Standard Bank South Africa targets ‘unbanked’ customers via mobile
South Africa’s Standard Bank has introduced a new mobile banking tool called AccessBanking, which aims to reach unbanked customers in the country.
Mobile
Google Unveils New Payment Initiatives to Buoy Wallet (May 16, 2013)
Google is launching a trio of new services that leverage the tech giant’s ubiquitous online presence to spur usage of its mobile wallet. Announced at Google’s I/O Conference in San Francisco this week, the new initiatives include a one-click payments function for Google Wallet, an instant buy feature for Android and the ability to send […]
Brazil brings mobile payments home
Brazil is to gain its first ever mobile payment service this month, with the launch of a joint service provided by Spanish and South American telecom firm Telefónica and MasterCard.
The next big revolution in retail banking is sitting in the palm of your hand
Retail banking is changing through many external forces. The on-going global financial crisis has impacted the regulation surrounding the banking industry, but there are other factors changing the environment banks find themselves operating in.
eToro prepares to bring social investing to Britain
Social investment network eToro is to open up shop in the UK, having won approval from new regulator the FCA this month. Founded in 2007, eToro is a social trading network that aims to revolutionise the way retail investors and high net-worth individuals connect with the market.
2013 Paybefore Awards: Best Non-U.S.-Based Program (May 2013)
Best prepaid or emerging payments program launched and operated by a non-U.S. company outside the U.S. Best in Category: Power to Pay Program Power to Pay NFC tags for mobile phones were developed exclusively for IIT Bombay students and faculty and can be used at select campus outlets for day-to-day purchases via the RuPay payments […]
Italy’s SIA set to connect to New York as recovery plan bears fruit
Milan-based financial technology firm SIA is expanding its reach to New York later this year in a move that caps the latest-phase of a three-year recovery plan for the firm. The extension of SIA’s Financial Ring to New York follows that activation of a hub in Frankfurt is the third cornerstone, after Milan and London, […]
Amazon Coins Make Debut with $5 in Free Apps for Kindle Fire Users (May 14, 2013)
Amazon hopes to spark interest among tablet customers in using its apps to purchase games and other items by giving certain users $5 in free digital goods.
RBC, Bell Team Up on Mobile Payments (May 14, 2013)
Royal Bank of Canada (RBC) has teamed up with telecom provider Bell Canada to announce a new mobile payment system that will enable RBC customers to make purchases online and in stores using NFC-compatible smartphones on Bell’s mobile network.
Viewpoint: Loyalty, Not Payments, Is the Real Mobile Opportunity (Spring 2013)
By Jai Holtz, Sears Financial Services (Member of MCX) There’s no denying that years of hype around mobile payments is beginning to translate into real interest and action from retailers, but the trend has a lot less to do with the actual act of paying than is widely assumed. There are numerous benefits to being […]
People on the Move: Martin Wong and Marcella Butler, Think Finance (May 2013 )
Think Finance, a Fort Worth, Texas-based developer of financial products for underbanked consumers, has named Martin Wong as the company’s first chief integrity officer. He will oversee the company’s compliance with all state and federal laws and will be responsible for ensuring Think Finance offers clear, transparent and fair products in the industry. Wong joins […]
People on the Move: Alex Petrov, Square Inc. (May 2013)
Square Inc., a San Francisco-based mobile payments company, has hired Alex Petrov as vice president of partnerships. His extensive background in retail, consumer products and payments will help drive strategic business development and customer acquisition, according to the company. He has served as vice president of consumer brands at Safeway, and as vice president of […]
People on the Move: Alan Safahi, OpenCoin Advisory Board (May 2013)
Alan Safahi, founder and CEO of ZipZap Inc., a San Francisco-based cash payment network for online financial services and e-commerce transactions, has been named to the advisory board of OpenCoin, creator of the open-source currency platform Ripple. With nearly 30 years of hands-on experience in the IT, telecommunications and financial services industries, Safahi has created […]
People on the Move: Rob von Behren, Braintree Inc. (May 2013)
Braintree Inc., a Chicago-based e-commerce payments processor, has announced that Rob von Behren has joined the company as lead engineer for its San Francisco office. He will help to advance Braintree’s position in mobile commerce, including its one-touch mobile payment solution Venmo. A long-time systems engineer, von Behren has deep experience in distributed computation, high-performance […]
MCX Ranks Swell with Southwest, More Chains (May 9, 2013)
Momentum continues to build for U.S. merchant consortium MCX, which today announced another batch of diverse merchants joining its mobile commerce effort. Southwest Airlines and Chili’s Grill & Bar are the latest to join MCX, along with other recently added companies, including DICK’S Sporting Goods, Hobby Lobby Stores Inc., Meijer and convenience store chains QuikTrip […]
Google Wallet Chief Exits Company (May 9, 2013)
Google Inc.’s vice president of payments and wallet has left the company to pursue outside interests, Google confirms. Osama Bedier, who joined Google in 2011 after eight years at PayPal, played a key role in Google Wallet’s recent milestones as well as announcing Google’s purchase of TxVia about a year ago. “We can confirm that Osama […]
Fed Group Report Cites Collaboration, Tech Advances in M-Payments (May 9, 2013)
Over the past two years, the mobile retail payments landscape has been marked by collaboration across diverse industry players, increased channel and technological convergence, market entry by nonbank entities, and technological innovation and experimentation. Those were among the findings of a new white paper issued by the Federal Reserve Banks of Atlanta and Boston, which […]
Blog: Faster Pussycat! Why Payments Need to Be Faster than a Speeding Laptop
By Nick Holland, Javelin Strategy & Research I bought a new laptop the other day. I won’t bore you with the details of its specifications, but suffice to say, as a professional nerd, I get pretty excited about these things. In fact, I got so excited that I actually bought it as an impulse purchase […]
CFPB: Gift Card Issuers Must Honor Cards after Funds Escheat to State (May 2013)
The Consumer Financial Protection Bureau (CFPB) recently published a final determination regarding whether the unclaimed property laws of Maine and Tennessee relating to unredeemed gift cards are inconsistent with and preempted by the gift card provisions of the Electronic Fund Transfer Act and Regulation E. In its ruling, the CFPB determined that Maine’s unclaimed property […]
Banks should prepare for NFC says Celent
NFC is gradually beginning to overcome the obstacles that have held back development. Banks should prepare for the coming upswing in usage, according to a new report by financial research firm Celent.
‘PayTooSwipe’ Touts Global Mobile Merchant Acceptance via EMV, NFC (May 7, 2013)
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce to offer PayTooSwipe, a mobile payment acceptance solution it is rolling out globally. The concept, building on PayToo’s global wallet targeting unbanked consumers and mobile payment platform, enables any smartphone or tablet to accept payment from all types of cards including magnetic stripe, EMV chip […]
Wendy’s Pilots Mobile Payment at 88 Stores in Western U.S. (May 7, 2013)
May 7, 2013 Wendy’s is the latest quick-serve restaurant to pilot mobile payments by adding a feature to its mobile app. The pilot, involving 88 Wendy’s locations in Oregon, Washington, Texas and New Mexico, enables consumers that have linked a credit card or Wendy’s gift card to the app to pay for their orders at […]
M&S Contactless Program Netting 230,000 Weekly Transactions (May 7, 2013)
May 7, 2013 U.K. retailer Marks & Spencer (M&S) has completed a rollout of contactless payment technology in 644 of its stores and now is processing 230,000 contactless payments a week. Piloted last summer in 25 of its London stores, M&S’s contactless program uses technology from Visa Europe that enables customers to pay for purchases […]
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce (May 7, 2013)
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce to offer PayTooSwipe, a mobile payment acceptance solution it is rolling out globally. The concept, building on PayToo’s global wallet targeting unbanked consumers and mobile payment platform, enables any smartphone or tablet to accept payment from all types of cards including magnetic stripe, EMV chip […]
Jury Sides with Patent Company in Gift Card Case (May 6, 2013)
A bid by a group of big-name retailers to invalidate patents related to prepaid cards has failed in federal court, leaving the merchants subject to future legal action by the holder of the patents. The case dates back to 2010, when patent holder Alexsam Inc. sued retailers, including Best Buy, JC Penney, Barnes & Noble, […]
Mobey Forum: MPOS Disrupts Payments Landscape (May 6, 2013)
Mobile point of sale (MPOS) technology, with its quick enrollment process, low-cost hardware and apps that enable mobile devices to accept card payments, is disrupting the payments landscape as it transitions from a niche solution for small merchants to a revenue generator for large retailers, according to a white paper from Mobey Forum. “Little more […]
BYNDL, Sprout Partner on M-Payments at Vending Machines (May 6, 2013)
Mobile transaction services company BYNDL Inc. has teamed up with Sprout Retail, a vending-focused consumer marketing firm, to deliver mobile payments, stored value, digital coupons and surveys to vending customers via mobile devices. Seattle-based startup BYNDL offers a “vending cloud,” which enables vending technology providers to offer their vending operator clients digital services to sell […]
Rabobank’s Inneke Bussemaker at IPS 2013
Rabobank’s Inneke Bussemaker talks about The Brave New World of Payments session she chaired at IPS 2013, taking a critical look at the future of how payments work in a world where corporates will have to adapt to a consumer-driven agenda.
Google Invests in P2P Loan Company, Rolls out Transit Card in Kenya (May 2, 2013)
Google made two moves to expand its role in financial services this week, investing in a P2P lending company and rolling out a contactless transit card in Kenya. Google acquired a minority stake in Lending Club, an online financial community that matches creditworthy borrowers with investors, providing an alternative to traditional banking with competitive loan […]
Mobile is there for the taking …
Financial institutions have owned the commercial payment space for centuries, but are now seeing a threat to their incumbency from new technologies that have opened up the industry to other business sectors. Mobile transactions in particular are shaking-up banking.
People on the Move: Mike Delagrange, Galitt (May 2013)
Galitt, a French payments and electronic transactions consultancy, has appointed Mike Delagrange senior vice president and general manager of Galitt’s U.S. operations. He will be responsible for positioning Galitt’s success in selling EMV, NFC and TSM consulting services throughout Europe to major companies in the U.S. Delagrange has more than 20 years of conventional and […]
Discover’s Joe Hurley Talks PayPal, UnionPay and More (May 2013)
Joseph Hurley has been with Discover since 1985 when the then-small company with the big idea—cash-back rewards—got started. He has held positions in marketing, product management, government relations, and network products and services. From 2008-2010, Hurley was deputy president of Diners Club International, and from 2003-2008 he served as head of global client relations and vice president […]
2013 Paybefore Awards Coverage Continues with B2B, Virtual, Mobile and Marketing (May 2013)
In this installment of our Paybefore Awards coverage, get to know each of the winning programs in the following categories: Best Business-to-Business Prepaid Card Program Outstanding Mobile Wallet or Mobile Application Best Virtual or Digital Program Most Effective Marketing Campaign
Ukash Inks Funds-Transfer Deal with MoneyGram (April 30, 2013)
London-based prepaid voucher specialist Ukash is extending the reach of its services further with a new deal announced this week with MoneyGram. The alliance will enable Ukash customers to send funds from the Ukash Website to recipients at any MoneyGram outlet worldwide. The service will launch in the U.K. later this year, with plans to […]
Javelin: Mobile POS Could Lead to $1.1 Trillion in New Card Payments (April 29, 2013)
The rising prevalence of mobile POS systems could result in up to $1.1 trillion in additional card payments per year and increase payment card acceptance by as many as 20 million merchants, according to a new report by Javelin Strategy & Research. Mobile POS systems like Square, PayPal Here, SpotPay and iZettle, which have become popular […]
Blog: Digital/Mobile Payments and the Power of Social Media (April 2013)
By Hunny Huria, Visa At times I’m amazed how social media has changed our lives and continues to have potential to impact it more. There are innumerable people who start the day by checking their Facebook accounts. As of December 2012, Facebook had more than half a billion daily active users, and 9 million apps […]
Early Mobile ‘Wallet Wars’ Lessons Learned
Mobile wallets are still in the formative stage of their development but a few lessons already are emerging, according to certain payment industry players sharing their experiences this week at CARTES America in Las Vegas. Inventing new ways to pay using a smartphone is not enough to justify the effort to develop mobile wallets because […]
CFPB, FDIC Weigh in on Payday, Deposit Advance Loans (April 25, 2013)
Payday and deposit advance loans were in the news today, with a new report from the Consumer Financial Protection Bureau (CFPB) and a Notice of Proposed Guidance from the FDIC each indicating that regulators soon could tighten rules governing short-term credit products. Payday and deposit advance loans can lead to a repeating cycle of indebtedness […]
MasterCard Exec: MasterPass Aims to Help Merchants ‘Differentiate’ in Converging Marketplace (April 25, 2013)
The U.S. rollout this spring of MasterCard’s MasterPass may be quieter than some other product launches because it doesn’t directly target consumers, Ed Olebe, group head, wallet services, emerging payments, MasterCard, said this week at CARTES America in Las Vegas. MasterPass, unveiled earlier this year as the successor to last year’s PayPass Wallet Services and […]
Isis Vending Program Going Nationwide (April 25, 2013)
The companies behind the Isis mobile wallet have teamed up with cashless acceptance technology provider USA Technologies (USAT) to launch a mobile payment and loyalty program for vending machines across the U.S. The partnership is an extension of USAT’s involvement in Isis’s test run in Salt Lake City and Austin, Texas, where Isis users can […]
