Oklahoma Governor Mary Fallin says state law enforcement will delay using devices that read the magnetic stripes on payment cards, following outcries from lawmakers and consumer groups about privacy and legal concerns. But mention of a supplemental proposed rulemaking suggests FinCEN may be looking to revisit card readers at the border.
As consumers pack up their cars or board their planes for summer getaways, prepaid cards will be just as important as sunblock or a comfortable pair of walking shoes. Many travelers plan to bring prepaid cards because of convenience, security and budgeting, according to an InComm consumer survey.
Nine fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation, or CFSI. At least week’s Emerge Conference in New Orleans, CFSI announced the FinLab winners from more than 300 applicants.
CPI Card Group has been targeted in a new class action lawsuit over claims the card manufacturing and fulfillment specialist failed to disclose important information to shareholders in the run-up to its IPO last year.
Flexibility and transparency are key to the first pan-European instant payments scheme, states Javier Santamaria, chairman of the European Payments Council (EPC). Currently, instant payments in Europe operate only within the borders of individual countries or among customers of the same payment service providers (PSPs). To move away from this fragmentation, the EPC was invited […]
Nope, it’s not censorship, nor restraint of trade. Rather, Google’s recently announced ban on online payday loan ads shows that the search engine giant wants to do good by consumers. That’s what Vijay Padmanabhan, a policy adviser at Google, said this week in New Orleans at the Emerge: Consumer Health Financial Forum.
From the future of prepaid and which mobile wallets stand to win to regulatory uncertainty and the best route to market in Europe, view our most popular opinion pieces from 2016, so far.
Alpha Payments Cloud, a provider of the AlphaHub Payments-as-a-Service platform, has received investment from Wells Fargo. Through its Startup Accelerator programme, for the next six months Wells Fargo will collaborate with Alpha Payments Cloud on its global payments network technologies for merchants. The company says its valuation now stands at $100 million. Wells Fargo’s Startup […]
The latest Fed consumer research reveals why many consumers are still on the sidelines when it comes to adopting mobile financial services. Surprise: They’re scared.
While industry observers think Apple Pay adoption hasn’t yet hit a critical mass, the mass it has hit (with 1 million more users added each week) makes it a substantial alternative to the use of contactless payment cards. But more importantly, it’s what’s still to come from Apple that retailers (and others vying for mobile wallet share) can’t afford to ignore.
Tapping into the IoT trend requires financial services providers to consider the use case for each device and make sure the information and capabilities are relevant. Irrelevant information will at best be ignored and at worst lead consumers to disengage.
What it comes down to is that there’s no reason for merchants or financial institutions to live in constant fear of data breaches when there are solutions that will identify and prevent fraud attempts while also protecting the customer experience.
PT Indopay Merchant Services, a subsidiary of Indonesia’s banking solutions provider PT Abhimata Persada, has teamed up with ACI Worldwide for the latter’s UP eCommerce Payments solution. Indopay is keen to grow its share of the domestic market and also expand across Asia – and ACI’s platform will underpin the strategy. The Indonesian eCommerce marketplace […]
For more than a year, payroll card providers have had to deal with the specter of a final rule on payroll card regulations from the New York Department of Labor. The wait is now over, sort of. Rather than issue a final rule, the N.Y. DOL today issued a second revision to its proposal, but the industry is still concerned about its implications.
Watch our second installment of our special Pay Studio series, along with a new video about Visa’s payments prep for the Summer Games.
DiPocket, a U.K.-based fintech company heads east to Poland with the launch of its DiP mobile financial app, which the company says will provide an alternative to expensive traditional bank accounts or complement consumers’ current banking services.
Samsung Pay has launched in Australia, enabling mobile payments for consumers, but the hardware maker wants its mobile wallet to encompass much more, including gift cards, loyalty and transit.
Gasoline sellers that use a Visa fraud-reduction tool have experienced significant declines in chargebacks and other fraud metrics, the payments network said today. On average, gas stations that use the service experienced a 54 percent decline in counterfeit fraud rates and a 51 percent decline in lost and stolen fraud chargeback rates.
Apple is about to make it easier for its users to shop online, and the move will put Apple Pay in direct competition with PayPal, Amazon and the networks’ online payments services for the loyalties of online shoppers.
It’s a bird. It’s a plane. No, it’s Supercard, a MasterCard prepaid card and accompanying mobile app catering to U.K. consumers traveling abroad. Supercard, developed by Wirecard AG and Travelex, enables travelers to earn rewards on the cards they want—except for American Express cards—without paying the typical international transaction fees.
The U.S. House of Representatives Committee on Appropriations recently approved its Fiscal Year 2017 Financial Services and General Government Appropriations Bill, and its passage (30-17) most definitely represents a thorn in the side of the CFPB because it delays the bureau’s regulations for payday loans.
With fraudsters setting their sights on digital channels, financial services providers have to walk a fine line to balance security with consumer demand for a fast, frictionless payment experience. A new report canvassed fraud management executives across multiple industries—including mainstream and alternative financial services—to gain insight into the latest techniques and strategies to meet evolving fraud challenges.
Travelex has launched Supercard, a MasterCard and mobile app combo for UK travellers to avoid debit/credit card roaming fees and charges when spending abroad. Supercard will be chip and PIN protected. The security aspect will be taken care of by a payments firm Wirecard. Following a successful pilot, Supercard is now offered to the UK […]
Fintech start-up Neema has issued the MasterCard debit card for migrant workers from the Philippines, India, Nepal and Sri Lanka – which promises to drastically reduce the cost migrant workers pay to send money home. Neema says there are no transfer or foreign currency exchange fees. “One of the biggest expenses for migrant workers is […]
The CFPB wants to make more consumers aware of its watchdog mission and is spending big to ensure that: $15.3 million so far in fiscal 2016, making the federal agency among the biggest government advertisers, according to reports and an online database.
It’s been more than a year since the New York Department of Labor first proposed payroll card regulations, but the agency is expected to follow up with a new payroll card rulemaking in the New York State Register this week. What’s uncertain is whether the regulations will be final or if the state will be following up its controversial proposal with a revised proposed rulemaking for which it will accept additional comments.
Though the focus for most faster payments initiatives primarily has been on P2P and B2B real-time payments, the technology has yet to really be implemented for POS and e-commerce transactions. London-based international payment provider VocaLink and its Zapp technology subsidiary are looking to change that.
Earthport, a cross-border payments service provider, has inked a deal with Commercial Bank of Ceylon to provide local payment capability into Sri Lanka. The deal is part of Earthport’s Asian expansion strategy, with similar money transfer partnerships already secured in Pakistan and India. Sajeev Viswanathan, president, global strategy at Earthport, says the tie-up with Commercial […]
The Bancorp has been named the recipient of the 2015 Data Integrity Compliance Award, presented by MasterCard.
Visa Europe and its innovation hub, Visa Europe Collab, have teamed up with visual discovery and augmented reality app Blippar to bring augmented reality to payments. The new e-commerce solution, unveiled at a recent fashion show in London, enables designer garments to be instantly purchased straight off the backs of models. The pilot fashion brand […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Goldman Sachs to underpin new digital bank with Infosys tech It’ll be the e-Finacle digital banking platform, Banking Technology understands. Infographics: The Euro 2016 guide to e-commerce In the spirit of that football tournament that starts today, we’ve got an e-commerce […]
FIS has published its third annual report, Flavors of Fast, which shows via infographics the growth in the number of real-time payment initatives and usage volumes. Warren Gardiner, VP strategy enterprise payments, FIS, says: “Context is everything: speed without context is just faster; creating context without open data mining is merely an improvement. Speed, context […]
MCX, led by a consortium of large retailers such as Walmart, Target and Best Buy, has announced it’s ending the beta test of its mobile payments service CurrentC, and accounts will be deactivated June 28.
A less powerful CFPB and looser caps on card interchange fees: Those are among the potential features of a bill that Chairman of the House Financial Services Committee Jeb Hensarling (R-Texas) plans to introduce later this month that would overturn major provisions of the Dodd-Frank act.
Chase faces a class-action suit filed in federal court this week that alleges the bank’s debit card program for prisoners locks them in a cycle of fees upon their release.
The Financial Services Sector Coordinating Council (FSSCC) has announced the election of Rich Baich, chief information security officer of Wells Fargo and Co., as its new chairman.
Blackhawk Network Inc. has announced the winners of its 10th annual Hawk Awards, which recognize the prepaid industry’s most innovative leaders.
Tristan Blampied has joined Pelican, where he will serve as senior product manager for the firm’s suite of transaction banking, regulatory compliance and corporate payments solutions.
Warren Humphries has joined M&S for Business, the corporate services arm of U.K.-based department store chain Marks & Spencer, in the role of client relationship manager.
Green Dot Corp. has named Brooke Norton Lais to the position of chief marketing officer.
