Viewpoint: A Regulatory Snapshot for Payment Services and E-Money in Europe
Payment opportunities in the EU come with complex requirements, which is why it’s important to understand the ever-changing legislative issues.
Payments
Brazil’s Elo Goes Global with Discover Partnership (Aug. 25, 2015)
Elo, the largest Brazilian credit card brand, is accepted in more than 1.65 million domestic locations.
Rumors Swirl as Countdown to Android Pay, Samsung Pay Launches Near (Aug. 25, 2015)
Google Inc. in May said Android Pay would launch “soon,” and this week notifications surfaced at some McDonald’s stores suggesting the rollout could come as early as this week.
PayPal Kicks off First Post-Spinoff Buy with Modest (Aug. 24, 2015)
PayPal’s purchase last week of Chicago-based Modest—its first acquisition since its spinoff from eBay—could be the beginning of a major shopping spree.
NYDFS: BitLicense Applications Show ‘Substantial Interest’ (Aug. 24, 2015)
Less than three months after New York State’s Department of Financial Services finalized the U.S.’s first state-level framework for licensing digital currency companies, nearly two dozen firms have applied for the so-called BitLicense, the agency said.
The Clearing House Calls for Level Playing Field for Banks, Alternative Payment Providers (Aug. 24, 2015)
The Clearing House (TCH) is calling on regulators to increase data security oversight for alternative payment providers, such as Apple, Google, Square and Venmo, which the bank-owned TCH says are not being held to the same regulatory standards as major banks, according to a new white paper.
Reserve Bank of India Grants Payments Bank Approval to Create Access for Citizens (Aug. 24, 2015)
The Reserve Bank of India has granted approval to 11 companies to set up payments banks in an effort to grant millions of Indian citizens access to basic banking features. Companies receiving approval included telecoms, tech firms and the post office.
A different banking landscape
Historically, the large banks have been Lords of the Manor, between them owning every scrap of land as far as the eye can see. However, times are changing: invaders offering services the banks cannot provide as competitively have begun to disrupt the peace and take small pockets of land for themselves. Likening the march of the fintech new entrants to a land-grab by an invading force, the disruptors began with a neglected allotment here and there, then moved to take a meadow and now some are on the verge of swallowing up villages and small towns …
Viewpoint: Emerging Payments Vs. Legacy—It’s Not Either/Or
We recently surveyed more than 1,000 Americans about their payment preferences. The key trend that emerged: Traditional and emerging payments tools are being used together, not cannibalizing each other.
Viewpoint: Bitcoin: Take Charge of Your Destiny
Like it or not, the bitcoin craze is here to stay. Over time, bitcoin will be a major disruptor in payments—with broad implications for governments, businesses and consumers. Burying your head in the sand is not an option.
Amex’s Serve Introduces Cash-Back Rewards for Everyday Spending on GPR Card (Aug. 19, 2015)
American Express Co. today introduced the option for Serve GPR cardholders to earn 1 percent cash back on all purchases, a move analysts say is likely to intensify competition in the GPR category.
QIWI Integrates payWave into Visa QIWI Wallet (Aug. 19, 2015)
Building on a contactless payments boom in Russia, Visa and Russian payment services provider QIWI have integrated Visa’s payWave contactless technology into the Visa QIWI Wallet, providing millions of users with a new mobile payment option at contactless terminals.
High Price Tag for Mobile Shopping Cart Abandonment (Aug. 19, 2015)
Mobile commerce providers and retailers left a potential $24.5 billion in revenue on the table because of user experience issues, according to a new report from Jumio Inc.
Mobile to take lead in payments over the next five years
Mobile phones will take an increasingly leading role in the payments space over the next five years as a result of technologies that allow safe storage of payment details in smartphones, according to a report prepared by the Consult Hyperion on behalf of Payments UK.
Company on the Move: Rakuten Inc., New Tech Research Centers in Boston, Singapore
Tokyo-based Internet service company Rakuten Inc. has announced the opening of two international branches of the Rakuten Institute of Technology in Singapore and Boston.
Target and Visa Finalize Deal to Settle Data Breach Costs (Aug. 18, 2015)
Target Corp. has reached a deal with Visa Inc. to reimburse credit and debit card issuers for costs incurred following a massive data breach disclosed during the 2013 holiday shopping season that exposed personal data of more than 100 million consumers.
Apple Pay’s Australian Rollout Stalls on Bank Negotiations (Aug. 18, 2015)
Apple Inc.’s plan to roll out Apple Pay soon in Australia—which has a high penetration of contactless cards and NFC terminals—has hit a snag as the country’s largest banks balk at paying the toll Apple requires, according to reports.
PHH Granted Stay in CFPB Decision, Questions Bureau’s Power (Aug. 18, 2015)
In a blow to the CFPB, mortgage servicer PHH Corp. earlier this month was granted a stay pending appeal of a $109 million enforcement action issued by Director Richard Cordray and the bureau in June.
Earthport’s Ripple Integration Takes the Blockchain to Banks (Aug. 18, 2015)
Global payments network Earthport has teamed up with Ripple Labs to offer real-time cross-border payments via Ripple’s blockchain-based transaction ledger protocol.
Instinet to offer cash management and payment services to research clients
Nomura’s equities execution unit, Instinet Europe, is to offer cash management and payment services to purchasers of its investment research products following authorisation from the UK’s Financial Conduct Authority to operate as a payment institution.
Commerce, PayPal Join for New Data Insights (Aug. 17, 2015)
The U.S. Department of Commerce and PayPal are teaming up to help guide international strategy for small and midsize U.S.-based businesses by combining data generated by PayPal’s global payments networks with government-sourced economic data.
State Bank of India Poised to Launch ‘SBI Buddy’ M-Wallet (Aug. 17, 2015)
The State Bank of India this week enters India’s increasingly competitive mobile wallet field with “SBI Buddy,” an m-wallet enabling consumers to make purchases directly from participating merchants’ e-commerce offerings.
Samsung Pay Launching Sept. 28 in U.S., Reaching ‘Nearly Everywhere’ (Aug. 13, 2015)
Samsung Electronics Co. Ltd. today announced that Samsung Pay will launch next week in Korea and on Sept. 28 will get in the m-wallet ring with Apple Pay in the U.S., enabling consumers with the latest generation of Samsung’s handsets to tap their devices and pay contactlessly “nearly everywhere” cards are accepted, including NFC-ready locations and those that are not yet NFC-ready, the company said.
Debit Caps: Fed Explains Transaction-Monitoring Rationale (Aug. 13, 2015)
The last lingering issue in the long-running legal dispute between merchants and the Federal Reserve Board of Governors over debit interchange fee caps took a step toward resolution this week, with the Fed detailing how it calculated a controversial aspect of the fee limit.
Perk.com Launches Rewards Prepaid Card with Discover, Marqeta (Aug. 13, 2015)
Perk.com Inc. has tapped One to Watch Paybefore Award-winning Marqeta to launch Perk Plastik, a Discover prepaid card that enables its rewards members to redeem points online and at the POS.
Fintech Acquisitions Roundup: FIS, Yodlee, SVB Deals (Aug. 12, 2015)
Financial technology investment remains hot, with several fintech providers involved in major acquisitions announced over the past week.
MasterCard, TD Bank Test Payments Wristband That Uses Consumer’s Heartbeat (Aug. 12, 2015)
MasterCard, Canada’s TD Bank Group and technology provider Nymi, formerly Bionym, are getting to the heart of payments security.
Rite Aid Reconnects NFC at its Stores Nationwide, Welcoming All NFC Payments (Aug. 12, 2015)
Pharmacy retailer Rite Aid this week said it will resume NFC acceptance at its 4,600 stores nationwide beginning Aug. 15, following months disabling contactless payments acceptance in the wake of Apple Pay’s rollout.
Global Move to Real-Time Payments Speeds up with New Standards (Aug. 11, 2015)
Global payments stakeholders, including regulators, are getting behind ISO 20022 as the standard that eventually could enable interoperable real-time, cross-border payments.
Amex Extends Apple Pay to U.S. Corporate Cards (Aug. 11, 2015)
American Express Co. this week expanded its Apple Pay connection to include corporate cards, becoming the first major corporate card portfolio to integrate with the m-payments service, the New York-based company said.
CPI Card Group Files for $100 Million IPO (Aug. 11, 2015)
Littleton, Colo.-based card manufacturer and payments company CPI Card Group Inc. has filed preliminary paperwork with the SEC, saying it could raise up to $100 million in an initial public offering.
Report: Speed, Security Essential to Continue M-Banking Boom (Aug. 11, 2015)
To compete in a mobile world, financial services providers must focus on speed, convenience and security when designing mobile banking and payments services, according to a new report.
“Landmark” reached as ISO 20022 comes to international payments
International payments may soon be made using the ISO 20022 messaging standard for the first time, following the publication of the first draft of ISO 20022 payments messages by an industry association backed by Payments UK (formerly the UK Payments Council).
Target Aims for Bullseye with Beacons (Aug. 10, 2015)
Target is tackling showrooming and hopes to increase shopper engagement with its latest test of location-based beacon technology in 50 of its stores, with a nationwide rollout slated for later this year.
California Taps PayNearMe to Accept Child Support Payments in Cash (Aug. 10, 2015)
PayNearMe is using its national retail footprint to enable the California Department of Child Support Services to accept cash payments for child support.
Sen. Blumenthal Asks MCX to Explain M-Payments Exclusivity Policy (Aug. 6, 2015)
Sen. Richard Blumenthal (D-Conn.) this week sent a letter to the retail consortium Merchant Customer Exchange (MCX), which is readying the launch of its CurrentC mobile payments service, demanding details about its exclusivity policy requiring participants to block rival mobile wallets, along with other information.
BofI Gains OCC Approval to Acquire H&R Block Bank (Aug. 6, 2015)
BofI Federal Bank has received approval from the Office of the Comptroller of the Currency (OCC) to acquire certain assets and liabilities from H&R Block Bank.
OCC Issues Guidance for Tax Refund Prepaid Issuers (Aug. 6, 2015)
The Office of the Comptroller of the Currency (OCC) has released new guidance for banks issuing tax refund-related products, including prepaid cards.
Company on the Move: DCR Strategies Inc. | TruCash, New Brand Logo and Website
DCR Strategies Inc.| TruCash, a Toronto-based provider of prepaid and loyalty products, has launched a new brand logo and corporate Website.
Switzerland’s SIX Group and Swisscom target retail payments via mobile app Paymit
Swiss exchange group SIX and Swiss telecoms company Swisscom are planning to create a Switzerland-wide, universal mobile payment solution in collaboration with banks. The plan encompasses shopping as well as peer-to-peer payments.
