Cachet Financial Solutions has upgraded its Pay Award-winning Select Mobile Money prepaid mobile platform with enhancements that enable program managers to design and launch branded apps more quickly, as well as provide cardholders with a new international money transfer service.
To improve the plight of refugees in Greece, Prepaid Financial Services (PFS) has partnered with Samaritan’s Purse, a Christian international relief organization, to launch a financial aid program in which funds are being disbursed via a Mastercard-branded prepaid card. U.K.-based payments technology provider PFS is issuing the cards.
Incentives that banks offer employees to increase sales can pose “significant” risks to consumers, the CFPB warned this week in a new bulletin following record fines assessed to Wells Fargo for opening millions of unauthorized consumer accounts.
Apple has scored a big win in Australia for the company’s mobile wallet. That country’s competition regulator has denied a request by big local banks to collectively negotiate over the introduction of Apple Pay there.
Payments Strategy Forum, the first industry-wide initiative of its kind in the UK, has unveiled a new strategy for the country’s payments industry. The Forum was created by the UK’s Payment Systems Regulator (PSR) in March 2015 and is tasked with planning the future of the payments sector. Last year, the current UK payment systems […]
ING is pulling a plug on its peer-to-peer (P2P) mobile payments app, Twyp, in the Netherlands due to the lack of customer uptake. However, the app will continue to function in Spain.
Australian Competition and Consumer Commission (ACCC), the country’s antitrust regulator, is likely to deny four domestic banks permission to jointly bargain with Apple over Apple Pay.
We’ve summed up the latest funding efforts and results in the fintech space – so you don’t have to! Featuring Billon Group, Stripe, figo and Finimize.
Holiday buying declined slightly over the Thanksgiving weekend, but more consumers were shopping, according to the National Retail Federation. The trade group estimates that some 154 million U.S. consumers shopped over the holiday weekend, up 1.9 percent from 151 million last year, but the average shopper spent about $289.19 this year, down about 3.6 percent from $299.60 in 2015.
San Francisco-based online and mobile payments technology provider Stripe was valued at $5 billion during its previous funding round in July 2015—meaning its valuation nearly doubled in less than a year and a half.
The European Banking Authority in January is set to release its online transaction rules in response to the revised Payment Services Directive, or PSD2, which calls for “strong customer authentication” for online payments. Visa also opposes the measure.
It’s the most wonderful time of the year for fraudsters, who are expected to ramp up global online fraud attempts by 12 percent over the upcoming holiday season compared with last year, according to new data from ACI Worldwide.
Eftpos Australia, the nation’s most widely used debit card payments system, says users will be able to tap and pay via Eftpos with their smartphones next year. Paul Jennings, CTO of Eftpos Australia, says it is “now working with several members [banks] and successfully testing the token service in order to launch Eftpos as a […]
India’s second largest bank, Bank of Baroda, is calling on fintech start-ups to solve the challenge of paying blue-collar workers.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Let’s put the fun in funding by keeping it mercifully brief. Money seekers are PayKey, Euklid and Flender.
Paysafe Group reportedly is pulling the plug on its Neteller and Skrill prepaid Mastercard cards in 100 countries on Friday. The move, which affects a product popular with online gamblers, apparently does not apply to North America or the 34 countries that are part of the Single European Payments Area.
The FDIC’s final rule establishing recordkeeping requirements for large financial institutions offers some relief for banks that hold prepaid accounts insured under pass-through coverage, but there’s still a lot of heavy lifting to be done for covered institutions.
Visa has modified and clarified debit network routing rules, following recent FAQ guidance issued from the Federal Reserve and to address a Federal Trade Commission inquiry.
The holiday season is upon us and many shoppers plan to give gift cards this season, according to a consumer trends survey by the National Retail Federation. What’s more, spending on gift cards this year is expected to outpace spending in 2015.
Nasir Zubairi has been named CEO of the Luxembourg House of Financial Technology (LHoFT), a new public-private initiative aimed at advancing Luxembourg’s fintech and financial services industry.
San Francisco-based personal finance company NerdWallet has named Tapan Bhat as its first chief product officer.
Online payment service provider PayU has appointed Matthias Setzer as its global chief commercial officer.
The Prepaid International Forum (PIF) has announced that Mastercard and Neopay have become benefactors of the 10-year-old prepaid financial services trade association.
Stockholm-based payments provider Trustly has hired Ulrica Falkenberg as head of people operations, where she will be tasked with supporting the company’s growth and doubling the staff from 130 to 250 in the next year.
It’s infographics time! A great compilation of fintech companies, showing how we’ve gone from graph paper to personal data algorithms – and everything in between.
German start-up Cookies crumbled, but Swedish payments provider Klarna has rumbled into action to take on its tech assets and employees. As Banking Technology reported this month, Cookies ended its short life as a peer-to-peer (P2P) payment app and applied for insolvency. At that time, Cookies co-founder Lamine Cheloufi said the other co-founder, Garry Krugljakow, […]
The economy of the future will need a vastly different platform for making payments. Consumers and corporations will need access to easier, faster and flexible platforms. I have entered the market with the bold objective of bringing to South Africa and Africa, the revolutions underway in global payments infrastructure – and the necessity of re-design to keep up with the “payments Joneses”.
The CFPB has filed a motion for a rehearing before the entire appellate court after a three-judge panel of the D.C. Circuit Court of Appeals sent shockwaves in October when it determined the structure of the bureau is unconstitutional because it’s led by a single director who can only be removed by the president for just cause.
A European plan for new online transaction authentications has come under fire from Visa, which says the proposal will make online checkout needlessly complicated for consumers.
Small business might want to accept payments via mobile wallets, but most of those merchants worry about the cost of upgrading their systems to do so, according to new survey from Samsung Electronics America.
Alibaba’s Alipay has taken the crown of the world’s most popular online payment method, accounting for 44 percent of global e-commerce spending and projected to grow to 60 percent by 2020, according to a new report from U.K.-based payments processor Worldpay.
Apple could be adding Siri’s functionality into its iMessage service for P2P payment transactions, according to a recent patent published by the US Patent and Trademark Office. The patent says that “one or more of the participant users can select to utilise a virtual assistant to assist the participant users with tasks during the communication […]
Android Pay is now live in Poland – the first country on continental Europe to launch the service.
Israel-based Bank Leumi’s credit card subsidiary, Leumi Card, will launch a “first-of-its-kind” integration of a mobile security product based on behavioural biometrics. Using Israeli start-up SecuredTouch’s solution embedded in the Leumi Card app, it will eliminate the need for passwords. SecuredTouch’s technology allows user identification based on a “unique” personal usage profile within the mobile […]
A little more than a year after the bank announced plans for its Chase Pay mobile wallet—and just in time for Black Friday—customers of the U.S.’s largest bank by assets finally can use the Chase Pay app in stores, online and for in-app payments. The industry will have to wait and see if this is the watershed moment for mobile wallet adoption, some payments experts have predicted.
Wirecard has begun issuing in the Netherlands the pay2d Visa card, a virtual prepaid card for online payments. Wirecard, which worked on the card with fintech firm 3V Benelux B.V., said this marks its first virtual prepaid card rolled out in that country.
The U.S. Supreme Court on Nov. 17 ruled in favor of allowing an antitrust class-action lawsuit against Mastercard, Visa and their bank partners proceed after a lower court ruled that the consumer plaintiffs had no standing, according to a Reuters report.
Consumers in southern Nevada now are able to purchase transit passes using the recently launched rideRTC app for Apple and Android smartphones.
HSBC business customers in the UK can now use Touch ID fingerprint technology to access their account and balance information through the HSBCnet mobile app. The feature uses a recognised fingerprint instead of passwords. It is now available for UK businesses using the app, before the service is expanded to include business internet banking mobile […]
