People on the Move: Paul Townsend, Saxo Payments
Saxo Payments, a global transaction services provider, appointed Paul Townsend as non-executive director.
PayTech
People on the Move: Gene Fredriksen, PSCU
Gene Fredriksen, PSCU’s chief information security officer (CISO), was named CISO of the Year by the Tampa Bay Technology Forum (TBTF) at its 12th Annual Industry Achievement Awards Gala.
People on the Move: Elizabeth G. Chambers, The Western Union
The Western Union Co., a global payment services provider, has appointed of Elizabeth G. Chambers to the newly created role of chief strategy and product officer.
Apple Pay Seeking February Launch in China; Wirecard Debuts New NFC Wallet (Nov. 24, 2015)
Apple Pay’s long-awaited arrival in China could be just months away, with the mobile payments service slated to launch in the country by early February 2016, according to a report. Meanwhile, Germany’s Wirecard has launched a new Android-based NFC mobile wallet in four European countries.
In Wake of Paris Attacks, France Eyes Stricter Prepaid Rules (Nov. 24, 2015)
French officials are calling for tighter regulation of prepaid products in the European Union, claiming that prepaid cards were in preparation for the terrorist attacks in Paris earlier this month. The proposal to tighten prepaid regulation is part of a broader initiative to combat terrorist financing.
Philly Fed Study Measures Consumers’ Reaction to Breach
A new study from the Federal Reserve Bank of Philadelphia finds, not surprisingly, that consumers affected by a data breach are much more likely to opt for fraud protection, while those consumers who are unaffected or only hear news about breaches are less likely to use fraud prevention services.
Shift, Coinbase Debut Bitcoin Visa Card (Nov. 23, 2015)
Bitcoin may be a step closer to going mainstream now that Coinbase is partnering with Shift Payments to launch a Visa-branded bitcoin debit card that lets users spend the funds in their bitcoin wallets anywhere Visa is accepted.
Diebold Acquiring Wincor Nixdorf for $1.8 Billion (Nov. 23, 2015)
The payments world is contracting a bit more as U.S. ATM manufacturer Diebold is getting significantly larger, announcing its plan to acquire German-based Wincor Nixdorf for approximately $1.8 billion, or €1.7 billion, creating the largest global ATM supplier.
Apple Pay, MasterCard Offer Free Transit Fares in London (Nov. 23, 2015)
Five months after Apple Pay’s arrival in the U.K., the contactless payments service is working with London’s transit authority and MasterCard to drive Apple Pay usage for mass transit by offering free rides on Mondays, starting today and running through Dec. 14. Meanwhile, Visa Europe is doing its part to promote Apple Pay in the U.K. with a two-month advertising campaign touting its integration with the payments service.
CFPB Pushes Back Prepaid Final Rule Release
The CFPB announced in a Nov. 20 blog post that it has updated its regulatory agenda, including the schedule for its final rule on prepaid accounts, which now is expected to be released in March 2016. Several lawmakers have expressed concern over the CFPB’s broad proposed rulemaking on prepaid, noting that consumers, including those that rely on overdraft and government benefits, may be harmed if the rules go too far.
Square (Finally) Goes Public, Trading Well above Initial Pricing (Nov. 19. 2015)
After much prognostication regarding when Square would finally announce its IPO, the m-payments service provider began trading this morning on the New York Stock Exchange under the symbol SQ.
Comment Deadline Reminder: Nov. 27 for N.Y. Payroll Regs
It may be Black Friday next week, but it’s also the deadline to comment on potentially harmful payroll card regulations pending in the state of New York.
Prepaid Financial Services Nabs Strategic Investor amid Record Profitability (Nov. 19, 2015)
London-based Prepaid Financial Services (PFS), an e-money issuer that specializes in acquiring, prepaid and alternative banking solutions, has sold 5 percent of the company to a strategic investor after being valued in excess of £50 million (US$76.5 million).
Fintech Investment Dollars Keep Coming, but Challenges to Growth Remain (Nov. 19, 2015)
Funding continues to roll in for fintech startups, with a pair of firms landing investments totaling more than $21 million this week.
China’s Biggest Messaging App Integrates Western Union Money Transfer (Nov. 19, 2015)
The convergence of social media and money transfer has taken another step forward, with China’s biggest mobile messaging app partnering with Western Union to enable users to make cross-border P2P transfers.
Viewpoint: Holiday Forecast: Gift Cards Continue to Expand the Online and Mobile Landscape
It should be no surprise to anyone that gift cards are forecasted to be uber popular again this holiday season. However, it will be crucial for those in the prepaid industry to be mindful of plugged-in shopper preferences to capture holiday spend.
Viewpoint: Why Your Survival Rests on Customer-Centric Strategies
Knowing your customer is taking on new meaning for retailers, If you want to thrive, you must give your customers a personalized shopping experience with a simple integrated payments process.
Viewpoint: Digital vs. Plastic: Death Match or Perfect Marriage?
In 5 years plastic cards will be dead! A bold prediction for sure and likely one you’ve heard in any of a dozen payment mixers you’ve attended over the last year. But for our restaurant brands, we see a more nuanced picture that requires us to execute a simple, perhaps obvious, formula.
Viewpoint: Money20/20 Highlights Emerging Payments Trends
The five most important takeaways from Money20/20 that will shape payments for the foreseeable future.
Norwegian mobile payment service Valyou closes down
The Norwegian Valyou mobile payment service started by DnB and Telenor will be closed at the end of this month as a result of slower than expected activation of NFC enabled POS terminals and a much lower than expected end user uptake.
SIA sets sights on German P2P mobile payments market
Italian payments company SIA is expanding its P2P service Jiffy into Germany, together with IT firm GFT Technologies. The move is part of SIA’s plan to roll out real time money transfer via mobile phone to 400 million European current account holders.
Viewpoint: Accessing Europe: The World’s Largest Single Market
Craig James explains how passporting with an e-money license allows U.S. prepaid companies to conduct business in EU countries.
Merchants Use First Amendment in Florida Surcharge Law Fight
Retailers argue the semantics between calling a price difference a “surcharge” or a “discount.”
Apple Pay Extends to Canada with Amex Partnership (Nov. 17, 2015)
Apple Pay’s availability continues to slowly cover the globe with the latest addition—Canada. American Express today announced the availability of Apple Pay for cardholders with cards issued by Amex Bank of Canada.
MasterCard Joins Vodafone Wallet, Demos Loyalty Feature in Paris (Nov. 17, 2015)
Users of Vodafone’s mobile wallet soon will be able to add their MasterCard-branded payments cards to the wallet app and subsequently make contactless payments via NFC, the European telecom provider announced. Vodafone Wallet added support for Visa-branded payment cards earlier this year and compatibility with Visa- and MasterCard-branded payment cards could help Vodafone Wallet compete against Apple Pay, which launched in the U.K. in July.
Hyperwallet Program Offers Rewards for Independent Workers (Nov. 17, 2015)
Worker payout solutions provider Hyperwallet has launched a new loyalty program that enables its clients, particularly in the direct selling industry, to provide rewards for independent workers who opt to receive their earnings on a prepaid card.
The European Union Council Approves the PSD2 (Nov. 17, 2015)
The European Union Council has approved the revised Payment Services Directive (PSD2).
Top Payments Lawyer Spotlight: Amy Ross Lauck, Lindquist & Vennum LLP
Earlier this year, we recognized the Top 10 Payments Lawyers as voted for by Paybefore.com visitors. In our first profile, we feature Amy Ross Lauck, partner, in the payment systems and consumer financial services practice at Lindquist & Vennum LLP, who discusses the challenges of the CARD Act, prospects for the CFPB’s prepaid rulemaking and innovations yet to come.
FDIC Issues Revised Brokered Deposit FAQs Affecting Prepaid (Nov. 16, 2015)
The FDIC last week issued a revised financial institution letter soliciting public opinion on a proposed update to its series of FAQs related to identifying, accepting and reporting brokered deposits. The revised guidance, which has a 45-day comment period that ends Dec. 28, has far-reaching implications for the prepaid industry.
Four Startups to Get Boost from MasterCard Accelerator Program (Nov. 16, 2015)
MasterCard has named the startups comprising the next class of its Start Path fintech accelerator. The four startups, which were selected from more than 200 applicants, will receive mentoring from MasterCard experts, access to the company’s commercial partners and the opportunity to integrate with MasterCard solutions for six months.
Visa Europe Testing Blockchain for Remittances (Nov. 16, 2015)
Visa Europe is exploring the use of blockchain technology to speed and simplify international remittances. Under a new partnership with Epiphyte, a startup specializing in bringing blockchain to mainstream financial services, the Visa Europe Collab innovation hub is testing the use of a distributed ledger to process remittance transactions.
London’s 22,500 Black Cabs Go Mobile with HailoPay (Nov. 12, 2015)
In a global battle pitting two companies, Hailo and Uber, that connect drivers with riders, U.K-based Hailo announced this week that all of London’s 22,500 black cabs now accept mobile payments using HailoPay, a payment gateway for passengers to pay for black cab rides using their smartphones.
New MasterCard Prepaid Products Target Underbanked in Africa, Corporate Travelers (Nov. 12, 2015)
Prepaid’s ability to suit a wide range of uses was on display this week, with two new MasterCard-branded prepaid products announced, targeting two very different audiences.
Samsung Pay to Explore Handset-Based P2P Service? (Nov. 12, 2015)
Samsung Pay grabbed attention in the m-payments race with its technology enabling users to pay with their handsets at any POS terminal, whether or not it accepts NFC. Now reports suggest Samsung Pay may add P2P services.
People on the Move: Betty Mitchell, Arroweye Solutions
Arroweye Solutions, a digital-on-demand payments technology firm, has named Betty Mitchell vice president of client engagement.
People on the Move: Paul E. Harner, Ballard Spahr
Ballard Spahr announced that Paul E. Harner, has joined the firm and will work in Ballard Spahr’s offices in New York and Baltimore.
People on the Move: James E. Staley, Barclays
Barclays PLC and Barclays Bank PLC has appointed James E. Staley group CEO.
People on the Move: Trent Sorbe, Central Payments
Payments veteran Trent Sorbe, president of Central Payments, a division of Central Bank of Kansas City, testified before the CFPB on Oct. 28, as part of the federal agency’s small business advisory panel.
People on the Move: Thomas Scanlon, Davis Wright Tremaine LLP
Thomas Scanlon has joined the financial services and payments practice groups at Davis Wright Tremaine, where he will practice mostly in the firm’s office in Washington, D.C.
People on the Move: Craig Vosburg, MasterCard
MasterCard has appointed Craig Vosburg president, North America Markets, effective Jan. 1, 2016.
