Google and RadioShack Face Challenges from Gift Card Holders
Both Google and RadioShack are engaged in legal battles with consumers holding unused balances on the respective company’s gift cards.
PayTech
D.C. Circuit Court Ruling Revives Lawsuit Challenging CFPB’s Constitutionality
The U.S. Court of Appeals for the D.C. Circuit on July 24 revived a constitutional challenge to the CFPB and the appointment of Director Richard Cordray, overturning a 2013 decision that State National Bank of Big Spring, Texas, did not have standing in the lawsuit.
Samsung Pay to Roll out in Europe after South Korea, U.S. (Aug. 3, 2015)
Samsung plans to launch its m-payments service Samsung Pay in Europe, by extending its global partnership with MasterCard and leveraging the MasterCard Digital Enablement Service platform to connect European card issuers to the m-payment service.
People’s Bank of China Proposes Online Spending Caps (Aug. 3, 2015)
China’s central bank wants to implement regulations that would cap the amount consumers can spend online per day and per year using third-party payment accounts.
Mobikwik adds on-demand cash reloads
Indian mobile wallet provider MobiKwik is launching a new, Uber-like service.
Visa Partners with Stripe to Expand E-Commerce Reach (July 30, 2015)
Visa Inc. this week announced a new partnership with and investment in Stripe, a startup specializing in mobile and online payments technology, to work on new approaches to online payments and increasingly popular “buy buttons.”
MasterPass Coming to India amid E-Commerce Boom (July 30, 2015)
MasterCard and Citibank India are teaming up to bring the payment network’s MasterPass digital wallet to India.
SUBWAY Adding PayPal OneTouch (July 30, 2015)
SUBWAY will launch a revamped version of its mobile app and Web ordering service, adding PayPal’s OneTouch mobile checkout as a payment option.
Santander U.K. Enables Friends to Pool their Funds with KiTTi (July 30, 2015)
Santander, a financial services provider in the U.K., has made it easy for up to 100 consumers at least 18 years old to pool their funds via an app available on iOS and Android.
MasterCard and Samsung prepare Samsung Pay Europe launch
Samsung is set to launch its upcoming payments service Samsung Pay in Europe within months, following a deal with MasterCard which will see Samsung Pay rolled out across the region through MasterCard’s Digital Enablement Service.
How the Internet of Things is helping banks put their customers first
At the SAP Financial Services Forum in London last month, the topic of digital transformation dominated the agenda. From legacy banks with lumbering IT systems to nimble fintech startups, the consensus was clear: The long-standing status quo is simply unsustainable in an increasingly digital economy
Despite New Payment Options, Prepaid Remains Popular (July 28, 2015)
While consumers still are using traditional methods of payment, they’re beginning to adopt digital and mobile options at significant rates, according to Blackhawk Network research released today.
New Ingo Money and NetSpend Pact Enables Mobile Check Deposit for Prepaid Cardholders (July 28, 2015)
Ingo Money and NetSpend today announced an agreement that will enable NetSpend prepaid cardholders to deposit checks to their accounts via smartphones by combining Ingo’s mobile check deposit capture service with NetSpend’s mobile banking platforms.
HM Treasury Seeks Input on Interchange Fee Regulation (July 28, 2015)
EU-wide Interchange Fee Regulation (IFR) goes into effect in December, and the U.K. government is seeking industry input on its implementation of the interchange caps and related provisions.
CFPB Takes Aim at Student Loan/Financial Aid Sector (July 28, 2015)
The CFPB has taken action against two companies over what the agency says were illegal practices related to student loans and financial aid information.
Visa Considers Acquisition of Visa Europe (July 27, 2015)
Visa Inc. has confirmed it’s in negotiations to acquire Visa Europe in what could be a $20 billion deal. Visa expects to resolve discussions about the possible acquisition in October and provide an update about its decision during the company’s fourth quarter earnings report.
Report: CurrentC to Launch Next Month for iPhone and Android (July 27, 2015)
CurrentC—the mobile payments service backed by a consortium of major retailers—reportedly will launch next month, and curiosity is running high about how the merchant-centric app will stack up against Apple Pay and other emerging mobile wallets.
Square Secretly Files for IPO (July 27, 2015)
After more than a year of rumors, it appears Square finally could be taking the plunge and going public. The m-POS pioneer—which has been expanding steadily into other verticals—has filed confidentially for an IPO with the SEC, according to Bloomberg, which cited sources with knowledge of the plan.
Cometh the Digital Bank
The only banking activity that is digital is taking money out of clients’ accounts, which is performed in real-time with 100% consistency. After that the banking journey is far slower and less consistent.
Blog: What the Blockchain Can Do for Gift Cards
While the role of bitcoin itself is still in question, there is a growing industry consensus that the blockchain—bitcoin’s underlying technology—may become to value, what the Web has been to information. And, the gift card industry may be the first to reap the benefits.
JPMorgan Chase Hack Could Be Connected to Stock, Bitcoin Schemes (July 22, 2015)
Last year’s cyberattack on JPMorgan Chase may have been part of a scheme to manipulate stock prices rather than to steal personal financial data, according to a new report.
Social Media Driving Mobile Money Boom (July 22, 2015)
Mobile money transfers are projected to balloon nearly 150 percent this year, with social media services driving much of that growth.
People on the Move: Steve Antonakes, CFPB
Steve Antonakes has stepped down from his position as deputy director of the CFPB as well as his position as associate director for supervision, enforcement and fair lending.
People on the Move: Martin Wheatley, Financial Conduct Authority
The U.K.’s Financial Conduct Authority has announced that Martin Wheatley is stepping down as CEO, effective Sept. 12, 2015.
People on the Move: David Hunter, Pannovate Ltd.
Pannovate Ltd., a card design, personalization and augmented reality SaaS business, has appointed David Hunter chairman.
Company on the Move: Payveris LLC, New Headquarters
Payveris LLC, a digital payments company serving banks and credit unions across the U.S., has announced that it has completed its move to a new corporate headquarters.
People on the Move: Joanne Briggs and Drew Cockton, Tuxedo Money Solutions
Tuxedo Money Solutions, a payment technology and prepaid card provider, has appointed Joanne Briggs and Drew Cockton as client relationship managers for its travel sector clients.
People on the Move: Stefano Pessina, Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc., pharmacy, health and well-being company, announced that its board of directors has named Stefano Pessina as CEO.
Blog: Fighting Fraud Starts with Common Sense on the Front Lines
Some cybercriminals are geniuses, I’m sure, but my recent personal experience with fraud suggests there is a gaping chasm between the promises of high-tech fraud-prevention methods and the existing, low-tech reality.
First Data Readies for Multibillion-Dollar IPO (July 21, 2015)
Less than a decade after a private equity firm took the company private, First Data Corp. announced Monday it has filed documents with the SEC relating to an IPO of its common stock.
Fed Report: $139 Billion in Gov’t Prepaid Loads in 2014 (July 21, 2015)
Government agencies disbursed a total of $139 billion through prepaid cards in 2014, according to the Federal Reserve’s latest annual report on government prepaid programs.
CFPB: Citi to Pay $770 Million for Marketing and Billing Practices Related to Credit Card Add-On Services (July 21, 2015)
As the Dodd-Frank Act turns 5 today, the CFPB is making good on its consumer protection mandate, announcing today a new enforcement action.
PayPal’s Shares Rise as it Flies Solo (July 20, 2015)
PayPal’s stock rose more than 5 percent on its first day of trading as an independent company, bringing its total market capitalization to about $50 billion, making it an even more potent force in the red-hot payments M&A arena, observers say.
Meta Buys Tax Refund Company for $50 Million (July 20, 2015)
Meta Financial Group Inc. and bank subsidiary MetaBank are getting ready for tax season early with the acquisition of Fort Knox Financial Services Corp. and its subsidiary, Tax Product Services. The deal, valued at approximately $50 million, bolsters Meta’s business in the tax refund prepaid card vertical.
U.K. Payments Study Shows Consumers’ Need for Speed
Faster payments could be the key factor in getting U.K. consumers to switch bank accounts, a new report says. In a study commissioned by ACI Worldwide, 45 percent of 2,000 of consumers polled in the U.K. said the prospect of faster and more convenient electronic payments would encourage them to consider moving their accounts to a different bank.
Ageing reconciliation systems cost firms dear
Two-thirds of top-tier financial institutions have established reconciliation centres of excellence following a recent wave of consolidation of the reconciliation function – but more than half of firms say their reconciliation technology platform was at least five years old, and a quarter of respondents use platforms more than nine years old.
UK consumers look for speed
Nearly half of UK consumers say that faster payments are a factor in their choice of back account provider, with 45% saying that the offer of faster electronic payments would encourage them to switch their bank account provider.
Apple Pay U.S. Merchant Acceptance Reaches 1 MM, up 400 Percent since Launch (July 16, 2015)
Apple Pay this month has reached a new milestone: More than 1 million U.S. merchants now accept the m-payments service, according to new data from Ingenico.
MasterCard JV Partners with Sri Lanka’s Largest Telco on Mobile Remittances (July 16, 2015)
Sri Lanka’s largest telco, Dialog Axiata, is partnering with MasterCard joint venture HomeSend to enable mobile remittances to the country, which represents a US$7.2 billion money transfer market.
Authorities Smash Hacking ‘Hornet’s Nest’ (July 16, 2015)
A major online hacking forum and malware marketplace has been shut down in a coordinated operation by law enforcement officials in 20 countries.
