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.
Monitise plc has put itself on the block after missing recent sales growth targets, the U.K.-based mobile payments technology firm announced today.
Several of the UK’s major banking brands are losing customers to rivals such as Spanish bank Santander and building society Nationwide, according to figures released by the UK Payments Council – while competitor bank Nationwide continues to add customers.
E-commerce giant Amazon ended the beta test of its mobile wallet app this week, but didn’t say whether it was shuttering the wallet for good.
Retailo GmbH—the German subsidiary of Blackhawk Network—has struck a deal with Berlin-based Deutsche Kreditbank AG to offer digital gift cards to the bank’s customers.
First Data is working with UL, a payment security and compliance leader, to help U.S. merchants prepare for the EMV migration.
Nine months out from the October 2015 U.S. EMV liability shift, more than half of all merchants aren’t fully ready to accept chip cards, according to a study ACI Worldwide released today.
The Bancorp Inc., parent of The Bancorp Bank, disclosed last week in a short regulatory filing that it reclassified deposits as “brokered” as a result of FAQs issued by the FDIC on Dec. 24, 2014. The FAQs—which, for practical purposes, have the effect of a rule of law—require reclassification of deposits underlying many types of prepaid cards, as newly documented by the FDIC.
The U.S. Supreme Court today said it would not hear retailers’ challenge to the Federal Reserve’s debit card interchange fees, enforcing a lower court’s decision to keep existing regulations in place.
A year after JPMorgan Chase announced plans to exit its corporate and public sector prepaid business, Citigroup Inc. told investors last week it’s transferring Citi Prepaid Services to Citi Holdings, where the business line will be groomed to become a free-standing entity.
Google Wallet is reportedly in talks to buy NFC-based mobile wallet rival Softcard, causing speculation about how the combination might stack up against Apple Pay and other emerging wallet concepts.
The CFPB is accepting applications to fill seats on three separate committees. The CFPB announced the openings in a notice in the Federal Register late last week.
In declining to review the decision of the U.S. Court of Appeals for the District of Columbia, the controversy over the Fed’s interchange fee cap is over. Read more later today in Pay News.
India’s ICICI Bank has launched a new banking service for Twitter, ICICIbankpay, which allows customers to transfer money to anyone in the country who has a Twitter account. Customers can also check their account balance, view the last three transactions and recharge prepaid mobile. The service follows the bank’s earlier moves into social media, which included launching a Facebook banking app in September 2013, and is aimed partly at broadening access to financial services.
Bitcoin market Netagio has launched credit and debit card payment options, as part of a push to make it easier to buy and sell Bitcoin with pounds, euros and US dollars. The exchange, which was founded in 2013, is seeking to popularise the alternative currency and improve its controversial public image.
Overall sales from the holiday sales season rose a healthy 4 percent, reaching their highest level since 2011, the National Retail Federation (NRF) announced this week.
PayPal this week announced a partnership with Microsoft to provide a new POS approach for small businesses to accept cards payments using the computer titan’s Surface Pro 3 tablet and certain Windows-based phones.
The Consumer Financial Protection Bureau (CFPB) is creating a guide to help colleges evaluate institutions that offer financial accounts to students—and the CFPB is seeking input in devising the document.
