PayPal, reportedly, has agreed to a consent order with the CFPB that would require the company to refund $15 million to consumers who were affected by alleged practices that included, among others, enrollment without authorization and deceptive advertising for its PayPal Credit program, previously known as BillMeLater.
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
Whatever label you use, instant, immediate, faster or real-time payments have moved to the top of the agenda at every payments-related event so far this year and are sure to be high on the agenda when Swift’s annual Sibos event lands in Singapore in October. Nearing the halfway mark for 2015, here’s a roundup of the stories so far …
The proposed rule includes numerous provisions applying to checking and prepaid card accounts established by colleges or universities on behalf of students or parents for disbursing financial aid.
Samsung is terminating its mobile wallet service at the end of June, paving the way for Samsung Pay, its mobile payment service for Android devices.
Proximity payment transaction volume is estimated at $7.5 billion this year and is expected to grow gradually before skyrocketing to $487 billion in 2020, according to an Aite Group report.
Agents of Change: Innovators Talk Disruption vs. Evolution; The Apple Pay Effect; EMV Readiness Report; Market Snapshots: Brazil & Italy; 2015 Paybefore Awards: The Best in 26 Categories; Who Are You Wearing?
The window of opportunity to harmonise international real-time payments implementations is rapidly closing as plans for domestic systems move ahead according to panellists at the EBAday conference this week.
Emerging technologies, consumer preferences and e-commerce innovation are giving rise to the next evolutionary step for gift cards: SKU-level rewards and promotions.
Regulation has the potential to accelerate the payments innovation sparked by the evolution of internet and mobile technologies. By giving customers the reassurance that payments can be made safely and efficiently, regulation allows providers to develop new and exciting ways to serve customers
Reactions to the new Apple Watch range from ecstasy to ennui for most consumers, but here’s why this product might be a holiday hit.
India’s Axis Bank has released a mobile payments service called Ping Pay, which allows customers to send money to each other using Facebook, Twitter, WhatsApp, email or phone number. The bank says the service will help it to reach young consumers and smartphone users.
Retailers are changing the shopping experience. It’s quite clear that the future will be a far cry from your mother’s shopping trip, and payments providers will have to innovate to keep up.
LevelUp is trying something it says is a first in the U.S.—enabling users of its mobile payments platform to charge in-store purchases to their mobile phone bills, beginning with Sprint customers.
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses.
FIME, a France-based provider of consulting, test and certification services for payment systems, cards and terminals, has been elected to the EMVCo board of advisors to represent the technical associates for a one-year term.
The cost of data breaches globally will quadruple over the next four years to $2.1 trillion, as cybercrime becomes more sophisticated and profitable.
Two of the biggest names in global commerce are exploring a partnership that could bring Apple Pay to China.
Mitek Systems has unveiled authentication technology, which it says will improve customer acquisition efforts by enabling issuers to instantly verify a consumer remotely or in a brick-and-mortar bank location using a driver’s license.
With less than six months to go before the October 2015 EMV liability shift for U.S. payment cards, 65 percent of consumers haven’t yet heard of chip card technology and 77 percent have not received a chip-enabled card, according to a survey.
In an exclusive interview, Meyerhoff tells Paybefore that the company is not for sale, not planning to sell and has not engaged any third party to contemplate or pursue a sale.
The head of the Senate Banking Committee reportedly is readying a bill that would restructure the Federal Reserve and lead to fewer midsize banks being deemed “too big to fail.”
In honor of the late Terry Maher’s tireless work on behalf of the industry, the NPBCA is further cementing his legacy by establishing the Terrence P. Maher Influencer Award.
UK consumers are spending more on their payment cards than ever before, with over a billion transactions in February, according to newly-released figures provided by the UK Cards Association.
Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.
Weve, the U.K. telco-led mobile wallet joint venture of O2, Vodafone and EE, this week announced another major reorganization, abandoning its earlier mobile payments ambitions to focus on mobile advertising, under the sole ownership of O2.
The U.K. rollout of Visa Europe’s V.me digital wallet is picking up steam, the payments network said, with support from banks representing more than half of the country’s 130 million cardholders and thousands of merchants.
Wirecard Group will support the launch of mobile operator Orange’s Orange Cash mobile payments service in Spain.
European lawmakers, following years of discussion, believe improved competition, more innovation and enhanced consumer protections in cross-border payments will be the result of an informal agreement on a revised Payment Services Directive (PSD2) reached this week.
Ripple Labs Inc. acted as a money services business and sold its virtual currency without registering with FinCEN.
EMV card usage is increasing almost everywhere in the world as a billion new EMV cards enter circulation – but the US continues to lag behind, despite the fact that liability shifts to the retailer from 15 October this year.
Anti-money laundering legislation cuts through the Gordian knot of bringing cases against companies at a stroke – it doesn’t require a ‘controlling mind’. In fact, it almost demands the opposite. A UK-wide system of velocity checking would go further in combating crime and protecting Money Services Businesses.
Can the right combination of self-service device management, cash management and end-to-end transaction monitoring enable banks to embrace enterprise-wide performance awareness, and take a holistic approach to managing their multi-channel banking environments?
As new payments technology seeks to disrupt the industry status quo, pressure is intensifying for financial institutions to adapt through innovation, or risk losing their existing leadership in the value chain, a new study from ACI Worldwide suggests.
Visa Europe has not only opened the physical doors of its new international innovation hub in London, the payments network also is opening its figurative doors to working with companies across the fintech ecosystem to create what it calls a new generation of payment services.
Consumers’ perceptions of mobile payments security have improved, along with the number of consumers who say they’re likely to use a mobile payment app in the next 90 days, according to a new survey.
BBVA is shaking up its corporate structure as part of what the bank calls a “digital transformation.”
Visa Europe says that it will roll out its V.me by Visa in the UK this year, having secured commitment from 55% of the UK’s card issuance base, which accounts for more than 60 million card holders, and thousands of the UK’s retailers. It will now be commercially available to the majority of internet shoppers in the UK before the end of 2015.
http://d36omcu95vpmg5.cloudfront.net/webinars/2015/Misys_May2015.mp4 Digital innovation is disrupting the retail banking industry worldwide. Many perceive the trailblazers to be the hot start-ups – creative, legacy-free, pioneering the latest digital and analytics technologies. But established ‘traditional’ banks have the opportunity to reinvent or reinvigorate their brands in the digital world – with an already captive audience and decades […]
As mobile handsets become more prevalent as a tool for retailers, for payments, loyalty and engaging with consumers in and out of the store, security of sensitive data becomes increasingly more important.
