Digital wallet

2023 - 2 - 6

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Image courtesy of "BNamericas English"

CPQD launches the SOU iD digital wallet (BNamericas English)

The application, called SOU iD, is being launched by CPQD with the aim of making it even easier to adhere to its decentralized digital identity solution, based ...

[Furukawa Industrial S.A. [Serviços Aéreos Industriais Especializados SAI Ltda. The agency, whi... [Sumitomo Corporation do Brasil S.A. - Project: - Current stage: CPQD is a 46-year-old private organization that delivers services and develops mission-critical product and system technologies that meet the complex needs of the market. Launched in early 2022, the CPQD iD platform works as a service for creating, verifying, digitally signing and customizing decentralized digital identity for people, organizations, assets and things. “Today, in two to three weeks, the company is already able to put the solution into production for simpler applications, such as verifying the digital identity of users on e-commerce platforms, for example”, adds Marino. Fernando Marino, CPQD's technical manager for Blockchain products, points out that, in the first version, the application is available to companies that are part of the CPQD iD ecosystem, such as issuers or verifiers of digital credentials. Campinas, February 6, 2023 - A digital wallet for mobile devices in which the user can store multiple credentials issued by companies and entities that use the CPQD iD platform. “The SOU iD works as a document wallet for storing the different digital credentials of the user who, in the decentralized digital identity system, is in possession of his data”, explains Érico Paz, responsible for marketing Blockchain solutions at CPQD .

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Image courtesy of "Computerworld"

Q&A: Fintech expert: digital wallets need this tech 'magic' or they'll fail (Computerworld)

Wells Fargo & Co., Bank of America, JPMorgan Chase, and four other financial services firms plan to launch a new digital wallet in 2023.

But the relevance of this is that Softcard was similar to how EWS is a consortium of banks who all own the digigal wallet. You have Apple Pay, Google Pay, and PayPal — all of which each of the banks have announced strategic relationships with in some way to allow a seamless onboarding of the credit and debit cards into that wallet. You would have to go into the phone, click on the app, let that load, select your credit card, tap the phone, and then leave. “There are a host of companies out there trying to make it easier to pay with something in their possession — even Amazon. We [Chase] went to merchants and said we want to add one more button, and the merchants said we don’t want to make it more difficult for our customers. “What happened is Walmart then backed out of it and said 'We want to create our own thing and call it Walmart Pay,' because that seems to be the thing to do — take your name and add the word “Pay” to it. You want the customer to interact with you and not with someone else to get to you. So they focused on an in-store solution, even though in-store doesn’t really have that much of a problem to solve; people are quite easily able to walk up and pay with a credit card. That may be cool to tech geeks at the time, but it’s not a better user experience. "The banks want to own the customer relationship. It’s not like an Intel chip inside; it’s more like you’re the batteries, and they have less ability to upsell customers and build strong relationships. “The merchant would ping EWS, which would use its back-end connections to banks to identify which of the consumer’s cards can be loaded onto the wallet.

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Image courtesy of "The Ticker"

US banks reportedly collaborate on digital wallet service (The Ticker)

Seven of the United States' biggest banks are reportedly collaborating to launch their own products in the digital wallet market.

[reported](https://www.zellepay.com/press-releases/nearly-half-trillion-dollars-sent-consumers-and-businesses-zelle-2021) that customers sent $490 billion in payments via Zelle in 2021, a 59% increase from the previous year. This is a reduction from the standard $20,000 regulation. This regulation reports an issue to the Internal Revenue Service once every $600 is processed under a business transaction. Currently, 101 million consumers use contactless payment platforms for basic necessities like groceries, transferring money and online shopping.Market research company eMarketer It is expected to be available later this year. to create a high-yielding savings account on Apple Pay. [reported](https://www.wsj.com/articles/banks-plan-payment-wallet-to-compete-with-paypal-apple-pay-11674433472) that Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co., Capital One Financial Corp., PNC Financial Services Group Inc., U.S. This would allow customers to apply a “buy now, pay later” feature onto their Apple credit card, which came out in 2019. In comparison, that is more than twice the $230 billion in transactions [handled](https://www.pymnts.com/news/2022/paypal-venmo-volume-gains-29-pct-to-61b-super-app-in-focus/) by Venmo the same year. and PayPal Holdings Inc. and Mastercard Inc. Visa Inc.

Security vs. convenience: EBA clarifies application of Strong ... (Lexology)

It's been a while since strong customer authentication (SCA) has been in the spotlight. For those who do not immediately remember what SCA is about:…

a tokenized payment card is replaced and the new card has a different bank identification number (BIN), the token is expired or technical changes to the issuer’s BIN configuration (such as migrating from 6 to 8 digit BINs) make the issuance of a new token necessary ( a fingerprint) or with a PIN/password should not be considered a valid SCA element for the purpose of the subsequent adding of a payment card to a digital wallet. the process that leads to the creation of a token, the EBA clarifies that SCA must be applied pursuant to Article 97(1)(c) of PSD2, because it is an action that may imply the risk of fraud or other abuses. Furthermore, as the EBA has taken the stance that the SCA should be applied at the time of the issuance of the token, the previous unlocking of a mobile phone with biometrics (e.g. The EBA's responses will probably find only few ardent admirers in the market as SCA must be applied to additional use cases and therefore impose further requirements on payment service providers respectively digital wallet operators. The EBA further clarifies that the issuance of a new token, replacing a previously existing one, and binding it to a device/user always requires the application of SCA pursuant to Art. Nevertheless, creating a copy of the credit or debit card as a “token” has also led the path to “digital wallet scam”. move payment card information that were previously stolen to a new digital wallet even if the offending wallet is blocked. When activating digital wallets on a mobile device, payers must upload credit or debit card information to the digital wallet app which is subsequently replaced by a token. It is therefore not a surprise that payment service providers have been always eager to avoid SCA requirements to improve the user experience, which is not an easy task since Art. Digital wallets such as ApplePay or GooglePay have been on the rise for years and have become an integral part of everyday life as they provide a frictionless shopping experience. It's been a while since strong customer authentication (SCA) has been in the spotlight.

EBA clarifies the application of strong customer authentication ... (Finextra)

The European Banking Authority (EBA) today published three Q&As that, jointly with three other Q&As that the EBA had published previously, ...

Starting with the enrolment of a payment card to a digital wallet, Q&A 5622, for example, clarifies that this process leads to the creation of a token/digitised version of the payment card and requires the application of strong customer authentication (SCA) under Article 97(1)(c) of PSD2, because it is an action that may imply the risk of fraud or other abuses. Turning to outsourcing, the Q&As, overall, clarify that issuers may outsource the provision and verification of the elements of SCA to a third party (e.g. They also clarify the requirements applicable to the outsourcing of the application of SCA to digital wallet providers.

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