Bank of China Inks Strategic Partnership with Deutsche Boerse Group

On 28th March 2014, Bank of China entered into a strategic partnership with Deutsche Boerse Group. Under the terms of the agreement, both sides will carry out all-round cooperation in custody business, full clearing membership, R&D, promotion of RMB-denominated products and offshore RMB clearing & settlement. “Such bilateral strategic cooperation will further facilitate the development

10 Millionth Customer to Sign up for Orange Money is Rewarded Handsomely

How would you feel if you went to register for an account at Orange Money, and suddenly found that you won a smartphone as well as an Orange Money credit of 152 Euros or 100,000 FCFA? Well im not really sure, but you could ask Ms Kanny G who was rewarded with such a bonus

China’s lack of trust in third party payment platforms

    According to McKinsey, in China, mobile & online payments rose by 47% last year to 5.37 trillion Yuan or $ 863.48 billion. But recent times are witnessing clashes between Chinese banks and third-party payment platforms.   The Chinese government has clearly instructed banks to set up transfer caps against such platforms amid rising

Alipay is Now a Checkout Option at Rakuten Global Market

Last month, Rakuten Inc. announced that it was buying Viber for a sum of $900 Mn to improve its mobile commerce standing. On 17th April 2014, Rakuten announced that it will add China’s largest online payment service, Alipay, to its checkout. Alipay is an online payment services provider founded by the Alibaba group in 2004.

New PayPal App for Entrepreneurs Released by Payment Startup Selz

Most of the merchants and business that sell their products or services online, still use PayPal. On 9th April 2014, Australian Payment startup Selz announced the release of a new PayPal app designed mainly for entrepreneurs to sell services, digital or physical products from their website or social network without the requirement of any coding

Michael Stores comes into picture in another case of card payment fraud

Michael Stores as well as its subsidiary Aaron Brothers are targeted victims of a fraudulent case as highlighted in a recent press release and official statement on the company’s website. About 2.6 million customer credit and debit cards may have been affected at Michael stores and around 40,000 cards at the Aaron Brothers stores. The

Trade Bitcoins for Cannabis as Colorado gets its first Legal Marijuana Vending Machine

Last year we saw the fall of Silkroad – an online marketplace that operated as a TOR hidden service, and enabled people from anywhere in the world to purchases illegal drugs, ammunition, guns and all sorts of things. On 17th April 2014, Arizona based startup American Green unveiled a legal vending machine for dispensing marijuana

Global Payments Expands Relationship with Caesars Entertainment, Also Launches XCharge in Canada

On 1st April 2014, Global Payments Inc., one of the largest worldwide providers of payment solutions, announced an agreement to expand its relationship with Caesars Entertainment Corporation. Global Payments will now provide additional Caesars’ resorts with Global Payments’ PlayerCash @dvantage credit and debit card cash advance service, via Global Payments VIP LightSpeed platform. VIP LightSpeed is an

Walmart’s New Money Transfer Service, Western Union and MoneyGram May be the Biggest Losers

On 16th April 2014, Walmart Inc stated that it would announce a new service with Euronet Worldwide Inc, an electronics payment provider. Yesterday, the two companies held a conference to announce the details of the new service – WalMart 2 WalMart money transfer. WalMart announced that the new service would cut transaction fees for its

How consumer adoption of contactless payments has gone through the roof in South Korea and Japan

Research from Informa reveals that more than 90% of the total global value of transactions from mobile NFC payments, i.e. US$ 2.4 billion in 2011, was generated in the Asia Pacific region, particularly in Japan and South Korea. Although Europe, Canada have also significantly scaled up in terms of NFC payments but Japan and South