Hundreds of UK-based jobs at Visa are in danger following the fallout from Brexit, according to Sky News. Sky News says it “has learnt that an agreement in the recent £17.5 billion takeover of Visa’s European operations by its American sister company included a stipulation that data from Visa card transactions should not leave Europe”. […]
Grocery giant Kroger Co. has filed a lawsuit against Visa Inc. over the payment network’s rules for verifying EMV debit card transactions. First reported by the Wall Street Journal, the suit is based on similar issues as those in a legal challenge by Walmart, which sued Visa in May.
This week marks a couple of “firsts” for two mobile wallets. Android Pay has launched in its first Asian country, and UnionPay International’s QuickPass mobile wallet took its first step outside of China.
Vodafone has expanded its global money wallet and money transfer services via programs involving PayPal and MasterCard.
QikServe, which sells mobile ordering and payment services, has released QikServe5, which the company said caters to the hospitality sector. Mobile ordering, particularly order-ahead features, have been more prevalent in the QSR industry thus far.
Swift has revealed 73 banks worldwide have now joined its global payments initiative for cross-border payments. The latest to join are Alfa-Bank, Axis Bank, Banco de Crédito del Peru, Banco do Brasil, Bangkok Bank, Bank of Nova Scotia, Banque Européenne d’investissement, CaixaBank, Canadian Imperial Bank of Commerce, Credit Agricole, CTBC Bank, E.Sun Commercial Bank, Fifth […]
Wells Fargo will launch real-time person-to-person (P2P) transactions in the US – for more than 17 million mobile customers. Beginning 1 August, the service will allow Wells Fargo’s customers to send funds in real-time at “no cost” to any customer of a bank that participates in the real-time service, which operates on Early Warning’s clearXchange […]
American Express is partnering with Facebook to provide an Amex bot for its card members in Messenger. The concept will allow Amex card members to sign up to receive real-time notifications about their purchases, and information about card benefits and services related to those purchases. For example, if a member purchases an airline ticket, the […]
Shortly after the narrowly decided vote for the U.K. to leave the EU (or Brexit) was announced, a trade association is urging the U.K. government to protect U.K.-based financial services providers and a petition calling for a second referendum has nearly 4 million signatures.
A new partnership with Facebook will enable American Express to interact with cardholders via Facebook Messenger. Unveiled at the Cannes-Lions International Festival of Creativity in Cannes, France, the initiative features an American Express messenger “bot” that sends cardholders real-time purchase notifications and information about card benefits and services related to those purchases.
Green Dot Corp. has announced the appointment of William I Jacobs as chairman of the board of directors, effective June 23, 2016. Jacobs takes the helm following the company’s May decision to split the roles of chairman and CEO—both of which had been held by Steve Streit—after a lengthy proxy battle with shareholder Harvest Capital Strategies.
Banco CTT, a new bank recently launched by CTT Correios de Portugal, the Portuguese post office, has developed a new customer onboarding platform. The platform promises to complete the opening of a new account at Banco CTT in just 20 minutes online. It has been developed together with a local software specialist, Novabase. It is […]
Canada’s ATB Financial sent €666.67 to ReiseBank in Germany using Ripple technology, with the transaction completing in eight seconds. The participants say this is the world’s first bank transfer using blockchain. SAP, which provides ATB with its core banking software, and Accenture (SAP’s partner and system integrator at ATB) were also involved in the project. […]
The people have decided and the U.K. is splitting from the European Union, raising serious concerns for the payments industry. Among those concerns is how passporting will work when the U.K. is no longer part of the EU since the majority of European e-money issuers have licenses in the U.K. that they passport elsewhere. Fifty-two percent of voters opted to bow out, or “Brexit,” as it’s commonly called.
As voters head to polling places today to decide whether the U.K. should split from the European Union, the referendum is top of mind for members of the payments industry around the world. Several issues for the industry would be in flux should the U.K. decide to bow out, or “Brexit,” as it’s commonly called.
Canada’s open-loop prepaid market saw CAD$3.1 billion (US$2.4 billion) in total card loads in 2015, according to a new market-sizing report offering insights into the country’s fast-growing prepaid industry.
Microsoft’s mobile wallet launch this week seems like small ball at first glance but could pay off as more consumers turn to smartphone payments, and the software giant moves forward with a big acquisition.
The five-year agreement combines Wirecard software and Verifone devices, with Indonesia as the first target market. The strategic alliance will see the Indonesian subsidiary of Wirecard, PT Prima Vista Solusi, collaborating with the local operations of Verifone. Steve Aliferis, president of Verifone Asia Pacific, says that the company is now establishing “a local team and […]
For the second year in a row, Discover has been selected as a top company in Utah by the Best of State award program.
Fintech collaboration platform Next Money is celebrating the launch of its Tampa Bay chapter with its first meet-up on Thursday, June 30, at 6 p.m. at the Tampa Bay WaVE Venture Center.
Jiffy – the instant mobile payments service developed by SIA – is coming to Italian stores. The person-to-business (P2B) project is piloted in Milan and Bergamo, allowing customers to pay via app at participating retail outlets authorised by UBI Banca. SIA says that “other major Italian banks have expressed interest in offering P2B the service […]
Toronto-based start-up, nanoPay, which acquired the assets of the digital currency business of the Royal Canadian Mint (RCM), MintChip, in early 2016, launches new digital cash. The first commercial application of MintChip is in Toronto’s Liberty Village neighbourhood, where consumers shopping or dining at participating merchants can use MintChip to pay for goods and services. […]
Americans are more reliant than ever on mobile devices to manage their finances, presenting a major opportunity for providers of emerging payments services like mobile wallets and P2P, according to a new study from Bank of America. The bank’s third annual Trends in Consumer Mobility Report collected and analyzed data from more than 1,300 U.S. adults over the age of 18 who have a bank account and own a smartphone.
Chase has expanded its P2P QuickPay service, so its customers can send and receive money in real time with one another as well as customers of Bank of America and U.S. Bank. Later this month, customers with smartphones can use the Chase mobile app to enroll in QuickPay and add payment recipients from their contact lists.
Hackers have apparently hit the online store operated by Taiwan-based computer maker Acer, potentially making off with customers’ card numbers, expiration dates and security codes.
Two large-scale trends are coming to a head with merchants at the crux: the digitization of payments and increasing card-not-present fraud. Merchants need the right tools, including data analytics and fraud-prevention systems, to help them meet customer demand for a frictionless experience, while keeping fraudsters at bay.
Visa Inc and Visa Europe are united again. The combined company provides digital payment products, services and processing to about 17,100 financial institution clients and partners, 40+ million merchant outlets, and three billion Visa accounts worldwide. The company says its branded cards and payment products amount to approximately $6.8 trillion in global payments volume annually. […]
You weighed in on Women Driving Payments Change, Top 10 Payments Lawyers and the Smartest People in Payments. Now we want to know which chief technology officers deserve the title of Top Payments Tech Guru. Enter your picks by July 1. We’ll tally the top vote-getters and have final voting from the short list next month. The Top Payments Tech Gurus will be featured in our Spring issue of Pay Magazine.
Oklahoma Governor Mary Fallin says state law enforcement will delay using devices that read the magnetic stripes on payment cards, following outcries from lawmakers and consumer groups about privacy and legal concerns. But mention of a supplemental proposed rulemaking suggests FinCEN may be looking to revisit card readers at the border.
As consumers pack up their cars or board their planes for summer getaways, prepaid cards will be just as important as sunblock or a comfortable pair of walking shoes. Many travelers plan to bring prepaid cards because of convenience, security and budgeting, according to an InComm consumer survey.
Nine fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation, or CFSI. At least week’s Emerge Conference in New Orleans, CFSI announced the FinLab winners from more than 300 applicants.
CPI Card Group has been targeted in a new class action lawsuit over claims the card manufacturing and fulfillment specialist failed to disclose important information to shareholders in the run-up to its IPO last year.
US-based Silicon Valley Bank (SVB) and MasterCard are calling on US start-ups to apply for their Commerce.Innovated accelerator programme. The application process closes on 10th July, and the programme will run September to December. Commerce.Innovated is a four-month, bi-annual virtual accelerator, and this will be the fifth time it is held. Its organisers say it […]
Flexibility and transparency are key to the first pan-European instant payments scheme, states Javier Santamaria, chairman of the European Payments Council (EPC). Currently, instant payments in Europe operate only within the borders of individual countries or among customers of the same payment service providers (PSPs). To move away from this fragmentation, the EPC was invited […]
Nope, it’s not censorship, nor restraint of trade. Rather, Google’s recently announced ban on online payday loan ads shows that the search engine giant wants to do good by consumers. That’s what Vijay Padmanabhan, a policy adviser at Google, said this week in New Orleans at the Emerge: Consumer Health Financial Forum.
From the future of prepaid and which mobile wallets stand to win to regulatory uncertainty and the best route to market in Europe, view our most popular opinion pieces from 2016, so far.
Alpha Payments Cloud, a provider of the AlphaHub Payments-as-a-Service platform, has received investment from Wells Fargo. Through its Startup Accelerator programme, for the next six months Wells Fargo will collaborate with Alpha Payments Cloud on its global payments network technologies for merchants. The company says its valuation now stands at $100 million. Wells Fargo’s Startup […]
The latest Fed consumer research reveals why many consumers are still on the sidelines when it comes to adopting mobile financial services. Surprise: They’re scared.
While industry observers think Apple Pay adoption hasn’t yet hit a critical mass, the mass it has hit (with 1 million more users added each week) makes it a substantial alternative to the use of contactless payment cards. But more importantly, it’s what’s still to come from Apple that retailers (and others vying for mobile wallet share) can’t afford to ignore.
Tapping into the IoT trend requires financial services providers to consider the use case for each device and make sure the information and capabilities are relevant. Irrelevant information will at best be ignored and at worst lead consumers to disengage.
