With government officials considering a FinCEN anti-money laundering rule that would require consumers to report when they transport prepaid cards, along with cash and/or monetary instruments, with a value of more than $10,000 into or out of the country, representatives from three payment card networks went to the White House to request the rule be […]
Online merchants using Minneapolis-based Digital River Inc.’s e-commerce platform may now add paysafecard, a European-based prepaid electronic payment option, to their consumer checkout menus, the companies said. Paybefore Award-winning paysafecard, founded in 2000 in Austria, provides prepaid payment services for more than 450,000 European and U.S. merchants in 33 countries. Adding paysafecard “makes online purchasing […]
London-based prepaid voucher provider Ukash is rolling out a new service that will enable customers to turn their vouchers back into cash. Set to debut later this month, the Cash Withdrawals service lets users turn their game winnings or Ukash transaction change into cash at more than 24,000 PayPoint-enabled retailers throughout the U.K. Previously, Ukash […]
Mobile payments are evolving at different rates around the globe, with Asia leading other regions including Latin America, Europe and North America in growth. However, progress is uneven and it remains unclear which payment technology will prevail worldwide, according to a new report from Amsterdam-based payments consulting firm Innopay. In Japan, for example, contactless payments […]
Many debit and prepaid card issuers are scrambling to make provisions as of today with debit card routing rules under the Durbin Amendment and the General Use Prepaid Exemption. Issuers were caught off guard as a result of FAQs, representing a Federal Reserve Board staff clarification of the requirements, released quietly by the Fed in […]
Consumers and businesses inside and outside of China may have enhanced online payment options now that Chinese online commerce giant Alibaba Group and MasterCard have signed a memorandum of understanding (MOU) to work together on e-commerce. In addition to enhancing e-commerce, the companies said key goals of the MOU include working to help combat intellectual […]
Prepaid cards represent “the next chapter” of electronic government payments, according to a new report from the Center for Financial Services Innovation (CFSI) and the Hudson Institute, which outlines ways to make benefit disbursement cards even more beneficial to recipients. One approach to improving benefit cards is by increasing the choice of card products available […]
A new money transfer service is providing Nigerians with a way to manage and access their Western Union remittances via their mobile phones. VCASH subscribers can use the service, which was launched last week by Western Union Co. and Nigerian mobile payment operator Virtual Terminal Network, to transfer individual Western Union remittances up to US$300 […]
Hungary this fall will roll out a uniform system for paying transportation costs via mobile phone. The National Mobile Payments System will be run by Nemzeti Mobilfizetési, a state-run company, while various mobile payment providers will act as resellers, according to a report in the Budapest Business Times. The platform initially will enable mobile payments […]
Reports have swirled for the past week or more that the European banks that own Visa Europe might soon exercise an option to sell the organization to U.S.-based Visa Inc. and set up a new network of their own. Although Visa Europe members may be driving the sale, taking control of the European network could […]
Redwood City, Calif.-based payment processor i2c Inc. has added enhanced features to its payments platform that enable users to budget spending by using multiple purses within one account. i2c’s platform, known as MCP, enables companies to launch and manage card-based, virtual and mobile payment products to their customers. With the new features, i2c clients can […]
Canada’s national ATM and debit network Interac this week announced the completion of the nation’s first NFC mobile debit transaction in a demonstration at a Toronto McDonald’s restaurant. The transaction showcasing the contactless EMV Interact Flash technology was conducted with an NFC-ready BlackBerry smartphone linked to a RBC Royal Bank customer’s bank account through mobile […]
India’s government has launched an electronic money order service, opening a channel for citizens living abroad to purchase an electronic Indian postal order (eIPO) over the Internet. India established eIPOs for Indian citizens outside the country to pay for Right to Information requests, which enables citizens to request data and other information from any public […]
European payment processor Equens plans to offer a number of services to the Dutch business community to support them in the migration to Single Euro Payments Area formats
Best use of a consumer-funded reloadable network branded prepaid card for general use, such as ATM access and purchasing. Includes travel, remittance and youth-focused (including campus and student) programs; excludes payroll programs. For Paybefore’s purposes, card may mean a physical card or alternate form factor, including a virtual card. Best in Category: PayPal Prepaid MasterCard […]
By Adam Perrotta, Assistant Editor Oakland, Calif., residents who lack bank accounts and U.S. government-issued photo IDs now have an option for electronic payments and identification. While several U.S. cities issue identification cards for residents who need an ID, the program’s backers say the Oakland City ID Prepaid MasterCard is the first to also act […]
In this installment of our Paybefore Awards coverage, get to know each of the winning programs in the following categories: Industry Achievement Winner: Brooks Smith Industry Achievement Winner: Roy Sosa Best Network Branded Gift Card Program Most Effective Closed-Loop or RAN Prepaid Card Program Best General Purpose Reloadable Card Program-U.S. Solutions Best General Purpose Reloadable […]
By Kate Fitzgerald, Emerging Payments Editor The proliferation of mobile wallet concepts enabling consumers to make payments with smartphones and tablets already may seem daunting, but get ready for more. Experts say it’s still quite early in the cycle as card-based payments morph into new, mobile forms with countless approaches to enriching the shopping process […]
By Lori Breitzke, E&S Consulting LLC In the initial installment of this article, we addressed how trends in EMV will impact the prepaid sector. But developments in near field communication (NFC) merit an equally close watch, as they, too, should have bearing on the prepaid market and how it plays out moving forward. Let’s start […]
By Lori Breitzke, E&S Consulting LLC In the initial installment of this article, we addressed how trends in EMV will impact the prepaid sector. But developments in near field communication (NFC) merit an equally close watch, as they, too, should have bearing on the prepaid market and how it plays out moving forward. Let’s start […]
American Express and Walmart today announced that accounts held under the companies’ Bluebird program now will be eligible for FDIC insurance and, as such, will be able to receive direct deposit of government disbursements, including Social Security payments, military pay and tax refunds. The companies also have added a pre-authorized check-writing function, as well as […]
Allpoint Network, the Bethesda, Md.-based ATM network operator, has expanded its surcharge-free network by 5,000 new cash machines located across the upper Midwest and northern Plains states. Allpoint’s surcharge-free ATM network, already the world’s largest, according to the company, now totals more than 55,000 machines across North America, the U.K. and Australia. An affiliate of […]
Spain’s Banco Sabadell, operating under various local bank brands from its headquarters in the city of Sabadell, has launched an NFC payments pilot with mobile network operator Telefónica and BlackBerry. Participating customers will receive an NFC-enabled BlackBerry Curve smartphone with their Visa payment card details stored in the handset, the bank said. Customers may download […]
The decision by Senate Banking Committee chairman Tim Johnson, (D-S.D.), to retire next year opens a race for another Senate seat and simultaneously puts leadership of the influential banking committee into play. Sen. Johnson, 66, today announced that he will not run again when his current term ends in 2014, leaving a vacant seat that […]
Zappix, a Boston-based mobile portal and customer service app company, has announced the hiring of two executives. Shay Artzi, Ph.D, joins Zappix as chief technical officer and Gal Steinberg as vice president of marketing. Artzi previously served as senior software engineer for IBM, where he was a key member of a software group leading the […]
Skrill, one of Europe’s largest payment providers, has appointed Neil Steinhardt, currently managing director of paysafecard.com USA Inc., to the position of CEO at Skrill USA Inc. He will be responsible for the management and continued growth of Skrill and paysafecard USA, including shaping the evolution of e-wallets in the United States. Steinhardt brings payment processing […]
Alegeus Technologies, a Waltham, Mass.-based health care and benefit payments solutions provider, has appointed John Park chief strategy officer, Matthew Francis chief sales officer and Robert Pinataro chief service officer. Park will lead corporate strategy and corporate development for Alegeus. Prior to joining the company, he was a senior leader at CIGNA Healthcare, responsible for […]
The U.S. economy’s slow recovery from the recession is driving millions of consumers between 18 and 34 years old to use prepaid cards as an alternative to a traditional bank account, forcing banks to rethink how they market financial services to young adults, various experts suggest. And as underemployed young adults in the so-called Millennial […]
More U.S. consumers are paying bills online and more are considering using their mobile phones to pay bills as well, according to the Western Union Payments Money Mindset Index, released today. The online survey of more than 3,000 respondents conducted by Javelin Strategy & Research, found that consumer preference for online and mobile bill payments […]
Contactless payment cards are gaining a significant foothold in Turkey, passing the 10 million card milestone in 2012, according to a new report from the Interbank Card Center of Turkey (BKM). The pace of growth has been rapid, with the number of contactless prepaid, debit and credit cards expanding to 10.3 million in 2012, up […]
The growing student card market has a new entrant. Chattanooga, Tenn.-based processor and program manager TransCard is targeting banks that want to offer prepaid cards to college students with its newest reloadable prepaid product. The company’s announcement of its Student Prepaid Card comes just weeks after unveiling a prepaid card for banks to offer customers […]
The shift to SEPA offers significant benefits to businesses – from lower bank fees on euro payments and direct debits to opportunities to streamline processes.
The European Central Bank says that the speed of adopion of direct debits in line with the Single Euro Payments Area standards is “unacceptable” and urged regulators and payment service providers to make greater efforts to push the instrument or risk damaging the reputation of the scheme.
March 21, 2013 A troublesome roadblock to U.S. EMV adoption crumbled this week when 10 debit networks agreed to license a common U.S. debit application identifier (AID) from Discover Financial Services as the foundation solution for routing debit transactions under the EMV, or chip-card standard. The Secure Remote Payments Council’s decision resolves a stalemate that […]
March 21, 2013 The news that MasterCard soon will begin charging a fee to operators of some types of digital wallets has many industry observers considering the move a shot across the bow in a coming struggle for access to digital wallet customers. But others say the fee simply represents a step forward in the […]
March 21, 2013 Western Union Co. continues to expand its prepaid offerings globally and yesterday announced the rollout of its Global Share platform, which the company says will enable it to work more easily with partner companies that offer complementary products and services. The platform will facilitate better collaboration and improve products’ speed to market, […]
March 21, 2013 For mobile wallet providers, reaching scale with consumers and merchants has proved to be the 800-pound gorilla. However, Heartland Payment Systems, the Princeton, N.J.-based merchant processor, and LevelUp, a promotion-based mobile payment and loyalty network from Boston-based SCVNGR, believe their partnership will solve the problem. Following pilot programs in New York City, Boston, […]
The Illinois Department of Financial & Professional Regulation recently released five cease and desist orders from January 2013 against six entities for unlicensed activities under the state’s Transmitters of Money Act. These six entities offer a variety of services in Illinois, including domestic and international money transfer, bill payment services and prepaid cards. One of […]
The Federal Reserve Board (Fed) quietly released changes to its FAQs on Reg. II’s restrictions on debit card interchange fees and routing. Five new FAQs were added and one existing FAQ was revised. Changes in two areas directly affect prepaid cards: the exemption for “general use prepaid cards” and the requirement for adding a second […]
March 19, 2013 The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued clarification of its regulatory stance on persons and entities engaged in the use, exchange and administration of virtual currencies. According to a guidance notice issued by FinCEN this week, users of virtual currencies, such as Bitcoin and Amazon Coins are not considered […]
