To our retailer partners, you are now able to accept UnionPay Cards with National Transaction. No additional steps are required; when a client hands you a UnionPay card just swipe it like you would with any other credit card.
What is UnionPay?
UnionPay was established in 2002 and has become the central and pivotal part of China’s bankcard industry. UnionPay cards are being accepted in 150 countries and regions outside of China. Since 2010, the number of bankcard networking merchants, POS terminals and ATM machines accepting UnionPay cards has increased by 40%, 30%, and 31% respectively. Chinese tourists are a huge strategic market with big profits and great potential for merchants in the US. These cards are currently being accepted at many large companies in North America including Niemen Marcus, Walmart, and Hertz.
Thank you for your business. At National Transaction Corporation our goal is to provide merchants with payment solutions and service beyond their expectations. If you have any questions please contact our Customer Service Department at 888-996-2273.
EMV Cards (Europay, MasterCard, and Visa) are smart cards (chip cards or IC cards) which store their data on integrated circuits rather than magnetic stripes. They can be contact cards that must be physically inserted or dipped into a card reader. Payment cards that comply with the EMV standard are often called chip-and-PIN or chip-and-signature cards, depending on the authentication methods required.
Near field communication is a contactless communication protocol between devices like (smartphones, tablets, smartwatches or even credit cards themselves) with a nearby NFC-enabled terminal by simply authorizing your device with a passcode or fingerprint authentication.
Both merchants and customers benefit from near field communication technology, by integrating credit cards, train tickets, and coupons all into one device. Faster payment transaction times and fewer physical cards to carry around.
If your smartphone has an integrated NFC chip, you can use a mobile wallet app like Apple Pay, Android Pay and Samsung Pay for items at retailers that support NFC transactions. Just load up your credit cards on your mobile device and wave or tap your device near an NFC compatible terminal to pay, no card swiping required.
As the technology keeps growing, more NFC compatible smartphones will be available and more businesses will offer NFC card readers for customer’s convenience.
Apple Pay, integrated into the newest generation of Apple mobile devices and incorporates NFC technology. If it becomes widely used by many iPhone users, perhaps merchants will be encouraged to more quickly adopt NFC technology.
Many major banks and credit cards are supporting NFC technology, issuing new cards with embedded NFC chips. This means that you may be able to tap or wave your card at the terminal instead of swiping, no phone required, in the next few years.
The EMV technology does improve security because EMV cards are more difficult to counterfeit. Since U.S. is using chip-and-signature cards not the one requiring a PIN, anybody can use an EMV chip card whether it might be a lost or a stolen card. EMV chips will not prevent the data breach from occurring, but it will make it harder for criminals to successfully profit from what they steal.
A bank in Mexico is the first in the world to publicly experiment with this technology. With their mobile wallet application, cardholders are able to use dynamic CVC/CVV codes, which are generated every twenty minutes.
If somebody is using credit card information stolen from a data intrusion and the merchant accepting payment online asks for the CVV, it likely would have changed by that time, they would enter the wrong CVV and the transaction would be declined.
Cards with CVV code display that randomly changes will ensure that users making orders online are who they say they are. Many e-Commerce sites already ask shoppers for the CVV code during online transactions or over the phone.
The technology is an intuitive solution, but costly to issuers. Cards with displays that enable a dynamic CVV code are 10 times more expensive than chip cards.
As mobile banking, e-commerce, and m-commerce is growing, something had to change sooner or later in the online payment industry.
Cardless ATM’s Could Help Push Mobile Wallet Adoption
The mobile wallet will be the payment method in five to 10 years.
Cardless ATM transactions is a great way to introduce smartphones as payments devices. It could help with the adoption of mobile payments and wallets. Mobile Smart Phones will become the piece of plastic and cards will be a thing of the past…
A multinational banking corporation intends to use (NFC) near-field communication for its service. It will let customers leverage NFC technology on their smartphones to authenticate at the bank’s ATM without a debit card.
An NFC cardless ATM transactions could be compatible with Apple Pay which uses NFC technology.
Benefits:
Speedier ATM cash withdrawal takes about 15 seconds without the debit card compared with 60 to 90 seconds with a debit card, whether it’s a chip or magnetic-stripe transaction.
Safer ATM transaction. No physical connection between the phone and ATM, skimming device to intercept the transaction is gone.
The barcode represents the time of day and what terminal the transaction is taking place at. Everything is tokenized.
Cardless ATM transactions are interesting and an appropriate evolution.
Since the implementation of the EMV liability shift last year, consumers are still unsure whether to dip or swipe their payment cards at the checkout register, and transaction process itself is slower than a card swipe.
As the EMV process continues, can contactless register only help to make checkout process faster? With contactless register checkout only, consumers can just tap and pay with either card or mobile wallet.
Contactless like NFC is now a standard feature in most high-end smartphones, and most EMV-enabled point-of-sale terminals contain the necessary technology to accept contactless payments. So the idea of contactless register checkout only is something to test for some merchants in a certain retail sector.
E-Pay Security improves – but merchants remain cautious.
U.S. merchants are still reluctant to embrace 3D Secure technology in card-not-present transactions, even though it has vastly improved from the initial version.
3D secure technologies – namely Verified by Visa and SecureCode for MasterCard which offer an extra layer of protection for merchants and its customers. Merchant participation is mandatory to process certain cards in some countries.
Companies providing electronic money services, such as online or mobile payments accounts, have more than doubled since 2013.
This number has been on the rise over the past few years as consumer confidence in alternative payments methods has increased.
UK consumers and businesses are increasingly comfortable with the idea of a cashless economy, in which they might not be able to physically see or access money. More are embracing pre-paid cards, contactless and mobile payment systems for ease of use, efficiency and enhanced security.
According to a specialist financial services regulatory consultancy, there has been a significant increase in the number of electronic money providers registered with the Financial Conduct Authority (FCA).
E money providers must be authorized with the FCA under the Electronic Money Regulations 2011 and meet stringent consumer protection criteria, including adequate capital, the separation of customer’s money from the company’s funds.
The regulatory background is complex and electronic money providers need to ensure that systems, processes and controls are tight to ensure a high level of consumer protection. The FCA is not afraid to place these businesses under a microscope.
Many are concerned that this increase in alternative payments methods will lead to the death of the traditional bank, but only if they fail to innovate and adapt to market trends and consumer needs.
The convenience, simplicity and security of Apple Pay are now available to customers who use U.S. Bank FlexPerks American Express Cards.
U.S. Bank which is the fifth-largest bank in the nation will add TouchID biometric capabilities to its mobile app in March.
The company made the disclosure as part of a notable iOS app update released last Friday. Release appears to include, among other enhancements, improvements such as easier navigation, quicker accessibility to account information, and the ability to search transactions from previous months.
U.S. Bank Minneapolis did not give many details about how TouchID will be used within its iOS app, other than to say for fingerprint authentication for enabled devices.
Many major banks already have TouchID implemented in their mobile apps, including Citibank, Wells Fargo and Bank of America. Citibank, for example, implemented TouchID last July. Apple introduced TouchID in mid-2013.
Last week, U.S. Bank enabled for Apple Pay use the last of its debit and credit cards that had not been Apple Pay-capable. Apple Pay relies on TouchID for security and authentication.
Apple Pay is now available with the:
U.S. Bank FlexPerks Reserve American Express Card.
U.S. Bank FlexPerks Travel Rewards American Express Card.
U.S. Bank FlexPerks Select+ American Express Card.
