Former PayPal COO is New Google Commerce Chief

Back in June of this year, PayPal made the announcement that COO Bill Ready would be stepping away from his long tenure at the online giant, and we now know precisely why. This coming January, Ready will be stepping into a new role with Google as their new commerce chief, a position from which he will be reporting directly to Prabhakar Raghavan, Google’s Senior Vice President of Engineering.

New Google COO From PayPalHaving joined PayPal in 2013 after their purchase of his payment gateway startup Braintree for $800 million, Ready saw himself moving steadily up the ranks before becoming PayPal’s EVP and COO in 2016. While working in this role at PayPal, Ready was responsible for overseeing product, technology, and engineering, along with PayPal’s merchant, consumer, Venmo, Paydiant, Braintree and Xoom businesses’ end-to-end experiences. On top of this, he co-chaired PayPal’s revenue and profit-focused Operating Group. Today, businesses such as Uber, Facebook, Jet.com, and Airbnb rely on Braintree to power all of their payments.

Many of PayPal’s biggest moves as a company can be traced back to Ready’s tenure, such as the introduction of PayPal One Touch (their most rapidly adopted product of all time), PayPal Commerce, the expansion of Braintree’s global reach, Pay with Venmo, and the redesign of PayPal’s mobile app.

When speaking with regards to Ready recently, Raghavan said “Bill’s exceptional track record building great experiences for consumers and deeply strategic partnerships makes him a powerful addition to our team. I couldn’t be more excited for the future of commerce at Google.”

Ready himself followed this up, saying, “I’ve long admired how Google has enabled access to the digital economy for everyone/ Google has been making world-class commerce capabilities universally accessible to partners of all sizes, and I look forward to furthering that mission.”

Bill Ready’s role as Google’s new commerce chief won’t see him getting directly involved with anything to do with the payments side of the business, PayPal’s competitor Google Pay, but it will instead see him focusing on leading the vision, strategy and delivery of Google’s commerce products. While not directly involved in payments operations, he will, however, be working in close partnership with them, along with Google’s advertising operations.

Being in charge of commerce at Google will be no easy task for Ready, in part due to the nature of the close proximity to advertising, which is parent company Alphabet’s largest source of income. Out of a total revenue of $40.5 billion, Google’s ad revenue in Q3 of 2019 alone was $33.29 billion.

When making a statement with regards to Google’s hiring of Ready, CEO of Google and Alphabet Sundar Pichai stated, “I’m thrilled to welcome Bill to Google as we continue our work to create more helpful commerce experiences and build a thriving ecosystem for partners of all sizes.”

Tips to Grow Your Merchant Services Agent or ISO Business

In the competitive world of merchant services ISO, you need to leverage every aspect of your skillset, your schedule, and your merchant servicer to grow your business. Independent sales organization (ISO) agents have the potential to make a significant income – but only when they stay focused and disciplined. Follow these steps to grow your ISO business:

1. Find the Right Partner

Customized Merchant ServicesSign on to a processing partner where they provide outstanding training and support. You’ll need to not only learn their products inside and out, but you’ll also need marketing tools to get the word out. Your partner’s customer service has to be there for your merchants – otherwise, you know who will also be customer service. And, of course, they need to pay you what you deserve with expediency and transparency.

2. Know Your Product

Now that you have your merchant services partner with all of its training, take advantage of it! Learn your business so thoroughly that you can turn around and educate your current and potential merchants. Not only will your knowledge build your confidence, but it will increase your sales. Merchants want to work with credit card processing agents who can expose them to new trends and products, as well as explain to them the details of fees.

3. Stick to a Schedule

Plan your day hour by hour and stick to the same schedule every day. You can tweak your routine as you see fit, but try starting with cold calls in the mornings and appointments and meetings just before and just after lunch. Your schedule will liberate you to work within the parameters you set for yourself while keeping your mind clear and focused.

4. Decision Point

When visiting with merchants, your aim is to create a decision point, not make a sale. If a merchant eventually decides to make a switch in merchant service providers, they will choose you because you triggered the need for their business. Don’t underestimate the power of planting the seed. And remember this when you’re feeling like you’re not getting anywhere. You’ve already done the work. Keep following up and be patient.

5. Special Offers

Always have a special offer on hand when meeting with merchants. Create a limited time offer. $100 cash back works for small cash-strapped businesses. If they qualify, remind them you can provide a free terminal. And when you’re demonstrating how much you can save their business, always multiply the savings by 12 to show them their annual savings.

6. Social Media

Take advantage of social media, especially now when it’s free or very cheap to advertise. Connect to your entire network, including friends, family, and colleagues on LinkedIn and build upon your presence by posting articles, commenting on discussions, and joining groups. Facebook and Instagram advertising are still relatively inexpensive. In addition to building your business profiles on both sites, post frequently for free, and test out their paid advertising. Leverage your current personal and professional network on all social media sites to grow your online presence and attract new merchants to your business.

7. Retention & Referrals

Keeping a merchant is a lot easier than finding a new merchant. Follow up on all of your current merchants, and while you’re at it, ask them for referrals. Use your daily planner to schedule a meeting with your merchants. It’s a valuable aspect of your business.

Host Merchant Services & Merchant Services Agents

Host Merchant Services equips its merchant services agents and ISO’s with the tools necessary for success. We approve your deals quickly, never leaving your merchants waiting. Once your merchant is signed on, HMS further supports our agents with our top-rated customer service. We make PCI compliance a quick and easy process for both agent and merchant. 

HMS, with its account management portal provides unmatched transparency into residuals, allowing HMS to pay its ISO sales agents on-time and accurately. And with online reporting and marketing support, HMS helps agents track merchants and activity, as well as help agents build skills to further grow their business. HMS and its agents are in a position to offer a wide range of products and services to merchants, including the elite Bonsai Point of Sale, Clover, Vital, and much more. Host Merchant Services supports its agents and their merchants in every way possible. 

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How Should I Choose a Credit Card Processor for My Restaurant?

Because restaurants operate on thin profit margins, restaurateurs must leverage every payment type to attract every type of customer while simultaneously leveraging the support of their credit card processor. Business owners don’t have time to waste on deciphering complex credit card processing fees during their monthly reconciliation. Nor do they have the luxury of refusing payment types in the digital age when customers are trying out every new payment trend available. Restaurants must weigh several factors in choosing a merchant service provider.

Great Customer Service

Restaurant paying bill with cardThe owners and employees of restaurants are in the business of customer service. Their priority is creating the best dining experience possible for their clientele. They can’t be bogged down with complicated point of sale technology that slows the process and frustrates the end user. If they do experience technical challenges, they need support pronto in a 24-hour business cycle.

Knowledgeable Point of Sale Support

Restaurants have unique business needs regarding their credit card processor. In addition to round-the-clock support, a business needs restaurant merchant services that offer solutions that fit various business models. Depending on the restaurant, point of sale solutions may need to accommodate both a traditional style of service, as well as catering service and beyond, including mobile flexibility to allow a restaurant to meet the customers in multiple locations under a variety of circumstances.

Point of Sale Options

A restaurant needs a payment processor that can synchronize current processing systems with their solutions or provide a whole new solution to fit the restaurant’s circumstances. Keeping both security and convenience in mind, restaurants need a merchant service provider that can help the business to accommodate as many customers as possible in a secure fashion while also making transactions easy for restaurant owners and staff.

Low Rates & Transparent Pricing

And while customer service, ease of use, and processing simplification are ideal goals for a restaurant, none of it matters if the cost eats into the restaurant’s profits. Restaurants need a merchant service provider that offers interchange plus pricing, the pricing model merchants can rely on to offer the lowest cost interchange fees on the market. With a low markup over the wholesale cost, the interchange plus pricing model provides flexibility in equipment and payment options while keeping costs as low as possible.

Host Merchant Services: What Your Restaurant Needs in a Payment Processor

HMS provides customer support for restaurant credit card processing 24 hours a day, 7 days a week, 365 days a year. We know we need to work as much as you do to properly support an industry that can operate nearly 24 hours a day. That’s why we have operators standing by to answer your call any time of day.

HMS also explains how payment processing works. Providing a comprehensive package including credit card processing and financial transaction services to restaurants, we will custom design a flexible credit card processing solution to fit the needs of your restaurant.

And when we do demonstrate your payment processing scenario selections, HMS also offers your restaurant several point of sale options, including Clover, Vital, Bonsai, SwipeSimple, and more to fit your specific operation. If your restaurant is already equipped with hardware, HMS provides an easy point of sale integration. 

Whether you need an entirely new point of sale system or a solution for your current system, HMS offers a suite of services to suit your restaurant’s needs. From wireless equipment, payment by check, recurring billing, to online payment gateways, HMS has everything a restaurant needs for serving customers in both traditional sit-down establishments and catering services. 

With our low rate guarantee, HMS provides a Free Rate Analysis to show where you can save on your restaurant payment processing. If HMS can’t save your restaurant money, we will give you a $50 Gift Card. The best pricing model on the payment processing market, Interchange Plus Pricing will help your restaurant’s bottom line. 

Host Merchant Services will even provide your restaurant free equipment via our free equipment program to qualified merchants along with receipt paper at wholesale prices. We are your restaurant’s credit card processing solution.

Frequently Asked Questions

  1. What factors should I consider when choosing a credit card processor for my restaurant?

    When selecting a credit card processor for your restaurant, consider factors such as transaction fees, processing rates, contract terms, and equipment compatibility. It’s also important to assess the processor’s reliability, customer support, and security features. Ensure that the processor can handle the volume of transactions your restaurant typically processes and offers features like tip adjustments and split payments to accommodate your needs.

  2. How do transaction fees and processing rates impact my restaurant’s profitability?

    Transaction fees and processing rates can significantly affect your restaurant’s bottom line. Higher fees or rates can eat into your profits, especially if you have a high volume of credit card transactions. Compare the fee structures of different processors, including flat-rate pricing, interchange-plus pricing, or tiered pricing, to determine the most cost-effective option for your restaurant’s transaction volume and average ticket size.

  3. What should I look for in terms of contract terms and hidden fees?

    Carefully review the contract terms and conditions offered by credit card processors. Look for transparent and flexible contract terms without long-term commitments or early termination fees. Be cautious of any hidden fees, such as statement fees, PCI compliance fees, or monthly minimums, as these can add up over time and impact your restaurant’s profitability.

  4. How important is equipment compatibility for my restaurant’s credit card processing?

    Equipment compatibility is crucial for smooth credit card processing in your restaurant. Ensure that the processor’s hardware and software options integrate seamlessly with your point-of-sale (POS) system. Consider whether you prefer traditional countertop terminals, mobile card readers, or online payment gateways. Assess compatibility with contactless payment methods like NFC and digital wallets, which are increasingly popular among customers.

  5. What role does customer support and security play in selecting a credit card processor?

    Customer support and security are vital considerations when choosing a credit card processor. Look for processors that offer 24/7 customer support to address any technical issues promptly. Additionally, processors that prioritize data security, comply with Payment Card Industry Data Security Standard (PCI DSS), and provide advanced fraud protection measures. Protecting your customers’ payment information is essential for maintaining trust and avoiding potential liabilities.

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Five Things to Consider When Switching Merchant Services Providers

Because of the complexity of credit card processing, it’s hard to know when or if to switch merchant services providers. With the added confusion of automatically renewed contracts, equipment leases, and hidden fees, a business may feel it needs to outsource the research on their already outsourced credit card processor. Here are five things to consider when switching merchant services providers:

1. Contracts

Before making the switch to a new credit card processor, check with your current provider on the status of your contract. You may have transitioned to a month-to-month contract, in which case it’s easy to switch. If you’re still under contract, or worse, your merchant account provider automatically renewed your contract, it still may be worth the potentially hefty cost to break the contract and switch in the long run, depending on the fees you’re currently paying.

2. Equipment

Leasing equipment is one of the least cost-effective aspects of merchant services. If you’re currently leasing equipment, it would be in your business’s best interest to find a new credit card processor that will either sell the equipment to you at cost or – in an ideal world – give you equipment for signing on to their services.

3. Rates & Fees

Interchange fees are confusing, and because of their complexity, many merchant service providers can sneak extra charges into your monthly bill. If your business is using any payment model besides the interchange plus payment model, it is almost guaranteed you are paying more than you need to. The best merchant services at least offer the interchange plus model for pricing. This alone is a reason to make the switch.

4. Payment Methods & Security

Your merchant service provider should be able to provide the latest security and technology enhancements available. To protect your business from the liability of a fraudulent charge, your credit card terminal needs to be EMV-compliant at the least. Beyond security, depending on your business and clientele, you may even want to offer NFC-based payments such as Apple and Android Pay.

5. Customer Service

The person who sold your business your current merchant services contract is not the same person answering the customer service line. If your merchant services provider is not supporting you 24 hours a day, 7 days a week, you may need to look elsewhere. Your business can’t afford to wait on a callback. You need assistance when you need assistance. Not to mention, the customer service representatives should actually be helpful when you call. Try a test run with your current merchant service provider to see how their customer service will help you when you really need it.

Host Merchant Services

Delivering personalized service and clarity, Host Merchant Services takes the time to explain your payment processing. We want you to understand your monthly statement, and we will ensure that your statement matches our promises during our sales presentation. If you do have questions, you can reach a live representative any time, any day. HMS offers wonderful customer service, as well as great rates.

What is a Payment Gateway?

A Payment Gateway is the interface between consumers and the merchant acquiring bank that processes a payment during a consumer transaction, whether the transaction be online or in a brick and mortar store. In addition to the point of sale (POS) terminals, physical stores also need a payment gateway to complete a transaction made in person with a credit or debit card or by phone with a credit or debit card. And payment gateways are the “checkout” in online transactions where consumers enter their credit card information. 

Payment gateways vary in options available to both merchants and consumers. Sometimes merchants employ more than one payment gateway to ensure consumers have every payment option available in this fast-paced, digital world. Not all payment gateways offer payment options for international consumers. Security is a priority for merchants, making tokenization increasingly popular to ensure safe and secure transactions.

Tokenization

Tokenization is a payment method in which credit or debit card data includes a unique identification code known as a “token” used in digital transactions. Increasing the security of e-commerce payment processing, tokens allow consumers to bypass providing card data. Specifically, tokenization converts the card number into a code, or token, which is then used instead of the card number during the transaction. Keeping the real data secure, the token is unique and can only be used within the platform – or website, or the device – or smartphone that generated the code. Irreversible and useless to hackers, tokenization further increases security for consumers. Visa and Mastercard, as well as Apple Pay, Google Pay, Samsung Pay, and any banking application can generate tokens for consumers’ transactions.

Types of Payment Gateways for Online Payments

e-commerce merchant optionsThere are three types of payment gateways for e-commerce online payments: redirects, checkout on-site with payment off-site, and on-site payments. Redirects take the consumer off of the merchant’s site and send them to a whole new site to complete a transaction. While this may be disorienting for a consumer, this method is also very easy to setup. 

The checkout on-site with payment off-site option allows consumers to make the payment on the merchant’s site while the payment gateway actually completes the transaction behind the scenes. As with the redirect option, merchants have little to no control over the user experience for their customers, but also, as with the redirect option, merchants have access to a robust system without requiring extensive technical knowledge.

The on-site payment option is well suited for large-scale businesses, in which the merchant handles both the front end and behind the scenes portion of the transaction, placing both control over the consumer’s experience and potential liability for fraud on the merchant’s shoulders.

Host Merchant Services

Supporting a variety of Payment Gateways, Host Merchant Services can fulfill your processing needs. Customized to your business needs, your processing solution lies in one of our offerings: from Transaction Express, Vital, Authorize.net, NMI, Paytrace, USAePay and many more.  Solutions include all basic features such as tokenization, Quickbooks sync, ACH, level II & III data processing, and multiple MIDs, along with a number of other supported gateways. No matter the technical requirements, HMS has a fit for your business.

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How the New Colorado Digital Driver’s License Works

The United States is one of about a dozen countries without a mandatory national identification document; for this reason, driver’s licenses, state ID cards, passports, and even social security numbers have served as alternatives to a federal identification system that both conservatives and liberals cannot seem to agree on. Starting in October 2020, the Real ID Act will come into full effect, and this digital coordination of personal information currently managed at a state level will be the closest Americans will get to national ID card, at least for the time being.

New Mobile Digital IDIn Colorado, a state known for its friendly attitude towards technology, both driver’s licenses and state-issued ID cards are going fully digital. In an interview with the Wall Street, Colorado’s Chief Information Officer Theresa Szczurek explained that a mobile version of driver’s licenses is like a “killer app” for state residents in the sense that it takes away the burden of having to carry a wallet. This new form of ID is actually a feature of myColorado, a comprehensive mobile app that grants residents access to a variety of services provided by the state.

The philosophy behind this digital ID project comes from the growing trend of Americans never leaving home without their smartphones. If a woman in Denver goes out to walk the dogs, she is unlikely to bring her purse, wallet, or pocketbook, but she will very likely bring along her smartphone. Speaking of Denver, this is a city where 20% of retail payments are made with mobile devices. By order of Governor Jared Polis, most Colorado state agencies have been ordered to accept this electronic ID as a valid form of identification, and this is already being used by a few commercial establishments that need to check ID for various purposes such as selling cigarettes, serving liquor, or verifying a point-of-sale purchase made with credit cards.

The myColorado driver’s license automatically links with the databases managed by the Department of Motor Vehicles. Changes personal information can be updated through the myColorado app, and this includes taking selfies. A Colorado driver’s license is typically good for five years, and for many residents who change addresses two or more times during that period, this means many trips to the DMV. With the new electronic ID version, changes can be made directly from smartphones 24 hours a day and even on weekends without worrying about taking time off from work to stand in long lines at DMV offices.

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Wearable Devices Are Becoming More Attractive as Digital Wallets

The cashless paradigm has gone from credit and debit cards to smartphones, and the next logical step appears to be wearable devices such as smartwatches and fitness trackers; however, it should be noted that wearable digital payment systems do not necessarily need to be part of smart devices. In early 2017, market research firm Tractica issued a forecast that suggested more than $500 billion worth of wearable retail transactions will be made in the year 2020; nonetheless, a more recent estimate by MasterCard Europe revises this projection closer to a billion dollars.

Contact-less payments technologybest mobile payment options is at the heart of this wearable digital wallet revolution, which is powered by Radio-Frequency Identification (RFID) and Near-Field Communications (NFC). These solutions are not exactly new; in the United States, RFID key fobs were marketed to drivers about a decade ago for the purpose of facilitating the process of paying for fuel purchases right at the pump. NFC payments were initially designed almost exclusively for smartphone, but smart wearable devices such as the Apple Watch, which links with the iPhone and the iPad, are making more sense as digital wallets.

MasterCard has a good reason to follow the wearable payments segment; the debit and credit card giant has a good opportunity to catch up to its rival visa in terms of global market share through wearable devices, which are not limited to smartwatches. Consumers who do not particularly care for smartwatches and prefer more traditional analog and digital versions can get watch straps equipped with contact-less payment technology, and MasterCard wants to be the primary processor in this regard. The company started working with luxury watchmakers in Sweden and Switzerland about a year ago, but MasterCard has recently struck partnerships with manufacturers of aftermarket watch straps to give more consumers the ability to pay with accessories they wear.

Mobile point-of-sale transactions are taking hold in Asia and Europe more so than in North America. At European brick-and-mortar stores, 61% of transactions are already contact-less, and about 16% are made with wearable devices. One aspect of wearable devices that is resonating with consumers is that many of them coming on the market are of the passive kind, which means that they do not rely on smartphone batteries to operate; this technology has been around since the key fob days, and it is regaining interest as an alternative to mobile devices such as smartwatches and smartphones, which only allow digital wallet transactions as long as their batteries will last.

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PSCU Prepared for Contactless Cards Growth in 2020

With a predicted rush in 2020 for more merchants and customers to jump onto the contactless payment cards bandwagon, PSCU announced earlier this week that they are fully prepared to handle whatever will be coming their way over the following year.

Contactless Credit Card PaymentsHaving already rolled out more than half a million NFC (Near Field Communication) enabled cards via natural reissuance to members amongst 14 owner credit unions, the credit union service organization (CUSO) PSCU anticipates that they will be distributing in excess of 3 million new NFC enabled cards throughout 2020 to more than 100 credit unions.

By keeping themselves ahead of coming payment innovations, PSCU can help to ensure that its owner credit unions members’ accounts are most frequently used, and by offering NFC enabled cards to owners, Jeremiah Lotz, managing vice president of digital experience and payment products at PSCU said, “We help our credit unions achieve top of wallet status” as the adoption of tap to pay solutions continues to rise.

The second yearly Eye on Payments study by PSCU has shown that 25 percent of respondents make transactions with an NFC enabled card a few times per month. They have cited reasons such as ease, convenience, speed, and security, while non-users stated that the stores they frequent aren’t as of yet accepting NFC enabled card transactions.

With an ever-increasing number of merchants each year opting into NFC technology and accepting NFC enabled payments, it’s believed that more consumers will begin to adopt the technology and participate. As many as 95 percent of all payment card terminals feature NFC enabled capabilities, according to Visa, and as of October 2019, 80 percent of the top 10 merchants were accepting NFC transactions.

Jeremiah Lotz has also stated: “Credit unions should be prepared to not only offer contactless cards to their members, but also have information readily available to educate members on how to use these new payment methods and ascertain whether a merchant’s point of sale terminal is contactless enabled.”

The PSCU’s original model is scale and collaboration, and for more than the past 40 years, the company has leveraged its influence on behalf of credit unions and their members. To this day, PSCU provides an end to end competitive advantage that helps to enable the secure growth of credit unions, making sure that they are able to meet ever-evolving consumer demands.

Frequently Asked Questions

  1. What are contactless cards?

    Contactless cards, also known as tap-and-go cards, allow users to make payments by simply tapping their card on a contactless-enabled payment terminal. They use radio frequency identification (RFID) technology to transmit payment information securely and quickly.

  2. How did PSCU prepare for the growth of contactless cards in 2020?

    PSCU, a leading credit union service organization, ensured its member credit unions were ready for the surge in contactless card adoption. They worked closely with partners to upgrade payment terminals, implemented fraud detection measures, and educated credit union staff and members on the benefits and usage of contactless cards.

  3. Are contactless cards secure?

    Yes, contactless cards are secure. They use advanced encryption technology to protect cardholder information during transactions. Additionally, contactless cards have built-in security features, such as transaction limits and authentication requirements, to prevent unauthorized use.

  4. Can I use my contactless card everywhere?

    Contactless cards can be used at a wide range of merchants and payment terminals that support contactless payments. Look for the contactless symbol on the terminal or ask the merchant if they accept contactless payments. If the terminal is not contactless-enabled, you can still use your card by inserting it into the chip reader or swiping it.

  5. How do I know if my card is contactless?

    Contactless cards typically have a contactless symbol on the front or back of the card. This symbol looks like a sideways Wi-Fi icon or four curved lines. If you’re unsure, you can also check with your card issuer or refer to the card’s documentation.

  6. Can I disable the contactless feature on my card?

    Yes, most card issuers allow you to disable the contactless feature on your card if you prefer not to use it. Contact your card issuer’s customer service or use their mobile app or online banking platform to manage your card settings and preferences.

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A Digital Version of the Dollar Will Take Longer Than Expected

In the world of cryptocurrencies, Bitcoin is the leading token in terms of circulation, but this has a lot to do with being the most valuable digital asset, which means that most transactions are related to speculative trading and investing. Ripple, a centralized digital currency that trades under the symbol XRP, gets more circulation than BTC, but mostly in the remittances and international money transfer arenas.

Bitcoin Online E-commerce CryptocurrencyThere are two emerging cryptocurrencies making a circulation splash, and they share one factor in common: their value is tied to the United States dollar. Tether (USDT) and U.S. Coin (USDC) are known as “stablecoins” which means that their currency exchange value will always be the same as the American dollar because this is the business plan of their respective development teams. In the case of USDC, which is backed by investment banking giant Goldman Sachs, its market capitalization has increased considerably this year because users of this digital currency enjoy its stability and trust in Goldman Sachs as the manager of the underlying blockchain.

With the profile of stablecoins rising, it stands to reason that the U.S. Treasury could soon develop a digital version of the greenback, but this is not likely to happen as long as Chairman Jerome Powell leads the Federal Reserve Bank. Powell recently sent a letter to Congress for the purpose of answering questions related to cryptocurrency use, and it was clear that Powell does envision a sovereign blockchain for the USD.

It should be noted that the Russian central bank has already developed a digital version of the ruble, and a similar approach has been taken with the Singapore dollar. As of October 2019, the Eastern Caribbean Dollar was undergoing a digital pilot program to test if going cashless is in the future of various island nations. These three digital currency projects are based on the open-source Ethereum blockchain, and they are being monitored by American financial regulators, but there does not seem to be an interest in emulating projects.

Powell’s letter to Congress included his opinion of the American banking and payments systems, which he thinks are advanced, secure, dynamic, inexpensive, and robust; this opinion was clearly meant to underscore why the Fed Reserve Chairman does not think a crypto-greenback is needed, but those who work in the U.S. payments industry know that this is not the case. Asia and Europe are the leading markets in the digital payments arena, and a major reason why the American market lags behind is because of inflexible financial and banking regulation. Refraining from testing the waters of digital currencies will only make the U.S. less competitive in the global payments arena.

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Apple Launches Express Transit Payments For Commuters

Technology giant Apple is trying to get the most functionality out of the iPhone before the next chapter of personal and portable computing is written. Subscription-based services, digital content, and mobile payments are some of the verticals that Apple has been exploring for the purpose of squeezing more profits from the iOS ecosystem, and this includes enabling commuters to pay for bus or metro fares with their iPhone or Apple Watch devices.

ApplePay Mobile Transit PaymentsAccording to a news report by the London Evening Standard, Apple Pay has officially gone underground with its new Express Transit feature. Although the ability to use Apple Pay for London tube fares is not exactly new, this method used to require biometric authentication in order to complete the transaction. What this meant for London commuters was getting stuck behind fellow tube riders trying to figure out the Apple Pay FaceID or TouchID systems; we are talking about wait times of up to 30 seconds during rush hour. With Express Transit, Apple is going the more traditional and faster route of contact-less payments supported by Android Pay.

To enable Express Transit, which is available on iPhone models starting from the SE all the way to the 11 Pro, users should tap the Settings icon and visit their Wallet and Apple Pay section where they will find the new Express Transit feature. Setting this up is as easy as selecting the desired payment card; if you have an Apple Card, it will become the default payment method for fares in the Transport for London system. Although Apple has only mentioned the London underground in its Express Transit announcement, any of the yellow card and device readers installed at railway stations all across the United Kingdom will work.

It should be noted that Express Transit works with the Apple Watch, and this is probably the most convenient way to handle mobile payments because of the wearable factor. Needless to say, Express Transit devices must have the latest version of iOS or WatchOS to work properly. This new Apple Pay feature is not only a time-saver but is also more in line with the direction the mobile payments segment is taking. Express Transit was previously launched in the Metropolitan Transit Authority of New York City, but Google Pay is found in even more public transportation systems around the world.