CNN’s Post

Honda and Nissan plan to merge by 2026, creating the world’s third-largest automaker. The move aims to boost EV offerings and compete with Tesla and Chinese rivals. Mitsubishi may join talks by January, with an agreement expected by June. Will this reshape the global auto industry? #Honda #Nissan #EV #AutoNews

🎄The #Payments Advent Calendar🎅 𝗗𝗲𝗰 𝟮𝟯: "Smile to Pay" - The Rise of Biometric Payments in Asia 🖐️👤 On a call with Andrew, Jianyuan, Akhil, Ranjit and Gautam we recently discussed payment trends in Asia. Forget cards, phones, or even QR codes, in many Chinese stores and public transport you can now pay with just your palm or face. Here are some numbers and facts on it: 😊 Facial Payments: - Alipay "Smile to Pay" launched 2017 - You configure your payment preferences in your app profile which gets tied to facial and palm readers - The readers use 3D depth scanning + liveness detection at a high resolution, processing 128 facial feature points - Very low transaction time at 0.3 seconds and it works in low light and with face masks Now, China isn't the only place that offers it. In WholeFoods stores around the U.S., for example Seattle, Amazon has been rolling out palm payment as well. 👋Palm Payments (Amazon One) launched in 2020. They use infrared light to capture palm vein patterns which creates a unique "palm signature" from 500+ reference points. 🔢 Adoption Stats (2023): - China: 100M+ registered face payment users - WeChat Pay facial recognition: 800M+ verifications daily - Alipay's face payment: Available in 100+ cities - 70% of Chinese consumers have tried facial payments - Average transaction time: 1-3 seconds vs 10-15 for cards This brings up some very interesting points around privacy and how your payments are being tied to your identity. At their root, digital payments always had a challenge around identity verification. While tying payment to biometric identity makes a ton of sense as a next step, there are obvious privacy concerns with this (minority report!). It will be interesting to see adoption of such payment methods in the West. Ultimately what we see is that convenience usually wins. It remains to be seen what the impact on modern card infrastructure would be if RTPs are combined with biometric payments. Fun fact: The first "Smile to Pay" system was tested at KFC in Hangzhou. They chose KFC because people often have greasy fingers while eating chicken, making phone/card payments inconvenient! Attaching a video for reference: https://lnkd.in/d-ndJPEH

Breaking News for Subscription & Recurring Revenue Businesses! A recent federal ruling has introduced new regulations that directly impact subscription and recurring revenue models. This ruling is a game-changer for subscription-based revenue models across various sectors—from streaming platforms to software services. It’s an opportunity to enhance customer trust through transparent practices. Companies that adapt swiftly will not only comply but may also boost customer loyalty by making their services more user-friendly. #SubscriptionEconomy #RecurringRevenue #CustomerExperience #Compliance #SubscriptionBusinesses

🔍 Are You Ready for the FTC’s New “Click-to-Cancel” Rule? 🚫🏛 The FTC just announced major updates to its subscription rules, making it easier for consumers to cancel and requiring clearer terms from merchants. This means big changes for many merchants! ✅ Swipe through our carousel for the key takeaways, and check out our full blog for an in-depth breakdown and compliance tips. 🔗 https://lnkd.in/eeE_dp6Q #OptimizedPayments #SubscriptionManagement #ClickToCancel #FTCUpdate #Compliance #Payments #Fintech

According to The Wall Street Journal, in 2023, U.S. consumers disputed 105 million card charges totaling around $11 billion, up from $7.2 billion in 2019. This increase not only reflects a greater consumer awareness of how to dispute charges but also leads to increased costs for card issuers, with each dispute costing an average of $37 to resolve. The growing number of disputes highlights the need for an effective dispute management process in order to manage the volume while maintaining customer trust. #Payments #Fintech #FinancialServices

𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 𝐁𝐮𝐫𝐞𝐚𝐮 𝐬𝐮𝐞𝐬 𝐖𝐚𝐥𝐦𝐚𝐫𝐭, 𝐚 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐩𝐚𝐫𝐭𝐧𝐞𝐫 The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Walmart and Branch Messenger for allegedly forcing Spark Driver program delivery drivers to use Branch deposit accounts without consent and misleading them about earnings access. The lawsuit claims the companies illegally opened accounts using drivers' personal information, including Social Security numbers, requiring them to accept Branch's terms and conditions to access their pay, while threatening termination if they refused to use the accounts, resulting in drivers paying over $10 million in fees to transfer their earnings to accounts of their choice. The CFPB's action, which seeks to stop the unlawful conduct and provide consumer redress, also alleges that Branch engaged in multiple illegal activities, including failing to investigate errors, honor stop payment requests, maintain records, and provide required disclosures. This marks the CFPB's first action against a fintech partner of Evolve Bank & Trust related to a deposit product, following a previous lawsuit against SoLo Funds and a Federal Reserve Board enforcement action against Evolve for failing to properly monitor its fintech partners.  #fintech #CFPB #Walmart #Branch #gigwork #regulation

The Information released some interesting news from Consumer Financial Protection Bureau that will definitely impact #FinTech like Apple,PayPal, Klarna, Square also spilling over for #banks too. That being that they will be now overseeing large #fintech’s, they defined as “50M+ transactions per year.” The key takeaways being Consumer Financial Protection Bureau will be overseeing how and why #consumer get their accounts shut down or shut off. What do you think? #management #venturecapital #privateequity #capitalmarkets #fintech https://lnkd.in/gdHhhUcv

Check out our latest #MAGInsights article written by MAG CEO John Drechny on "The Changing Role of Merchants in Payments". Click the link below to learn more:  https://lnkd.in/gd8XujJF #KnowYourPayments #AdvancingPaymentsTogether

"The Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry have the same federal protections as users of credit cards." That means the industry — currently dominated by fintech firms like Affirm, Klarna and PayPal — must make refunds for returned products or canceled services, must investigate merchant disputes and pause payments during those probes, and must provide bills with fee disclosures." You can read more in the links below but needless to say, the usual carry on about how unfair it is and credit cards are outdated pours out of the PR machines. In many respects, this is all redundant given the monoline BNPL's are all morphing into credit cards anyway. Here are some links 👇👇👇👇 https://lnkd.in/gWH5sRXh 👇👇👇👇 https://lnkd.in/gGkPQh2q 👇👇👇👇 https://lnkd.in/gichHXju #payments #bnpl #buynowpaylater

Payment routing rules are essential for Praxis merchants accepting global payments, and our latest article explores the key considerations they make when setting them up. Learn how tools like Smart Routing and Cascading work together to enhance transaction approval rates and how merchants are also utilizing rules-based solutions to protect against fraud. Read more here: https://lnkd.in/dS-M7HpU #payments #digitalpayments