Technological developments in retail banking such as contactless payments, mobile banking and e-commerce have significantly contributed to higher levels of customer satisfaction according to a study commissioned by Visa.
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Deloitte predicts this will be the year the world starts using their smartphones as a credit or debit card, otherwise known as a digital wallet.
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Australian credit and debit card users could save up to $500 million in unnecessary fees if recommendations from David Murray’s Financial System Inquiry are implemented.
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With the recent release of the Commonwealth Bank’s smartphone ATM access, Westpac has launched its Emergency Cash feature, which enables customers to access their cash without an ATM card with just one phone call.
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PayPal and Samsung are extending their collaboration with a new biometric feature that will allow users of the new Galaxy S5 smartphone to use fingerprint authentication for mobile payments with PayPal merchants.
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Thousands of Australians are putting themselves at unnecessary risk of identity theft by using login credentials that are easy to hack, such as "password" and "123456" Australian security experts say.
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Credit card fraud is expected to decline significantly in the second half of 2014 with a recent decision from the ACCC to abolish the used of signatures for purchases over $100. Visa and MasterCard have pushed for the change and won, so that from 1 July 2014 consumers will be required to provide their pin for both credit and debit card transactions to be approved.
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Lengthy delays waiting for electronic payments to clear will soon be a thing of the past as the next generation of real-time payments becomes the norm across Australian banking institutions.
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Qantas has announced immediate reductions to the surcharges on payments made by credit or debit card, according to the News Limited Network.
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