82% of survey respondents agreed that “banks, retailers, and other organizations involved in the credit/debit card industry need to do more to protect their personal card data.” However, reported fraudulent cases have decreased to 23% in 2017 as compared to 32% in 2015.
QR code payments have been introduced to over 16,000 ComfortDelgro Taxis by DBS PayLah! with over 600,000 users. This is a sensible move as both DBS and ComfortDelGro has observed an increase in cashless transactions.
TransferWise to Support Apple Pay for International Transfers
International transfers are now made easier for Apple users with TransferWise’s integration into Apple Pay. The integration into Apple Pay is beneficial to both Apple users and TransferWise. TransferWise is able to tap into a larger consumer base while Apple Users are exposed to international transfer options that are faster and lower cost.
Mobile payments have increased to 30% in all stores in the USA. Bankinnovation stated that a possible reason why mobile payments have gained traction in Starbucks is due to the simplicity of the experience – Starbucks mobile payment uses QR codes that ties with rewards such as free coffee.
CB insights reported that VC-backed companies have raised over $5.2 billion, a 19% increase from last year. At this rate, it is expected that fintech funding will reach an all time high. In the US, a large amount of the funding went to companies AvidXchange, Bright Health, Addepar, Clover, Robinhood, and R3. A comparison of the regions showed that US and Asia have generated the most amount of funding.