N.J. Governor Chris Christie (R) signed into law a bill that eliminates the collection of consumer ZIP code information for gift cards purchased at the POS, putting an end to a protracted legal battle over unclaimed property rules in the state.
Fear of fraud is the main factor slowing the adoption of smartphone-based payments among UK consumers, though a third believes that credit and debit card payments will no longer be the preferred method of payment in 2020.
Technology consultancy Capgemini has formed a global alliance with First Data to develop payment software based on First Data’s VisionPlus and AccessPlus solutions. The pair say that they expect to begin delivering new solutions in the second quarter of this year.
Merchants appear to be more apt and capable of leveraging their own data today than the preceding several years. And, they are finding that using this data is more effective in combating fraud than traditional validation services.
Apple Pay is a huge catalyst, not only for Apple but also for Android and host card emulation (HCE), First Annapolis’ Lee Manfred said during a keynote at the Smart Card Alliance Payments Summit. He urged issuers and merchants to view Apple Pay as a tool to build their own customized mobile strategies.
MasterCard continued its expansion in India today, with the official opening of the payment network’s new Technology Hub in the city of Pune.
The U.S. migration to EMV is well underway in advance of the October 2015 EMV network liability shift, with EMV card manufacturers shipping 185 million EMV cards last year, up more than 500 percent from 30 million in 2013, the Europe-based cross-industry Smart Payment Association announced today.
Green Dot is considering expanding the financial services it provides to include what Chairman and CEO Steve Streit describes as “modern credit,” with an eye toward using transactional data for underwriting.
The value of all cryptocurrency transactions will more than half this year, falling from $71 billion in 2014 to just over $30 billion. The decline was attributable to the combined impact of exchange collapses, Bitcoin theft and regulatory concerns.
The U.S. payments card industry is on a “critical path” to EMV card migration over the next eight months but several challenges remain, Kimberly Lawrence, Visa’s senior vice president, global corporate initiatives, said today during the kickoff presentation at the Smart Card Alliance’s Payments Summit in Salt Lake City.
A new report from Ingo Money offers evidence to support what many industry observers have long maintained: Offering cardholders robust reload capability is key to driving loads and retention.
New York Attorney General Eric Schneiderman wants to increase access to traditional banking services by getting banks to change their account-opening criteria. But broader access to checking and savings accounts doesn’t mean consumers won’t continue to seek out alternatives, including prepaid cards, which may have more features and fewer fees, according to industry observers.
Miami-based YellowPepper has closed a $19 million round of Series C funding to expand its mobile wallet in Latin America, where mobile money services are growing by 53 percent.
Lebanese commercial bank Al-Mawarid has begun a bank transformation project focused on mobile and online banking using the FusionBanking Essence Digital software from Misys.
Bolstered by a nationwide rollout in U.S. Walmart stores, Green Dot Corp.’s GoBank mobile bank account showed strong gains during Q4 2014, with monthly deposits up 600 percent and total debit card spend growing nearly tenfold, according to Green Dot’s latest earnings report.
Google this month extended its Gmail-based money transfer feature to the U.K., marking the search giant’s first P2P foray outside the U.S. If successful, the move could help Google expand awareness of Google Wallet internationally before Apple Pay makes its expected move into the U.K. and other global markets, observers say. Apple Inc. CEO Tim […]
In a Jan. 27 letter to U.S. Rep. Sean P. Duffy (R-Wis.) and several other members of Congress, CFPB Director Richard Cordray said the agency would give the lawmakers’ request for a 60-day extension to the comment period for its prepaid NPRM “serious consideration.” But the rest of the letter suggests that the agency feels 130 days since the proposal went up on its Website will be adequate for stakeholders to comment.
Critics of the DOJ’s controversial Operation Choke Point, which encourages financial institutions to scrutinize clients that operate certain types of businesses, such as payday lenders and firearms sales, may welcome the latest news from the FDIC.
The blazing sales rate of Apple Inc.’s new iPhones during the final quarter of 2014 shattered the company’s own expectations, and Apple Pay’s rollout was “extremely positive,” helping drive historic revenues, Apple’s CEO Tim Cook told analysts this week.
China-based e-commerce retailers have a new way to accept online payments.
Coming off a strong holiday season, retailers have their sights set on data security and the shopping experience. First Data’s Jerry McNerney talks about how the payments industry can help.
In 2014, payroll cards took a beating in the general press, fueling the fire in some state legislatures to impose onerous restrictions and potentially category-killer requirements. Now, CFSI, working in consultation with industry participants and consumer advocates, has created best practices for what it calls “high-quality payroll card products” that promote choice, safety, affordability, transparency and convenience (and discourage outliers).
Debit/ATM network PULSE has unveiled a new corporate logo and acceptance mark.
Mercury Payment Systems, a Vantiv company that provides payments technology and services for small and midsize businesses, has received two awards for its customer service.
A new bank-run mobile payment service is set to launch in Poland next month, following collaborative efforts between six Polish banks. The new service will allow customers to make payments in stores and online, withdraw cash and send P2P transfers, all using their mobile phone.
Prepaid issuers aren’t the only ones confused by the potential implications of the FDIC’s recent FAQs on brokered deposits. The agency offered some clarifications to ABA staff but recommends issuers reach out to their examiners with specific questions.
The Chinese renminbi has become one of the world’s top five payments currencies, according to new figures released by Swift. The currency, first introduced to foreign investors in 2007, overtook the Canadian dollar and the Australian dollar in the last two months of 2014 to reach the top five.
Apple Pay clearly has awakened consumer curiosity about mobile payments, but the surprise is it’s also generating unprecedented retailer interest in adding NFC acceptance at the POS, according to payments industry panelists speaking yesterday at the Mobile Payment Leadership Summit in Phoenix.
The Center for Financial Services Innovation (CFSI) has expanded its Compass Guide series with today’s release of its Compass Guide to Payroll Cards, which it says defines best practices and product features for high-quality payroll cards.
M&A activity and global expansion of prepaid continue this week with Toronto-based gift card processor Givex announcing plans to acquire Chase Paymentech’s gift card business and open an office in Dallas. Meanwhile, U.K.-based Tuxedo Money Solutions is partnering with Silicon Valley-based processor i2c Inc. for international expansion of its prepaid business, including entering the U.S. market.
The Federal Reserve this week issued a new report, “Strategies for Improving the U.S. Payment System,” outlining a plan to enhance the overall speed, safety and efficiency of the nation’s payment system with collaboration from payment industry participants including businesses, payment card networks, processors, payment technology firms, consumers and financial institutions.
The National Technical Information Service has extended by 60 days the comment period for its proposed rule to establish a certification program for access to the Death Master File. The new deadline is March 30, 2015.
Apple Pay continues to make major inroads just three months into its existence, Samsung preps to challenge and Google gains 200,000 online merchants.
Ditching high-overhead bank branches in favor of mobile-centric financial services is an idea that’s catching on across geographies. The latest entrant is Berlin-based startup Number26, which provides a mobile app and debit MasterCard, real-time transaction records, email or text-based P2P transfers and app-based card management, as well as foreign transactions—all at no cost.
Bitcoin-wallet provider Coinbase today announced the launch of what it describes as the first regulated bitcoin exchange based in the U.S., adding some stability to the much-hyped and often maligned digital currency.
Microsoft founder Bill Gates and his wife Melinda are betting that mobile banking is one of four transformative events that will improve the lives of the world’s poorest citizens by 2030.
Consumers in both developed and developing countries have embraced their mobile devices to check balances, make payments and conduct other financial activities. As a result, mobile banking has become a must-have offering for financial institutions. However, many are still working out how to go beyond the basics to add value for customers, increase engagement and maximise the return on the mobile channel investment.
With the newly seated 114th Congress in its third week, the House Financial Services Committee (HFSC) has laid out its agenda for the upcoming term, including several items with potential implications for the prepaid and emerging payments industry.
Tax time is always busy for prepaid card providers seeking to encourage consumers to have their refunds loaded onto prepaid cards for faster delivery. This year, Walmart is offering a different delivery mechanism—cash.
Ingenico Group, which already owned a controlling interest in m-POS provider ROAM, has purchased the remainder of the company and is now its sole owner, the France-based POS hardware maker announced this week.
