DigitalPayments
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Venmo increases fees on instant money transfers
Effective November 6th, Venmo patrons who use Instant Transfer to move money from their Venmo accounts to their debit cards will notice increased service fees. Instead of a flat $.25 per transfer, Instant Transfer fees will be set at 1% of the total sum.
WhatsApp starts digital payment tests in India
WhatsApp has finally started testing the digital payments feature it's been working on since early 2017. The Facebook-owned chat app is currently giving a limited number of users in India the chance to give its built-in payments feature a spin. Based on the screenshots shared by UI designer Nagender Rao Savanth, testers will have to verify their phone number via SMS to be able to use the government-backed Unified Payments Interface within the app. They can then choose among the pretty large list of banks available, including the State Bank of India, HDFC Bank, and ICICI Bank, which are some of the biggest in the country.
PayPal's Payment Code lets you purchase with QR codes
Still trying to get the hang of NFC purchasing and the many, many other forms of digital payment? PayPal has now launched another that'll let you procure items via a QR code. You can pay by checking in with PayPal at a given store, after which you can enter a PIN or bring up a QR code for the merchant to scan. PayPal says that along with the extra convenience, the main advantage for consumers will be the ability to redeem any coupons, rewards or gift cards you may have saved in your PayPal digital wallet. Meanwhile, stores will be able to accept digital payments without needing to adopt new technology, and can use their existing scanners or mobile payment systems. PayPal plans to launch the system and give more details by Q1 2014, but meanwhile you do have a few other options.
Western Union debuts WUPay digital platform, misses the point of convenience entirely
Modernization's not for everyone -- just take a look at Western Union. That 19th century institution's finally getting its virtual act together, introducing a new digital payments platform today, dubbed WU Pay, that sadly does not involve laundering dough through the late, great ODB's hip hop clan. No, this forward-facing system, built upon its eBillme acquisition, takes a backwards approach, eschewing direct payment options for something more circuitous. Customers that opt-in for the service at checkout from any number of partnered merchants, like Kmart or Sears, won't have to link to their credit card accounts or even offer up any financial info. Instead, once the item is purchased, they'll receive a bill via email that can then be paid online or at one of the company's brick-and-mortar sites. Sound unnecessary to you? We sure agree. Now if only this innovation involved Marty McFly and Jason Alexander personally delivering those funds -- that's a service overhaul we can get behind. Check out the PR after the break.
Verizon Wireless to tie American Express' Serve into mobile numbers, keep your credit card holstered
Good news online shopaholics, your tchotchke-buying ways are getting a couple of enablers in the form of American Express and Verizon Wireless. The two titans of industry have teamed up to integrate AMEX's PayPal-like Serve platform into the operator's phones and tablets in the next few months. The service will work by linking your existing mobile number to a Serve account, speeding up the checkout process and ensuring you never second-guess that impulse buy. Sure, this isn't the NFC-chipped, Isis future Big Red promised, but it's a good stopgap for virtual spendthrifts.
American Express challenges PayPal with 'Serve' digital payment platform
American Express may have been lagging a bit behind the likes of Visa and Mastercard with digital payments over the years, but it's making a pretty big play in the field today. It's just announced its new "Serve" digital payment platform, which is more or less a straight-on competitor to PayPal. That means you'll be able to transfer funds to your Serve account from your bank account or credit card, send money to others using either the website or mobile app (currently available for iOS and Android), and even link your account to a reloadable Serve card, which you can use at any retailer that accepts American Express credit cards. Nothing fancy like NFC payments just yet, but American Express is promising to "quickly evolve" the platform by adding new features and functionality, and it's hoping to kick start things by waiving most of the consumer fees for the first six months. Head on past the break for the complete press release, and hit up the source link below if you'd like to sign up.
