The CFPB recently released its November complaint report or “snapshot” of consumer complaints it received through its Website for the three month average between September 2014 and November 2015. Although prepaid saw a jump of 215 in complaint volume, prepaid complaints still represented only 2 percent of all complaints the CFPB received during the period.
Ford wants to links its cars with Amazon’s Alexa technology, enabling drivers more Web-connected control over their cars and homes. The move represents the latest development in the Internet of Things, which was a hot topic at last week’s Consumer Electronics Show in Las Vegas.
A proposed rule that would place new Customer Due Diligence requirements on financial institutions—including prepaid issuers—has taken a step forward with the release of two new documents estimating the impact and cost the proposed rule would have on regulated institutions and seeking comment from stakeholders by Jan. 25.
Cross-border payments and ACH operator Earthport has launched a distributed ledger hub, which it says will help banks to make cross-border payments cheaper and more efficient.
The start of the New Year also means the start of tax season, and tax preparer Jackson Hewitt is sweetening the pot for current and prospective customers by teaming up with American Express to provide quicker refunds and $50 instantly.
ADP has announced that its ALINE Card is integrated with Apple Pay, making the Paybefore Award-winning card one of the first prepaid cards in the mobile wallet.
After a hot 2015, fintech investment is off to a strong start in the New Year. In recent days, U.K. digital financial services provider Starling Bank and European retail banking disruptor Deposit Solutions each landed new financing, while global asset manager BlackRock acquired at least a 5 percent stake in New York City-based Square.
As U.K. banks begin offering no-frills accounts that could compete with prepaid products, London-based prepaid specialist Prepaid Financial Services (PFS) is looking to elbow further onto traditional banks’ turf by expanding its banking offerings across the Eurozone.
The holiday shopping season may be over, but Blackhawk Network remains in a buying mood.
Commuters hailing a cab in Singapore now can use MasterPass, MasterCard’s digital wallet, to pay their fares.
Smartphones accounted for 17 percent of online sales in the U.S. last year, beating out tablets, at 14 percent, according to the State of Retailing Online 2016, a widely cited annual report from Forrester Research Inc., Bizrate Insights and Shop.org, the e-commerce arm of the National Retail Federation trade group.
The People’s Bank of China (PBC), the country’s central bank, this week has revoked the license of Shanghai Chang Gou Enterprise Services, a prepaid card-issuing company, preventing it from selling prepaid cards, according to Reuters.
Samsung, one of the world’s largest electronics companies, this week gave its latest boost to the so-called Internet of Things (IoT) by showing off Web-connected TVs and other products.
Bank of America Merrill Lynch has launched an automated US dollar cross-border cash pooling services for corporations operating in the Shanghai Free Trade Zone. ZF TRW, a division of ZF Friedrichshafen, manufacturers of automobile safety systems, has implemented the working capital solution and is serving as the pilot client.
Prepaid product and transaction services company InComm has expanded its European footprint with yesterday’s acquisition of TibiDono, a Salzburg, Austria-based marketing and gift card distribution company.
MasterCard wants consumers to use its cards and payment network to buy goods through their refrigerators and fitness devices, going by announcements made this week at the Consumer Electronics Show in Las Vegas.
Two payday lenders have settled Federal Trade Commission charges over allegedly hitting customers undisclosed and inflated fees.
To kick off the New Year, we asked payments industry thought leaders to tell us what happened in 2015 that will most influence payments in 2016 and to discuss their hottest priorities for the next 12 months. Responses run the gamut from a combined Visa/Visa Europe to compliance, wearables and the impact of Chase Pay.
Orange’s new partnership with Groupama enables the French telco to offer banking services with the launch of Orange Bank while beefing up Groupama’s online banking business. The partnership also could lead to Orange acquiring a 65 percent stake in Groupama Banque.
Prepaid could have a new competitor in the U.K. with several banks there opening their doors to consumers who weren’t previously eligible for accounts due to poor credit histories. The so-called “basic accounts” are being offered as of Jan. 1, by nine major banks, after an agreement in late 2014 between the U.K. government and the country’s banking industry that was part of a larger push by British authorities to expand financial access for the underbanked.
Latin American consumers will have more access to mobile payments through a deal between ABnote and MeaWallet. The move comes as more consumers in the region turn to mobile devices to access the Web.
The 2015 holiday shopping season ended on a high note with a post-Christmas shopping surge fueled by a friendly calendar and shoppers looking to redeem gift cards in stores and online. Sales figures were higher than many observers expected after a somewhat sluggish start to the season—especially in the brick-and-mortar sector, which saw store visits plummet as consumers opted to do their holiday shopping on the Web.
Will the recently launched Mike Tyson Digital Wallet for bitcoin users be crowned the champ when other celebrity-endorsed payments products have failed to take hold? Bitcoin Direct is banking on Tyson’s endorsement of its digital wallet to become as synonymous as former boxing champ George Foreman and his grill.
Hot on the heels of its December Walmart Pay launch, retail giant Walmart is taking additional steps to speed up payments for shoppers. MasterCard announced today that Walmart will accept MasterPass in 2016 across its domestic online properties. The partnership suggests that even as retailers launch proprietary ways to pay, giving consumers more payment options will win out over exclusivity.
With tech giants investing in P2P payments—and millennials driving usage—a promising niche may finally be ready for the mainstream.
Millennials continue to show high interest in GPR prepaid cards and other alternative financial services—but they’re not turning their backs on banks, according to a new report from the Federal Reserve Bank of Philadelphia’s Payment Cards Center.
Closed-loop gift cards appear poised for growth for the second consecutive holiday season after 2012 and 2013 declines, thanks in part to last-minute shopping and young consumers, according to a new report from Mercator Advisory Group Inc.
Idaho’s Department of Agriculture is the first government department to launch the eGovExpress digital wallet developed by Olathe, Kan.-based NIC Inc., provider of official government Web portals and digital government services for more than 3,500 federal, state and local government agencies.
PayPal’s One Touch, a fledgling mobile payments tool that enables quick purchases, has attracted 10 million users since its April launch, just as other mobile payment programs strive for dominance.
Rumors are beginning to swirl around Target developing its own m-wallet, but like Walmart, the retailer says it’s still committed to MCX’s CurrentC.
Global spending on cybersecurity will top $75 billion worldwide this year, 4.7 percent higher than 2014—and by 2020, the global cybersecurity market is projected to be worth $170 billion. The surge in spending is being driven by companies seeking to fortify their systems against the ever-evolving threat of data breaches and other cyberattacks. Government security initiatives and new legislation also have contributed to the upswing.
US payments body Nacha has set out to dispel myths about the ISO 20022 financial messaging standard with a new white paper published as part of an education programme as the US looks to convert its ACH network to the standard.
Chinese consumers soon will have a sizable selection of m-wallets to choose from as the country is becoming awash with big players in the m-wallet space. Both, Apple and Samsung Electronics, late last week announced deals with China UnionPay. Meanwhile, the road continues to be rocky for Apple in Australia, where banks have agreed to work with Android Pay, but not Apple Pay.
Up to 10 startups will join the FIS fintech accelerator, giving those fledging companies a chance to learn more about the industry from seasoned professionals.
As the issuance of EMV cards continues to grow, consumers are using their chip cards to buy sporting goods and pay for parking, according to new data from CardFlight.
There’s no questioning the popularity and appeal of gift cards—especially during this time of the year. Giving recipients the ability to treat themselves to something they really want or need has become prized among gift buyers. What’s even more exciting is how the concept of gift cards continues to evolve as new brands and card types launch.
The CFPB needs to return to its original plans on prepaid regulations and put its proposed rules on a New Year’s diet. By issuing rules focusing solely on disclosure, the CFPB could issue guidance earlier in 2016 that would help consumers, prevent access disruptions, and potentially reduce the size of the landfill needed to for the mountains of noncompliant cards and marketing materials.
The CFPB yesterday released its “Safe Student Account Toolkit,” which includes a scorecard to help colleges pick the best school-sponsored deposit or prepaid accounts for their students.
In a deal that will bring together two major players in the merchant acquirer processing business, Global Payments Inc. has reached an agreement to purchase Heartland Payment Systems Inc. for $4.3 billion.
Global Processing Services (GPS) has a new testing ground for its payments solutions, now that the Dubai-based processor has licensed the T3 test platform from Iliad Solutions Ltd. to provide functional and load testing capabilities for GPS’s prepaid and debit products.
