In a roundup of this week’s industry news, InstaMed tokenizes payment information for healthcare patient portals, Adyen nearly doubles transaction volume, and PayPal has a busy week.
Payment facilitator InstaMed has introduced what it calls the InstaMed Secure Token. The token enables healthcare providers to integrate payments within their patient portals without storing sensitive payment information on their servers. According to the announcement, when a patient enters payment information to a portal using the token, the data goes directly to InstaMed’s system, which returns a token to the portal for future access.
“The consumer healthcare payment experience needs to be seamless and secure. You can’t have one without the other in today’s consumer-centric world,” said Bill Marvin, president and CEO of InstaMed in a press release. “The InstaMed Secure Token addresses the demands of consumers to make healthcare payments like great online payment experiences in other industries. The dramatic reduction in costs and PCI scope combined with the seamless and secure online payment experience assure the C-suite that they are meeting the needs of their consumers.”
Dutch payment facilitator Adyen announced that it increased its transaction volume by 80% year-over-year to reach $90 billion in 2016.
It was a busy week for industry leader PayPal. First, the company announced its first bot, which allows individuals to send money between PayPal accounts directly within Slack, a messaging platform for teams. It also announced new product features designed for small businesses, including enhanced reporting, improvements to its invoicing capabilities and a new Transfer Money function.
Along with Square and Stripe, PayPal was also one of more than 120 tech companies to sign on to an amicus brief opposing President Trump’s executive order on immigration.
According to Javelin’s 2017 Identity Fraud Study, card-not-present fraud rose 40% in 2016.
“Driven by closing opportunities for point-of-sale fraud and the growth of e- and m-commerce, fraudsters are increasingly moving online,” the research company explained in a press release.