Category: Article

Are biometric card payments the future of business?  

According to a recent announcement, Mastercard is set to launch a biometric card in Asia that will use the power of fingerprints. A card owner will get to authorize and complete their purchases at store payment terminals by confirming their identity with this type of new technology. 

Mastercard has teamed up with both MatchMove and IDEMIA. The former company specializes in fintech and are based in Singapore, while the latter is a global leader when it comes to augmented identity. 

“We are excited to partner with IDEMIA and Mastercard to pioneer cutting-edge solutions that empower our customers to make safe and secure payments,” Amar Abrol, the chief commercial officer at MatchMove, said. He added how leverage the new card will allow its clients to create greater utility and value for their customers, partners, suppliers, and employees. 

The name of the card is F.CODE Easy, and it will make transactions more safe, secure, and convenient, according to the announcement. This is because the cardholder will no longer be required to enter a PIN number or give out their signature when making purchases. Additionally, the technology will allow shoppers to reduce the number of touch points when it comes to public locations. 

F.CODE Easy will also require no batteries in order for it to function properly. Instead, the card will harvest energy from the payment terminals in order to power up its sensor that identifies a user’s fingerprint. 

“As people make a permanent move to contactless transactions, the biometric card promises more choice and greater security for consumers,” Matthew Driver, the executive vice president at Mastercard Asia Pacific, said. 

Driver added how Mastercard’s focus on digital commerce goes hand-in-hand with this new solution, which is a testament to the company’s  innovative partnerships. Additionally, the new card aligns with Mastercard’s mission to give users a safe and frictionless payment experience. 

Vincent Mouret, the senior vice president of financial institutions at IDEMIA Asia Pacific, expressed his excitement on shaping the future of biometric payments. “We are delighted to partner with Mastercard and MatchMove to launch F.CODE Easy in Asia and we look forward to continuing to work together to provide end-to-end security for fintechs,” he said. 

According to a study conducted by Mastercard, approximately six in 10 consumers believe that the transition to digital payment methods is likely to last. About 50% of those surveyed also plan to minimize their use of cash even after the worldwide coronavirus (COVID-19) pandemic passes. 

As technology continues to change business practices and they way consumers make their purchases, it is important for merchants to keep up with the times and adapt to the use of innovative solutions. 
PayFrame is here to provide that support to business owners across the globe. For further information and to take your company to the next level and the future, contact one of our experts at either 1-888-668-0733 or info[at]merchantbroker.com.

Recently, sending platform Sendoso announced its partnership with Cameo to bring celebrity experience to B2B buyers. Cameo is a platform that specializes in connecting consumers with their favourite celebrity icons. The announcement arrived alongside Sendoso’s launch of new features on its platform, which would provide consumers with more memorable and personalized experiences. 

By working with Cameo, Sendoso’s customers would be able to better connect with leads via the use of celebrity videos. These videos will be customized to the recipients, and teams working in sales, marketing, or customer experience will be able to use this type of content to gain a unique advantage over competitors. Additionally, the personalized videos can be used to prompt buyers to take action. 

An example of the new integration in action would be sending a unique video message to a prospective customer. The celebrity within the video would then explain why the recipient would be a good fit in terms of a company’s offer. The recipient would then experience an improved buyer’s journey. 

“It’s become harder than ever to cut through digital clutter and make a real impact on customers,” Kris Rudeegraap, the CEO and founder of Sendoso, said in a press release. 

Rudeegraap added how the partnership with Camero would enable customers to deliver experiences that also work to maximize return on investment (ROI). Sales, customer experience, and sales teams would be empowered to successfully close out 2020. 

“It’s unique, creative, fresh, and helps you to stand out from your competition,” he said. 

The year 2020 has been unprecedented due to the novel coronavirus (COVID-19) pandemic. However, businesses that continue to survive and thrive include the ones that have been able to change and evolve their marketing strategies. The “new normal” requires the power of both Sendoso and Cameo, as together, the companies connect teams to deliver high engagement rates, customer acquisition, as well as retention. 

“Cameo’s mission has always been to connect people through meaningful experiences and engagements with their favorite celebrities,” Steven Galanis, the CEO and co-founder of Cameo, noted. Galanis said taking a jump into the B2B world would help with his company’s own growth. Already, the teams are seeing creativity in terms of integration. 

As the B2B landscape changes amid the worldwide pandemic, business teams require innovative solutions in order to keep up with new needs and demands. PayFrame is also here to provide businesses with support pertaining to technological innovations within the payments ecosystem. 

To either get started or receive more information, contact an expert at 1-888-668-0733. An expert from the PayFrame team may also be reached via email at info[at]merchantbroker.com.

The year 2020 has been unprecedented in terms of business changes due to the worldwide coronavirus (COVID-19) pandemic. One of such changes involves the digitization of documents while social distancing measures require office employees to work from home or from other remote locations.  

When it comes to business payments, they have also changed in terms of finding solutions that help mitigate the use of paper cheques. Other pressures related to cash flow have been pushing companies to adapt to digital transformation and online payment solutions. 

According to Katrina King, the executive vice president and treasury management sales manager at Cadence Bank, many firms using manual processes to finalize transactions have been compelled to seek out less paper-reliant treasury services. 

“What we have seen [during] the pandemic is it has really forced more of our clients to move into that automation world while they are working from home, since they no longer have access to the information at their fingertips as if they were in the office,” King said in a PYMNTS interview. 

She added that in order to receive financial management assistance, firms have been looking into web-enabled solutions. 

Bridgit Chayt, the senior vice president and director of commercial payments and treasury management at Fifth Third Bank, also highlighted what firms have been facing amid the pandemic. 

According to Chayt, the B2B world has always been slow in terms of change. This is because individuals are set in their ways when sending out bills, invoices, and disbursements. Additionally, the same can be said for having set ways for accepting payments from either vendors or partners. 

Payments involving the use of paper, such as cheques and invoices, have become so ingrained in terms of business transactions. The COVID-19 situation only showed the significant reliance on such manual processes. 

“I think the COVID-19 pandemic has forced all of the companies that had the luxury of an in-store presence and connection with their clients to rethink that to help replace the revenues,” King added. An example would be businesses that can now accept credit card payments online as opposed to requiring customers to use a card swipe reader. 

As the pandemic continues to change business operations, it is crucial for merchants to be up-to-date with the latest technology integrations. The PayFrame team is here to provide that support by working closely with clients across the globe. As a global leader in brokering merchant accounts and the ultimate resource for payment card acceptance, PayFrame helps clients achieve more while delivering an outstanding customer experience. 

To receive more information, contact a member of the team today at either 1-888-668-0733 or info[at]merchantbroker.com.

The worldwide coronavirus (COVID-19) pandemic has undoubtedly changed consumer shopping habits. As social distancing measures, as well as health and safety measures continue to become more prioritized to ensure the wellness of consumers, merchants have been turning to digital solutions when it comes to payment processing solutions. 

This is in addition to ensuring that ecommerce stores are running optimally to ensure smooth transactions during the digital checkout process. According to an April 2020 Mills Agency survey, it was found that 73% of adults in the United States were more likely to use digital payment methods and online banking while they partake in social distancing. Additionally, respondents who were earning more than $50,000 on an annual basis were even more likely to make digital transactions. 

A survey by J.D. Power had similar findings, according to eMarketer. It was found that more than 33% adults in the United States stated they would use online tools and their mobile devices for banking purposes. Meanwhile, 23% of those surveyed said they planned to do cheque deposits via their smartphones more often. While 20% of Americans said they would decrease their amount of in-person visits to their banks, 18% said they planned to educate themselves more about different types of online banking services. 

Recent news about the Bank of Canada also helps uphold the shift towards online transactions. The financial institution, for example, has begun the exploration of products such as a central bank digital currency (CBDC). However, according to a Reuters report, Deputy Governor Tim Lane noted during a panel that there has not been a specific time frame for its launch. 

“The main point, I think, is this is all looking a lot more urgent because of the speed with which technology is evolving,” Lane said. “With COVID, we’ve seen an acceleration of the shift of activities online and that suggests if we want to be ready to develop any kind of digital central bank product, we need to move faster than we thought was going to be necessary,” he added. 

Transaction could be streamlined with the existence of a digital currency and the avoidance of a payment card for online transactions as well. Reuters additionally noted that Lane once said the  Bank of Canada could launch a CBDC should a private cryptocurrency cause concerns about privacy. 

As financial institutions work on digital currencies to help meet the needs of a world changed by the pandemic, private cryptocurrencies such as Facebook’s Libra stablecoin are also gaining notice as payment options. 

The ever-changing shift towards new technologies for smoother transactions require merchants to adapt and learn more about the best payment processing solutions available. PayFrame is here to guide businesses through such options and work together with stakeholders in order to find the best solution suited for each given situation.

To receive more information and the best payment processing rates and solutions today, contact PayFrame at either 1-888-668-0733 or info@payframe.com.

What is the current state of cash payments amid the worldwide coronavirus (COVID-19) pandemic? According to a recent report by PYMNTS and Visa, the notion that “cash is king” is no longer true. 

In the report, it was found that in the context of the more digital economy, the use of cash is now only a fraction of what it used to be in the past. Using a survey of more than  9,500 American consumers, PYMNTS and Visa found that the pandemic contributed to the acceleration of this trend. The report noted that consumers showed an increasing preference for contactless transactions. 

Additionally, 80% of those surveyed noted that their interest in digital experience was due to their ability to help reduce the exposure to COVID-19. By using contactless payment moths and avoiding the handling of cash, consumers can, therefore, support health and safety procedures. 

It should be noted that the findings also indicated how using cash has dominated commercial activities for a significant amount of time. However, such a share “has all but disappeared.”

However, it should be noted that there was an expedition to the study. Approximately 48% of consumers noted that tipping workers was one of the primary reasons for still having cash around. 

Merchants should always take note when it comes to the latest consumer trends and needs. In fact, according to another study conducted by PYMNTS, it was found that more than 33% of purchasing decisions made by consumers relied on the different payment options offered. As an example, about a third of retail shoppers preferred to use contactless technology for in-store transactions. 

As consumers transitioned from purchases made by cash to more digital options, businesses should consider investing in new technology such as sensors, automated systems, or other payment processing solutions. 
PayFrame is here to provide support to businesses in terms of providing the best payment processing solutions available. To receive more information, contact a professional at 1-888-668-0733. Alternatively, an experienced member of the PayFrame team may be reached through email at info@payframe.com.

When it comes to the automotive industry, the worldwide coronavirus (COVID-19) has changed it in a way that consumers are turning to digital channels while shopping for vehicles. Additionally, the need to mitigate the spread of COVID-19 through social distancing measures has created a shift away from visiting local dealerships themselves.

As for individuals who have not owned a vehicle for transportation purposes in the past, they have been looking at SUVs, cars, and trucks online in order to curb the reliance on ride-sharing and public transportation services.

According to a report by CNBC, there has been a significant demand for used vehicles as well. Pickup trucks have been the most sought-after, while some individuals have travelled hundreds of miles to get a specific vehicle regardless of cost. 

The report referred to Chuck Schmidt as an example, as he was willing to travel across five states in order to purchase a 2017 Chevrolet Silverado 1500. 

“I saw the truck on the internet Thursday morning and called the dealership,” Schmidt told CNBC. “It was exactly what I was looking for and I bought it Friday afternoon.” 

He added that he paid $22,000 for the vehicle at the Toyota in Lee’s Summit located in  Kansas City, Missouri. Schmidt travelled all the way from Spokane, Washington. 

According to the report, there are two factors in such a trend tied to the COVID-19 pandemic. Firstly, when automakers shut down their plants from both Canada and Mexico, the supply of new vehicle models became restricted. 

Secondly, as North America emerged from the initial surge of the COVID-19 situation, individuals who did not have a vehicle before decided that it was time to purchase one. This would allow them to get from place to place without having to rely on transportation services that involved encounters with large groups of people. 

“In the space of two months, prices went from double-digit declines to double-digit gains, and have stayed high since June,” Tom Kontos, an economist at KAR Global Analytics Research, noted. 

KAR Global Analytics Research also found that the average cost reached an all-time high at $21,557 when it came to  full-size pickup vehicles. Compared to February, that accounted for a 31.5% increase. 

As the worldwide pandemic continues to change the needs and shopping habits of consumers, it is imperative that merchants are up-to-date with the latest trends. This may encompass new technologies offered by payment processing solutions that help make transactions go more smoothly.

PayFrame is here to help businesses in this regard. To receive more information, contact a professional at either 1-888-668-0733 or info@payframe.com.

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The coronavirus (COVID-19) pandemic has changed the way consumers make purchasing decisions. Additionally, it has increased the need for companies to innovate their businesses in such a way that they incorporate technology to suit customer needs. 

According to a recently published report by PYMNTS, it was found that about twice as many consumers went shopping for retail products from the comfort of their homes during the summer of 2020 than 2019. Meanwhile, approximately three times as many people shopped for groceries from home during the summer of 2020 over the previous summer. 

The report, which was completed in collaboration with Visa, noted how it was eye-opening that about 23 million consumers also bought items via voice assistant technology. For instance, such technology included Google Home and Alexa. According to the findings, this accounted for an increase of 42% in terms of the share of consumers purchasing items since 2018, which was a 10% increase since 2019. 

The advent of the COVID-19 pandemic has only helped with the move towards the digital realm, the report added. Homes, for example, have become digital centres when it comes to contactless and voice-driven living. Both work-from-home measures and lockdowns have contributed to this change, since individuals have been completing their daily activities through digital means.

In fact, PYMNTS found that 73% of consumers said they ate lunch at home. This accounted for a 30% increase compared to the previous year. In addition, in terms of retail purchases that consumers have made from home, that amount has doubled over the last 12 months. Meanwhile, grocery shopping from the comfort of one’s home has tripled, which accounted for  more than 42 million U.S. individuals.

As for the users of using voice assistants to make purchases, they pertained to tech-savvy bridge millennials who had more disposable income. This particular generation of consumers are comfortable with using technology to make payments because they grew up with connected devices, according to the report. 

As the world of technology continues to influence the way different cohorts conduct their shopping activities, it is imperative that merchants stay up-to-date with the latest payment processing methods. PayFrame is here to bridge the gap between the impact of COVID-19 and businesses based on ever-changing consumer habits.

For more information and to receive the best payment processing rates, contact a professional at PayFrame today at either 1-888-668-0733 or info@payframe.com.

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What is the current state of cryptocurrency as a viable payment option? 

Recently, a fintech platform known as Ternio announced that it has joined up with Visa’s Fast Track program. Ternio will be an enablement partner with a focus on cryptocurrency. 

By joining Visa’s Fast Track program, Ternio would be able to more easily leverage the latter party’s payments network on a global scale. Additionally, payment options involving cryptocurrency will be introduced to users.They will be able to seamlessly interact with cryptocurrencies via linked bank accounts and debit cards, according to the press release. 

Terry Angelos, the global head of fintech at Visa, said that the company is excited to partner up with Ternio, as the new relationship can provide support to fintechs of different sizes. These companies can then easily gain more reach and security thanks to Visa’s established network. 

 “Ternio’s focus and expertise in the crypto ecosystem will help Fast Track companies focused on digital currencies to quickly and easily access Visa’s platform and its scale,”  Angelos said. “We have strategically evolved both our platforms and how we work with partners and customers to encourage a broadening fintech ecosystem.”

He added how Visa’s work with Ternio is a stepping stone and the company looks forward to supporting them.

Daniel Gouldman, the chief executive officer and co-founder of Ternio, also expressed his excitement about the new partnership. According to Gouldman, his company is a leader in white-label technology when it comes to the cryptocurrency space. 

By working together with Visa, Ternio would be able to further deepen the connection between legacy financial systems and blockchain technology. Now part of the Fast Track program, Ternio would be able to further scale its existing card programs with Visa. The gap between cryptocurrencies and traditional fintech would be further bridged as well, which would help Ternio create better products for their customers. 

According to the announcement, approximately over 61 million merchants worldwide accept Visa payments, which means that Ternio’s Blockcard can be used globally. Blockcard is a virtual debit card and platform that allows users to make purchases via cryptocurrency. 

Currently, the official Blockcard website states that their account holders may earn “6.38% crypto back rewards on merchant purchases.” This is in addition to receiving a free checking account for purchasing cryptocurrency in USD. 

As the world of cryptocurrency continues to have an effect on consumer behaviours, it is imperative that merchants keep up with the latest trends and payment processing options. By working with PayFrame, business owners can discover tangible opportunities and improve their profit margins. 
To get in contact with a PayFrame expert today, call 1-888-668-0733 or email info@payframe.com.

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What is the current state of retailers amid the worldwide coronavirus (COVID-19) pandemic?    

When it comes to activewear and athletic footwear, it has been a roller coaster in the 2020 market, according to the NPD Group. While sales of the latter items were up in low single digits in both January and February combined, the pandemic plummeted the sales by approximately 40% in March. By April, sales decreased about 50%. 

The market then experienced a bit of recovery in May. By June, it increased by approximately 25% thanks to the addition of limited edition releases. According to Matt Powell, the vice president and senior industry advisor at the NPD Group, although June was looking up, it was not enough to offset the weak results of the previous months. When combined, athletic footwear sales in the first half of 2020 declined in comparison to 2019 across different markets. 

“I believe the sales trend will be weak for the balance of the year,” Powell said.  

In order to face the challenge of low sales while maintaining and growing the customer base, retailers have opted for strategies that relied on digital initiatives. Fleet Feet, a shoe chain in the United States, is an example of such a company. There are 181 Fleet Feet stores within 37 states, and the company traditionally put an emphasis on in-store experiences when it came to customer satisfaction. 

While the advent of COVID-19 resulted in the closing of brick-and-mortar stores, online business for Fleet Feet saw significant growth. As a response to the changing consumer behaviour and the pandemic itself, the company began to offer a digital fitting service for its customers. 

According to Matt Werder, the director of retail experience at Fleet Feet, the pandemic made a positive impact on those who wanted to work out via either running or walking. “As a result, the demand for our services and products remained very high, even while almost all of our stores were closed for a period of time, Werder said in an interview with PYMNTS.

Recently, Fleet Feet also announced an innovation to its own fit id technology. Using 3D scanning technology, fit id takes accurate measurements of one’s feet. These measurements pertain to width, length, and even arch height. Afterwards, a customer receives personalized insole and shoe recommendations based on the scan’s findings. 

“Outfitters can then assess your unique stride and step using Dynamic Pressure Mapping,” the official fit id website explained. “The pressure plate records your foot’s path of motion and weight distribution as you walk to show you exactly how you move. The pressure data provides even greater insight into finding the right shoes for you.”

In terms of other ways the company is using a digital-first approach amid the pandemic, it is using emails as a means of effective communication. According to Werder, the company uses emails as its primary method of providing customers with information about new products, sales, events, and training programs. He noted that the Fleet Feet is unique in its approach to email marketing by virtue of creating content on a national level that is then supplemented with local content. 

“This allows every customer to receive the most relevant information, keeping them informed on everything specific to where they live. Beyond email, we also have a strong presence and following on social media, with both national and local pages on all the major platforms,” he told PYMNTS.

Additionally, Werder noted that the increasing popularity of no-contact payment methods would become highly sought after by retailers as consumer behaviours continue to change. 

In order to run a successful business, it is imperative that merchants are up-to-date with the latest consumer trends and technological innovations. The move towards digital initiatives allows shoppers to make purchases in a safer manner while not sacrificing the quality of the customer experience and checkout process. 

PayFrame is here to support business owners with the latest payment processing solutions. As a global leader in brokering merchant accounts and the ultimate resource for payment card acceptance, PayFrame is ready to work with clients in order to achieve higher profit margins and take their businesses to the next level. 
To get started, contact a PayFrame professional today at either 1-888-668-0733 or info@payframe.com.

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Recently, payments and commerce news platform PYMNTS.com conducted an interview with Sanjay Gupta, who is the vice president of computer software company Mitek Systems.

The interview focused on the rise of the “device biometric,” which is a measure that goes beyond traditionally physical biometrics such as facial recognition features and fingerprints. Instead, this particular biometric is linked to the behaviours of individuals as they interact with their mobile devices. 

In the context of the coronavirus (COVID-19) pandemic, consumers around the world have opted for shopping online. Social distancing measures have encouraged them to make purchases via digital shopping carts as opposed to visiting a physical retail location. Merchants, therefore, have been prompted to make the transition to ecommerce.

In the interview, Gupta also touched upon this. He noted that amid COVID-19, individuals have avoided visiting stores. Meanwhile, merchants have been onboarding customers who they have never seen in the past. Many of such individuals have also been supplying documents and selfies in order to prove their identity. According to Gupta, that is an “area that has been growing over the past several years.”

Additionally, in more recent times, biometrics have become a significant part of the verification process. The measure has been used to determine whether or not a user is “live.” An example of this would be detecting if a user is wearing a mask to bypass security efforts. 

When it comes to “device biometrics” in particular, Gupta said that many companies are beginning to use the technology for user authentication. “The device is acting as the proxy for the individual,” he added. 

The manner in which individuals hold their devices, type on them, or even share their location using them can aid in the authentication process, Gupta explained. Once an individual’s identity has been verified, then their transactions may follow suit. 

Such technology allows businesses to change the way they process transactions, however, it should also be noted that the process of data collection can become complicated. Gupta noted that such is the case in a “fragmented regulatory landscape.” Depending on the jurisdiction, there are different laws that govern the way who can save a selfie taken for an onboarding process. 

There is a long way to go before reaching a global standard on the matter of data collection, and merchants may be challenged by the nuances when navigating unfamiliar territory. This is in addition to the issue of consumer adoption when it comes to interacting with technology. While younger users may be more accepting to new technology, older users may find it daunting. 

“If you have too much friction, the individual is not going to adopt it. If you have too little friction, that’s also a scary proposition,” Gupta said in the interview. He then noted that finding the right balance has always been an issue. 

As technology continues to change the way businesses and consumers interact, it is important for merchants to stay up-to-date in terms of payment processing solutions. PayFrame is here to provide clients with the best rates on the market. Business leaders who wish to receive further information may contact a PayFrame representative at either 1-888-668-0733 or info@payframe.com.

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