Prior to today’s field hearing in Denver, the CFPB has announced it’s considering proposing rules that would restrict consumer financial companies from using certain types of arbitration clauses that block consumers from forming class action lawsuits to obtain compensation.
Europe’s top court has struck down a longstanding agreement that enabled U.S. companies to handle the personal data of users in the European Union without being subjected to EU privacy rules, in a decision that will significantly affect not only tech giants like Google and Facebook, but payments and financial services companies, as well.
The controversial prospect of new regulations for arbitration agreements will be front and center during a CFPB field hearing on the matter tomorrow morning in Denver.
Mobile payments’ drive into the fuel station sector continues, with Visa Inc. announcing a new NFC pilot at more than 20 Chevron stations around San Francisco and Silicon Valley.
The rise of mobile and contactless payments technology caused non-cash payment volumes to soar last year, surpassing the growth rate of GDP in all worldwide regions, according to a new report from Capgemini and the Royal Bank of Scotland.
EBA Clearing, a bank-owned provider of European payment infrastructure solutions, this week announced an RFP to build the framework for a pan-European service that could support real-time payments within the next two years.
Mobile payments development has exploded with the arrival of Apple Pay, Android Pay and Samsung Pay, but it will take “organic demand” from consumers to drive broad adoption of mobile wallets, according to payments experts speaking at PayThink last week in Las Vegas.
Employers need to “step up their gifting game” with the holiday season approaching, according to the latest research from Gyft. The First Data company released the findings to coincide with its launch of a B2B bulk gift card purchasing program, enabling businesses to conveniently reward their employees with gift cards from more than 200 retailers.
Emerging payments and fintech continue to draw investment dollars. Dutch payments processor Adyen has landed financing from a fund comprised of some of the biggest names in Silicon Valley, while alternative financing startup SoFi pulled in $1 billion in what the company is calling the biggest fintech investment to date. Meanwhile, mobile money transfer kept up its hot streak as Sequoia Capital got in on the ground floor of an India-based P2P app.
South Africa’s Nedbank has chosen Volante Technologies to help it revamp its payments message service using VolPay Foundation, which focuses on validating and processing payments. The move comes ahead of regulatory change next year, which will force all South African institutions to change the way they handle payments.
Three challenger banks have committed to take advantage of a new way to guarantee settlement between banks of payments made through Faster Payments, the UK’s 24/7 real-time payments service, when it becomes available next year.
Although it may not be as large as analysts initially predicted, First Data Corp.’s IPO could be the largest public offering of 2015.
I recently received my EMV debit card from a top 5 U.S. issuer.Tell us about your experiences with EMV at the POS.
Rep. Scott Tipton (R-Colo.) and more than 40 other lawmakers are urging CFPB Director Richard Cordray to be cautious in prepaid rulemaking and to make sure the government Direct Express program is not adversely affected by the forthcoming rule.
You’d think an A-list celebrity had shown up when Apple Pay launched in the U.K. in July. Despite some speed bumps related to transit and international acceptance, prepaid providers shouldn’t ignore the mobile wallet.
Fundamental shifts in the way socially connected and digital-savvy consumers connect have altered the customer-engagement and marketing landscape forever. To succeed, retailers and consumer brands must use data-driven engagement strategies.
The time has come for financial institutions to truly reap the benefits mobile connectivity offers, and the place to begin is with customer onboarding.
Despite Apple Pay’s high-profile U.S. launch, recent First Annapolis primary consumer research suggests that only one in five iPhone 6 users has actually made a purchase with Apple Pay. But, that’s not the only stat that matters.
The CFPB has appointed new consumer finance experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council.
Digital payments security provider Gemalto has won the Juniper Research 2015 Award for Digital Payments for its Allynis Trusted Services Hub.
Financial innovation firm R3 announced that an additional 13 of the world’s leading banks have joined its partnership to design and apply distributed ledger technologies to global financial markets.
Green Dot Corp. sees continued strong demand for the mobile features of its iconic prepaid card and its GoBank checking account. And though the company hasn’t embraced Apple Pay or Android Pay, adding mobile payments access is on the company’s horizon, Steve Streit, Green Dot’s CEO, told attendees at PayThink in Las Vegas today.
London-based fintech startup Kerv has turned to crowd-funding site Kickstarter to raise mass-production capital to enter the field of wearables with an NFC-enabled ring that allows consumers to make contactless payments. The Kickstarter campaign launched Friday in an effort to raise nearly $117,000 and as of this morning, the company already has raised more than $52,000.
Voice-based user authentication systems are vulnerable to “voice impersonation attacks,” where criminals gain access to a sample of a user’s voice and use that sample to build a model of the user’s speech pattern with voice-morphing software, University of Alabama at Birmingham researchers say.
Chinese e-commerce giant Alibaba and its affiliate Ant Financial announced today an agreement with India’s One97 Communications Ltd. to invest in Paytm, an m-commerce platform and One97 subsidiary. The capital infusion will enable Paytm to achieve greater scale and develop its m-commerce and payment ecosystem in India and invest in marketing, technology and personnel. The companies did not disclose specifics of the deal, however it’s believed the investment is worth approximately $600 million.
Square Inc. may be getting ready to file an initial public offering within the next two weeks, according to a report in Fortune magazine, adding weight to rumors going back more than two years about the m-POS company’s desire to go public.
As the mobile wallet providers battle for market share—the most recent being today’s expansion of Samsung Pay to the U.S.—a sobering percentage of cybersecurity experts expect mobile payment data breaches to climb over the next 12 months.
With European Union law now requiring merchants to tax digital goods based on which country the buyer is located in—instead of where the seller is located—the European Commission (EC) is canvassing interested parties for feedback on the system of reconciling and paying taxes to national governments.
Samsung is hailing its mobile payment service Samsung Pay a success in South Korea a month after it launched in the country, citing more than $30 million in transaction volume and over 1.5 million transactions.
Barclays’ Pingit app, which began as a U.K. P2P service in 2012, now is available for users to make online purchases at tens of thousands of e-commerce Websites via mobile devices through a new partnership with Verifone, and Barclays says it hopes to extend the service to POS locations.
Australia’s major banks reportedly are closing the accounts of more than a dozen of the country’s digital currency providers, claiming AML concerns.
The CFPB has announced a field hearing on arbitration, which will be held in Denver on Wednesday, Oct. 7 at 11 a.m. MDT.
Next-generation commerce is the focus for Money20/20 founders Anil Aggarwal and Jonathan Weiner, who have partnered with Don Kingsborough, entrepreneur and a Blackhawk Network founder, to launch a new conference called Shoptalk.
This month’s launch of Google Inc.’s Android Pay, just weeks before the U.S.’s Oct. 1 EMV liability shift date, is a key milestone in expanding mobile payments access to the majority of consumers, but we’re still “a couple of years” away from mainstream m-payments with ubiquitous support from banks, merchants and handset makers, predicts Dom Morea, senior vice president of business development for First Data Corp.
MasterCard and Singapore Management University (SMU) today announced a two-year program to drive research on social entrepreneurship, innovation and financial inclusion. The Social and Financial Inclusion Program features an annual forum, a seminar series and funding toward student projects.
Financial services provider PayNearMe has partnered with 7-Eleven Inc. to launch the PayNearMe Bill Pay app, enabling consumers in the U.S. to pay more than 17,000 national and local billers, such as cable companies, utilities providers and insurance companies, with cash using a barcode scan at participating 7-Eleven stores.
BBVA Compass yesterday announced the launch of a new Visa-branded prepaid card and budgeting mobile app, ClearSpend, which the bank says will appeal to prepaid card users across all ages and income levels who want better control of their finances.
After much debate over whether New York Department of Financial Services’ (NYDFS) state-level framework for licensing digital currency companies is too restrictive, the state agency has issued its first regulatory license, the so-called BitLicense, to Boston-based mobile payment company Circle Internet Financial.
Shift4 Corp., a merchant payments gateway provider, today announced a software-based m-POS service enabling larger merchants to accept all types of payments anywhere—via any mobile device—without disrupting existing relationships with processors and acquirers, which analysts suggest is an example of a new breed of payments services.
Starbucks has rolled out its mobile ordering and payment service to all 7,400 of the coffee giant’s U.S. locations.
