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NewsBriefs

Despite the rise of digital wallets, cash and credit cards
remain the most used payment methods, followed by
Farewell to debit cards and ACH. Consumers seek convenience and
Marc Beauchamp, efficiency, with issues like fees, speed and processing
founder of errors being common.
Bankcard Life Key beneficial use cases for fast, mobile payments include
person-to-business (online shopping and bill payments),
person-to-person (sending money to friends and family),
arc Beauchamp, founder of Bankcard account-to-account (transferring money between accounts)
Life and a champion for merchant ser- and business-to-person (payroll, contractor payments,
vices sales professionals, passed away insurance payouts, reimbursements).
M on June 16, 2024, at age 60. His journey
in merchant services began unexpectedly 30 years Faster payments seen benefiting underbanked
ago when he left a lucrative finance job to start his
career in payments, driven by a vision of recurring Nearly 19 percent of Americans remain unbanked, but
revenue and flexibility. Marc's impact on the industry this may change with the adoption of faster payment
was profound, characterized by innovation and men- mechanisms, according to the U.S. Faster Payments
torship. He founded Bankcard Life to offer training Council. The FPC's Faster Payments and Financial Inclusion
and resources to industry professionals. report revealed progress among financial institutions in
implementing faster payments, though challenges remain.
Kate Gillespie, president and CEO of The Green Sheet, Anthony Serio, chair of the FPC's Financial Inclusion Work
praised his lasting contributions and dedication Group, emphasized the need for inclusive solutions that
to educating and uplifting others. Marc's integrity, address fee variability, cross-border payment capabilities
passion, and generosity left a significant mark on and consumer protections.
colleagues, friends, and family. Marc’s legacy of
learning from mistakes and leading by example David True from PayGility Advisors highlighted the need
will be fondly remembered by all who knew him. for better education, user experience improvements and
Donations to the Glioblastoma Foundation in his enhanced collaboration to promote financial inclusion.
name will be welcomed.
However, faster payments have increased opportunities
for fraud. At a Senate hearing, Senator Richard Blumenthal
cited significant fraud losses on Zelle, a faster payment
This article contains excerpts from news stories recently posted under network operated by Early Warning Services and owned by
Breaking Industry News on our homepage. For links to these and other major banks. Blumenthal called for these banks to address
full news stories, please visit www.greensheet.com/breakingnews. the fraud issue, given their resources and expertise.
php.
Apple dumps its BNPL offering

Apple is discontinuing its in-house buy now, pay later
(BNPL) service, Apple Pay Later, in favor of installment
payment plans through third-party lenders. Apple Pay
Later allows consumers to make interest-free payments
in four installments over six weeks for purchases up to
$1,000. Apple will now partner with Citibank, Discover,
Digital payments gain steam Synchrony, Fiserv, and Affirm to offer these payment
fraud remains troubling options starting with the iOS18 update this fall, and will
extend partnerships globally with other lenders.
A Federal Reserve survey revealed that Americans,
especially younger adults, value speed, flexibility and Apple affirmed it aims to provide flexible payment
convenience in payments, and they favor digital wallets solutions through secure, private, globally accessible
offered by nonbanks. Digital wallet use surged 32 percent options. The change promises more flexibility and choice
in 2023, outpacing mobile apps and debit cards. In for users during online and in-app checkouts. BNPL
addition, over half of Generation Z and millennials use usage surged during the COVID pandemic but remains
digital wallets, with 80 percent valuing mobile payments. relatively low, with 9.3 percent of consumers using it, up
Also, ecommerce now represents 15 percent of U.S. retail from 6.6 percent three years ago. It is particularly popular
commerce, but fraud remains a concern, with 54 percent among those with limited credit.
of survey respondents worried and 16 percent having
experienced fraud in the past year.

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