Payments

ANZ late payment credit card fees, CIBC Telus to mobile-payment, Canada just might be the future of U.S, Apple removes last Bitcoin wallet app, Payment News

MEDICI

Payment News for today from our News Aggregation wing:  

1. Smh.com.au - ANZ late payment credit card fees illegal: court 

Big banks could be forced to refund more than $55 million to their customers, after the Federal Court found ANZ Bank had charged "extravagant, exorbitant and unconscionable" late payment fees on credit cards. The ruling also raises doubts about fees that telecommunications and utilities companies charge customers who fail to pay their accounts on time. In a decision that could affect tens of thousands of customers, the Federal Court on Wednesday found late payment fees charged by the bank were illegal, while four other types of fee were legitimate.

Sourcelink for reading more

2. Cbc.ca - CIBC adds Telus to mobile-payment network

CIBC has partnered with Telus to give more customers the ability to make payments with their smartphones. The two companies announced on Tuesday the launch of a mobile payment app for certain models of smartphones that run on the Telus network for credit card purchases such as gas or groceries, to a limit of $50.

Sourcelink for reading more

3. Venturebeat - Why Canada just might be the future of U.S. mobile payments

“Canada is the most ready country in the world for mobile payments to take root,” Rogers Communications VP David Robinson said today at the Wavefront Wireless Summit in Vancouver. “Ten percent of domestic transactions are contactless … and that’s going up about 1 percent a month.”Today, contactless payments are almost exclusively the domain of chip-and-PIN cards tapped or air-kissed to contact-free terminals. Cards equipped with RFID chips identify themselves and authorize payment in a single tap, speeding checkout and significantly increasing per-sale purchases.

Sourcelink for reading more

4. Thenextweb – Apple removes the last remaining Bitcoin wallet app Blockchain from the App Store

Bitcoin has been dealt another blow again, as Apple has pulled what is allegedly the last remaining Bitcoin wallet app on its App Store, Blockchain, the company behind the app reveals (hat/tip Wired). This essentially means that access to the crypto-currency is now no longer available to users via iOS apps, as Apple has rejected or pulled most other Bitcoin-related apps as well.

Sourcelink for reading more

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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