Viewpoint: The Visa/PayPal Deal Is Not as It Appears
The recent partnership between the two payments giants will impact fees, consumer data and other areas. An analyst discusses the benefits and motivations of the deal.
Payments
Earthport teams with Aftab Currency Exchange Limited for payments growth
Earthport, a cross-border payments service provider, is partnering with Aftab Currency Exchange Limited (ACEL) for payments growth. ACEL wants to expand its bank-to-bank capability and will initially use Earthport’s capabilities to “strengthen” its EU offering with a view to further expansion globally over the coming months. Aftab Ashraf, founder director, ACEL, says Earthport brings it […]
ING Bank Romania launches new mPOS service with GoSwiff and MasterCard
ING Bank Romania has launched a new mobile point-of-sale (mPOS) service, underpinned by MasterCard and specialist vendor GoSwiff. ING mPOS is aimed at local merchants of all sizes. It enables them to accept card payments through mobile devices, smartphones and tablets, connected to a card reader. It also supports other added-value services, such as consumer […]
New mPOS solution for Indonesian merchants launched by Indosat Ooredoo and GoSwiff
Indonesian telco Indosat Ooredoo and GoSwiff International have teamed up for a new mobile payment acceptance solution for merchants in Indonesia, D-Pay. Bank Negara Indonesia (BNI) is the acquiring bank. D-Pay is a financial service that enables merchants to accept mobile payments, allowing their customers to pay using debit/credit cards (Visa, MasterCard and JCB) and […]
Viewpoint: One-Time Passwords Aren’t Going Away
A recent NIST announcement would seem to toss SMS one-time passwords to the junk pile. But the anti-fraud technology still has value for low risk transactions.
Viewpoint: Brexit Can’t Save U.K. from Data Protection Regs
A tough new European data protection rule, scheduled to come into force in 2018, will command businesses’ attention no matter the relationship the U.K. has with the EU.
Viewpoint: Who Dominates P2P?
Beware of predictions that upstarts will push aside incumbents when it comes to consumer-to-consumer remittances. The numbers tell a different story.
SEB invests $4m in blockchain payment provider Coinify
Danish blockchain payment service provider Coinify has raised $4 million in series A investment round from SEB Venture Capital, an entity within the SEB Group and SEED Capital Denmark. Mark Højgaard, co-founder and CEO of Coinify, says it plans to use the investment to sustain its position in Europe and “expand” its blockchain payment and […]
“Strong sales” send Fiserv revenue rising
Fiserv’s GAAP revenue increased 5% to $1.36 billion for the second quarter of 2016. Compared to Q2 2015, its payments segment saw 9% growth and the financial segment grew 1%. In terms of the first six months of 2016, the firm’s financial results were a similar story. GAAP revenue increased 5% to $2.69 billion, with […]
MasterCard credit card chips surge in US
MasterCard says 80% of its US consumer credit cards have chips, an 88% increase in their adoption since the 1 October 2015 liability shift started to bring EMV-secured payments to the country. The company has had to do this due to the change in law. It says it also sees 1.7 million chip-active merchant locations […]
SIA buys e-money processing unit of Unicredit
Unicredit is selling its e-money processing unit to payments vendor SIA. The unit – part of Unicredit Business Integrated Solutions (UBIS) – processes around 13.5 million payment cards and manages 206,000 POS terminals and 12,000 ATMs in Italy, Germany and Austria. SIA has also got a ten-year outsourcing contract from UBIS for the supply of […]
Prepaid International Forum Rips into Proposed EC Prepaid Rules
The European Commission’s proposed changes to anti-money laundering rules would place an “immense burden on the regulated e-money sector,” the Prepaid International Forum argues in a new position paper.
clearXchange to Offer Debit Transfers, Upping Speed, User Base
Users of bank-owned P2P money network clearXchange soon will be able to send funds via debit cards, offering faster transfers and significantly expanding the network’s potential customer base to nearly anyone in the U.S. with a debit card.
Report: Mobile Wallets Disappoint
Many mobile wallet users want more from their mobile wallets, such as sales offers, coupons, order delivery updates and loyalty programs, and marketing and loyalty opportunities using mobile wallets has gone largely untapped, according to a recent study, “The State of Mobile Wallet Marketing,” conducted by Urban Airship, a mobile engagement platform provider.
Companies on the Move: Retail Gift Card Association, New Members
The Retail Gift Card Association (RGCA) has announced its newest membership additions, comprised of 18 companies including legacy-brand retailers and other major gift card industry stakeholders.
Company on the Move: Visa Inc., New Silicon Valley Office
Visa Inc. has announced plans to open a new office in Silicon Valley as part of its continued efforts to accelerate digital commerce globally.
TransferWise gets direct access to UK Faster Payments Scheme
TransferWise has become the “first” tech firm to get direct access to the UK’s Faster Payments Scheme (FPS) as technical partner to Raphaels Bank. TransferWise and the bank sent their first Faster Payment as part of pre-launch test activity. Later this summer, TransferWise customers’ transfers will be “processed instantly” after the firm has received the […]
InComm Continues Overseas Push with ValuAccess Buy
Atlanta-based prepaid product and transaction services company InComm has acquired the Hong Kong prepaid distribution business of ValuAccess for an undisclosed sum, marking the company’s second international acquisition this year. In January, InComm, which operates in more than 30 countries, expanded its European footprint with its purchase of TibiDono.
Consumer Reports Dubs Prepaid ‘A Smart Way to Pay,’ Rates Top Products
As prepaid providers eagerly await the release of the CFPB’s long-gestating final rule on prepaid accounts, Consumer Reports is lauding the industry for reducing or eliminating fees and instituting consumer protections akin to those of a debit card. The improvements in prepaid products at large have led the magazine to dub prepaid cards “a smart way to pay with plastic,” in a new report and prepaid card buying guide.
Office Depot Sues Delaware over Unclaimed Gift Card Law
Office Depot and an associated gift card program manager are suing Delaware officials in federal court, challenging the state’s unclaimed property law. The Florida-based retail chain and Virginia-based North American Card and Coupon Services LLC, Office Depot’s gift card operator, said Delaware’s escheat law violates the U.S. Constitution’s Fourth Amendment, which guards against unreasonable search and seizures.
Payza partners with NRGT for payments innovation in India
Payments platform Payza has partnered with New RAMPgreen Technologies (NRGT) in India to launch the “first” global online wallet that can be used by Indians in their local currency. Payza says prior to this local payment service Indians were not permitted to hold any rupees in any online ewallet. It says the “only way” they […]
Mastercard, PayPal Talks to Share Transaction Data
Less than two weeks after PayPal announced a strategic partnership with Visa, the digital payments provider is talking with Mastercard about ending a long-running dispute over transaction data, Mastercard’s CEO says. During an earnings call last week, Mastercard CEO Ajay Banga said the payments network was engaged in a “constructive dialogue” with PayPal over Mastercard’s concerns about being shut out from merchant and transaction data for sales made via “staged” digital and mobile wallets such as PayPal and Google Wallet.
SIA and ČSOB launch “first” NFC mobile wallet in Czech Republic
Czech bank ČSOB and Italian payments firm SIA have launched the first mobile wallet for NFC payments in the Czech Republic. The new app, NaNákupy (literally “go shopping”), supports both MasterCard and Visa, and enables ČSOB’s customers to make contactless payments by smartphone. Petr Hutla, member of the ČSOB board of directors in charge of […]
Men Like to Pay via Desktop Computers, but Women are More Willing to Use Mobile
Men prefer making online purchases via desktop, women are more willing to use mobile devices, and millennials tend to use debit and alternative payment methods such as PayPal, according to a new global survey report from Worldpay.
Total Merchant Services Finds ‘Groovv’ with SMEs
Payments processor Total Merchant Services has unveiled a new POS system targeted for use by small and midsize businesses, including those in the retail and restaurant verticals. Dubbed Groovv POS, the platform comes in two models: an all-in-one offering that includes a 13-inch touchscreen monitor, cash drawer, integrated barcode scanner and receipt printer; as well as a smaller “Flex” model, built around a detachable Samsung Galaxy tablet.
Midnight Deal to Buy Bitcoin Goes Bad
A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.
MasterCard and PayPal mull strategic alliance
Years of friction could be over as PayPal is talking to MasterCard on a potential strategic alliance, according to the Financial Times. PayPal, with its network of 188 million active users, has been expanding at MasterCard’s and Visa’s expense. One example was its recent partnership with Mexican telecommunications giant América Móvil for growth in Latin […]
Accenture buys mobile payments start-up Mobgen
Accenture has acquired 100% of the shares in Amsterdam-based start-up Mobgen. Mobgen says with Accenture it can expand its “end-to-end mobile approach”. The Dutch firm will be part of Accenture Digital, but will keep the same brand, culture and operate from its offices in Amsterdam, London, and A Coruña and Malaga in Spain. It has […]
Payments Canada pushes for innovation drive
The Canadian payments space needs to have more flexible and secure systems to promote innovation, according to a public consultation carried out by Payments Canada (formerly the Canadian Payments Association, CPA), the operator of the nation’s payment clearing and settlement system. In its “Vision for the Canadian Payments Ecosystem” report, done in collaboration with more […]
Top fintech stories this week – 29 July 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Abcul slow on tech modernisation project Exclusive: First credit unions to go live before year-end. New mobile banking for SMEs readies for UK launch Tide will offer a “nimble small business current account”. Top ten retail banking sites […]
Monizo to launch “first” banking service for freelancers
UK-based start-up Monizo is planning to launch the “first” banking service targeted solely at freelancers. In an exclusive interview with Banking Technology, CEO and co-founder Samuel O’Connor says the firm caters for the particular needs of freelancers across the UK. He says: “The rules are getting more onerous for freelancers and by the end of […]
PSR calls for UK payments infrastructure reform
The UK’s Payment Systems Regulator (PSR) says the nation’s payments infrastructure needs to undergo reform to increase competition and to better meet consumer needs. The announcement was made as the PSR unveiled the final conclusions of its market review into the ownership and competitiveness of the infrastructure that supports three payment systems – Bacs, Faster […]
Shell Pays $762K To California For Misleading Payments Advertising
Shell Oil is coughing up civil penalties, investigative costs and restitution after being accused of tricking consumers with payments ads for various Shell fuel rewards and gift card programs.
CASHU Denies Reports of Saudi Ban, Announces Expansion
Earlier this month, reports emerged in several Saudi media outlets that SAMA had banned in-person sales of CASHU prepaid cards due to the large number of customers using the cards and the government’s inability to monitor misuse.
Australian Banks Seek Power to Negotiate with Apple over Payment Apps
They want permission from national anti-trust regulators to negotiate as a bloc with Apple over putting their own mobile payment technologies on iPhones.
Venmo In-App Payments Exits Beta
Venmo also announced additional merchant partners have come on board, bringing the number of merchants now accepting Venmo payments within their mobile apps to 11.
New mobile banking service for SMEs gears up for UK launch
UK-based Tide will offer a “nimble small business current account”, with a swift set-up and no monthly fees. It claims to be among the “world’s first” mobile-first banking services for SMEs. Tide’s CEO George Bevis says the company will open its virtual doors for business in autumn this year. Tide is currently in the “private alpha […]
China: where the digital payments action is
Earlier this year a couple of surveys were released indicating that the real action in digital payments is in China. This shouldn’t be surprising: China’s economy continues to grow (despite doomsayers predicting a coming “crash” for at least a decade) and the Chinese government is investing billions into science and technology. The fruits of this […]
Lloyds selects Bacs payment solution from D+H
DH Corporation (D+H) has onboarded UK’s Lloyds Banking Group for its white-labelled Bacs payment service. Lloyds “sought to provide new payment services to enhance clients’ payables and receivables processes”, says D+H. To begin with, Lloyds will offer the vendor’s Bacs capabilities to SMEs and mid-market clients, but D+H hopes this will be subsequently scaled up […]
Elo and Discover mark “first” transaction for global network boost
Elo, the “first” 100% Brazilian card brand, conducted its first international transaction in the US on the Discover Global Network. This transaction marks the official acceptance of the Elo Global Card in the US. The cards are issued by Banco do Brasil, Bradesco and Caixa Econômica Federal, and will be used for international purchases and […]
