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Dec 7 Payments Next newsletter: iovation, Black Friday record, online grocery growth, Chime, Libra falters, US data breaches, cash disappearing, more...
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Global payments news was humming this week and we’ve got a news roundup to keep you on top of the latest developments. With a record US Black Friday sales weekend, fraud prevention firm iovation estimates 15% of transactions online were fraudulent. The record US Black Friday sales topped $9.4 billion according to Adobe Analytics. Wikibuy looks at the growth of online grocery shopping and offers retailers tips to capitalize. Much more in the global news roundup below. Enjoy.
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15% of US online holiday sales were potentially fraudulent
When it comes to online fraud, US Thanksgiving was a turkey for online sellers as online fraud jumped 29% compared to 2018 according to new research from fraud prevention firm iovation. The company estimates 15% of total holiday long weekend online sales were potentially fraudulent. With online shopping sales of $81.5 billion from Nov 1 through Dec 2 according to Adobe Analytics, that means fraud could possibly cost businesses more than $12 billion to date. Read more… |
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Cyber Monday sends sales records tumbling
The results are all in except for the exchanges and gift returns and Cyber Monday set record US online sales of more than $9.4 billion, up 19.7% over last year, according to Adobe Analytics. Even more noteworthy was the $3 billion spent using smartphones on Cyber Monday, a sign of things to come in retail and e-commerce. Online purchases by devices between November 1 and December 2 showed 60.4% purchased via desktop, smartphone (34.5%), and tablets (5.1%) according to Adobe. Read more… |
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Online grocery shopping and what it means for online retailers
Trends indicate that Americans are using their mobile devices more frequently to make online purchases, be it groceries or other products. As society leans more on technology, will people be willing to overlook factors of inconvenience, like high delivery fees or the chance that their groceries could be stolen right off their doorstep? These are all considerations that shoppers and retailers alike have to consider as online grocery shopping inevitably becomes more common. Read more... |
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Dec 7 Global payments news roundup
In the roundup, fintech bank Chime has quadrupled in value to $5.8 billion in less than one year. EU finance ministers expressed reservations about digital currencies like Facebook Libra vowing regulations to protect consumers. PCI SSC new standards for contactless payments to enable easier usage adoption for new devices. Cash payments in Canada dropped 40% in the last five years due to many new digital options. Debit cards overtook cash payments in the US for the first time at 28% of transactions according to several Fed Reserve banks.
Thales research said 62% of US financial institutions have experienced a breach compared with 42% of retailers. Visa and MoneyGram launched cross-border payments services using Visa Direct. World Bank Group estimates $1.7 billion adults, roughly 25% of the world’s population, remain unbanked. Read more… |
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