Clinkle a Clunker? (Sept. 25, 2014)
After three years in “stealth mode”—and $30 million in venture funding—once-hot mobile payments startup Clinkle has finally launched, but with a drastically scaled back platform.
Payments
GAO: CFPB’s Data Collection Security Procedures Need Improvement (Sept. 25, 2014)
The Government Accountability Office (GAO) has determined that the CFPB must take additional measures to mitigate risk of “improper collection, use or release of consumer financial data,” according to a recently released report.
60 Minutes Skewers ‘Gov’t Bureaucracy’ on Tax Refund Fraud; Highlights Role of Prepaid (Sept. 23, 2014)
If you were watching 60 Minutes on Sunday night, your heart probably stopped during the story on “The Tax Refund Scam.”
Citi Mobile Challenge Launches to Fuel Innovation (Sept. 23, 2014)
Citi this week launched Citi Mobile Challenge, a global competition to facilitate new concepts among technology developers surrounding mobile banking and payments.
E-Payments Surge in Nigeria, but Challenges Remain (Sept. 23, 2014)
Electronic payments are growing fast in Nigeria, with the total volume of e-payments reaching a new high of N10.85 trillion (US$ 62.2 billion) in 2013, according to data from the country’s central bank.
Citi seeks developers in global mobile banking challenge
Citi has launched a global mobile challenge that it says will help to inspire technology developers to reimagine mobile banking and payments. The bank plans to host a series of events in Miami, New York and Silicon Valley in November, after which finalists will get the chance to bring their product to market with help from Citi.
‘Banking’ the Unbanked with Direct Express (Sept. 22, 2014)
The U.S. Department of the Treasury’s Direct Express Debit MasterCard program now serves nearly one-quarter of the nation’s entire unbanked population, a recent cardholder survey confirms.
Canada’s Supreme Court Raises BIG Federal Preemption Issue (Sept. 22, 2014)
Did Canada’s Supreme Court just create a significant regulatory issue for the country’s prepaid issuers? According to at least one prominent Canadian attorney who’s following the court’s decisions, it appears quite possible—although more investigation is needed.
Alibaba Sets Record with $25 Billion IPO (Sept. 22, 2014)
Last week’s initial public offering of Chinese e-commerce giant Alibaba Group exceeded even the outsized expectations of most observers, raising $25 billion and setting a new world record for an IPO.
Home Depot Says 56 Million Cards at Risk, Eliminates Responsible Malware (Sept. 22, 2014)
After Home Depot confirmed earlier this month it was the victim of a customer data breach affecting shoppers at its U.S. and Canadian stores, the home improvement retailer confirmed late last week that as many as 56 million payment cards are at risk.
Blog: ‘Banking’ the Unbanked with Direct Express
The U.S. Department of the Treasury’s Direct Express Debit MasterCard program now serves nearly one-quarter of the nation’s entire unbanked population, a recent cardholder survey confirms.
BNP Paribas and SIX target Belgian payments “monopoly”
BNP Paribas and SIX Payment Services are planning to target merchants in Belgium with a new payments partnership, which they say will offer competition on payment terminals and acquiring services for the first time.
Green Dot Nabs Tax Refund Processor for $320 Million (Sept. 18, 2014)
Green Dot Corp. has entered an agreement to acquire Santa Barbara Tax Products Group (TPG), the largest consumer tax refund processor in the U.S., for $320 million.
Introducing Andrew Buckley, Head of Core Products for MasterCard in Europe (Sept. 18, 2014)
Paybefore was invited to sit down with Buckley, who joined the payments network 15 months ago, during MasterCard Europe’s prepaid conference, which concluded yesterday in Budapest.
NGC Expands into Europe, Buys Majority Stake in Revive Prepaid Management (Sept. 18, 2014)
National Gift Card Corp. (NGC), a Crystal Lake, Ill.-based marketer and supplier of gift cards for use in loyalty, incentive and rewards programs, today announced it’s expanding operations, retail partners and customers to Europe.
Simple Adds Touch ID, Support for Android Wear (Sept. 18, 2014)
Electronic banking provider Simple has added support for Apple’s Touch ID and Android wearable devices.
Private banks set to benefit from UK account switching
As the UK Payments Council looks back on the first year of its current account switching service, numbers have risen but the change has been gradual and a disappointment to some. That could soon change as private banks make their move, according to senior financial services experts.
Introducing Antonia Stroeh: MasterCard’s New Head of Prepaid Product Development for Europe (Sept. 17, 2014)
During Day Two of MasterCard Europe’s prepaid conference, Paybefore met with Antonia Stroeh, the payment network’s new head of prepaid product development for Europe.
InteliSpend Launches MasterCard Prepaid Line in Canada (Sept, 17, 2014)
InteliSpend Prepaid Solutions is bringing its MasterCard corporate and incentives prepaid products to Canada, the company has announced.
Apple Pay Coming to China (Sept. 17, 2014)
Apple and China UnionPay Co. have struck a deal to bring Apple Pay, the wallet app featured on the new NFC-enabled iPhone 6 and Apple Watch, to China.
Kalixa, Millicom Form JV to Serve Africa and Latin America (Sept. 17, 2014)
Luxembourg-based telecom Millicom and Kalixa, a London-based payments service provider and 2014 Paybefore Awards Europe winner, have created a joint venture to develop a payments service provider to operate in Africa and Latin America.
Viewpoint: The One Who Enrolls Is the One Who Controls
The most effective strategy for retailers to thrive in an omnichannel age is to enroll customers for payment in their own mobile shopping apps.
Hong Kong to implement Swift’s infrastructure resiliency service
Hong Kong has become the second jurisdiction to sign up to use Swift’s Market Infrastructure Resiliency Service to improve operation of its real-time gross settlement system.
Report from MasterCard Europe Prepaid Conference (Sept. 16, 2014)
A white paper released today at MasterCard Europe’s Prepaid Conference in Budapest asserts that financial institutions are not keeping up with consumer demand.
SUBWAY Deploying Softcard-Branded Payment Terminals at 26,000-Plus Stores (Sept. 16, 2014)
Starting next month, Softcard users will be able to pay for food at SUBWAY using their mobile phones, as the quick service restaurant announced today it will launch Softcard-branded NFC payment terminals at its 26,000-plus locations in the U.S.
Amazon Getting Out of P2P—at Least for Now (Sept. 16, 2014)
Amazon is shutting down its WebPay P2P money transfer service next month, the online retail giant announced this week.
India Banking Push Spurs RuPay Growth (Sept. 16, 2014)
India’s RuPay national payments network is growing fast, bolstered by a government drive to expand banking services and move the country’s economy away from cash.
NBPCA, Gov’t, Consumer Groups Weigh In on Mobile Financial Services (Sept. 15, 2014)
Mobile financial services can play an important role among a large group of American consumers. That much the Network Branded Prepaid Card Association, the FTC and consumer organizations, including U.S. Public Interest Research Group and the Center for Digital Democracy, agree on.
Investors Line Up Ahead of Alibaba IPO (Sept. 15, 2014)
Chinese online shopping and payments giant Alibaba Group is finding no shortage of investor interest ahead of its upcoming U.S. IPO, which reportedly is already three times oversubscribed.
Reports: Weve Pulls Plug on Mobile Wallet (Sept. 15, 2014)
Weve, the mobile payments joint venture from mobile operators Vodafone UK, Telefónica UK’s O2 and EE, has abandoned plans to develop its own mobile wallet product after the U.K.’s three largest mobile telecom providers failed to agree on how to run the wallet.
Blackhawk Expands B2B Offerings with CardLab Buy (Sept. 15, 2014)
In a bid to build out its B2B incentives platform, Blackhawk Network has acquired CardLab Inc., a Dallas-based provider of customizable prepaid incentive and rewards cards.
Comerica wins Direct Express RFP
Comerica Bank, the incumbent issuer of the U.S. Treasury Department’s Direct Express prepaid debit card program to distribute benefits to Social Security recipients, will continue in that role under a new five-year agreement, according to a blog post published today on the department’s Website.
Apple’s arrival will change the payments landscape – eventually
Apple may have lined up the chief executives of Bank of America and JP Morgan Chase to laud the launch of Apple Pay, but reaction from the wider industry was more muted – disappointed, even.
Will Apple Pay and Its Backers Ignite Mobile Wallets? (Sept. 11, 2014)
Numerous payments providers, financial institutions and merchants have thrown their support behind Apple Inc.’s new Apple Pay service—and if the tidal wave of early backing is any indication, the Apple and iPhone brands already may have overcome one of the most vexing issues hindering mobile wallet adoption—lack of widespread support by stakeholders in the value chain.
UK account switching service lures a million customers in its first year
Just over one million UK consumers have switched their current accounts using the UK Payments Council’s seven-day switching service during its first year of life, according to new figures released this week – but some observers believe more change is needed.
Visa Launches Token Service for Safer Online, Mobile Transactions (Sept. 11, 2014)
Visa Inc. has launched Visa Token Service to provide more security for e-commerce transactions, including online and mobile, by replacing payment account information with a digital account number, or token, which can be stored safely by online merchants or on mobile devices.
Amex Program to Spark Financial Inclusion Accepting Applications (Sept. 11, 2014)
Hoping to foster the next great ideas to promote financial inclusion for underserved consumers, American Express has begun accepting submissions for its Financial Innovation Lab, which provides researchers and practitioners from nonprofit organizations the opportunity to test their ideas on the American Express Serve prepaid account software platform.
MasterCard Sets Contactless Payments Deadlines for European Merchants (Sept. 11, 2014)
MasterCard has given European merchants accepting MasterCard and Maestro a deadline of no later than 2020 to update their POS systems so consumers will be able to tap to pay with their contactless cards and NFC-enabled devices at all POS terminals throughout the continent.
EU Makes Final Ruling on Cross-Border Interchange (Sept. 11, 2014)
The European Union’s Court of Justice has ruled that interchange fees charged for cross-border card payments by MasterCard were too high, bringing an end to a seven-year court battle over the fees.
Blog: Apple Pay—It’s a Matter of Trust
Apple’s big NFC move legitimizes the mobile wallet concept.
