Tag: paying

Google Pay continues to expand in the US, nearly 90 new banks now supported

Google Pay is pretty big in the US, and starting this week it will get even bigger. Currently, thousands of banks and financial institutions offer customers support for Google Pay, so the 89 names added this week will probably feel like a grain in the sand.

The list of 89 banks that now support Google Pay is below, so if you didn’t find yours among the 3,000 supported banks listed on Google’s support site, you can look for it here. The list is ordered alphabetically for easier reading

1st Trust Bank, Inc. (KY), Algonquin State Bank, Alliance Bank Central Texas (TX), Bank of Advance (MO), Bank of Herscher (IL), Bank of Newington (GA), Bank of Old Monroe (MO), Bossier Federal Credit Union (LA), Buckeye State Bank (OH), Central Valley Community Bank, Clean Energy Federal Credit Union (CO), Clearwater Credit Union, Community Partners Savings Bank (IL), Dover Federal Credit Union (DE), E-Central Credit Union, Exchange Bank of Northeast Missouri (MO), Families and Schools Together Federal Credit Union, Farmers – Merchants Bank of Illinois (IL), Farmers and Drovers Bank, Financial Horizons Credit Union, First Century Bank (TN), First Federal Savings Bank (IN), First Financial Bank, NA.

First Nebraska Bank, FirstCapital Bank of Texas, Fort Davis State Bank Franklin Mint Federal Credit Union, Gateway Metro Federal Credit Union, Genoa Community Bank, Gowanda Area Federal Credit Union, GreenState Credit Union (IA), Greenville Heritage Federal Credit Union, Gulf Capital Bank (TX), HNB First Bank (AL), Hardin County Savings Bank (IA), Harris County Federal Credit Union (TX), Heartland Credit Union (IL), Heartland Credit Union (MI), Honolulu Fire Department FCU (HI), Hurricane Creek Federal Credit Union (AR)

Jersey State Bank (IL), Jolt Credit Union (MI), KSW Federal Credit Union, Lakeview Federal Credit Union, Latrobe Area Hospital FCU (PA), Live Life Federal Credit Union, Magnolia Bank (KY), Martha’s Vineyard Savings Bank (MA), Millyard Bank (NH), Minnwest Bank (MN), Mountain Credit Union (NC), Mt. McKinley Bank, Needham Bank (MA), Northwest Christian Credit Union, One Community Bank (WI), One Source Federal Credit Union (TX), Partners Bank of California, Pawtucket Credit Union, People’s United Bank, National Association (CT).

Peoples Bank & Trust Co (MO), Plains Commerce Bank Raritan Bay Federal Credit Union Rio Grande Valley Credit Union, Rollstone Bank & Trust (MA), SPE Federal Credit Union (PA), Sabine Federal Credit Union, Saco Valley Credit Union, Safra National Bank of New York (NY), San Luis Valley Federal Bank, Savings Bank of Walpole (NH), Secured Advantage, Federal Credit Union, Sentry Credit Union (WI), Southbridge Credit Union (MA).

Springfield First Community Bank, St. Louis Bank, Susquehanna Valley Federal Credit Union, Taunton Federal Credit Union, Telcomm Credit Union (MO), Texas Regional Bank, The Bank of Salem (MO), The New Orleans Firemen’s Federal Credit Union, Treasury Department Federal Credit Union (DC), TruStar Federal Credit Union (MN), United Credit Union, Varo Bank, National Association, WESLA Federal Credit Union, WESTcoasin Credit Union (WI), Wells River Savings Bank (VT), and WestStar Bank (TX).

Ok, 3,000 is a big number, but there’s a chance that many Google Pay users won’t find their banks on this huge list. Well, judging by the constant wave of banks and financial institutions that are getting Google Pay support each month, sooner or later we’ll be able to use the mobile payment service across all America.
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- Vietnam mobile phone market heats up
November 6, 2020

South Korean convenience-store chain CU to accept cryptocurrency

Major South Korean convenience-store chain CU is preparing to accept payments in cryptocurrency.

The chain, which operates more than 13,000 outlets in the country, will use the Chai payment system to trade in Terra, a won-backed stablecoin that has garnered investment from many large Korean firms.

CU parent firm BGF Retail partnered with Chai earlier this week to allow buyers to pay by presenting a barcode from the Chai mobile app.

Terra co-founder Do Kwon told CCN Korea that low-margin businesses struggle to accept volatile cryptocurrencies such as Bitcoin. In other regions, retailers often deal with exchanges to convert cryptocurrency payments to money on the spot.

“Moving forward, Chai will continue to lessen the burden on franchisees and increase the merit of consumers through partnerships with various companies like CU convenience store with an on and offline infrastructure,” said Chai Corporation president Han Chang-joon in a statement translated by CCN.

October 22, 2019

Standard Chartered in Hiring Push to Grow Private Banking

The bank is on a recruitment spree in Hong Kong and Singapore as it hopes to increase its private banking assets by 50 percent to $100 million in the next three to five years.

The U.K.-based bank will be hiring 30 to 40 private bankers per year in Hong Kong and Singapore, where it derives most of its revenue, to bolster its 300-strong team of relationship managers over the next two to three years as it hopes to grow its private banking assets to $100 billion from $65 billion currently.

That makes us meaningful internally for the group, that makes us a meaningful player in this landscape. Hitting $100 billion can give us credibility internally, help us to attract talent, Standard Chartered’s global head for private banking and wealth management, Didier von Daeniken, said in an interview.

Competition for the region’s growing number of ultra-high net worth (UNHW) and high net worth individuals is stiff. Standard Chartered’s $65 billion in private banking assets trails global powerhouses UBS’ $2.3 trillion and Credit Suisse’s $770 billion, but the unit plans to leverage the bank’s corporate and institutional clients in Asia and other emerging markets where it has existing banking networks to hit the $100 billion mark, the report noted.

Standard Chartered’s private banking business targets individuals with at least $5 million in investable assets. The unit makes up for only 3.8 percent of Standard Chartered’s total profit before tax for the first half of 2019, Reuters reported. But $100 million, this represents a marked improvement from a $5-million loss for the same period the year before.

August 29, 2019

Vietnam cashless transactions among lowest in ASEAN

Cash transactions remain highly popular in Vietnam compared to other ASEAN countries as it has low banking penetration. A new Standard Chartered report says Vietnam has the lowest bank account ratio in six ASEAN countries at 30.8 percent of the population aged 15 and up.

This ratio is 34.5 percent in the Philippines, 48.9 percent in Indonesia and 81.6 in Thailand. Credit card ownership in Vietnam accounts for only 4.1 percent of the population, compared to 9.8 percent in Thailand. The debit card ownership ratio, meanwhile, is 26.8 percent, lower than Indonesia at 30.9 percent and Malaysia at 73.8 percent.

Only 3.5 percent of the Vietnamese population have a mobile money account, while this ratio is 10.9 in Malaysia.

Even though the country’s e-commerce industry has been growing at a double-digit rate in recent years, 90.2 percent of online purchases are paid with cash, the report said. This ratio is highest, compared to only 47 percent in the Philippines where the percentage of the population with bank accounts is only slightly higher than that of Vietnam.

“Although there is a rise in alternative electronic means of payments in the region, cash still dominates. Apart from Singapore, the more traditional means of banking and payments remain more popular for the rest of ASEAN,” the report said.

The reasons for high cash usage, Standard Chartered said, is a lack of understanding of how digital payments methods work and how to start using them.

Others included concerns over the confidentiality of financial records and the perception that cash is still the simplest and most straightforward payment method, the bank said.

But there is still a lot of potential for cashless payment to grow in Vietnam, the report said, noting that with over 70 million mobile users and 64 million internet users, e-wallet payments are set to gain more traction in the coming time.

There are over 20 e-wallet apps in Vietnam, while foreign operators such as Samsung Pay, Alipay, and Amazon have also entered the local market to tap the large potential, the report said.

The value of e-wallets transactions in 2017 exceeded VND53 trillion ($2.2 billion), an increase of 64 percent from the previous year, according to the State Bank of Vietnam.

The government is striving to increase cashless payment in the country. A resolution issued in January recommended that cashless transactions made viable for all urban household bill payments by the end of this year, prioritizing mobile payments and payment via card readers.

Ho Chi Minh City this week has instructed all schools, hospitals and many others to accept non-cash payments.

May 31, 2019

Google Pay update brings Gmail integration

Google is trying to build an entire ecosystem that will allow users to access any important information from just about every Google app. Gmail has been integrated with many other Google apps, but other developers noticed the benefits and added integration with the email app.

The newest app that benefits from Gmail integration is Google Pay, which doesn’t come as a surprise since the changes were spotted a few months ago. Now, Google Pay has been updated with Gmail importing, which means that the mobile payment app will browse through your emails and add the relevant information to its system.

For example, whenever you receive loyalty cards, movie tickets, and boarding passes in the Gmail inbox, they will be automatically added in Google Pay. Keep in mind though that if you delete the email containing the information, it will disappear from Google Pay as well.

The improvement makes it easier to access loyalty cards, tickets, and more without having to go through your emails every time you want to know something about them. It’s also easier to find coupons and boarding passes that are being sent to your Gmail inbox and make use of them.

It’s worth mentioning that the new Gmail import feature is disabled by default, so you’ll have to enable it in Google Pay by heading to Settings / General / Gmail Imports and using the toggle available after the latest update.

May 6, 2019

Google Pay update brings Gmail integration

The newest app that benefits from Gmail integration is Google Pay, which doesn’t come as a surprise since the changes were spotted a few months ago. Now Google Pay has been updated with Gmail importing, which means that the mobile payment app will browse through your emails and add the relevant information to its system.

May 2, 2019

Vietnamese consumers embrace digital payments as a new way

Vietnamese consumers are embracing digital payments as a faster and more convenient way to pay, with consumers using their credit and debit cards more often for in store and online purchases, according to figures released by Visa, the world’s leader in digital payments. The figures, which show year-on-year growth in consumer use of Visa products over the 2017 to 2018 calendar years, indicate a number of positive trends in the growth of digital payments.

The total value of purchases made by Vietnamese consumers on their Visa credit and debit cards was up 37 per cent, while the number of transactions was up by 25 per cent. eCommerce in particular saw strong growth with the total value of purchases up by 40 per cent.

“As the Vietnamese economy grows and becomes increasingly internationalised, commerce here will require ever faster, more efficient ways of paying.

These recent figures from our network demonstrate clearly the fact that digital payments are now truly a part of day-to-day life for many Vietnamese consumers – regardless of whether they’re buying from an online retailer on the other side of the world, or simply paying for their groceries,” Dang Tuyet Dung, country manager for Visa Vietnam and Laos.

This data is supported by findings from the 2018 Visa Consumer Payment Attitudes Study, which further reveals the extent to which digital payments are becoming a part of everyday life for Vietnamese consumers.

The report, which specifically looked into consumer sentiment towards different forms of payment, found that Vietnamese consumers are carrying less cash, and half are using card and mobile payments at least two-to-three times a week.

Seventy-three per cent of respondents are using credit and debit cards, up on 59 per cent from the year prior, while 82 per cent have tried making transactions on mobile phones.

The research also found that the use of new payment technologies is picking up traction, with 44 per cent of the respondents indicating that they are now making payments in apps, while 32 per cent are using “contactless” payment technologies that allow to simply tap your card on the terminal to pay.

Additionally, 19 per cent have used QR payments, where you use your phone to scan a unique merchant code that will transact money to the merchant’s account.

“While digital payments are still in their relative youth in Vietnam, it’s been incredibly positive to see how consumers are embracing new payment technologies – it augurs well for these technologies in particular, and for digital payments more broadly,” Dung added.

March 29, 2019

Grab launches ‘Buy Now, Pay Later’ option

Grab has expanded its fintech offer with “Buy Now Pay Later” facility and an online store check-out plugin.

Through its joint venture with Credit Saison, the ride-hailing platform offers a post-paid payment facility which allows customers to pay for Grab services at the end of the month, without additional fees.

This is geared towards consumers who face exceptional expenses, but are keen to avoid being hit with high credit card or personal loan interest payments.

The platform will also launch another pay-later product, which will allow consumers to shop online immediately, but pay for their purchases in installments.

Only Grab’s most creditworthy customers can use these two products. Credit risk is based on their tenure on the Grab platform, frequency of use and spending patterns.

Grab has been boosting its financial services in Southeast Asia in recent years. Its GrabPay service has teamed with e-commerce platforms such as Qoo10 and 11Street.

It has recently signed with Adyen, Boku, iPay88, Dragonpay, Cathay Cineplexes, and SM Cinema in the Philippines.

March 25, 2019

KinerjaPay Enters Partnership With Bitcoin Indonesia

Customers in Indonesia can now pay online with bitcoin as the country’s leading payment solutions provider KinerjaPay has added the digital currency as one of the payment options on its platform. KinerjaPay, in a recent press release, has announced its partnership with Bitcoin Indonesia to facilitate the Bitcoin option for its merchant partners.

Apart from offering payment gateway solutions to online merchants, KinerjaPay also operates its own e-commerce portal where people can directly buy goods from the platform itself. By including Bitcoin payments, KinerjaPay has now become the first e-commerce platform in Indonesia to do so. Now customers can convert their bitcoin to Indonesian rupiah on the fly while making a transaction over the payment gateway to pay their bills, transfer money and purchase goods on the internet.

KinerjaPay and the growth of e-payments in Indonesia

KinerjaPay is currently one of the fastest growing digital payments platforms in Indonesia. In the past two months, the company has grown by over 300 percent as its user base has increased from around 12000 customers to 50,000. According to the company’s report, this has also led to an increase in the average number of transactions processed per day.

With over 1500 transactions per day, compared to previous 300 transactions, the company can expect the numbers to grow further with the integration of bitcoin payments. Currently, there are not many online merchants who accept digital currency payments in Indonesia and now the partnership with Bitcoin Indonesia means that the company’s partner merchants will be able to accept bitcoin payments from their customers soon. This will open up a lot of options for bitcoin users in the country.

In order to make bitcoin payments more popular, KinerjaPay has announced that it will be providing special offers to customers of Bitcoin Indonesia. With these special offers, the company intends to convert at least some of the 150,000 Bitcoin Indonesia customers into theirs as well. In a country where a majority of the population is hesitant to use online payment solutions due to concerns about credit/debit card fraud, KinerjaPay is working hard to build their trust by offering great deals and addressing their concerns. A currency like bitcoin where the user doesn’t have to share his/her bank account or card details will present an attractive option to the masses.

As a part of its incentives galore, the company is also working on its own branded mining setup, where people can mine digital currency. While speaking about the new developments, the CEO and Chairman of KinerjaPay, Edwin Ng is quoted saying –

“This partnership enables us to establish relationships with Bitcoin Indonesia’s membership, currently in excess of 150,000 accounts, which we expect will boost the volume of transactions on our platform going forward… We are also working to create a unique bitcoin mining element on our platform, something we believe will be very appealing to our users and will provide KinerjaPay with a real competitive advantage in the e-commerce sector.”

KinerjaPay is constantly innovating to push the growth of online payments in Indonesia. Partnering with Bitcoin Indonesia is just one among the many which the company intends to follow in order to gain customer confidence and make them change their mind about online payments and digital currency. More developments in the sector can be expected soon.

June 1, 2016