Having achieved status as a “mainstream” financial services product, prepaid cards now must prove themselves indispensable to cardholders’ lives. To take prepaid to the next level, prepaid providers need to connect with and engage cardholders in ways that position the product as vital to their financial wellbeing.
While you might think younger millennials are more likely to make a purchase from their mobile devices, more likely to snap a selfie and more likely to want to use selfies for ID verification, in fact a new survey found just the opposite.
Ontario in Canada is calling for more venture capital to come to the region as it looks to boost its fintech industry. This is the main message from a tour of Toronto, given to the international media by the Ministry of Economic Development and Growth (MEDG).
The U.K.’s Payments Systems Regulator (PSR) plans a sea change to the U.K. payments system after determining an inability for new payments infrastructure projects to compete as alternatives to the three interbank payment systems, Bacs, Faster Payments Service (FPS) and LINK.
Amazon’s vision of the future, which it’s testing in Seattle, is a grocery store that enables customers to complete purchases via scanning mobile phones instead of waiting to pay.
Steve Pruitt has taken on the role of director of new business development for the Americhip Gift Card Group, a provider of print, specialty packaging, shopper marketing and gift card programs.
Jo Kenrick has been named an independent director on the board of Bacs Payment Schemes Ltd., the network behind the clearing and settlement of U.K. automated payment methods, direct debit and Bacs direct credit, as well as the Current Account Switch Service and the Cash Isa Transfer Service.
Deutsche Bank has made two leadership appointments to its fintech innovation team. Elly Hardwick will become head of innovation for the bank, while Philip Milne has been named chief technology officer (CTO) for innovation.
GlobalPlatform, an industry body which standardizes the management of applications on secure chip technologies, has launched a China Task Force to give Chinese members and all GlobalPlatform members with business interests in China a dedicated platform to identify and agree on requirements from the region and work directly with Chinese industry and standards associations.
Blockchain-based financial settlement solutions provider Ripple has named Miguel Vias as head of XRP markets.
Cloud-based m-POS solutions provider ShopKeep has appointed Crystal Caligiuri as the company’s new senior vice president of operations and customer care.
Most of the talk around Samsung Pay’s new points-based loyalty program has been about whether it can spur mobile wallet adoption. But the in-app delivery of a virtual prepaid rewards card could mark a substantial shift for the incentives business, according to Brad Garfield, global product head for Citi’s corporate and public sector prepaid cards.
Fraud prevention is driving payments acquisition activity, with two major moves by the networks in the last two weeks. American Express has acquired InAuth Inc., a provider of mobile device authentication and intelligence solutions, which follows Visa’s announcement of its plans to acquire e-commerce authentication specialist CardinalCommerce, which operates the largest authentication network in the world, according to the company.
Western Union continues to expand its presence in the mobile vertical with an investment in Walletron Inc., a provider of mobile wallet bill presentment and payments services. The investment follows a deal struck between the companies earlier this year, under which Western Union’s Speedpay electronic bill payment service began offering biller clients the option to incorporate Walletron’s moBills platform.
PayPal and Google’s Android Pay are making the holidays more festive with new promotions, but will they lead to more consumer usage? PayPal says it’s making its P2P payment service “more personal and heartfelt,” while Android Pay is offering U.K. users a free gift when they use the mobile wallet for purchases.
Cybercriminals have stolen about $31 million from Russian Central Bank accounts, according to a Reuters report. The hackers broke into bank accounts after faking a client’s credentials, a bank spokesman said at a briefing, disclosing few other details. In a separate instance, Russia had recently warned about a plot by foreign countries to wage cyberattacks on its financial institutions.
Whether it’s digital coupons, next-generation mobile apps or using augmented reality technology to enhance shopping, have no doubt: That future is here and it’s all about engagement. Paybefore sat down with Amy Parsons, vice president and head of global commerce, Discover Global Network, to get her take on what’s ahead.
UK-based Metro Bank says it has become the first high street bank to join the Faster Payments Scheme (FPS) since its launch.
Alipay, one of the world’s largest online and mobile payment platforms, has inked deals with BNP Paribas, Barclays, UniCredit, and SIX Payment Services to drive the European expansion.
Blackhawk Network said Dec. 5 that it will “integrate gift cards, e-gifts, loyalty and rewards programs into Apple Pay,” a move that could make the mobile wallet more attractive to consumers.
Visa Inc. has acquired e-commerce authentication specialist CardinalCommerce in a move the payment network called a bid to amp up security for online and mobile transactions and reduce fraud. Visa already provides Cardinal’s services to merchants and acquirers through its CyberSource enablement platform.
Three of the four major U.S. networks have pushed back the EMV liability shift for fuel pumps three years. The cost of EMV migration at the pump—which is more extensive and complex than POS changes and can require pump replacement—now can be spread out over a longer implementation period, Randy Vanderhoof, director of the U.S. Payments Forum, tells Paybefore.
Fintech companies seeking charters would have to fulfill multiple requirements under the proposal, including performing core banking services.
Comtrade Digital Services has built an automated banking platform that enables users of online/mobile messaging platform Viber to perform a range of banking operations entirely through a chatbot.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
The Bancorp is doubling down on its commitment to fintech, unveiling plans for a new dedicated fintech innovation and development studio. Dubbed Cube8, the division will serve as a space where Bancorp will “explore unconventional–even radical–ideas in financial technologies” with the goal of creating changes or new opportunities to bolster the company’s business strategies, operational efficiency and incremental revenue, Bancorp said.
Mastercard is employing artificial intelligence to improve the accuracy of real-time transaction approvals by minimizing false declines and fraud. Decision Intelligence, Mastercard’s decision and fraud detection service, is available across all markets for all Mastercard brands and products, according to the company’s Dec. 1 announcement.
Financial services providers that work with FIS will be able to ramp up their real-time payments capabilities quickly now that the company is integrating with Early Warning’s Zelle Network P2P service. Using FIS PayNet and the financial technology provider’s open payment framework, the P2P service will be offered as part of FIS’s other real-time payment services, such as digital e-gifting, bill payment and external transfers.
With India’s recent banning of high-denomination paper currency pushing the country’s traditionally cash-dependent economy further toward electronic payments, two new prepaid products have launched there to serve the needs of specific market segments.
Barclays Africa and Techstars are inviting start-ups to apply for the Barclays Accelerator programme – “an initiative aimed at uncovering the next M-Pesa or Paypal”.
Mastercard has teamed with Verifone to roll out a new instalment pay application at retailers across the UK. Called Mastercard Instalments, it is designed for shopping online or in-store, and cardholders can choose their instalment option upon checking out. For example, when purchasing a new TV or flight, customers could repay it in fixed instalments. […]
Australia and New Zealand-based banking group, ANZ, has launched its payments system for business customers, ANZ BladePay, alongside six point-of-sale (POS) vendors who are developing customised applications for the platform. Developed in partnership with payments tech company ThumbzUp, ANZ BladePay is a handheld Android-based payment device which is capable of integrating third party applications. ANZ […]
The European Payments Council (EPC) has unveiled its Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. European payment service providers (PSPs) now have one year to get ready to process the first SCT Inst transactions in November 2017. Javier Santamaría, chair of the EPC, says the launch is a “new era in […]
Virgin Money has signed a long-term deal with TSYS for debit card processing in the UK. The bank is already using the payments vendor’s TS2 solution for its credit card operations.
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.
