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According to the Federal Reserve, the leading type of card fraud shifted from in-person to remote fraud between 2015 and 2016. In-person share of total card fraud fell from 54% in 2015 to 42% in 2016.
This decline is driven by the decline in counterfeit card fraud following the introduction of chip cards, as well as the rise in remote card payment volume.
Previously covered in the Fall 2015 issue, which discussed commercial payments fraud, including products and strategies to reduce exposure to payments fraud.
According to Statista, worldwide mobile payments volume is predicted to rise from $450 billion in 2015 to more than $1 trillion in 2019.
Recently covered in the Summer 2017 issue, as part of a broader discussion of PNC’s corporate card solutions, which announced the introduction of mobile payments functionality for its corporate cards.
Global B2B eCommerce sales are predicted to reach $6.6 trillion by 2020.
Previously covered in the Spring 2015 issue, which identified key trends related to the rise of electronic payments solutions and in the Winter 2016 issue, which focused on changing business needs and electronic payments solutions.
According to the AFP MindShift survey, 50% of finance and treasury processionals say blockchain and the Internet of Things will have a moderate or significant impact on their profession.
Previously covered in the Fall 2016 issue, which introduced distributed ledgers, the technology behind blockchain, and the financial services applications of distributed ledgers and blockchains.
According to the GBTA’s 2017 Business Travel Payments Study, 90% of travel programs use corporate cards. 73% of travel managers are satisfied with the level of data obtained from corporate cards (vs. only 48% for personal cards/cash).
Recently covered in the Summer 2017 issue, which focused on the business of travel, discussing the business traveler and program administrative benefits of PNC’s suite of corporate cards.
Talk to your Treasury Management Officer today for valuable insight.
The Federal Reserve Payments Study: 2017 Annual Supplement
“Mobile Payment Systems Market Benefits From Innovation of Technology,” PR Newswire, November 9, 2017
“U.S. B2B eCommerce Platform Market, Forecast to 2023,” MarketWatch, November 2, 2017
“Survey: Only 11% of Organizations Are Ready for Digital Disruption,” AFP News Release, November 14, 2017
“Many Companies Don’t Know the Details of Their Travel Payment Methods,” GBTA News Release, October 31, 2017
This Payments Solution News was prepared for general information purposes and is not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, and does not purport to be comprehensive. Under no circumstances should any information contained in this newsletter be used or considered as an offer or commitment, or a solicitation of an offer or commitment, to participate in any particular transaction or strategy. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc. (“PNC”) will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission.
PNC and PINACLE® are registered marks of The PNC Financial Services Group, Inc. All other trademarks are the property of their respective owners.
EMV is a registered trademark in the U.S. and other countries, and is an unregistered trademark in other countries, owned by EMVCo.
RTP® is a registered trademark of The Clearing House Payments Company LLC.
Visa and Visa IntelliLink® are registered trademarks of Visa International Service Association and used under license.
Mastercard is a registered trademark of Mastercard International Incorporated.
Android, Android Pay, and the Android Logo are trademarks of Google Inc.
Apple Pay® is a registered trademark of Apple Inc.
Samsung, Samsung Pay, Galaxy S (and other device names) and Samsung Knox are trademarks or registered trademarks of Samsung Electronics Co., Ltd. Other company and product names mentioned may be trademarks of their respective owners. Samsung Pay is available on select Samsung devices.
Zelle® is a registered trademark of Early Warning Services, LLC.
BillerIQ is a trademark of Transactis, Inc.
HighRadius is a trademark and brand of High Radius Corporation.
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