New App Option a Clue to Twitter e-Commerce Plans? (Aug. 11, 2014)
Rumors of Twitter’s imminent entry into e-commerce got more fuel last week, when some users of the company’s Android app noticed a new “Payment & Shipping” option.
PayTech
Card use extending to smaller purchases as contactless catches on
Growth in the volume of debit and credit card purchases in the UK continues to outstrip the growth in value as consumers use their cards more frequently for lower value payments. A threefold increase in contactless payments was a factor in the trend.
Meta Out from Under Consent Order (Aug. 8, 2014)
MetaBank has been released from its Consent Order by the Office of the Comptroller of the Currency (OCC), according to an announcement by the bank’s parent company, Meta Financial Group.
Growing RDC, Mobile Wallet Business Bolsters Cachet IPO (Aug. 7, 2014)
Capitalizing on its recent high-profile moves in the mobile banking space, Cachet Financial Solutions netted nearly $6 million in its Initial Public Offering last month.
FTC: Apps Must Provide More Consumer Info before Download (Aug. 7, 2014)
Many mobile apps used for shopping don’t provide consumers with enough information before they download them to their smartphones, according to the FTC.
New Payroll Law in Illinois Effective Jan. 1, 2015 (Aug. 7, 2014)
Paybefore typically confines discussions about state legislative and regulatory activity to the State Tracker section of Pay Gov. But after we published Pay Gov yesterday, Illinois passed a law that explicitly allows payroll cards in the state, subject to certain conditions.
SEPA Standards Take Effect in Europe (Aug. 7, 2014)
Cross-border payments in the Eurozone have reached a milestone, with Aug. 1 marking the migration deadline for all credit and direct debit transfers to comply with Single Euro Payments Area (SEPA) requirements.
Viewpoint: Why HCE is an Acronym You Need to Know
HCE moves payments credentials to the cloud, which could radically speed up mobile payments development. Analyst Sarah Grotta believes HCE also offers compelling leadership opportunities for prepaid card issuers.
Viewpoint: Jack Ma and the Discovery of Billions
Alibaba Group’s $7.5 billion empire lurks like a crocodile waiting to strike its next opportunity. What does the Chinese giant’s appetite mean for the worldwide payments industry?
Money20/20 lays down 36-hour FinTech developers’ challenge in Las Vegas
FinTech developers, designers and entrepreneurs are being challenged to a 36-hour development tournament in the days leading up to this year’s of the Money20/20 event in Las Vegas in November.
People on the Move: Tom Iler and Paul Wakolbinger, Billtrust
Billtrust, a Hamilton, N.J.-based provider of outsourced billing services, has hired Tom Iler as chief information officer and Paul Wakolbinger as senior vice president of sales.
People on the Move: Andrew Copeman, Aite Group
Andrew Copeman has joined Aite Group as an analyst on the retail banking team.
People on the Move: Josh Flowers and Ajaykumar Gopal, CARD.com
CARD.com, a mobile-focused financial product provider, has hired Josh Flowers as chief financial officer. The company also has promoted Dr. Ajaykumar Gopal to vice president of growth and data science from director of data science and analytics.
People on the Move: Mike Fisher, CPI Card Group
Littleton, Colo.-based card producer CPI Card Group announced that Mike Fisher has joined the company to lead its EMV Field Support Team, and he will provide guidance in the migration to EMV in the U.S for CPI’s customers.
People on the Move: Melanie Barker, The Members Group
Des Moines, Iowa-based payments processor The Members Group has appointed Melanie Barker chief operating officer and executive vice president.
People on the Move: Brian Cornell, Target Corp.
Target Corp. announced that its board of directors has named 30-year retail and consumer products veteran Brian Cornell as the company’s next chairman of the board and CEO, effective Aug. 12, 2014.
Blackhawk, Barclays to Launch Pingit Gifting Feature (Aug. 5, 2014)
Blackhawk Network today announced a partnership with U.K.-based Barclays Bank PLC to launch an e-gifting feature for Barclays’ Pingit mobile banking service, enabling consumers to purchase an e-gift for themselves or someone else using their mobile devices.
American Express Begins First HCE Test (Aug. 5, 2014)
American Express has begun testing host card emulation (HCE) technology for mobile NFC payments at POS terminals in Croatia.
CFPB: Small-Dollar Overdrafts Are Big Problems for Some (Aug. 5, 2014)
Debit card-initiated overdrafts are leading to disproportionate charges for cardholders, with fees often larger than the overdraft amount, according to a new report by the CFPB.
Token Efforts on Security Are More than Gestures
As consumers and merchants embrace card-not-present (CNP) transactions, such as online and mobile payments, the industry is looking for ways to further secure these channels.
Diebold: on the comeback trail
After a decade of being the ATM maker you’ve never heard of, Diebold is returning to Europe and a year into his tenure as president and chief executive at the firm, Andy Mattes thinks that the company’s profile is about to change.
Merchants Cautioned on New POS Malware Threat (Aug. 4, 2014)
Federal officials are warning retailers about a new form of malware that hackers could use to access POS systems and steal consumer data.
CFPB Launches Financial Education Program (Aug. 4, 2014)
The CFPB has launched a program for low-to-moderate income consumers that includes counseling from national and local social services staff and a Website featuring financial education tools.
Square Announces Plans for EMV Chip Reader (Aug. 4, 2014)
Square, the San Francisco-based mobile card reader provider, will be releasing a new card reader enabling merchants to use their mobile devices to accept payments from cards that are EMV-enabled.
Retail Groups Call for Open Tokenization Standards (Aug. 4, 2014)
U.S. merchant groups have banded together to call for open standards for tokenized payments, to be managed by an independent body.
Starbucks Plans Further Jolt for Mobile (July 31, 2014)
Starbucks has racked up nearly 12 million active monthly users for its mobile app, which processes 6 million transactions a week—and the company is looking to build upon that success, according to CEO Howard Schultz.
CardCash.com Acquires Plastic Jungle (July 31, 2014)
CardCash.com, a Brick, N.J.-based marketplace for secondary gift cards, today announced it has acquired the assets of gift card exchange Website Plastic Jungle.
Research: FIs Don’t Need to Wait to Capitalize on M-Payments (July 31, 2014)
Financial institutions can capitalize now on mobile payments opportunities until the market for mobile payments at the POS matures, according to a white paper by Fiserv Inc., a Brookfield, Wis.-based financial services technology provider.
Amazon Plots $2B Indian Expansion (July 31, 2014)
Amazon is seeking to expand its operations in India, and the e-retail giant is putting $2 billion toward that goal.
Intraday liquidity reporting poses challenge for banks says Swift
New intraday liquidity reporting tools set out by the Basel Committee on Banking Supervision could pose a serious challenge for banks, according to a new white paper by Swift.
First Data to Expand Mobile Bandwidth via Gyft Buy (July 30, 2014)
First Data has announced it will acquire digital gift card provider Gyft Inc.
It’s a Wrap for Facebook Gifts (July 30, 2014)
Facebook is shuttering its electronic gift card service after nearly two years, shifting its focus to more recent e-commerce initiatives.
Blackhawk, Amazon Launch Mobile Wallet Features (July 30, 2014)
Blackhawk Network and Amazon today announced they are providing consumers with ways to spend and better manage their gift cards (from dozens of major retailers and restaurants) using the Amazon Wallet app.
FDIC Revises Guidance on Operation Choke Point (July 29, 2014)
The FDIC has clarified its previous guidance related to the DOJ’s Operation Choke Point, which encourages financial institutions to scrutinize payment processor clients that process payments for certain types of businesses.
McDonald’s Employees Sue Franchisee over Payroll Card (July 29, 2014)
Employees and former employees of 16 McDonald’s restaurants across Pennsylvania have filed a class action lawsuit against the restaurants’ owners for violating the law when they allegedly failed to provide a method of receiving wages other than on a payroll card.
Fintech Investment Booming, Says Report (July 29, 2014)
Financial technology investment by major venture capital firms more than tripled between 2009 and 2013, a new study found.
Stripe Launches in Australia, Testing in Scandinavia (July 29, 2014)
Payments processor Stripe Inc. has ventured into the Asia-Pacific region by launching its services last week in Australia.
Fed: Government Prepaid Payments Topped $142 billion in 2013 (July 28, 2014)
Government-funded prepaid cards continue to grow steadily, with agencies at the U.S. federal, state and local levels using prepaid to disburse benefit funds, tax refunds and other payments.
Lawmakers Pressure DOE on Campus Card Rules (July 28, 2014)
New restrictions on campus debit cards being considered by the U.S. Department of Education have the potential to be too far-reaching and severely limit students’ access to financial services, according to more than 40 U.S. lawmakers—senators and congressman, Democrats and Republicans.
Apple, Visa Reportedly in Mobile Wallet Talks (July 28, 2014)
Apple could finally be preparing to make its long-awaited debut in the mobile wallet sector.
