Monitise Explores Sale as Revenues Decline (Jan. 22, 2015)
Monitise plc has put itself on the block after missing recent sales growth targets, the U.K.-based mobile payments technology firm announced today.
Payments
UK current account battle continues
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.
Amazon Shuts Down Mobile Wallet after 6 Months (Jan. 21, 2015)
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.
Blackhawk Partners with German Bank on Digital Gifting (Jan. 21, 2015)
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 Collaborates with UL for Merchant EMV Migration Services (Jan. 21, 2015)
First Data is working with UL, a payment security and compliance leader, to help U.S. merchants prepare for the EMV migration.
Survey: More than Half of Merchants Not Ready for EMV (Jan. 21, 2015)
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 Reclassifies Deposits in Compliance with FDIC FAQs (Jan. 21, 2015)
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.
Supreme Court Says ‘No’ to Hearing NACS Interchange Appeal (Jan. 20, 2015)
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.
Citi Preps for Prepaid Spinoff
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 Eyeing Softcard Combo? (Jan. 20, 2015)
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.
CFPB Seeks Applicants for Committee Seats (Jan. 20, 2014)
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.
Breaking News: Supreme Ct. says “no cert” in NACS et al v. Board of Governors (Jan. 20, 2015)
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.
ICICI Bank India launches Twitter banking
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 exchange Netagio brings in debit and credit cards, seeks to legitimise cryptocurrency
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 Holiday Sales Strong, Despite December Dip (Jan. 15, 2015)
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 Collaborating with Microsoft for EMV Card Acceptance via Tablets and Phones (Jan. 15, 2015)
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.
CFPB Seeks Input for Campus Card Guide (Jan. 15, 2015)
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.
Viewpoint: FDIC’s Brokered Deposits FAQs – Implications Range from Limited to Significant for Prepaid Issuers: It All Depends
As in any complex document, there are some ambiguities in the FAQs and time will tell how those will play out. But, what’s clear is that for many banks, the FAQs raise the cost of doing business, which will (or should) precipitate a review of business models.
Viewpoint: Industry Trends to Watch in 2015
Macro trends, including increased access to mobile devices and the Internet as well as consumer appetite for deals, will continue to drive changes in shopping behavior and broaden the use of both prepaid and electronic payments in 2015.
NACS: All Eyes on Supreme Court (Jan. 13, 2015)
Retailers and payments executives who were hoping to get an answer from the Supreme Court this week on whether the court will hear NACS et al v. Board of Governors of the Federal Reserve System will be waiting a bit longer.
Obama Unveils Bills to Safeguard Consumer Data (Jan. 13, 2015)
President Obama is throwing support behind new legislation to further protect consumers from data breaches, while backing another new bill that would prevent companies from misusing student data. At a Federal Trade Commission presentation Jan. 12, President Obama outlined the Personal Data Notification & Protection Act, which would require U.S. companies to notify customers within […]
PayPal Expands Credit Options, Introduces Retail Consulting Services (Jan. 13, 2015)
PayPal this week rolled out a set of enriched features for PayPal Credit and introduced a new Business Consulting service to enhance retailers’ e-commerce operations.
MasterCard, Indian State Launch Electronic Payments Push (Jan. 13, 2015)
MasterCard is joining with the Indian state of Gujarat to accelerate the adoption of electronic payments across multiple sectors, including commercial, government and transit.
Industry Views: What Does a GOP Congress Mean to Payments?
We asked a number of prominent players in emerging payments to give us their opinions on what the shift in the 114th Congress might mean to payments.
Company on the Move: Cayan, formerly Merchant Warehouse
Merchant Warehouse, a provider of payment technologies and processing solutions, has changed its name to Cayan.
UniRush Makes a ‘rapid!’ Foray into Corporate Sector (Jan. 12, 2015)
Prepaid provider UniRush LLC has made a move into the payroll vertical, striking a deal to acquire the rapid! PayCard business from WEX Inc.
Cachet Widens Market for Mobile Money Program (Jan. 12, 2015)
Community banks, which continue to show interest in prepaid but may not have the resources to build their own programs, have a new quick way to enter the market, according to Cachet Financial Solutions.
Softcard Layoffs Follow Marketing Push (Jan. 12, 2015)
Shortly after Softcard unveiled Tappy, a puppet starring in a campaign to educate consumers about Softcard and mobile payments, the NFC-based mobile payment initiative backed by AT&T Mobility, Verizon Wireless and T-Mobile has laid off approximately 60 employees.
CFPB Seeks Comments on Financial Counseling Program (Jan. 12, 2015)
Comments are due Feb. 9, 2015, for a multisite program the CFPB plans to launch early this year to provide one-on-one and group financial counseling to individuals with disabilities transitioning into the workplace or who already are employed.
Switzerland goes contactless with SIX Payment Services
Switzerland’s SIX Payment Services has begun distributing the country’s first contactless debit cards, through a partnership with local bank Hypothekarbank Lenzburg, based in Aargau. The project, which began in December, replaces the bank’s entire portfolio of 22,000 debit cards with dual interface V PAY cards that enable contactless and regular transactions.
Blog: Why I Can’t Toss My Checkbook
P2P options abound, but I won’t be ditching my checkbook until providers make it easy and compelling enough for the local service providers I pay to make the switch.
Viewpoint: Prepaid and Financial Capability Have Grown Up; Now They Should Grow Closer
As the prepaid industry matures, program managers and other providers are looking for new ways to to drive customers toward behaviors that improve both the provider’s bottom line and the consumer’s financial health.
FIS, Wintrust Rolling out Cardless ATMs in Chicago (Jan. 7, 2015)
Nearly 200 ATMs in the Chicago area are going cardless under a new initiative from Wintrust Financial and FIS.
Polish Banks Embrace HCE-Based Mobile Payments (Jan. 7, 2015)
Nine banks in Poland are preparing to launch mobile payments services via host card emulation (HCE) technology early this year, according to Visa Europe.
SCOTUS to Determine Whether to Hear NACS Appeal on Interchange (Jan. 6, 2015)
The U.S. Supreme Court has scheduled a conference this Friday to determine whether it will grant certiorari and move forward with oral arguments in NACS v. Board of Governors of the Federal Reserve System, which pertains to debit interchange fees and network routing requirements.
FDIC Guidance Sheds Light on Prepaid Cards, Brokered Deposits (Jan. 6, 2015)
The FDIC has issued guidance to promote consistency by insured depository institutions in identifying, accepting and reporting brokered deposits. The guidance, which is in the form of “frequently asked questions,” addresses prepaid cards.
i2c, CPS Launch Corporate Rewards Card Down Under (Jan. 6, 2015)
Payment processor i2c Inc., and Melbourne, Australia-based program manager Corporate Prepaid Solutions (CPS) have launched the Visa-branded uChoose corporate rewards gift card in Australia, setting the stage for global collaboration on additional corporate prepaid programs.
U.K. Banks Eye Apple Pay, But Some Fear a Worm (Jan. 6, 2015)
Several major British banks reportedly are in negotiations with Apple to bring the tech giant’s Apple Pay service to the U.K. before the midway point of this year.
NBPCA, ETA Request Extension of CFPB’s Comment Period (Jan. 5, 2015)
The NBPCA and the Electronic Transactions Association (ETA), the global trade association representing the payments technology industry, submitted a joint letter today requesting a 60-day extension to the comment period for the CFPB’s NPRM on prepaid.
EU VAT Law Aimed at Leveling Playing Field Goes into Effect (Jan. 5, 2015)
The start of a New Year also brings a new EU law into effect that’s intended to stop companies from undercutting their competition by setting up in low-tax countries. However, the law also could increase the tax on purchases of digital content like mobile applications, music downloads and e-books.
