The explosion of innovation in financial service products is driving a growing reliance on third parties to help process and distribute products that, in turn, is making third-party oversight a key priority integrated with daily operations, according to top prepaid card industry experts at preliminary sessions during Money2020 in Las Vegas on Oct. 6. Because […]
GPR and payroll cards—two of the fastest-growing segments in prepaid—continue to expand as a new GPR program and a new payroll card partnership were unveiled today. In separate announcements, InComm and tax preparer Jackson Hewitt said they’re working together on a new GPR program, while The Bancorp Inc. said it will issue payroll cards to TFG Card Solutions’ […]
When Isis, backed by AT&T Mobility, T-Mobile and Verizon, was announced nearly three years ago, Sprint was notably missing from the group of top U.S. telcos involved in the mobile wallet project.
As the federal government shutdown drags on, the payments industry could begin to feel some impacts of the inaction, according to industry observers. And while those effects currently are relatively limited, the coming Congressional battle over the debt ceiling could have serious implications—especially for recipients of Social Security benefits via the Treasury Department’s Direct Express […]
Contact Solutions LLC today announced a new mobile platform to help cardholders access customer service when they want it and easily switch between self-service and a live agent.
PayPal is belatedly paying some attention to design: in its early days, the company didn’t have designers, so the Pay with PayPal button wasn’t very consistent – sellers could tinker with it and even modify the colour. That’s changing, John Muller, vice president and general counsel, told Money 2020.
Basic security mechanisms in payment and banking systems are poorly applied and are out-gunned by the resources available to cybercriminals, a session at the Money2020 event in Las Vegas was told.
Social media may be a dirty word to most banks’ CFOs. But when 28 hours of a 40-hour week are lost to emails and searching for information, there has to be a better way, according to Tony Zingale, chief executive at Jive Software, which has just launched in Europe.
The credit card industry has largely cleaned up its act in the four years since sweeping new federal rules took effect, though some concerns remain, the Consumer Financial Protection Bureau concluded this week. The CFPB’s 102-page report on the impact of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) passed in 2009 found […]
MasterCard and parking services provider Parkeon have announced the launch of a couponing platform that delivers offers from local retailers to consumers as they’re paying for parking. The system is being billed as the first of its kind and will be launched as a pilot next week in Rockville Center, N.Y., with a full-scale rollout […]
Crowdfunding—a term used for a group of people pooling their money, typically through Websites, to support projects—is being used to help finance everything from films to NFC-enabled jewelry.
Australian debit card system eftpos has contracted Jacksonville, Fla.-based FIS to build out a new centralized payments hub.
A new survey suggests most consumers don’t want mobile wallets, but many were skeptical about the Internet, at first.
Bloomberg has launched a new information service called First Word Foreign Exchange, which is designed to give FX traders ‘actionable’ news insight that they can quickly process and feed into their trading decisions.
Once again, NFC is in the news for more of what didn’t happen than for what did. Despite the rumors that Apple would put NFC in its new security-minded iPhone 5S, the annual iPhone new model release announcement came and went without a mention of NFC.
Opportunities are significant for B2B, government and consumer applications, particularly around mobile money, but the industry must work harder to overcome education gaps at the consumer and regulatory level.
Loyalty is key to business success – and banks that can bring data and technology to bear to achieve it stand to gain the most, writes Sameet Gupte, senior vice president and managing director for Europe at IT consulting and outsourcing company Virtusa Corporation.
SIMalliance, a London-based nonprofit trade association supporting the creation, deployment and management of secure mobile services and applications, announced that Frédéric Vasnier has been reelected to serve a one-year term as chairman.
judo payments, a U.K.-based provider of card payment technology for mobile apps, appointed Michael De Jongh vice president of sales and marketing.
The time has come to agree on a simpler way to use and store digital payment credentials, a trio of payment networks said today.
The Consumer Financial Protection Bureau yesterday hosted a Banking on Campus Forum in Washington, D.C., as part of its ongoing investigation into campus cards. Some college students said they feel pressured into using specific financial products—which can include student ID cards that double as debit or prepaid cards and are used to access scholarships and […]
San Diego-based prepaid provider The SpendSmart Payments Co. has set its sights on expanding beyond the teen card market, and the company is kicking off that expansion with a government-focused business line. SpendSmart’s new program management platform will focus on prepaid cards for distribution by municipal, county and state governments. The company already has inked […]
Indian payment startup MobiKwik is launching what the company is calling the country’s first consumer-focused mobile wallet. The MobiKwik wallet is available as an app for iOS and Android devices, and enables users to make online purchases from about 500 merchants. The wallet can be loaded via bank account transfer or credit card and a […]
American Express is partnering with Sri Lanka’s Sampath Bank to launch a new prepaid travel card aimed at the growing number of Sri Lankans traveling abroad for business, education or leisure. The new Travel Life Prepaid Card, American Express’ first prepaid travel card in Sri Lanka, enables travelers to lock in a particular currency exchange […]
Technology companies are continuing to focus on Big Data, specifically analyzing transaction data to help clients improve the profitability of their portfolios. The latest to do so is payments technology provider FIS, which recently unveiled the FIS Active Analytics suite to help clients create segmented marketing campaigns and merchant offers, and price products more effectively. […]
Global Payout Inc., an electronic payment and prepaid solutions provider, is offering a newly enhanced health discount plan for all holders of the company’s MoneyTrac Prepaid Discover card, a GPR card that features a health care and pharmacy discount program. The WellCard Health Discount Plan now offers cardholders pre-negotiated health services with more than 410,000 […]
National Australia Bank has launched NAB Flik, a P2P payments app that enables customers to send and receive money using a mobile phone number, email or Facebook account.
The partnerships banks are forming with financial technology suppliers today look very different than routine client-vendor relationships of past decades, and one of the most interesting aspects of the trend is how both sides are transforming each other.
By Charnsin Tulyasathien, epay
The mobile space has changed—from the early, “Wild West” days where subscribers represented land, and service providers represented pioneers grabbing as much as they could.
Why prepaid is a winning play for casinos and their customers
By Alpesh Shah, FIS
It’s official; eBay Inc. has announced it will acquire e-commerce processor Braintree Payment Solutions in an $800 million deal that will bring Chicago-based Braintree under eBay’s PayPal business unit. The two companies were reported to be in negotiations for a sale earlier this week. With the purchase agreement in place, PayPal gains Braintree’s more than […]
The National Bank of Egypt (NBE) has partnered with MasterCard to launch a new mobile app that enables users to send money, pay bills and soon make purchases at selected merchants in Egypt and electronic retailers across the globe. Dubbed Phone Cash, the service was developed in conjunction with electronic bill payment provider Fawry and […]
Capitalizing on explosive growth in the m-POS arena, Square this week announced an integration with Intuit Inc.’s popular QuickBooks business and financial management software, enabling users of Square’s m-POS solutions to automatically import transactions directly into QuickBooks to streamline their operations.
Zagat, known for its ratings guide for restaurants and nightlife, has launched the Zagat Dining Card, an electronic gift card currently accepted at nearly 230 restaurants in New York City.
What do hundreds-of-thousands of counterparties, dozens of regulations and your many regulators all want from you? Better counterparty classification …
MasterCard and Visa have agreed to cut interchange fees by nearly half in France, striking a deal with the French Competition Authority, the country’s anti-trust regulator. Under the agreement, the payment card networks will lower interchange fees on purchases to 0.28 percent of a transaction’s value starting on Nov. 1. Currently, MasterCard charges .055 percent […]
Sept. 24, 2013 Will Facebook opt to become an e-commerce payments hub, rather than dive directly into payments? It’s beginning to look that way for now, as Facebook this week rolls out a new “Autofill with Facebook” payments feature for mobile apps, taking care not to step on the toes of merchants’ existing payment processors. […]
Today in Riyadh, Saudi Arabia, at the King Abdulaziz City for Science and Technology, U.K.-based payments technology company Ixaris and Middle East technology provider 3omlti e-Commerce have announced a significant partnership to bring prepaid cards to Saudi consumers and companies. Together the companies plan to use Ixaris’ prepaid platform, known for its virtual prepaid cards, and […]
The Consumer Financial Protection Bureau (CFPB) is most successful when it solicits wide-ranging input before issuing guidance; when the agency doesn’t is when it could falter, according to a new report by the nonprofit organization Bipartisan Policy Center (BPC).
