Payments Picks: Read This Week in the World of Payments

Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates has launched a new feature, offering a weekly recap of the most important developments and trends in the world of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Though not usually at the forefront, the inner workings of the payments industry is highly relevant for every FX broker, as payment processing is an integral part of the Forex trading. This week we covered a broad range of issues, from the last word in multi-screen purchasing systems to big players partnering in China and dramatic regulation shifts in Russia.

From E-commerce to M-commerce: MobiliBuy’s leaders talk mobile

When we attended this year's IRCE event in Chicago, we noticed a strong trend in mobile and M-commerce solutions. With keynotes on the future of multi-screen purchasing, and many E-commerce solutions firms presenting their mobile products, it seems like the future of payments and online retail is moving to the small screen. One solution however, did catch our eye in its simplicity and innovation.

Payment Magnates was invited by Israeli M-commerce startup, MobiliBuy’s CEO, Koby Danon and CRO Moti Levy, both the founders of MobiliBuy, to see a demo of their new product. The demo included an Android smartphone, an iPad tablet, a computer screen, and print out of a virtual store shelf.

Read the full interview here.

Big in China? Stripe partners with Alipay to offer extensive local support

Innovative payment service and processing provider, Stripe, has partnered with Chinese online payment method, Alipay, to support the highly used payment option in China. A post on Stripe’s blog announced the news recently, and gave insights on the strategic partnership with Chinese tech giant Alibaba and its payment platform.

It’s no secret that in order to successfully enter a new market, especially one of the BRIC nations, supporting popular local payment methods is a must. While Stripe supports a number of Chinese supported credit and debit cards, Alipay is used in over 50% of online transaction in the region.

Read the full article here.

Intuit releases QuickBooks Bitcoin Payments from beta, partners with CoinBase

US financial and tax preparation software development firm, Intuit, has officially released its “QuickBooks Bitcoin Payments Beta” out of its beta testing stage, the firm has also partnered with BTC payment platform Coinbase to provide the solution.

The integrated Bitcoin payment solution, now called PayByBitcoin, utilizes Coinbase’s BTC payment platform, as opposed to Intuit’s in-house solution.

Read the full article here.

Government officials keep MasterCard and Visa in Russia

In a sensible and strategic move, the Russian government has taken action to prevent the two largest card firms in the world, MasterCard and Visa, from leaving the Russian market.

Due to the crisis in the Ukraine, MasterCard and Visa were forced by US officials to freeze operations in Russia as part of sanctions brought upon the region by the US government. Shortly after, operations were partially resumed by the card firms. However, due to the possibility of having such a freeze out occur again, President Vladimir Putin took action against non-local payment institutions, by instilling new regulations and working towards establishing a new national payment scheme.

Read the full article here.

First Data raises $3.5 billion, substantially reduces debt load

Credit card processing firm, First Data, and subsidiary of American multinational private equity firm KKR & Co.,has recently announced it raised $3.5 billion in equity, sourcing primarily from new investors.

According to First Data’s announcement made last Thursday, June 19th, 2014, the majority of the new equity, the sum of $2 billion originating from a "diverse group of pension funds, mutual funds, asset managers and wealthy individuals." KKR was responsible for bringing in $1.2 billion of the capitol raise, with $300 million coming from previous investors.

The news comes as a sign of relief for First Data and KKR & Co, as since the payment firm was acquired by KKR back in 2007, it has been in the red every year. According to First Data, the new investments come as a sign of confidence in its future growth, and will eventually result in annual interest savings topping $375 million.

Read the full article here.

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