Figures from MasterCard and Visa show robust increases in EMV cards and merchant acceptance. More than two-thirds of MasterCard-branded cards carry the anti-fraud technology while Visa says it has more than 212 million EMV cards.
Google Wallet is phasing out its companion plastic prepaid card as Google continues to reposition the wallet app as a P2P money transfer service. The Google Wallet Card no longer will be supported as of June 30, 2016, Google announced in a blog post.
Realex Payments, a European payment service provider and part of the Global Payments group, has signed a two-year outsourcing contract with Allpay, a UK bill payments collection specialist. The agreement will see Allpay’s online payments processed through Realex’s managed eCommerce solution, and Realex says it will process approximately £1 billion transactions each year over the contract. […]
Faster payments is one of the more pervasive topics in almost any global payments conversation. And if you look at key countries like Singapore, the US, and Australia, it may seem to be more than just talking. Additionally, many countries are improving their infrastructure to clear payments in the same day or already have domestic […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
One of the most talked about issues in retail banking today is the emergence of the new entrant, or “challenger”, bank. “New” banks are being spun off from existing institutions and more than twenty organisations having applied for, or received, a banking licence over the past twelve months or so. Banking is becoming an ever […]
Only 18% of consumers aged 60 or over in the US use mobile banking, according to a study from the US Federal Reserve. In its 86-page report “Consumers and Mobile Financial Services 2016”, the Federal Reserve reported its findings from a survey which focused on consumers’ use of mobile technology to “access financial services and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Samsung Pay launches in China Big market, big appeal. FIS and Vocalink first to supply access to Faster Payments A number of banks are also lined up to connect directly this year. UK credit unions busy with tech […]
Virtual account management (VAM) holds great promise for corporates to centralise and reduce bank accounts. Banking Technology‘s payments expert, Heather McKenzie, explains. One of the promises of the single euro payments area (SEPA) was that it would enable more efficient cash management infrastructures for the euro. In a 2014 study, Economic analysis of SEPA, PWC predicted a […]
Walmart is adding a new rewards program to its Pay Award-winning prepaid MoneyCard that will give cardholders cash back on purchases made in-store, online and at the fuel pump. The news follows American Express’ launch of 1 percent cash back for Serve cardholders and could signal stiffer competition in the GPR space
As the IRS and industry continue to fight identity theft-related tax refund fraud, the agency’s Criminal Investigation Program initiated 776 investigations into ID theft fraud during the 2015 fiscal year, according to the IRS’s newly released 2015 Data Book.
Mobile banking use in the U.S. has increased to 43 percent of adults with capable devices. But only a relative few of those consumers have paid bills with their mobile phones.
An Accenture survey finds not only that most consumers prefer people over digital channels for customer service, but that human-based interaction can save hassles.
Exchange group SIX and Switzerland’s five largest banks are in talks over a joint mobile payments platform for the country. SIX, retail chains Migros and Coop, and telecoms company Swisscom are planning to create a standardised digital payment system for consumers in Switzerland. A joint statement from the banks – UBS, Credit Suisse, Raiffeisen, PostFinance […]
Payment systems specialist Dovetail has helped US-based BMO Harris Bank with the upgrade phase of its wire platform replacement project. Dovetail’s solution provides “modular, out-of-the-box” payments processing capability that enables the bank to “improve in the short term while working towards an ultimate goal of full legacy replacement”, comments Martin Coen, CEO of Dovetail. Dovetail […]
BPC Banking Technologies has teamed with Da Afghanistan Bank to launch a SmartVista-powered national payment system in Afghanistan. Afghanistan Payments Systems (APS), a consortium of financial institutions funded by Da Afghanistan Bank (the nation’s central bank) through the World Bank, aims to develop the retail banking market in the troubled nation by providing electronic and […]
Global risk and compliance and payments solutions provider Accuity has opened a new office in Miami to serve new and existing clients in Miami, Central America, Mexico, Colombia, Venezuela and the Caribbean.
FIS and Vocalink’s PayPort have become the first to gain accreditation to supply access to Faster Payments through its New Access Model. Both have been awarded the new certificate of technical accreditation “trust mark”, after passing all the required technical tests covering the origination and receipt of payments by a direct participant of Faster Payments. […]
The IRS has concluded that a company can defer the recognition of advance payment income received from the sale of unredeemed gift cards that are redeemable for goods or services for up to two years.
Samsung Electronics and China UnionPay (CUP) have launched the mobile payment service Samsung Pay in China. The South Korean firm joins Apple in entering the country, as the US giant launched its mobile payment system in China last month. That was also in partnership with state-owned bankcard association CUP. Samsung Pay currently supports credit and […]
Starbucks plans to add another prepaid card to its popular loyalty program, enabling members to earn points for purchases made at other retailers. The Starbucks Reward Prepaid Card is issued by Chase and runs on Visa’s payment network, meaning cardholders can use the card anywhere Visa is accepted and earn loyalty points for Starbucks.
New approaches to authentication are kicking into high gear as eBay joins the FIDO Alliance, which promotes biometrics, while IDology launches a mobile authentication product.
The OCC will release a paper to start discussions on new regulations for financial startups, which banks reportedly want.
The U.S. Department of Justice has dropped its legal claim against Apple Inc. over the FBI’s request that the tech company help unlock the iPhone of one of the shooters in last year’s attacks in San Bernardino, Calif. According to a court filing, the FBI was able to access the device without Apple’s assistance.
The Nordics have a unique model for domestic payment processing, but some of the upheavals in the system provide a lesson for other countries debating faster, upgraded payments initiatives. Owned by the eight largest banks in Sweden, Bankgirot is the clearing house for domestic payments in Sweden, and provides the banks with payment product and […]
Merchants have been challenging state surcharge laws, but the courts stand firm.
A Radio Shack gift card holder’s motion to get his legal fees and expenses paid first in the electronics retailer’s Chapter 11 case has been denied. Consumers with Radio Shack gift cards may file a claim by Dec. 2, 2016and if the claim is judged to be valid, claimants will receive 100 percent of the card balance, according to the Website.
Swift has signed a memorandum of understanding (MoU) with China International Payment Service (CIPS Co.) to develop China’s cross-border payments infrastructure. The agreement sets out plans to use Swift to connect China’s Cross-border Interbank Payment System (CIPS) with its global user community. Alain Raes, Swift chief executive of Asia Pacific and EMEA, says there are […]
ATM maker Diebold says it has met the tender condition for Wincor Nixdorf shares as part of a $1.8-billion acquisition. Last year, US-based Diebold agreed to buy out its German rival. The deal will see the creation of an ATM titan worth about $5 billion in sales and give Diebold a stronger presence in Europe. […]
The world has been talking about “mobile payments” for years, but the phrase means different things to different people. So what exactly are mobile payments? And how much more mobile than cash or cards can payments actually get, asks Philipp Nieland, co-founder and CTO of PPRO Group. Some people believe that mobile payments are those […]
The National Retail Federation and the Electronic Payments Coalition don’t agree on much when it comes to interchange, but the two groups each have reached out to the Fed arguing that consumers aren’t benefiting enough from the cap on debit card interchange.
Legal experts suggest that the investigation could provide insight on how the FTC might seek to influence the audit process going forward.
The settlement calls for Home Depot to establish a fund of $13 million to reimburse customers who suffered out-of-pocket financial losses due to the breach, and spend at least $6.5 million to fund identity protection services for affected shoppers.
The payments network gave few details of a December 2013 incident involving an unidentified merchant, but an online letter says card account information could have been compromised.
Banking Technology is conducting a brief survey to find out the industry view on real-time payments and their implications for all parties involved. How ready are you? What are the key drivers for your organisation to embrace real-time payments? Will they displace the existing types of payments? And what are your main concerns when it […]
On the final day of the All Payments Expo in New Orleans on March 23, Sam Maule, emerging payments practice lead at Carlisle & Gallagher Consulting Group, challenged the audience to change the way they think about providing payments solutions. “You all care [about new payment options], but consumers don’t. They have solution overload,” he said.
For retailers and brands setting their sights on digital gifting, it’s important to maintain a strong focus on card design and delivery to ensure the best possible customer experience, according to a group of retail and gifting experts this week at the All Payments Expo in New Orleans.
The sharks were circling at the All Payments Expo in New Orleans this week. To close out the day on Tuesday, a group of eight startups and early stage payment companies pitched their idea or product to a group of three payments industry expert “sharks.” When the waters had calmed, AuthenticID, an Atlanta-based provider of identity verification products, had emerged as the winner.
B2B represents the most promising growth area for Web-connected devices and cars that can order products. And prepaid could be how users pay for such transactions.
A U.S. Treasury Department lawyer gives tips about how to stay ahead of the curve when it comes to regulatory rulemaking.
