suggestions. Face ID, the most secure facial authentication in a smartphone, gets up to 30 percent faster and easier to use with improved performance at varying distances and support for more angles. Spatial audio provides an immersive surround sound experience and Dolby Atmos delivers powerful, moving audio to iPhone 11. Gigabit-class LTE and Wi-Fi 6 allow for even faster download speeds4 and Dual SIM with eSIM. Featuring iOS 13 iOS 13 on iPhone 11 delivers a seamless experience with software and hardware integration unlike any other smartphone. iOS 13 introduces a dramatic new look with Dark Mode, a more private way to sign in to apps and websites with Sign In with Apple, and an all-new Maps experience. With advanced Camera and Photos features, photo editing is more comprehensive and intuitive with powerful new tools that now extend to video editing. Portrait Lighting adjustments can be made right in the Camera app to adjust the intensity of light on a subject, and a new High-Key Mono effect creates a beautiful, monochromatic look for Portrait mode photos. Pricing and Availability iPhone 11 will be available in 64GB, 128GB and 256GB models in purple, green, yellow, black, white and PRODUCT(RED) starting at $699 (US). Customers can also get iPhone 11 for $16.62 a month or $399 with trade-in from apple.com, in the Apple Store app and Apple Stores. iPhone 11 is also available through Apple Authorized Resellers and select carriers (prices may vary). Customers in the US, Puerto Rico, the US Virgin Islands and more than 30 other countries and regions will be able to pre-order iPhone 11 beginning at 5 a.m. PDT on Friday, September 13 with availability beginning Friday, September 20. Through Apple’s iPhone Upgrade Program, customers in the US can get iPhone 11 with the protection of AppleCare+, choose their carrier (no multiyear service contract required) and have the opportunity to upgrade to a new iPhone every year. The iPhone Upgrade Program is available for iPhone 11 at apple.com and Apple Stores in the US with monthly payments starting at $35.33. Customers who would like to pay monthly for their iPhone — including those trading in their current device or joining or upgrading through the iPhone Upgrade Program — can use the Apple Store app on their iPhone to get pre-approved until 9 p.m. PDT on Thursday, September 12, before iPhone 11 pre-order begins. iOS 13 will be available on September 19 as a free software update for iPhone 6s and later. Additional software features will be available on September 30 with iOS 13.1. Apple Arcade on the App Store will be available with iOS 13 as a subscription for $4.99 per month and is launching with a one-month free trial. Users get unlimited access to the entire catalog of over 100 new, exclusive games, all playable across iPhone, iPad, iPod touch, Mac and Apple TV. Apple TV+ will be available on the Apple TV app on iPhone, iPad, Apple TV, iPod touch, Mac and other platforms, including online (tv.apple.com), for $4.99 per month with a seven-day free trial. Starting today, customers who purchase any iPhone can enjoy one year of Apple TV+ for free. Apple Arcade on the App Store and Apple TV+ on the Apple TV app join Apple’s breakthrough services that include Apple Music, Apple News+, Apple Pay and iCloud. Every customer who buys iPhone 11 from Apple will be offered free Personal Setup in-store or online to help them customize their iPhone by helping transfer their data, wiping data from an old device, setting up email, highlighting new apps from the App Store and more. Customers get 3 percent Daily Cash when they buy iPhone 11 from Apple with Apple Card. Customers can extend their limited warranty with AppleCare+ and AppleCare+ with Theft and Loss, and get 24/7 priority access to technical support. Customers interested in learning more about iPhone 11 can join one of Apple’s new Today at Apple sessions, Quick Tips. Quick Tips are 15-minute drop-in sessions focused on some of the most popular features of iPhone, like photography. The new Quick Tip sessions begin Friday, September 20. Read the full article

[sandlerresearch]

Hong Kong Cards & Payments: Opportunities and Risks to 2023 published on

https://www.sandlerresearch.org/hong-kong-cards-payments-opportunities-and-risks-to-2023.html

Hong Kong Cards & Payments: Opportunities and Risks to 2023

Hong Kong Cards & Payments: Opportunities and Risks to 2023

Summary

GlobalData’s ‘Hong Kong Cards & Payments: Opportunities and Risks to 2023’ report provides detailed analysis of market trends in Hong Kong cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, cash, cards, and cheques during the review-period (2015-19e).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into Hong Kong’s cards and payments industry, including – – Current and forecast values for each market in Hong Kong’s cards and payments industry, including debit, credit, and charge cards. – Detailed insights into payment instruments including credit transfers, direct debits, cheques, cash, and cards. It also, includes an overview of the country’s key alternative payment instruments. – E-commerce market analysis and payment methods. – Analysis of various market drivers and regulations governing Hong Kong’s cards and payments industry. – Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

– To foster more efficient retail payments, the central bank introduced Faster Payment System (FPS) in September 2018. FPS connects several mobile wallets with bank accounts and provides real-time, instant fund transfers in Hong Kong dollars and renminbi. To supplement FPS, the central bank introduced a common QR code standard enabling merchants to accept payments through different payment schemes via a single QR code. As of March 2019, FPS had recorded over 2.58 million registrations and processed a daily average of 60,000 transactions at HK$20,700 ($2,643.55) and RMB38,000 ($5,524.61) per transaction respectively. – The Hong Kong Monetary Authority (HKMA) issued guidelines for the establishment of virtual banks in May 2018 following the completion of a public consultation. The minimum capital requirement is HK$300m ($38.3m), banks cannot impose minimum account balance requirements or low-balance fees on customers, and they must join the deposit protection scheme through which depositors are offered compensation of up to HK$500,000 ($63,853.87) in case a bank goes bankrupt. As of July 2019, HKMA had granted virtual banking licenses to eight fintech companies in the country. – To encourage Hong Kong consumers to make digital payments for travel, Octopus collaborated with HKTaxi in July 2019. The partnership allows passengers to pay HKTaxi fares using either their Octopus card (by placing it against the back of an NFC-enabled mobile phone) or through their O! ePay account. The service offers Octopus users a more convenient way of paying for taxis, as well as discounts. Similarly, with an increasing number of Hong Kong consumers traveling to Mainland China for holidays or on business, Hong Kong Telecom (HKT) partnered with China UnionPay (CUP) to launch the mobile-based Tap & Go UnionPay prepaid card in March 2018. Card holders can convert their existing Hong Kong dollar prepaid balance into Chinese renminbi instantly using the Tap & Go wallet app, thus enabling them to make payments in Mainland China.

Reasons to buy

– Make strategic business decisions, using top-level historic and forecast market data, related to Hong Kong’s cards and payments industry and each market within it. – Understand the key market trends and growth opportunities in Hong Kong’s cards and payments industry. – Assess the competitive dynamics in Hong Kong’s cards and payments industry. – Gain insights into marketing strategies used for various card types in Hong Kong. – Gain insights into key regulations governing Hong Kong’s cards and payments industry.