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This Week in Payments – 6/6/14

Square launches invoicing service

Mobile payments service provider Square has launched an invoicing system dubbed Square Invoices, online media outlet techcrunch reports. According to the source, invoices are free to use for an unlimited number of invoices, and without monthly fee, but with a 2.75% fee on credit/debit card payments and if customers opt to pay in cash or check, there’s no fee involved. (via The PayPers)

Jumio brings Bitcoin startups together to boost platform’s legitimacy

How can Bitcoin enthusiasts make the cryptocurrency more receptive to regulators worldwide?

That is a question with no easy answer, especially when multiple agencies within a single federal government system (see the United States) have different interpretations on how to handle Bitcoin and other virtual currencies. Jumio believes its newly formed network of Bitcoin startups called BISON will seek to proactively self-regulate its products and adopt best practices in an effort to stymie interference from government regulators. (via MobilePaymentsToday)

How Banks Can Win Back ‘Mind Share’ from PayPal, Google, Amazon

In an Accenture survey conducted in March, for example, almost half (46%) of consumers aged 18 to 34 said if PayPal offered banking services, they would want to use them. About 40% said the same about Google and 37% favored Amazon. Accenture polled 3,846 bank customers in North America. (via Payments Source)

82 Percent of Payment in 2014 Stemmed From Checks

FP surveyed 5,600 corporate practitioner members in January 2014 for a total of 449 responses. Executives that answered included those with the titles of cash manager, analyst, or director. This is the tenth year that the AFP conducted its fraud survey, and while the results showed a slight decrease in corporate payments fraud as compared to 2013, there was an increase in fraud specific to credit and debit cards in that same time frame. However, 82 percent of the payments formats targeted by criminals were in the form of checks. Specifically, the most prevalent check fraud method – with 62 percent of survey respondents citing it as a major issue – is “counterfeiting by altering the MICR line on the check.” In terms of credit and debit card fraud, there was a 14 percent increase from 2013, the AFP reported. (via PYMNTS.com)

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