POS / Payments / EMV - Retail TouchPoints - Retail TouchPoints Retail TouchPoints provides the latest retail news and trends focusing on shopper experience, digital marketing, and retail innovation. https://www.retailtouchpoints.com/topics/pos-payments-emv 2018-10-21T22:53:58-04:00 RTP Mastercard Speeds Transactions With ‘No Signature Required’ Worldwide 2018-10-19T17:10:29-04:00 2018-10-19T17:10:29-04:00 https://www.retailtouchpoints.com/features/news-briefs/mastercard-speeds-transactions-with-no-signature-required-worldwide Adam Blair feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/9c3497409810e4ae1584911805f44271_XL.jpg" alt="Mastercard Speeds Transactions With ‘No Signature Required’ Worldwide" /></div><div class="K2FeedIntroText"><p>Cardholder signatures, both at the point of sale and on the backs of credit and debit cards, will now be optional for Mastercard customers worldwide. The move will speed checkout, and shoppers using contactless payment methods won’t need to worry about providing a signature.</p> <p>Mastercard had eliminated its signature requirements for transactions in the U.S. and Canada in April 2018, the same month when competitors Visa, American Express and Discover also made signatures optional.</p> </div><div class="K2FeedFullText"> <p>{loadposition GIAA}Additionally, an industrywide initiative designed to improve the security of online and other Card Not Present (CNP) transactions took a step forward today. EMVco, the industry consortium owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, released a draft version of its <a href="https://www.emvco.com/emv-technologies/src/" target="_blank">Secure Remote Commerce specification</a> on Oct. 19. The release kicks off a 45-day public comment period that concludes on Dec. 3, 2018.</p> <p>When the SRC specification is finalized in 2019, it is expected to:</p> <p>• Define interfaces to allow for <strong>secure exchanges of payment data</strong> across participants in the digital commerce environment;<br />• Accommodate options for using <strong>dynamic data</strong>, such as cryptograms or other unique transaction data, to enhance security on a retailer’s SRC-enabled web site, mobile app or other e-Commerce platform;<br />• Enable <strong>compatibility with other technologies</strong>, such as EMV Payment Tokenization and EMV 3D Secure; and<br />• <strong>Facilitate consumer recognition of a common user experience</strong> that will be indicated by an SRC Mark, indicating that a retailer’s e-Commerce environment is enabled for EMV SRC.</p> <p>For its part, Mastercard plans to enhance POS and online payment security with a number of initiatives between now and 2020:</p> <p>• <strong>Enter Customer Info 1x:</strong> By the middle of 2019, all Mastercard products will include Secure Remote Commerce (SRC), which allows consumers to enter purchase information one time and apply it anywhere they shop online, reducing the multiple steps needed to fill out the same information at each different site.</p> <p>• <strong>Authentication:</strong> Mastercard Identity Check, which simplifies how merchants and banks upgrade their security, will extend to all merchants in early 2019 following a pilot with 130 merchants globally. Based on EMV 3-D Secure (3DS) technology, this enables consumers to authenticate themselves when making CNP purchases, providing another level of security for both merchants and consumers.</p> <p>• <strong>Tokenization:</strong> All Mastercard credit cards will be token-ready by 2020. Since tokens use a different, encrypted string of characters in place of the card number for each new transaction, consumers be able to store their card credentials across multiple businesses without the risk of exposing actual card account details.</p> <p>Mastercard also is working to bring EMV-like security to a range of digital environments. The company is working with Adyen, BlueSnap, Digital River, Stripe, Square, Worldpay and Mastercard Payment Gateway Services to extend tokens to thousands of retailers. Additionally, Mastercard is working directly with card issuers such as Citi and Fifth Third Bank to convert cards on file into tokens, and with Bank of America to provide enhanced fraud scoring to help increase approval rates over time.</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/9c3497409810e4ae1584911805f44271_XL.jpg" alt="Mastercard Speeds Transactions With ‘No Signature Required’ Worldwide" /></div><div class="K2FeedIntroText"><p>Cardholder signatures, both at the point of sale and on the backs of credit and debit cards, will now be optional for Mastercard customers worldwide. The move will speed checkout, and shoppers using contactless payment methods won’t need to worry about providing a signature.</p> <p>Mastercard had eliminated its signature requirements for transactions in the U.S. and Canada in April 2018, the same month when competitors Visa, American Express and Discover also made signatures optional.</p> </div><div class="K2FeedFullText"> <p>{loadposition GIAA}Additionally, an industrywide initiative designed to improve the security of online and other Card Not Present (CNP) transactions took a step forward today. EMVco, the industry consortium owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, released a draft version of its <a href="https://www.emvco.com/emv-technologies/src/" target="_blank">Secure Remote Commerce specification</a> on Oct. 19. The release kicks off a 45-day public comment period that concludes on Dec. 3, 2018.</p> <p>When the SRC specification is finalized in 2019, it is expected to:</p> <p>• Define interfaces to allow for <strong>secure exchanges of payment data</strong> across participants in the digital commerce environment;<br />• Accommodate options for using <strong>dynamic data</strong>, such as cryptograms or other unique transaction data, to enhance security on a retailer’s SRC-enabled web site, mobile app or other e-Commerce platform;<br />• Enable <strong>compatibility with other technologies</strong>, such as EMV Payment Tokenization and EMV 3D Secure; and<br />• <strong>Facilitate consumer recognition of a common user experience</strong> that will be indicated by an SRC Mark, indicating that a retailer’s e-Commerce environment is enabled for EMV SRC.</p> <p>For its part, Mastercard plans to enhance POS and online payment security with a number of initiatives between now and 2020:</p> <p>• <strong>Enter Customer Info 1x:</strong> By the middle of 2019, all Mastercard products will include Secure Remote Commerce (SRC), which allows consumers to enter purchase information one time and apply it anywhere they shop online, reducing the multiple steps needed to fill out the same information at each different site.</p> <p>• <strong>Authentication:</strong> Mastercard Identity Check, which simplifies how merchants and banks upgrade their security, will extend to all merchants in early 2019 following a pilot with 130 merchants globally. Based on EMV 3-D Secure (3DS) technology, this enables consumers to authenticate themselves when making CNP purchases, providing another level of security for both merchants and consumers.</p> <p>• <strong>Tokenization:</strong> All Mastercard credit cards will be token-ready by 2020. Since tokens use a different, encrypted string of characters in place of the card number for each new transaction, consumers be able to store their card credentials across multiple businesses without the risk of exposing actual card account details.</p> <p>Mastercard also is working to bring EMV-like security to a range of digital environments. The company is working with Adyen, BlueSnap, Digital River, Stripe, Square, Worldpay and Mastercard Payment Gateway Services to extend tokens to thousands of retailers. Additionally, Mastercard is working directly with card issuers such as Citi and Fifth Third Bank to convert cards on file into tokens, and with Bank of America to provide enhanced fraud scoring to help increase approval rates over time.</p></div> CVS Rolls Out Apple Pay Acceptance Chainwide 2018-10-16T16:31:36-04:00 2018-10-16T16:31:36-04:00 https://www.retailtouchpoints.com/features/news-briefs/cvs-rolls-out-apple-pay-acceptance-chainwide Adam Blair feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/a8ce99e0da092b359b528065f3f1b0e2_XL.jpg" alt="CVS Rolls Out Apple Pay Acceptance Chainwide" /></div><div class="K2FeedIntroText"><p><strong>CVS</strong>, which once went so far as to deactivate the NFC terminals in its stores in order to thwart customers’ use of <a href="features/news-briefs/rite-aid-to-accept-apple-pay-nationwide" target="_blank">mobile wallets</a>, now accepts Apple Pay chainwide. CVS customers with compatible iPhones and Apple Watches can use Apple Pay throughout the 9,800-store chain.</p> <p>In August 2018, Apple CEO Tim Cook said that both CVS and <strong>7-Eleven</strong>would be coming on board with Apple Pay acceptance in a few months’ time, according to reporting in <a href="https://www.cultofmac.com/566803/apple-pay-expands-its-reach-to-cvs-7-11-and-germany/" target="_blank">Cult of Mac</a>. Both CVS and 7-Eleven had been members of the Merchant Customer Exchange (MCX), an effort launched in 2012 by high-profile retailers including <strong>Target, Best Buy</strong>and <strong>Walmart</strong>.</p> </div><div class="K2FeedFullText"> <p>MCX tried to create its own payment app named CurrentC. However, after numerous <a href="features/news-briefs/currentc-launch-potentially-delayed-beyond-2015" target="_blank">delays</a>, a <a href="features/news-briefs/currentc-hacked-emails-of-pilot-program-participants-obtained" target="_blank">hack</a> of its pilot program’s customer data in 2014, and Walmart’s decision to deploy its own <a href="features/news-briefs/walmart-makes-grand-and-solo-entrance-into-mobile-payments" target="_blank">Walmart Pay</a> app in 2015, MCX finally abandoned <a href="features/news-briefs/mcx-pulls-the-plug-on-currentc-payments-app-1" target="_blank">CurrentC</a> in June 2016.</p> <p>Apple Pay acceptance by CVS and 7-Eleven leaves two big Apple Pay holdouts: Walmart and Target. Target added a wallet feature to the brand’s app in <a href="features/news-briefs/target-adds-payment-functionality-to-mobile-app" target="_blank">December 2017</a>.</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/a8ce99e0da092b359b528065f3f1b0e2_XL.jpg" alt="CVS Rolls Out Apple Pay Acceptance Chainwide" /></div><div class="K2FeedIntroText"><p><strong>CVS</strong>, which once went so far as to deactivate the NFC terminals in its stores in order to thwart customers’ use of <a href="features/news-briefs/rite-aid-to-accept-apple-pay-nationwide" target="_blank">mobile wallets</a>, now accepts Apple Pay chainwide. CVS customers with compatible iPhones and Apple Watches can use Apple Pay throughout the 9,800-store chain.</p> <p>In August 2018, Apple CEO Tim Cook said that both CVS and <strong>7-Eleven</strong>would be coming on board with Apple Pay acceptance in a few months’ time, according to reporting in <a href="https://www.cultofmac.com/566803/apple-pay-expands-its-reach-to-cvs-7-11-and-germany/" target="_blank">Cult of Mac</a>. Both CVS and 7-Eleven had been members of the Merchant Customer Exchange (MCX), an effort launched in 2012 by high-profile retailers including <strong>Target, Best Buy</strong>and <strong>Walmart</strong>.</p> </div><div class="K2FeedFullText"> <p>MCX tried to create its own payment app named CurrentC. However, after numerous <a href="features/news-briefs/currentc-launch-potentially-delayed-beyond-2015" target="_blank">delays</a>, a <a href="features/news-briefs/currentc-hacked-emails-of-pilot-program-participants-obtained" target="_blank">hack</a> of its pilot program’s customer data in 2014, and Walmart’s decision to deploy its own <a href="features/news-briefs/walmart-makes-grand-and-solo-entrance-into-mobile-payments" target="_blank">Walmart Pay</a> app in 2015, MCX finally abandoned <a href="features/news-briefs/mcx-pulls-the-plug-on-currentc-payments-app-1" target="_blank">CurrentC</a> in June 2016.</p> <p>Apple Pay acceptance by CVS and 7-Eleven leaves two big Apple Pay holdouts: Walmart and Target. Target added a wallet feature to the brand’s app in <a href="features/news-briefs/target-adds-payment-functionality-to-mobile-app" target="_blank">December 2017</a>.</p></div> Walmart Shoppers Will Get Cash Access From PayPal Accounts 2018-10-12T10:41:51-04:00 2018-10-12T10:41:51-04:00 https://www.retailtouchpoints.com/features/news-briefs/walmart-shoppers-will-get-cash-access-from-paypal-accounts Glenn Taylor feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/e5d46243de4368ad50779ee26506edc4_XL.jpg" alt="Walmart Shoppers Will Get Cash Access From PayPal Accounts" /></div><div class="K2FeedIntroText"><p>For the first time, <a href="https://www.paypal.com/us/home" target="_blank">PayPal</a> is letting shoppers get cash from their accounts in a brick-and-mortar store. The payments company will start offering deposit and withdrawal services at <b>Walmart</b> stores.</p> <p>The partnership will allow PayPal users to put cash into or take cash out of either their PayPal accounts or PayPal Cash Mastercard accounts at any Walmart customer service desk, ATM or&nbsp;cash register for a flat $3 fee. PayPal&nbsp;cash in is already available at all Walmart locations, and&nbsp;PayPal&nbsp;cash out will be available at all U.S. stores by early November.</p> </div><div class="K2FeedFullText"> <p>The service has the potential to attract consumers with limited or no banking services; <b>27%</b> of American consumers are unbanked or underbanked, according to the&nbsp;<b><a href="https://www.fdic.gov/householdsurvey/2015/2015report.pdf" target="_blank">FDIC</a></b>. With <b>90%</b> of Americans living within 10 miles of a Walmart store, according to Daniel Eckert, Senior VP of Walmart Services and Digital Acceleration, these consumers would likely have easier access to funds with PayPal services in stores.</p> <p>The move also represents a resurgence for PayPal’s brick-and-mortar ambitions, which had dissipated as other tap-to-pay solutions such as Apple Pay, Samsung Pay and Android Pay became more popular checkout options in recent years.</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/e5d46243de4368ad50779ee26506edc4_XL.jpg" alt="Walmart Shoppers Will Get Cash Access From PayPal Accounts" /></div><div class="K2FeedIntroText"><p>For the first time, <a href="https://www.paypal.com/us/home" target="_blank">PayPal</a> is letting shoppers get cash from their accounts in a brick-and-mortar store. The payments company will start offering deposit and withdrawal services at <b>Walmart</b> stores.</p> <p>The partnership will allow PayPal users to put cash into or take cash out of either their PayPal accounts or PayPal Cash Mastercard accounts at any Walmart customer service desk, ATM or&nbsp;cash register for a flat $3 fee. PayPal&nbsp;cash in is already available at all Walmart locations, and&nbsp;PayPal&nbsp;cash out will be available at all U.S. stores by early November.</p> </div><div class="K2FeedFullText"> <p>The service has the potential to attract consumers with limited or no banking services; <b>27%</b> of American consumers are unbanked or underbanked, according to the&nbsp;<b><a href="https://www.fdic.gov/householdsurvey/2015/2015report.pdf" target="_blank">FDIC</a></b>. With <b>90%</b> of Americans living within 10 miles of a Walmart store, according to Daniel Eckert, Senior VP of Walmart Services and Digital Acceleration, these consumers would likely have easier access to funds with PayPal services in stores.</p> <p>The move also represents a resurgence for PayPal’s brick-and-mortar ambitions, which had dissipated as other tap-to-pay solutions such as Apple Pay, Samsung Pay and Android Pay became more popular checkout options in recent years.</p></div> H&M Buys $20 Million Stake In Klarna, Will Integrate Payments Platform 2018-10-08T15:40:32-04:00 2018-10-08T15:40:32-04:00 https://www.retailtouchpoints.com/features/financial-news/h-m-buys-20-million-stake-in-klarna-will-integrate-payments-platform Glenn Taylor feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/b8ba412a2f9b02f030666c1412095004_XL.jpg" alt="H&M Buys $20 Million Stake In Klarna, Will Integrate Payments Platform" /></div><div class="K2FeedIntroText"><p><a href="https://www2.hm.com/en_us/index.html" target="_blank"><b>H&amp;M</b></a> is investing $20 million in <a href="https://www.klarna.com/us/" target="_blank">Klarna</a>, a Swedish bank and online payment solution provider. The investment equals a stake of less than 1% in the company.</p> <p>With the partnership, H&amp;M will implement Klarna across all channels as a means to further integrate its digital and physical stores, the two companies said in a joint statement. The partnership, which spans 14 European countries including the UK and Sweden in its first phase, will go live in 2019. The deal could expand to the U.S. and Asia at some point, Klarna first told the <a href="https://www.ft.com/content/2108d2aa-ca18-11e8-b276-b9069bde0956" target="_blank"><i>Financial Times</i></a>.</p> </div><div class="K2FeedFullText"> <p>Additional features that H&amp;M will adopt via the platform include frictionless in-store, mobile and online payments, simplified deliveries and returns and a try before you buy pay later service. The fashion retailer will integrate these features into the next generation of the H&amp;M mobile app and H&amp;M Club payment program.</p> <p>The partnership will be Klarna’s largest, following similar deals with UK-based retailer <b>Asos</b> and <b>IKEA</b>, according to a Klarna spokesperson.</p> <p>H&amp;M has been struggling to maintain market share in recent years, but recently saw a <b>9%</b> increase in sales in Q3, its biggest jump since Q2 2017. To continue the positive momentum, the retailer has been taking steps to enhance its e-Commerce offering through&nbsp;<a href="features/news-briefs/h-m-upgrades-u-s-web-site-and-mobile-app" target="_blank">web site and mobile app upgrades</a> that include <b>Visual Search, Mobile Scan and Find, Rate and Review</b> and <b>#HMxME, </b>an inspiration&nbsp;gallery that displays pictures from global H&amp;M fans who use the hashtag in their social posts.</p> <p>Additionally, the fashion retailer will add a “find in store” option this fall, allowing shoppers to locate an item in the H&amp;M store nearest to them.</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/b8ba412a2f9b02f030666c1412095004_XL.jpg" alt="H&M Buys $20 Million Stake In Klarna, Will Integrate Payments Platform" /></div><div class="K2FeedIntroText"><p><a href="https://www2.hm.com/en_us/index.html" target="_blank"><b>H&amp;M</b></a> is investing $20 million in <a href="https://www.klarna.com/us/" target="_blank">Klarna</a>, a Swedish bank and online payment solution provider. The investment equals a stake of less than 1% in the company.</p> <p>With the partnership, H&amp;M will implement Klarna across all channels as a means to further integrate its digital and physical stores, the two companies said in a joint statement. The partnership, which spans 14 European countries including the UK and Sweden in its first phase, will go live in 2019. The deal could expand to the U.S. and Asia at some point, Klarna first told the <a href="https://www.ft.com/content/2108d2aa-ca18-11e8-b276-b9069bde0956" target="_blank"><i>Financial Times</i></a>.</p> </div><div class="K2FeedFullText"> <p>Additional features that H&amp;M will adopt via the platform include frictionless in-store, mobile and online payments, simplified deliveries and returns and a try before you buy pay later service. The fashion retailer will integrate these features into the next generation of the H&amp;M mobile app and H&amp;M Club payment program.</p> <p>The partnership will be Klarna’s largest, following similar deals with UK-based retailer <b>Asos</b> and <b>IKEA</b>, according to a Klarna spokesperson.</p> <p>H&amp;M has been struggling to maintain market share in recent years, but recently saw a <b>9%</b> increase in sales in Q3, its biggest jump since Q2 2017. To continue the positive momentum, the retailer has been taking steps to enhance its e-Commerce offering through&nbsp;<a href="features/news-briefs/h-m-upgrades-u-s-web-site-and-mobile-app" target="_blank">web site and mobile app upgrades</a> that include <b>Visual Search, Mobile Scan and Find, Rate and Review</b> and <b>#HMxME, </b>an inspiration&nbsp;gallery that displays pictures from global H&amp;M fans who use the hashtag in their social posts.</p> <p>Additionally, the fashion retailer will add a “find in store” option this fall, allowing shoppers to locate an item in the H&amp;M store nearest to them.</p></div> Seller Feedback Motivates Bonanza To Bring Stripe Into Payments Ecosystem 2018-09-28T09:38:08-04:00 2018-09-28T09:38:08-04:00 https://www.retailtouchpoints.com/topics/pos-payments-emv/seller-feedback-motivates-bonanza-to-bring-stripe-into-payments-ecosystem Glenn Taylor feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/f090faf2f70ddf756e491416cc734d21_XL.jpg" alt="Seller Feedback Motivates Bonanza To Bring Stripe Into Payments Ecosystem" /></div><div class="K2FeedIntroText"><p>While <b>68%</b> of Millennial consumers bought something via a marketplace in the last year,<b> 51%</b> will still abandon a checkout page if it takes too long, according to a recent Nielsen and Stripe study. <a href="https://www.bonanza.com/" target="_blank"><b>Bonanza</b></a>, an online marketplace where shoppers can buy and sell both regular goods and collectibles ranging from shoes to pet supplies to garden gnomes, sought to eliminate such friction within its checkout process by integrating the Stripe online payments platform.</p> <p>“As mobile shopping is positioned more at the forefront of e-Commerce and web sites go more into the background, buyers need to have a frictionless experience at checkout,” said Mark Dorsey, Co-Founder and VP of Business Development at Bonanza in an interview with <i>Retail TouchPoints</i>. “When you are visiting a site on your mobile phone and you go to checkout, and then you’re prompted to log into a PayPal account or a checkout by Amazon account if you haven’t already done so, it creates an extra step. That could result in a lost cart. It’s little things like that which make a difference.”</p> </div><div class="K2FeedFullText"> <p>{loadposition GIAA}Initially, checkout via Stripe will be offered to sellers who have a Gold membership or higher. The Gold membership is designed for beginning sellers and costs $300 per year.</p> <p>It was seller feedback that drove the Stripe integration. In 2017, Bonanza launched a Seller Survey and discovered that <b>31%</b> of sellers voted to add Stripe as a payments option, on top of existing services including PayPal and Amazon Pay. That number was <b>18 percentage points higher</b> than the next most popular payment provider requested.</p> <p>“We’re a very seller-focused marketplace,” Dorsey said. “We’re always looking for solutions that empower sellers, and feedback has always been important to us since day one. We get a lot of feedback via emails, and we provide a lot of areas on the site for feedback. Our seller community made their voices heard that they wanted to add Stripe. That really quantified us to have a serious look at updating our payments services.”</p> <p>With a growing international business, Bonanza hopes to welcome new sellers overseas that aren’t able to use PayPal or Amazon Pay. Stripe is available to sellers based in more than 20 countries, and can process payments from a variety of payment cards such as Visa, Mastercard and American Express.</p> <p>Sellers can create a Stripe account by visiting their Payments &amp; Purchases settings in Bonanza. Existing Stripe customers can connect their Bonanza account directly on Stripe. New sellers joining Bonanza will be able to opt in during the booth activation process.</p> <p>Stripe will charge <b>2.9%</b> plus <b>$0.30 per transaction</b>, though sellers can reach out to Stripe’s support team to discuss their options. There are no additional fees from Bonanza aside from the final value fees, and Bonanza has assured sellers that nothing about its billing processes will change. In the event of a payment dispute or a refund, the company handles those issues directly from Stripe’s dashboard.&nbsp;</p> <p>“You don’t want to have a payment service that does not provide good fraud protection, because that will turn into a Wild West situation,” Dorsey said. “There’s all kinds of opportunists that are looking for payment providers that don’t provide such protection.”</p> <p>Dorsey emphasized that Bonanza is well-positioned within its sector through the Stripe integration, because it is an example of the marketplace’s ability to focus on details designed to create a frictionless customer experience.</p> <p>“There are a lot of marketplaces out there that receive large rounds of investment that fail, because they don’t pay attention to things like payments,” Dorsey said. “They think that advertising is the way to go and that they have to advertise their site via commercials. They don’t pay attention to the details and I think that attitude is why they’re no longer operating. You’re going to see companies continue to look for the easy route, and those companies will find out that that’s not the success way to go. Buyers want instant gratification, they don’t want friction.”</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/f090faf2f70ddf756e491416cc734d21_XL.jpg" alt="Seller Feedback Motivates Bonanza To Bring Stripe Into Payments Ecosystem" /></div><div class="K2FeedIntroText"><p>While <b>68%</b> of Millennial consumers bought something via a marketplace in the last year,<b> 51%</b> will still abandon a checkout page if it takes too long, according to a recent Nielsen and Stripe study. <a href="https://www.bonanza.com/" target="_blank"><b>Bonanza</b></a>, an online marketplace where shoppers can buy and sell both regular goods and collectibles ranging from shoes to pet supplies to garden gnomes, sought to eliminate such friction within its checkout process by integrating the Stripe online payments platform.</p> <p>“As mobile shopping is positioned more at the forefront of e-Commerce and web sites go more into the background, buyers need to have a frictionless experience at checkout,” said Mark Dorsey, Co-Founder and VP of Business Development at Bonanza in an interview with <i>Retail TouchPoints</i>. “When you are visiting a site on your mobile phone and you go to checkout, and then you’re prompted to log into a PayPal account or a checkout by Amazon account if you haven’t already done so, it creates an extra step. That could result in a lost cart. It’s little things like that which make a difference.”</p> </div><div class="K2FeedFullText"> <p>{loadposition GIAA}Initially, checkout via Stripe will be offered to sellers who have a Gold membership or higher. The Gold membership is designed for beginning sellers and costs $300 per year.</p> <p>It was seller feedback that drove the Stripe integration. In 2017, Bonanza launched a Seller Survey and discovered that <b>31%</b> of sellers voted to add Stripe as a payments option, on top of existing services including PayPal and Amazon Pay. That number was <b>18 percentage points higher</b> than the next most popular payment provider requested.</p> <p>“We’re a very seller-focused marketplace,” Dorsey said. “We’re always looking for solutions that empower sellers, and feedback has always been important to us since day one. We get a lot of feedback via emails, and we provide a lot of areas on the site for feedback. Our seller community made their voices heard that they wanted to add Stripe. That really quantified us to have a serious look at updating our payments services.”</p> <p>With a growing international business, Bonanza hopes to welcome new sellers overseas that aren’t able to use PayPal or Amazon Pay. Stripe is available to sellers based in more than 20 countries, and can process payments from a variety of payment cards such as Visa, Mastercard and American Express.</p> <p>Sellers can create a Stripe account by visiting their Payments &amp; Purchases settings in Bonanza. Existing Stripe customers can connect their Bonanza account directly on Stripe. New sellers joining Bonanza will be able to opt in during the booth activation process.</p> <p>Stripe will charge <b>2.9%</b> plus <b>$0.30 per transaction</b>, though sellers can reach out to Stripe’s support team to discuss their options. There are no additional fees from Bonanza aside from the final value fees, and Bonanza has assured sellers that nothing about its billing processes will change. In the event of a payment dispute or a refund, the company handles those issues directly from Stripe’s dashboard.&nbsp;</p> <p>“You don’t want to have a payment service that does not provide good fraud protection, because that will turn into a Wild West situation,” Dorsey said. “There’s all kinds of opportunists that are looking for payment providers that don’t provide such protection.”</p> <p>Dorsey emphasized that Bonanza is well-positioned within its sector through the Stripe integration, because it is an example of the marketplace’s ability to focus on details designed to create a frictionless customer experience.</p> <p>“There are a lot of marketplaces out there that receive large rounds of investment that fail, because they don’t pay attention to things like payments,” Dorsey said. “They think that advertising is the way to go and that they have to advertise their site via commercials. They don’t pay attention to the details and I think that attitude is why they’re no longer operating. You’re going to see companies continue to look for the easy route, and those companies will find out that that’s not the success way to go. Buyers want instant gratification, they don’t want friction.”</p></div> Studio Proper Launches Second Generation Of Business Solutions Hardware 2018-09-27T08:57:46-04:00 2018-09-27T08:57:46-04:00 https://www.retailtouchpoints.com/features/solution-spotlight/studio-proper-launches-second-generation-of-business-solutions-hardware Glenn Taylor feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/33cc7db714ad3500f0b1d38f5cae6565_XL.jpg" alt="Studio Proper Launches Second Generation Of Business Solutions Hardware" /></div><div class="K2FeedIntroText"><p><a href="https://www.studioproper.com/" target="_blank">Studio Proper</a>, a product design studio, has launched the newest generation of its technology solutions for businesses using Apple iPad devices, including an iPad stand, swivel stand and wall mount.</p> <p>With capabilities ranging from hospitality to retail environments, Proper Business Solutions are designed to accommodate checkout and order processing for restaurants or bars, POS and customer service interactions for retailers and self-service capabilities for enterprises, such as reception desks or conference rooms.</p> </div><div class="K2FeedFullText"> <p>Each of the new solutions is built with solid aluminum designed to last in the toughest commercial environments, keeping them scuff and scratch free. Built-in MFi power also maintains critical connections in any space and allows businesses to access hundreds of business-ready apps.</p> <p>The iPad stand, swivel stand and wall mount only require a one-time permanent installation, are compatible with the sixth-generation 9.7-inch iPad and are backwards compatible with the fifth-generation 9.7-inch iPad, iPad Air 1 and Air 2 devices, as well as the iPad Pro 9.7.</p> <p>Studio Proper also is debuting a new line of adapters for iPads and iPhones designed to connect associates on the retail floor with mobile transactional abilities. These solutions include the iPad mPOS Adapter, Universal Connect Adaptor and iPhone mPOS Adapter.</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/33cc7db714ad3500f0b1d38f5cae6565_XL.jpg" alt="Studio Proper Launches Second Generation Of Business Solutions Hardware" /></div><div class="K2FeedIntroText"><p><a href="https://www.studioproper.com/" target="_blank">Studio Proper</a>, a product design studio, has launched the newest generation of its technology solutions for businesses using Apple iPad devices, including an iPad stand, swivel stand and wall mount.</p> <p>With capabilities ranging from hospitality to retail environments, Proper Business Solutions are designed to accommodate checkout and order processing for restaurants or bars, POS and customer service interactions for retailers and self-service capabilities for enterprises, such as reception desks or conference rooms.</p> </div><div class="K2FeedFullText"> <p>Each of the new solutions is built with solid aluminum designed to last in the toughest commercial environments, keeping them scuff and scratch free. Built-in MFi power also maintains critical connections in any space and allows businesses to access hundreds of business-ready apps.</p> <p>The iPad stand, swivel stand and wall mount only require a one-time permanent installation, are compatible with the sixth-generation 9.7-inch iPad and are backwards compatible with the fifth-generation 9.7-inch iPad, iPad Air 1 and Air 2 devices, as well as the iPad Pro 9.7.</p> <p>Studio Proper also is debuting a new line of adapters for iPads and iPhones designed to connect associates on the retail floor with mobile transactional abilities. These solutions include the iPad mPOS Adapter, Universal Connect Adaptor and iPhone mPOS Adapter.</p></div> Bread Secures $60 Million To Extend Financing Platform Capabilities 2018-09-19T17:18:18-04:00 2018-09-19T17:18:18-04:00 https://www.retailtouchpoints.com/features/financial-news/bread-secures-60-million-to-extend-financing-platform-capabilities Glenn Taylor feed@retailtouchpoints.com <div class="K2FeedIntroText"><p><a href="https://www.getbread.com/" target="_blank"><img style="margin: 8px; float: right;" alt="0aabread" src="images/storiesv3/0aabread.png" height="279" width="225" />Bread</a>, a marketing technology company that builds customizable financing solutions for retailers and brands, has completed a <b>$60 million</b> round of equity financing. The company, which first closed <a href="features/financial-news/pay-over-time-technology-startup-bread-raises-126-million" target="_blank">$126 million of equity and debt financing in August 2017</a>,&nbsp;offers a white label financing platform designed to help retailers <a href="features/solution-spotlight/bread-offers-white-label-financing-options-for-online-shoppers" target="_blank">reach more consumers seeking to pay in monthly installments</a>.</p> <p>The company will use the capital to extend Bread’s omnichannel capabilities, expand into new verticals and strategic opportunities, and offer more cross-channel marketing strategies designed to help the retailer improve conversions and customer lifetime value (LTV).</p> </div><div class="K2FeedFullText"> <p>This funding comes at a time of company growth; Bread is on track to boost annual revenue more than <b>5X</b> in 2018, according to a company statement. Bread also unveiled two of its newest clients, adding door designer <a href="https://www.semihandmadedoors.com/" target="_blank"><b>Semihandmade</b></a>&nbsp;and jewelry seller&nbsp;<b><a href="https://www.hellonoemie.com/" target="_blank">Noémie</a></b>&nbsp;to the list of retailers using its platform.</p> <p>The round is led by Kinnevik and includes additional investment from Bread’s existing investors Bessemer Venture Partners, Menlo Ventures, RRE Ventures, Colle Capital Partners, and Cue Ball.</p></div> <div class="K2FeedIntroText"><p><a href="https://www.getbread.com/" target="_blank"><img style="margin: 8px; float: right;" alt="0aabread" src="images/storiesv3/0aabread.png" height="279" width="225" />Bread</a>, a marketing technology company that builds customizable financing solutions for retailers and brands, has completed a <b>$60 million</b> round of equity financing. The company, which first closed <a href="features/financial-news/pay-over-time-technology-startup-bread-raises-126-million" target="_blank">$126 million of equity and debt financing in August 2017</a>,&nbsp;offers a white label financing platform designed to help retailers <a href="features/solution-spotlight/bread-offers-white-label-financing-options-for-online-shoppers" target="_blank">reach more consumers seeking to pay in monthly installments</a>.</p> <p>The company will use the capital to extend Bread’s omnichannel capabilities, expand into new verticals and strategic opportunities, and offer more cross-channel marketing strategies designed to help the retailer improve conversions and customer lifetime value (LTV).</p> </div><div class="K2FeedFullText"> <p>This funding comes at a time of company growth; Bread is on track to boost annual revenue more than <b>5X</b> in 2018, according to a company statement. Bread also unveiled two of its newest clients, adding door designer <a href="https://www.semihandmadedoors.com/" target="_blank"><b>Semihandmade</b></a>&nbsp;and jewelry seller&nbsp;<b><a href="https://www.hellonoemie.com/" target="_blank">Noémie</a></b>&nbsp;to the list of retailers using its platform.</p> <p>The round is led by Kinnevik and includes additional investment from Bread’s existing investors Bessemer Venture Partners, Menlo Ventures, RRE Ventures, Colle Capital Partners, and Cue Ball.</p></div> Abercrombie & Fitch Integrates Venmo Into Mobile Apps 2018-08-08T17:38:02-04:00 2018-08-08T17:38:02-04:00 https://www.retailtouchpoints.com/features/news-briefs/abercrombie-fitch-integrates-venmo-into-mobile-apps Klaudia Tirico feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/8c84ea6595b9b096fd4eb32ad5a76bd3_XL.jpg" alt="Abercrombie & Fitch Integrates Venmo Into Mobile Apps" /></div><div class="K2FeedIntroText"><p><a href="https://www.abercrombie.com/shop/us" target="_blank">Abercrombie &amp; Fitch</a> (A&amp;F) has adding Venmo to the payment options on both the Abercrombie &amp; Fitch and <strong>Hollister</strong> iOS and Android apps. The mobile apps have become A&amp;F’s fastest-growing digital market, with the company saying that mobile app customers are visiting the brands twice as often as the average web customer.</p> <p>“We are excited about our Venmo integration, as we know Venmo is an increasingly popular payment option among our Millennial and Gen Z customer bases,” said Joanne Crevoiserat, COO of Abercrombie &amp; Fitch Co in a statement.</p> </div><div class="K2FeedFullText"> <p>In the 12 months through June 30, 2018, the Venmo app processed more than $46 billion in total payment volume, according to <em><a href="https://www.bloomberg.com/news/articles/2018-08-07/abercrombie-app-adds-millennial-friendly-venmo-payment-option" target="_blank">Bloomberg</a>.</em></p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/8c84ea6595b9b096fd4eb32ad5a76bd3_XL.jpg" alt="Abercrombie & Fitch Integrates Venmo Into Mobile Apps" /></div><div class="K2FeedIntroText"><p><a href="https://www.abercrombie.com/shop/us" target="_blank">Abercrombie &amp; Fitch</a> (A&amp;F) has adding Venmo to the payment options on both the Abercrombie &amp; Fitch and <strong>Hollister</strong> iOS and Android apps. The mobile apps have become A&amp;F’s fastest-growing digital market, with the company saying that mobile app customers are visiting the brands twice as often as the average web customer.</p> <p>“We are excited about our Venmo integration, as we know Venmo is an increasingly popular payment option among our Millennial and Gen Z customer bases,” said Joanne Crevoiserat, COO of Abercrombie &amp; Fitch Co in a statement.</p> </div><div class="K2FeedFullText"> <p>In the 12 months through June 30, 2018, the Venmo app processed more than $46 billion in total payment volume, according to <em><a href="https://www.bloomberg.com/news/articles/2018-08-07/abercrombie-app-adds-millennial-friendly-venmo-payment-option" target="_blank">Bloomberg</a>.</em></p></div> Study: Starbucks Mobile App Usage Exceeds Popular Payment Apps 2018-07-09T08:00:22-04:00 2018-07-09T08:00:22-04:00 https://www.retailtouchpoints.com/topics/mobile/study-starbucks-mobile-app-usage-exceeds-popular-payment-apps Glenn Taylor feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/8d467272601fdf206d5debb93f8498b0_XL.jpg" alt="Study: Starbucks Mobile App Usage Exceeds Popular Payment Apps" /></div><div class="K2FeedIntroText"><p>Just how popular is the <b>Starbucks</b> mobile app? In 2018, <b>23.4 million</b> people aged 14 and above will use the app to make a POS purchase at least once every six months, according to eMarketer. That’s more than the users of today’s most popular proximity-based mobile payment apps, including:</p> <ul> <li>Apple Pay (<b>22 million</b>);</li> <li>Google Pay (<b>11.1 million</b>); and</li> <li>Samsung Pay (<b>9.9 million</b>).</li> </ul> </div><div class="K2FeedFullText"> <p>{loadposition GIAA}The Starbucks mobile app does have a built-in advantage in that it’s available on both iOS and Android, while usage of the other payment apps is restricted by the type of phone users have. Even so, the widespread adoption of the Starbucks app shows that if any retailer has unlocked the secret to providing a convenient and easy mobile payment experience, it’s the coffee retailer.</p> <p>Starbucks has a firm grasp of mobile payments — its Mobile Order and Pay functionality within the app, which lets users order ahead of time and skip the line, represented <b>12%</b> of company-operated transactions in the U.S. in Q2 2018. The coffee giant heavily integrates the app with its Rewards loyalty program, which accounts for <b>39%</b> of U.S. sales.</p> <p>Other payment apps suffer from mismatches between consumer and retailer popularity. For example, while Samsung is the most widely accepted of the three payment systems — approximately <b>80%</b> of merchants have it, according to eMarketer — it’s the <b>least</b> popular of the three major mobile payments apps among shoppers.</p> <p>“The Starbucks app is one of the bigger success stories in mobile proximity payments,” said Cindy Liu, Forecasting Analyst at eMarketer in a statement. “It has gained traction thanks to its ability to tie payments to its loyalty rewards program. For users of the app, the value of paying with their smartphone is clear and simple — you can save time and money at the register, all while racking up rewards and special offers.”</p> <p>Starbucks will continue its dominance over other mobile payments platforms through 2022, according to the eMarketer study. The current <b>1.4 million</b>-user gap between Starbucks and Apple Pay will widen to <b>2.3 million</b> in four years.</p> <p>Overall, the number of U.S. proximity mobile payment users will grow <b>14.5%</b> this year to reach <b>55 million</b> — with <b>40%</b> of them having spent through the Starbucks mobile payments app. In 2018, for the first time, more than <b>25%</b> of U.S. smartphone users aged 14 and above will make a proximity mobile payment at least once every six months.</p> <h2>More Retailer Payment Apps On The Horizon</h2> <p>New competitors will continue to reshape the mobile payments landscape. While each of the top four apps will continue to gain users in the U.S. throughout 2022, their&nbsp;<i>share</i>&nbsp;of mobile payment users will continue to drop. The main reason? New payment apps, particularly merchant-branded ones, entering the market.</p> <p>“Retailers are increasingly creating their own payment apps, which allow them to capture valuable data about their users,” Liu said. “They can also build in rewards and perks to boost customer loyalty.”</p> <p>For example, while <b>42.6%</b> of proximity mobile payment users have made at least one transaction in the last six months at Starbucks, the study reveals that by 2022, that number will dwindle to <b>39.8%.</b> Apple Pay is projected to undergo a similar decline, from <b>39.9%</b> in 2018 to <b>36.8%</b> in 2022.</p> <p>As more retailers, such as <b><a href="https://www.kohls.com/feature/kohlspay.jsp">Kohl’s</a></b> and <b><a href="https://www.walmart.com/cp/walmart-pay/3205993">Walmart</a></b>, develop their own proximity-based payments options, they should remember to include value-added services such as offers and coupons, integrate the app into their loyalty program and focus on building the most convenient experience possible.</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/8d467272601fdf206d5debb93f8498b0_XL.jpg" alt="Study: Starbucks Mobile App Usage Exceeds Popular Payment Apps" /></div><div class="K2FeedIntroText"><p>Just how popular is the <b>Starbucks</b> mobile app? In 2018, <b>23.4 million</b> people aged 14 and above will use the app to make a POS purchase at least once every six months, according to eMarketer. That’s more than the users of today’s most popular proximity-based mobile payment apps, including:</p> <ul> <li>Apple Pay (<b>22 million</b>);</li> <li>Google Pay (<b>11.1 million</b>); and</li> <li>Samsung Pay (<b>9.9 million</b>).</li> </ul> </div><div class="K2FeedFullText"> <p>{loadposition GIAA}The Starbucks mobile app does have a built-in advantage in that it’s available on both iOS and Android, while usage of the other payment apps is restricted by the type of phone users have. Even so, the widespread adoption of the Starbucks app shows that if any retailer has unlocked the secret to providing a convenient and easy mobile payment experience, it’s the coffee retailer.</p> <p>Starbucks has a firm grasp of mobile payments — its Mobile Order and Pay functionality within the app, which lets users order ahead of time and skip the line, represented <b>12%</b> of company-operated transactions in the U.S. in Q2 2018. The coffee giant heavily integrates the app with its Rewards loyalty program, which accounts for <b>39%</b> of U.S. sales.</p> <p>Other payment apps suffer from mismatches between consumer and retailer popularity. For example, while Samsung is the most widely accepted of the three payment systems — approximately <b>80%</b> of merchants have it, according to eMarketer — it’s the <b>least</b> popular of the three major mobile payments apps among shoppers.</p> <p>“The Starbucks app is one of the bigger success stories in mobile proximity payments,” said Cindy Liu, Forecasting Analyst at eMarketer in a statement. “It has gained traction thanks to its ability to tie payments to its loyalty rewards program. For users of the app, the value of paying with their smartphone is clear and simple — you can save time and money at the register, all while racking up rewards and special offers.”</p> <p>Starbucks will continue its dominance over other mobile payments platforms through 2022, according to the eMarketer study. The current <b>1.4 million</b>-user gap between Starbucks and Apple Pay will widen to <b>2.3 million</b> in four years.</p> <p>Overall, the number of U.S. proximity mobile payment users will grow <b>14.5%</b> this year to reach <b>55 million</b> — with <b>40%</b> of them having spent through the Starbucks mobile payments app. In 2018, for the first time, more than <b>25%</b> of U.S. smartphone users aged 14 and above will make a proximity mobile payment at least once every six months.</p> <h2>More Retailer Payment Apps On The Horizon</h2> <p>New competitors will continue to reshape the mobile payments landscape. While each of the top four apps will continue to gain users in the U.S. throughout 2022, their&nbsp;<i>share</i>&nbsp;of mobile payment users will continue to drop. The main reason? New payment apps, particularly merchant-branded ones, entering the market.</p> <p>“Retailers are increasingly creating their own payment apps, which allow them to capture valuable data about their users,” Liu said. “They can also build in rewards and perks to boost customer loyalty.”</p> <p>For example, while <b>42.6%</b> of proximity mobile payment users have made at least one transaction in the last six months at Starbucks, the study reveals that by 2022, that number will dwindle to <b>39.8%.</b> Apple Pay is projected to undergo a similar decline, from <b>39.9%</b> in 2018 to <b>36.8%</b> in 2022.</p> <p>As more retailers, such as <b><a href="https://www.kohls.com/feature/kohlspay.jsp">Kohl’s</a></b> and <b><a href="https://www.walmart.com/cp/walmart-pay/3205993">Walmart</a></b>, develop their own proximity-based payments options, they should remember to include value-added services such as offers and coupons, integrate the app into their loyalty program and focus on building the most convenient experience possible.</p></div> Venmo Debit Card Expands App’s Reach To Brick-And-Mortar Retail 2018-06-27T16:06:19-04:00 2018-06-27T16:06:19-04:00 https://www.retailtouchpoints.com/features/news-briefs/venmo-debit-card-expands-app-s-reach-to-brick-and-mortar-retail Adam Blair feed@retailtouchpoints.com <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/64f092ad535d477fae380c7c7cbe0365_XL.jpg" alt="Venmo Debit Card Expands App’s Reach To Brick-And-Mortar Retail" /></div><div class="K2FeedIntroText"><p>Peer-to-peer payment service <a href="https://venmo.com/" target="_blank">Venmo</a>&nbsp;has launched a Mastercard debit card, allowing users to pay for items in retail stores without having to transfer funds to their bank accounts. The card rollout follows Venmo’s October 2017 move to allow app payments at more than two million online retailers, according to <a href="https://www.reuters.com/article/us-paypal-hldg-venmo/paypal-launches-debit-card-for-its-mobile-app-venmo-idUSKBN1JL1WP" target="_blank"><i>Reuters</i></a>.</p> <p>Venmo, which has been part of PayPal since 2013, has become a key part of the company’s growth. In <a href="https://investor.paypal-corp.com/releasedetail.cfm?ReleaseID=1065039" target="_blank">Q1 2018</a>, Venmo processed more than <b>$12 billion</b> of total payment volume (TPV), an <b>80% increase</b> over the same period the previous year. In the 12 months prior to the end of Q1, Venmo processed more than <b>$40 billion</b> of TPV.</p> </div><div class="K2FeedFullText"> <p>By rolling out the debit card, Venmo hopes to gain an edge in the peer-to-peer payments market. Last year a consortium of some of the largest banks in the U.S. launched <a href="https://www.zellepay.com/" target="_blank">Zelle</a>, a network that allows customers to send money to each other via their smartphones. <a href="https://squareup.com/" target="_blank">Square</a> has offered its Cash app, which allows customers to spend their balance through a debit card, since 2013.</p> <p>The Venmo debit card, issued by Bancorp Bank, is in limited release, according to <i>Reuters</i>. It will allow up to $400 in daily withdrawals. Card purchases will appear in the user’s transaction history and can be split with other Venmo users.</p></div> <div class="K2FeedImage"><img src="https://www.retailtouchpoints.com/media/k2/items/cache/64f092ad535d477fae380c7c7cbe0365_XL.jpg" alt="Venmo Debit Card Expands App’s Reach To Brick-And-Mortar Retail" /></div><div class="K2FeedIntroText"><p>Peer-to-peer payment service <a href="https://venmo.com/" target="_blank">Venmo</a>&nbsp;has launched a Mastercard debit card, allowing users to pay for items in retail stores without having to transfer funds to their bank accounts. The card rollout follows Venmo’s October 2017 move to allow app payments at more than two million online retailers, according to <a href="https://www.reuters.com/article/us-paypal-hldg-venmo/paypal-launches-debit-card-for-its-mobile-app-venmo-idUSKBN1JL1WP" target="_blank"><i>Reuters</i></a>.</p> <p>Venmo, which has been part of PayPal since 2013, has become a key part of the company’s growth. In <a href="https://investor.paypal-corp.com/releasedetail.cfm?ReleaseID=1065039" target="_blank">Q1 2018</a>, Venmo processed more than <b>$12 billion</b> of total payment volume (TPV), an <b>80% increase</b> over the same period the previous year. In the 12 months prior to the end of Q1, Venmo processed more than <b>$40 billion</b> of TPV.</p> </div><div class="K2FeedFullText"> <p>By rolling out the debit card, Venmo hopes to gain an edge in the peer-to-peer payments market. Last year a consortium of some of the largest banks in the U.S. launched <a href="https://www.zellepay.com/" target="_blank">Zelle</a>, a network that allows customers to send money to each other via their smartphones. <a href="https://squareup.com/" target="_blank">Square</a> has offered its Cash app, which allows customers to spend their balance through a debit card, since 2013.</p> <p>The Venmo debit card, issued by Bancorp Bank, is in limited release, according to <i>Reuters</i>. It will allow up to $400 in daily withdrawals. Card purchases will appear in the user’s transaction history and can be split with other Venmo users.</p></div>