Latest news with #contactless
Al Bawaba
2 hours ago
- Automotive
- Al Bawaba
Visa Brings Google Pay Integration to Fleet Cards, Enabling Tokenization and Push-to-Wallet Across the Digital Wallet Ecosystem
Visa (NYSE: V), a global leader in digital payments, today announced a major advancement for Fleet Operators. With the addition of Google Pay tokenization and push-to-wallet, Visa addresses the long-standing challenge of fleet data tags being tied solely to the plastic card chip. Now, fleet data tags can be configured by the issuer, fintech or processor, allowing custom data tags to be dynamically provisioned during the tokenization process. Once loaded into Google Pay with these fleet data tags, Visa's contactless specification helps ensure that token payment data and fleet data tags are transmitted to the point of sale (POS) and actioned upon fleet represents a $1.4T spend opportunityi on vehicle-related expenses by corporations, small businesses and the public sector. Historically, the end-user experience has been manual and inconsistent, as existing fleet tokens did not function optimally for drivers at Fuel POS terminals due to missing fleet instructions for prompting and purchase restrictions. Visa's tokenization capabilities, now available for Google Pay, solve this pain point by quickly enabling spend through digital credential push-to-wallet, card-on-file merchants and Click to Pay. This streamlined digital experience reduces time to market dramatically, from 7-14 days with a physical card to just a matter of hours for digital wallet provisioning. With Apple Pay and Google Pay enabled for Visa Fleet Tokenization, approximately 92% of smartphones globally are compatible, based on global market share and NFC capabilityii.'This innovation solves a clear pain point within fleet today and unlocks a host of client benefits, including instant issuance, a more seamless user experience for drivers and robust controls for Fleet Managers,' said Parker Patton, Head of Global Fleet & Mobility Solutions at Visa. 'We are thrilled to expand digital wallet support to include Google Pay as part of our commitment to creating better products and user experiences that drive seamless, secure transactions around the globe.'As one of the initial pilot partners selected by Visa to bring tokenization and mobile wallet support to fleet cards, Highnote, a modern card issuing and embedded finance platform, continues to collaborate closely with Visa to modernize fleet payments through embedded, digital-first experiences. 'At Highnote, we've reimagined the fleet card from the ground up, designing for embedded, digital-first experiences that reflect how drivers and fleet managers actually operate today,' said John Macllwaine, CEO at Highnote. 'Visa's expansion of wallet support aligns perfectly with that vision, enabling us to bring the speed, control, and intelligence of modern payments directly into the hands of the people who move the world forward.'
Globe and Mail
5 hours ago
- Automotive
- Globe and Mail
Visa Brings Google Pay Integration to Fleet Cards, Enabling Tokenization and Push-to-Wallet Across the Digital Wallet Ecosystem
Visa (NYSE: V), a global leader in digital payments, today announced a major advancement for Fleet Operators. With the addition of Google Pay tokenization and push-to-wallet, Visa addresses the long-standing challenge of fleet data tags being tied solely to the plastic card chip. Now, fleet data tags can be configured by the issuer, fintech or processor, allowing custom data tags to be dynamically provisioned during the tokenization process. Once loaded into Google Pay with these fleet data tags, Visa's contactless specification helps ensure that token payment data and fleet data tags are transmitted to the point of sale (POS) and actioned upon seamlessly. Globally, fleet represents a $1.4T spend opportunity i on vehicle-related expenses by corporations, small businesses and the public sector. Historically, the end-user experience has been manual and inconsistent, as existing fleet tokens did not function optimally for drivers at Fuel POS terminals due to missing fleet instructions for prompting and purchase restrictions. Visa's tokenization capabilities, now available for Google Pay, solve this pain point by quickly enabling spend through digital credential push-to-wallet, card-on-file merchants and Click to Pay. This streamlined digital experience reduces time to market dramatically, from 7-14 days with a physical card to just a matter of hours for digital wallet provisioning. With Apple Pay and Google Pay enabled for Visa Fleet Tokenization, approximately 92% of smartphones globally are compatible, based on global market share and NFC capability ii. 'This innovation solves a clear pain point within fleet today and unlocks a host of client benefits, including instant issuance, a more seamless user experience for drivers and robust controls for Fleet Managers,' said Parker Patton, Head of Global Fleet & Mobility Solutions at Visa. 'We are thrilled to expand digital wallet support to include Google Pay as part of our commitment to creating better products and user experiences that drive seamless, secure transactions around the globe.' As one of the initial pilot partners selected by Visa to bring tokenization and mobile wallet support to fleet cards, Highnote, a modern card issuing and embedded finance platform, continues to collaborate closely with Visa to modernize fleet payments through embedded, digital-first experiences. 'At Highnote, we've reimagined the fleet card from the ground up, designing for embedded, digital-first experiences that reflect how drivers and fleet managers actually operate today,' said John Macllwaine, CEO at Highnote. 'Visa's expansion of wallet support aligns perfectly with that vision, enabling us to bring the speed, control, and intelligence of modern payments directly into the hands of the people who move the world forward.' About Visa Inc. Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at
RNZ News
2 days ago
- Business
- RNZ News
Should Eftpos and cash-users get a discount?
The government plans to ban surcharges on card payments in-store, saving shoppers from being stung with surprise fees when paying with contactless technology. Photo: RNZ / Leonard Powell Don't expect a discount if you're paying with Eftpos or cash when the new contactless surcharge ban takes effect - but businesses are being put on notice that they shouldn't need to raise prices by more than 1 percent. It was announced on Monday that legislation would be introduced to Parliament to ban surcharges for in-store credit card transactions by the end of the year . Café and roastery owner Richard Corney said it would prompt him to put up prices because he could not absorb the cost himself. He said he paid $12,000 in merchant fees in 2023. Retail NZ chief executive Carolyn Young said the cost to businesses could be significant and all customers would end up bearing it, rather than simply those using contactless cards. "If businesses have to increase their prices to take into account those that pay by contactless and you pay by cash or Eftpos, you're still swiped." She said it was unlikely that retail businesses would offer discounts to those using other payment methods. Recommended retail prices were set at a level that took into account all the business's costs, she said. Small businesses had limited power to negotiate on the card fees they were charged, she said, and they had to be able to accept the payment methods to be able to do business. Corney said he would not offer discounts to those using cash or Eftpos. "Given the government is removing a cost recovery mechanism for merchant fees in general, there's still a net cost to businesses like ours, despite the regulated interchange fees." Infometrics chief forecaster Gareth Kiernan said cash transactions were not free for businesses, either. "I imagine in today's world where very few people pay in cash, the implicit cost associated with the hassle of needing to have appropriate change, finding time to taking money to the bank is reasonably high as a proportion of each transaction. For a small business, that cost is probably not properly accounted for, and might even be zero in accounting terms because the owner is effectively doing it in their own time. "The subsidisation by Eftpos transactions is probably more clear-cut, because there is a reasonably obvious gap in the charges for credit/PayWave transactions vs debit/Eftpos, with little or no difference in the associated work for the business receiving payment. I'd expect to see some more retailers reverting to not accepting credit cards, assessing that the possible inconvenience for their customers is outweighed by the cost savings for their business." But how much can prices reasonably rise? Commerce and Consumer Affairs Minister Scott Simpson said the change would take effect after interchange fees were capped, so they should not be as high as they have been. Consumer NZ spokesperson Jessica Walker said the fee reduction that was expected from late November should reduce the cost to business significantly. "Our stance is that those costs are going to be lower so even if businesses decide to increase prices because of the surcharge ban, that increase should be about 1 percent." She said that was preferable to some of the complaints Consumer received, which reported surcharges up to 25 percent. "The current situation is a mess, it's not working." She said a change in 2022 when the Retail Payment Systems Act took effect was meant to save money but those savings had not been experienced by shoppers. "The decision to ban surcharges should mean there is more money in shoppers' back pockets. Without a ban, there's no guarantee the savings will be passed on." But Young said it was likely that the surcharge ban would prompt more people to move to contactless payments, which would increase the costs overall, even if each charge was smaller. "It would have been great for the minister to let the Commerce Commission go through a proper consultation process." She said a range of surcharges were being charged at present but it would have been useful to allow the interchange caps to take effect and see what the effect was. "The Commerce Commission was going to run a consultation around surcharges," he said. Young said she had expected that could lead to new limits. Walker said open banking should also help to reduce the cost of payments.
RNZ News
2 days ago
- Business
- RNZ News
Businesses should pass Paywave costs on through prices, Nicola Willis says
Photo: RNZ / Samuel Rillstone The Finance Minister says when a ban on contactless card payment surcharges comes into effect, businesses should pass on the cost to customers as they would any other business cost, if they can't absorb the bill. The government plans to ban surcharges on contactless card payments no later than May 2026. Commerce and Consumer Affairs Minister Scott Simpson announced the change on Monday afternoon, declaring: "That pesky note or sticker on the payment machine will become a thing of the past." "Shoppers will no longer be penalised for their choice of payment method, whether that's tapping, swiping or using their phone's digital wallet." The ban builds on the Commerce Commission's recent decision to reduce the interchange fees imposed on businesses for accepting Visa and Mastercard payments. Finance Minister Nicola Willis told First Up that change has led to an average reduction in costs for a typical retailer - a small business - of about $500 each week. "So our concern has been, now that reduction has happened, how do we make sure that gets passed through to you, when you're at the shop. What's to stop the retailer just charging you the same fee even though their costs has dropped." Banning the payway fee was the simplest and most transparent thing to do, Willis said. Businesses need to treat the interchange fee like any other cost in their business "and just include it in the price tag on the shelf", she said. "It'll make it easier for people to compare what they're really having to pay. Just think about how many times you've been at the counter and then suddenly you learn that it's a 2.5 or a 3.5 percent surcharge and that gets added to the price of whatever it is you're buying. That's not very transparent." Photo: The sector is warning prices may need to rise at restaurants and cafes due the ban. Asked if she thinks the ban will lead to inflationary prices, the minister said "I think that overall, people will charge the price that they think they can get away with". The change doesn't include international credit card payments or online payments. Willis said these payments were usually much more expensive to process and people using these systems have to pay a bit more because they are protected from things like online scams and fraud. Consumer NZ chief executive Jon Duffy told Morning Report with a reduction in the interchange fee, businesses would be making a profit off the surcharges if they remained in place. "Retailers still pay a small amount ot offer those services, we think that once... the decrease comes into effect it will be less than 1 percent of the total cost of the transaction," Duffy said. Many businesses would absorb this into the prices though there may be some who need to increase prices to cover the cost, he said. "But it would be just the same as if their... power bill or their rent went up." Consumer NZ was a bit disappointed online transactions were not included but it was understandable for now, he said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
3 days ago
- Business
- RNZ News
Surcharges on in-store payments, including PayWave, to be banned
Surcharges on PayWave will be banned. Photo: The government plans to ban surcharges on card payments in-store, saving shoppers from being stung with surprise fees when paying with contactless technology. Commerce and Consumer Affairs Minister Scott Simpson announced the change on Monday afternoon, declaring: "That pesky note or sticker on the payment machine will become a thing of the past." "Shoppers will no longer be penalised for their choice of payment method, whether that's tapping, swiping or using their phone's digital wallet." Legislation is expected to be introduced to Parliament by the end of the year, with the ban to kick into effect no later than May 2026. The proposed law would cover most in-store payments made using Visa and Mastercard debit and credit cards, as well as EFTPOS, but not online purchases or other international card schemes. The move follows growing public frustration at the cost and transparency of such surcharges. Retailers are increasingly using them to recover merchant service fees charged by banks and payment providers, but the fees are often added without clear explanation. The Commerce Commission estimates New Zealanders are paying up to $150 million in surcharges each year - including $45 to $65 million in what it considers excessive charges. In March, Consumer NZ called for an outright ban , citing hundreds of complaints about fees being too high, confusing or oblique. Both Mastercard and Visa have also supported proposals for a ban . Retail NZ has previously argued businesses did not like charging extra but should have the right to recover payment costs. It called for more clarity from banks about the fees charged for different services. The ban builds on the Commerce Commission's recent decision to reduce the interchange fees imposed on businesses for accepting Visa and Mastercard payments . Interchange fees make up approximately 60 percent of merchant service fees. "A ban on surcharges means no more surprises for people who currently feel like they're being charged to use their own hard-earned money," Simpson said. "It means they can make a purchase knowing exactly what they'll pay, and how they'll pay it." The changes would bring New Zealand into line with the United Kingdom and the European Union, where such surcharges are already prohibited. Australia still allows surcharges but requires them to reflect the actual cost to retailers. The Reserve Bank of Australia has also recently proposed an outright ban on surcharges for EFTPOS and debit and credit card payments. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
