Latest news with #contactlesspayments
Finextra
18 hours ago
- Business
- Finextra
Axis Bank introduces NFC-enabled smartwatch
In a strategic leap into wearable fintech, Axis smartwatch payments just became more seamless. 0 Axis Bank has launched an NFC-enabled smartwatch in collaboration with BoAt and Mastercard, transforming how consumers make contactless transactions on the go. Wave Fortune is designed to empower users with convenience, security, and a next-level smartwatch experience. Axis Bank cardholders can now securely tokenize and store their debit and credit cards on the WAVE Fortune Smartwatch via Crest Pay, boAt's official payment app and make contactless payments effortlessly. This feature, powered by Mastercard's tokenization technology and supported by the robust token requestor infrastructure of TAPPY Technologies, allows single-step payment of up to ₹5,000 on a POS device without entering card PIN, ensuring both speed and security. This launch further strengthens Axis smartwatch payments by integrating Mastercard's secure tokenization with BoAt's wearable design. Powered by Mastercard, the payment system allows users to securely tokenize and store their cards within the smartwatch strap for quick and seamless transactions. Axis Bank credit and debit cardholders on Mastercard and VISA networks will continue to enjoy the rewards and benefits of their linked card while making payments with the Wave Fortune smartwatch. Commenting on the partnership, Arnika Dixit, President & Head - Cards, Payments and Wealth Management, Axis Bank, said, 'At Axis Bank, we have been continuously working on innovation-led partnership models to offer innovative and secure digital banking solutions to customers. In this effort, we are delighted to have partnered with boAt to truly make payments on-the-go, seamlessly integrating contactless payments into people's day-to-day lives. Bringing in our expertise in tokenized contactless payments, 'Wave Fortune', a cuttingedge smartwatch will allow the users with the highest standards of safety and security, combined with a quick and convenient payment experience.' The rollout represents a leap forward in Axis smartwatch payments, making banking on the go both stylish and functional. Sameer Mehta, Co-founder and CEO, boAt, said, 'At boAt, we are always striving to push the boundaries of technology to enhance everyday convenience. Our partnership with Axis Bank brings secure, effortless payments to the wrist, making contactless transactions more accessible than ever.' Gautam Aggarwal, Division President, South Asia at Mastercard said, 'In the near future, payments will be gesture-based — integrated into our daily routines, with transactions occurring in a frictionless manner. Wearable devices, irrespective of the form factor, will play a key role in this evolution, offering quick and secure payment experiences. As a company committed to shaping this future of commerce, Mastercard is delighted to power the tokenization enabled smartwatch, empowering users to pay with their credit or debit cards
Yahoo
18 hours ago
- Business
- Yahoo
AI in cards and payments: Revolutionising the future of transactions
Artificial Intelligence (AI) is transforming the cards and payments industry, making transactions faster, safer, and more personalised. As digital wallets, contactless payments, and real-time transaction systems grow globally, AI is becoming a core driver of innovation. Today, this evolution is entering a new phase with the rise of agentic AI—intelligent systems capable of autonomous, goal-directed action that can make decisions, learn from outcomes, and adapt without human input. Fraud prevention has always been a critical concern for payment providers. Traditional systems rely on pre-set rules, which can miss new types of fraud or trigger unnecessary alerts. AI, especially in its agentic form, is more adaptive. It not only identifies unusual patterns but can act in real time—flagging suspicious activity, freezing compromised accounts, and triggering additional authentication—all without waiting for manual reviews. Agentic AI systems can also collaborate across networks, detecting coordinated fraud across multiple platforms. These systems continuously learn, update their models instantly, and improve detection accuracy while reducing false positives, ensuring legitimate transactions proceed smoothly. Modern consumers expect personalised, intuitive financial services. AI makes this possible by analysing spending habits, preferences, and even life events to offer relevant product suggestions or spending insights. But agentic AI takes this further. Instead of just offering recommendations, these AI agents can act on behalf of users. For example, they might automatically choose the best card for a transaction to maximise rewards, shift funds between accounts to avoid overdrafts, or suggest and initiate a savings plan based on monthly spending. These agents don't just react—they proactively manage financial tasks in line with user goals and preferences. Real-time payment systems are now essential, with users expecting instant, error-free transactions. Agentic AI helps make this possible by optimising payment routing, predicting network congestion, and ensuring liquidity across accounts—all in the background. Such AI systems can autonomously select the best path for a payment based on speed, cost, and reliability. In complex environments like cross-border transactions, agentic AI manages currency conversions, compliance requirements, and settlement risks without human intervention, improving efficiency and transparency. AI chatbots have already enhanced customer service by providing instant support for common queries. However, with agentic AI, these assistants evolve into financial agents—capable of taking meaningful actions rather than just responding to questions. Imagine telling your assistant, 'I'm traveling to Spain tomorrow,' and it automatically enables international payments, suggests travel insurance, checks for foreign transaction fees, and informs your bank's fraud system. This level of autonomous service radically enhances convenience and customer engagement. Payments processing involves numerous behind-the-scenes workflows—from reconciliation and compliance to chargeback handling. AI already automates many of these tasks, but agentic AI can go further by managing them. These systems can detect inefficiencies, redesign workflows, and implement improvements independently. For example, if recurring issues arise with transaction failures, an AI agent can analyse root causes, adjust protocols, and even communicate updates to support teams—streamlining operations and cutting costs. As regulatory expectations grow, financial institutions must ensure not just compliance, but explainability. Agentic AI offers built-in auditing capabilities, tracking every decision and offering justifications in human-readable formats. This helps meet regulations like PSD2 and GDPR while building trust with users and regulators alike. The cards and payments industry is not just digitising—it's becoming autonomous. With the rise of agentic AI, systems now go beyond prediction to decision-making, self-management, and proactive service delivery. From fraud prevention and customer experience to risk management and compliance, AI is redefining every aspect of how value moves. As we move forward, the financial institutions that embrace agentic AI won't just offer better services—they'll pioneer the next era of intelligent, self-directed finance. The future of payments is not just smart—it's agentic. And it's already here. Vivek Dwivedi is Regional Head - Cards and Payments, Financial Services at Infosys "AI in cards and payments: Revolutionising the future of transactions" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
08-06-2025
- Business
- Yahoo
‘My pub takes less than 50p a week in copper coins. They're not worth my time'
Pub owner Tom Archer is examining a two pence piece with the kind of fascinated curiosity you might expect from someone who's found an ancient Roman coin in their back garden. He's put a few aside on the bar from the last time someone paid for a pint with a few coppers in The White Horse Inn, Essex. 'Honestly, we get less than 50 copper coins a week these days,' he says. 'I don't even put them in the till any more – they're not worth bagging up. So they just accumulate here and we dump them into charity boxes every so often.' It seems faintly ridiculous that Archer would rather lose money on the price of a pint than cash the full sum up. But he reckons it actually costs him more to process copper coins than they're worth. 'Think of it this way,' he says. 'You have to allow for the time it takes to count up coppers and bag them up. Then I've got to go to a bank and pay them in – and the banks are shutting everywhere so it's a fair old route to find one. 'So if the minimum wage is £12.21, that's over a pound for every five minutes of effort. See what I mean – it genuinely is costing me more to pay someone to count a pound of coppers than they're actually worth. Just get rid of them, I say; I don't think anyone would truly miss them.' Of course, contactless payments are largely the root cause of the decline in use of cash, and last July no new coins of any denomination were ordered by HM Treasury from The Royal Mint. Officials decided there were enough coins – an estimated 27 billion – in circulation. But while no one was suggesting pound coins were on the way out, the move caused enough debate for a Treasury spokesman to have to stress that they were not scrapping coppers. But are they more hassle than they're worth? Archer's experience in The White Horse Inn is being repeated across the country. The Pavilion Cafe in Didsbury Park, South Manchester is a vibrant, popular place for coffees, lunches and summer ice-creams, a genuine community hub. Its duty manager Ayesha Malik takes time out from making a cappuccino to show me the till. 'See the 1ps and 2ps in there,' she points. 'They've literally not been touched for two weeks. I can't think of the last time anyone actually paid in coppers, and we've not given any change out in them either.' Unlike Tom Archer, it's not that taking coppers to the bank is an added irritation for Malik and The Pavilion Cafe. It's that they just don't need to very often anyway. They just sit in the till as an unused float. Malik rummages in the tip jar on the counter. 'Look, there's only one copper in there as well,' she says. 'People just don't have them in their pockets any more.' What's interesting about the Pavilion Cafe's experience is that they're run by a charity called Didsbury Good Neighbours, set up specifically to offer support to older people in its community. The presumption might be that this particular age group would be put out by any changes to denominations – or indeed the move to a more cashless society. 'Far from it,' says Malik. 'We know our customers, and I'd say only 10 per cent of them use cash now anyway. They tell us it's far easier to use a contactless card rather than fiddling around trying to find the right coins. And for those that are happier using cash, we're pleased to welcome them – but it's higher denominations than coppers they tend to have anyway.' All of which begs the question, who is actually using the millions of copper coins – which are actually made of copper-plated steel – currently in circulation? Archer's make their way to charity donation boxes, and Malik talks fondly of the museums that make a game out of rolling two pence pieces into a collection area. But even some charities are seeing copper use dwindle. Caroline Tomlinson is CEO of award-winning Standish-based charity My Life, who work with people of all ages and abilities who need support. 'We are really fortunate to have great backing in the community for what we do,' she says. 'And we've always been really clear that our operating model wouldn't be reliant on charitable donations as people need our person-centred services to live their lives to the full. 'Still, we have collection boxes, and they've been used as a way to support and enhance still further what we do. They used to be full of copper coins. Now it's noticeable how much emptier they are. 'That's not just because of the cost of living and pressures on people's money – as acute as they are. My instincts are that people just don't have spare coppers in their pockets as much as they used to.' Of course, one place you will still see copper coins is on the famous twopenny shove machines at traditional seaside resorts. Oddly, every arcade operator we speak to is reluctant to go on the record about their copper use. Perhaps they don't want to lift the veil on just how many 2ps it will take to tip the balance and shove a punter's precious stake back into the black. 'We must be keeping the Royal Mint in business,' jokes one employee of a traditional arcade in England's North West. 'What's telling is that you used to have people coming in with their own 2ps to slot in the machine. Now they have to ask us for a pound's worth, because they don't have many themselves. 'For a business like ours, we're used to having a high turnover of coppers so it's not really an issue to be banking them. But I don't use them in my local shop, either.' Ultimately, then, any pang for copper coins is largely driven by nostalgia for those two penny slots or one penny chews. Go into any high street shop and it's striking that the days when, say, a £4.99 price point would be used as a psychological marketing tool to get something for under a fiver are well and truly over. Everything has been rounded down or up into multiples of five or ten. A pint of milk is 85p. The RPI for a loaf of bread has been at £1.40 for over a year now, rather than £1.39 or £1.37 as it was in the past. So the 1p and 2p are effectively redundant as change. 'Prices for pints in pubs now are in multiples of 20 pence,' confirms Archer. The UK isn't alone in seeing a decline in the use of smaller coin denominations. Three weeks ago, the US treasury confirmed the end of the penny after Donald Trump had told Treasury Secretary Scott Bessent in February to stop minting the coins, calling them wasteful. It transpired that they cost more to produce than they were worth. Might the UK now follow suit? An HM Treasury spokesman said that while they continue to monitor the amount of coins in circulation, they were confident there were still enough in the system to meet demand. 'Cash continues to be used by millions of people across the UK,' the spokesman said, 'and we have no plans to change the denominational mix of coins.' Of course, it's the Royal Mint who ultimately manufacture coins in response to demand from the industry. What do they feel about the future of coppers?'It's not unusual for some denominations not to enter circulation in certain years,' said a Royal Mint spokesman. 'The existing 1p coins will be replaced with those bearing King Charles III's effigy over time as they become damaged or worn and to meet demand for additional coins. Ensuring that cash circulates effectively and is readily accessible across the UK is essential, and we're always looking at ways to support this.' All of which means Tom Archer is likely to be popping coppers in an Essex charity box for a while yet. Even he, though, maintains cash still has a place. 'I'd say about 20 per cent of our income is in cash now, and actually it is useful; it means we can pay our casual staff – legally of course – that way,' says Archer. 'And also, you do have the issue of what happens when you have a power cut or a payment system blackout. 'So it's important that you do have both – it's just the denominations are wrong at the moment.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
08-06-2025
- Business
- Telegraph
‘My pub takes less than 50p a week in copper coins. They're not worth my time'
Pub owner Tom Archer is examining a two pence piece with the kind of fascinated curiosity you might expect from someone who's found an ancient Roman coin in their back garden. He's put a few aside on the bar from the last time someone paid for a pint with a few coppers in The White Horse Inn, Essex. 'Honestly, we get less than 50 copper coins a week these days,' he says. 'I don't even put them in the till any more – they're not worth bagging up. So they just accumulate here and we dump them into charity boxes every so often.' It seems faintly ridiculous that Archer would rather lose money on the price of a pint than cash the full sum up. But he reckons it actually costs him more to process copper coins than they're worth. 'Think of it this way,' he says. 'You have to allow for the time it takes to count up coppers and bag them up. Then I've got to go to a bank and pay them in – and the banks are shutting everywhere so it's a fair old route to find one. 'So if the minimum wage is £12.21, that's over a pound for every five minutes of effort. See what I mean – it genuinely is costing me more to pay someone to count a pound of coppers than they're actually worth. Just get rid of them, I say; I don't think anyone would truly miss them.' Of course, contactless payments are largely the root cause of the decline in use of cash, and last July no new coins of any denomination were ordered by HM Treasury from The Royal Mint. Officials decided there were enough coins – an estimated 27 billion – in circulation. But while no one was suggesting pound coins were on the way out, the move caused enough debate for a Treasury spokesman to have to stress that they were not scrapping coppers. But are they more hassle than they're worth? Archer's experience in The White Horse Inn is being repeated across the country. The Pavilion Cafe in Didsbury Park, South Manchester is a vibrant, popular place for coffees, lunches and summer ice-creams, a genuine community hub. Its duty manager Ayesha Malik takes time out from making a cappuccino to show me the till. 'See the 1ps and 2ps in there,' she points. 'They've literally not been touched for two weeks. I can't think of the last time anyone actually paid in coppers, and we've not given any change out in them either.' Unlike Tom Archer, it's not that taking coppers to the bank is an added irritation for Malik and The Pavilion Cafe. It's that they just don't need to very often anyway. They just sit in the till as an unused float. Malik rummages in the tip jar on the counter. 'Look, there's only one copper in there as well,' she says. 'People just don't have them in their pockets any more.' What's interesting about the Pavilion Cafe's experience is that they're run by a charity called Didsbury Good Neighbours, set up specifically to offer support to older people in its community. The presumption might be that this particular age group would be put out by any changes to denominations – or indeed the move to a more cashless society. 'Far from it,' says Malik. 'We know our customers, and I'd say only 10 per cent of them use cash now anyway. They tell us it's far easier to use a contactless card rather than fiddling around trying to find the right coins. And for those that are happier using cash, we're pleased to welcome them – but it's higher denominations than coppers they tend to have anyway.' All of which begs the question, who is actually using the millions of copper coins – which are actually made of copper-plated steel – currently in circulation? Archer's make their way to charity donation boxes, and Malik talks fondly of the museums that make a game out of rolling two pence pieces into a collection area. But even some charities are seeing copper use dwindle. Caroline Tomlinson is CEO of award-winning Standish-based charity My Life, who work with people of all ages and abilities who need support. 'We are really fortunate to have great backing in the community for what we do,' she says. 'And we've always been really clear that our operating model wouldn't be reliant on charitable donations as people need our person-centred services to live their lives to the full. 'Still, we have collection boxes, and they've been used as a way to support and enhance still further what we do. They used to be full of copper coins. Now it's noticeable how much emptier they are. 'That's not just because of the cost of living and pressures on people's money – as acute as they are. My instincts are that people just don't have spare coppers in their pockets as much as they used to.' Of course, one place you will still see copper coins is on the famous twopenny shove machines at traditional seaside resorts. Oddly, every arcade operator we speak to is reluctant to go on the record about their copper use. Perhaps they don't want to lift the veil on just how many 2ps it will take to tip the balance and shove a punter's precious stake back into the black. 'We must be keeping the Royal Mint in business,' jokes one employee of a traditional arcade in England's North West. 'What's telling is that you used to have people coming in with their own 2ps to slot in the machine. Now they have to ask us for a pound's worth, because they don't have many themselves. 'For a business like ours, we're used to having a high turnover of coppers so it's not really an issue to be banking them. But I don't use them in my local shop, either.' Ultimately, then, any pang for copper coins is largely driven by nostalgia for those two penny slots or one penny chews. Go into any high street shop and it's striking that the days when, say, a £4.99 price point would be used as a psychological marketing tool to get something for under a fiver are well and truly over. Everything has been rounded down or up into multiples of five or ten. A pint of milk is 85p. The RPI for a loaf of bread has been at £1.40 for over a year now, rather than £1.39 or £1.37 as it was in the past. So the 1p and 2p are effectively redundant as change. 'Prices for pints in pubs now are in multiples of 20 pence,' confirms Archer. The UK isn't alone in seeing a decline in the use of smaller coin denominations. Three weeks ago, the US treasury confirmed the end of the penny after Donald Trump had told Treasury Secretary Scott Bessent in February to stop minting the coins, calling them wasteful. It transpired that they cost more to produce than they were worth. Might the UK now follow suit? An HM Treasury spokesman said that while they continue to monitor the amount of coins in circulation, they were confident there were still enough in the system to meet demand. ' Cash continues to be used by millions of people across the UK,' the spokesman said, 'and we have no plans to change the denominational mix of coins.' Of course, it's the Royal Mint who ultimately manufacture coins in response to demand from the industry. What do they feel about the future of coppers? 'It's not unusual for some denominations not to enter circulation in certain years,' said a Royal Mint spokesman. 'The existing 1p coins will be replaced with those bearing King Charles III's effigy over time as they become damaged or worn and to meet demand for additional coins. Ensuring that cash circulates effectively and is readily accessible across the UK is essential, and we're always looking at ways to support this.' All of which means Tom Archer is likely to be popping coppers in an Essex charity box for a while yet. Even he, though, maintains cash still has a place. 'I'd say about 20 per cent of our income is in cash now, and actually it is useful; it means we can pay our casual staff – legally of course – that way,' says Archer. 'And also, you do have the issue of what happens when you have a power cut or a payment system blackout. 'So it's important that you do have both – it's just the denominations are wrong at the moment.'
Finextra
29-05-2025
- Business
- Finextra
NMI rolls out Tap to Pay on iPhones in US
NMI®, a global leader in embedded payments infrastructure, now enables its U.S. customers to seamlessly and securely accept in-person, contactless payments with Tap to Pay on iPhone. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Tap to Pay on iPhone allows merchants to accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay and other digital wallets, using only an iPhone and a supporting iOS app — no additional hardware or payment terminal needed. Using Tap to Pay on iPhone is easy, secure and private. With Tap to Pay on iPhone, at checkout, merchants simply prompt the customer to hold their contactless payment method near the merchant's iPhone, and the payment is securely completed using NFC technology. Apple's Tap to Pay on iPhone technology uses the built-in features of iPhone to help protect business and customer data. Apple doesn't store card numbers on Apple servers, so merchants and customers can rest assured that their data stays theirs.* NMI now offers two quick and easy options for enabling Tap to Pay on iPhone: NMI Tap to Pay iOS SDK empowers SaaS developers and fintech providers to embed Tap to Pay capabilities directly into their own iOS applications creating one seamless payment experience. The Cloud Commerce iOS app, powered by Mastercard's Cloud Commerce solution (available soon on the Apple App Store), enables small businesses to quickly start accepting payments with just an iPhone, no new hardware required. NMI's partners have the flexibility to either embed Tap to Pay on iPhone directly into their own apps using NMI's iOS SDK, or provide merchants an out-of-the-box solution with the Commerce Cloud iOS app. In both cases, merchants can start accepting contactless payments within minutes on an iPhone XS or later, running the latest version of iOS. Morné Botha, CEO at Jondosports USA, said: 'Demo days just became a whole lot easier. We frequently host demo days at golf clubs, and processing payments from golfers used to be quite a hassle. However, with [NMI partner] Paysley's app and Tap to Pay on iPhone, we can now complete sales and accept payments right on the spot—it's truly a game changer. Golfers love the convenience. It's quick, easy and helps keep everything running smoothly.' Tiffany Johnson, Chief Product Officer at NMI, said: 'At NMI, we are committed to democratizing payment acceptance. Tap to Pay on iPhone is the next wave of payment innovation: mobile-first, free of additional payment hardware and built for scale. With our low-code SDK and no-code Commerce Cloud app options, we are giving businesses of all sizes—from enterprise platforms to mom-and-pop shops—a fast, flexible way to accept secure, contactless payments and deliver seamless checkout experiences everywhere they do business.' Seema Chibber, Executive Vice President, Core Payments, Mastercard, North America, said: 'The future of commerce is rooted in checkout solutions that are convenient, frictionless and secure. By combining Tap to Pay on iPhone with Mastercard's Cloud Commerce technology and NMI's advanced payments infrastructure, we are removing last-mile barriers for businesses, enabling seamless in-person transactions. This is particularly crucial for small businesses seeking tools to thrive in today's digital era. With this contactless solution, we are driving greater acceptance across physical locations and offering more choice and flexibility for merchants and consumers alike.' Chris Roets, Founder and General Manager, Paysley, said: 'The integration of the NMI Tap to Pay iOS SDK marks a major step forward in our mission to empower merchants with smarter payment tools. It unlocks fast, secure mobile payments and gives businesses the flexibility to accept transactions anywhere, without being tied to traditional hardware."
