04 / 10 / 17
Good morning (or afternoon or evening). Here are some of the biggest stories you need to know about in the world of credit card processing and merchant services today:
LG Launches New Mobile Payments Service
LG is taking on Apple and Samsung with the launch of its new mobile payments service. The company plans to start offering the service, named LG Pay, through its G6 smartphones which went on sale in South Korea on March 10.
Study: Mobile Pay Adoption Remains Low, but Incentives Motivate
A new study found that while just 25% of U.S. consumers with an eligible smartphone are using mobile payments, customers offered incentives were about 50% more likely to use mobile payments at the retail point of sale. The survey also addressed financial institutions? concerns about cards? status in customers? digital wallets.
Facebook Uses AI To Tell Users What To Buy, How To Pay
Facebook may soon be affecting when and how users make payments, with new messaging technology that uses artificial intelligence to detect language for recommending things, like getting an Uber or sending a reminder to pay a friend back money from the last hangout time. Facebook claims this new feature is meant to not be invasive but merely a way to help improve the private chatting experience.
The new payment future: 3 technologies leading the way
According to a recent article on Mobile Payments Today, contactless payments, fingerprint technology and voice activated transactions are the payment methods of the future. These methods will serve to make consumers? lives easier, and also protect them from security problems.
Millennial Payment Trends Merchants Need to Know About
A recent study from Accel and Qualtrics provided surprising insight on the payment habits of millennials. It found that more millennials are using cash than debit cards, and 42% of millennials still write checks. On the contrary, millennials are 16 times more likely to use new technology like Apple Pay than baby boomers, and six times more likely than older generations to make payments through Venmo.
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