People on the Move: Robert Butler, Brian Day and Corey Weeklund, The Members Group (TMG)
Payments processor The Members Group (TMG), a credit union service organization, has announced a new vice president, as well as the promotions of two employees.
PayTech
Equiniti opens Cardiff centre to bring fintech focus to pension reform
Pensions and payments company Equiniti has opened a new fintech innovation centre in Cardiff, which will focus on bringing together fintech tools for employee share plans, online applications for investment platforms and web and mobile applications for pension products.
Mobile banking: what consumers really want
The growth of mobile money has been a steep upward curve and looks set to continue – Juniper Research predicts that there will be one billion mobile banking users worldwide by the end of 2017, up from 590 million in 2013. A recent Forrester report predicted that purchases on mobile devices would double by 2018, as even more people become comfortable buying online and retailers create more user-friendly mobile experiences
MasterCard Send Promises Faster B2B, P2P Payments via Debit (May 21, 2015)
The race to accelerate payments heated up this week with the introduction of MasterCard Send, a new platform enabling the rapid transfer of funds by businesses, merchants, governments, nonprofits and card issuers to consumers via debit network rails.
APEX Europe: Tapping New Opportunities for Prepaid (May 21, 2015)
With enviable annual growth rates across Europe—27 percent from 2010-2017—providers tapping new market opportunities, and digital and physical channels converging, prepaid is destined to become everyday money, according to Jason Field, head of prepaid product management, Europe, MasterCard.
APEX Europe: Apple Pay’s Business Model a Tough Sell in Europe (May 21, 2015)
Apple may have a hard time exporting its Apple Pay business model to Europe, where interchange revenue is much lower than in the U.S.—and about to get lower.
Axis Bank Offers P2P Payments with Ping Pay (May 21, 2015)
Customers of India’s Axis Bank are now able to send money to each other through Facebook, messaging apps Twitter and WhatsApp, email and phone contact lists using Ping Pay, a multi-social media app developed by Fastacash, a Singapore-based social payments vendor.
Alibaba Receives U.S. Money Transmitter License (May 19, 2015)
Alibaba, the China-based e-commerce giant, appears to be sharpening its focus on the U.S. payments arena.
Walmart Accepting Alipay m-Payments in China (May 19, 2015)
Walmart is making bold moves with mobile payments in China, where it’s signed on with e-commerce giant Alibaba to accept mobile payments via the Alipay Wallet in 25 of its 410 Chinese outlets, the Arkansas-based retailer announced this week.
Survey: FSPs Ramping Up Risk Management Investment (May 19, 2015)
Financial services providers are beefing up their risk management capabilities in the wake of the increasing threat of cybercrime and fraud, a new report says.
Customers’ Coffee Costs a Latte More; Must Improve Password Maintenance (May 19, 2015)
Starbucks customers last week noticed their purchases were costing a lot more than expected after hackers exploited the Starbucks app’s auto-reload function that’s connected to consumers’ payment cards, according to reports.
PayPal Enters into Consent Order with CFPB (May 19, 2015)
PayPal, reportedly, has agreed to a consent order with the CFPB that would require the company to refund $15 million to consumers who were affected by alleged practices that included, among others, enrollment without authorization and deceptive advertising for its PayPal Credit program, previously known as BillMeLater.
Viewpoint: One-Size-Fits-All Regulation of Prepaid Accounts Does More Harm than Good
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
The Irresistible Rise of Real-Time Payments
Whatever label you use, instant, immediate, faster or real-time payments have moved to the top of the agenda at every payments-related event so far this year and are sure to be high on the agenda when Swift’s annual Sibos event lands in Singapore in October. Nearing the halfway mark for 2015, here’s a roundup of the stories so far …
DOE Issues Proposed Rulemaking for Student Cards (May 18, 2015)
The proposed rule includes numerous provisions applying to checking and prepaid card accounts established by colleges or universities on behalf of students or parents for disbursing financial aid.
Samsung Terminates Wallet, Prepares for Samsung Pay Rollout in U.S., Europe and Korea (May 18, 2015)
Samsung is terminating its mobile wallet service at the end of June, paving the way for Samsung Pay, its mobile payment service for Android devices.
Aite Study: Gathering Steam, NFC Payments Set to Skyrocket (May 18, 2015)
Proximity payment transaction volume is estimated at $7.5 billion this year and is expected to grow gradually before skyrocketing to $487 billion in 2020, according to an Aite Group report.
Pay Magazine – Spring 2015
Agents of Change: Innovators Talk Disruption vs. Evolution; The Apple Pay Effect; EMV Readiness Report; Market Snapshots: Brazil & Italy; 2015 Paybefore Awards: The Best in 26 Categories; Who Are You Wearing?
Efforts to harmonise real-time payments implementation are up against the clock
The window of opportunity to harmonise international real-time payments implementations is rapidly closing as plans for domestic systems move ahead according to panellists at the EBAday conference this week.
Viewpoint: SKU-Level Gifts and Promotions Get Personal
Emerging technologies, consumer preferences and e-commerce innovation are giving rise to the next evolutionary step for gift cards: SKU-level rewards and promotions.
Empowering transactions: from bank regulation to customer-centric innovation
Regulation has the potential to accelerate the payments innovation sparked by the evolution of internet and mobile technologies. By giving customers the reassurance that payments can be made safely and efficiently, regulation allows providers to develop new and exciting ways to serve customers
Blog: All I Want for Christmas is an Apple Watch
Reactions to the new Apple Watch range from ecstasy to ennui for most consumers, but here’s why this product might be a holiday hit.
Indian bank launches WhatsApp, Facebook, Twitter mobile payments
India’s Axis Bank has released a mobile payments service called Ping Pay, which allows customers to send money to each other using Facebook, Twitter, WhatsApp, email or phone number. The bank says the service will help it to reach young consumers and smartphone users.
Blog: The Amazing Race: Differentiating the In-Store Experience
Retailers are changing the shopping experience. It’s quite clear that the future will be a far cry from your mother’s shopping trip, and payments providers will have to innovate to keep up.
LevelUp Breaks into POS Mobile Carrier Billing via Sprint (May 13, 2015)
LevelUp is trying something it says is a first in the U.S.—enabling users of its mobile payments platform to charge in-store purchases to their mobile phone bills, beginning with Sprint customers.
Denmark Seeks to Eliminate Most Cash Transactions (May 13, 2015)
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses.
People on the Move: Bob Mengani, Chartwell Compliance
Chartwell Compliance has hired Bob Mengani as senior compliance director.
People on the Move: Tony Sabetti, CPI Card Group
Littleton, Colo.-based card producer CPI Card Group has hired industry veteran Tony Sabetti to lead CPI’s mobile and NFC market initiatives through CPIMobile, a digital issuance solution using Sequent technology.
Company on the Move: FIME, EMVCo Board of Advisors
FIME, a France-based provider of consulting, test and certification services for payment systems, cards and terminals, has been elected to the EMVCo board of advisors to represent the technical associates for a one-year term.
People on the Move: Tim Carter, Fortumo
Mobile payments company Fortumo has appointed Tim Carter chief revenue officer, based in the company’s London office.
People on the Move: Dean Young, National Association of Credit Union Service Organizations (NACUSO) Board
Dean Young, senior vice president of relationship development at PSCU, was appointed to the National Association of Credit Union Service Organizations’ (NACUSO) board of directors.
People on the Move: Shawn Carden, New Wave Holdings Inc.
New Wave Holdings Inc., a prepaid industry holding company, has appointed Shawn Carden CEO.
People on the Move: Hartwig Gerhartinger, Prepaid International Forum (PIF) Board
paysafecard, a global provider of prepaid online payment methods and member of the international Skrill Group, announced that Dr. Hartwig Gerhartinger, senior legal counsel at paysafecard, has been selected to join the board of the Prepaid International Forum (PIF) as a non-executive director.
Report: Cybercrime Costs to Quadruple by 2019 (May 12, 2015)
The cost of data breaches globally will quadruple over the next four years to $2.1 trillion, as cybercrime becomes more sophisticated and profitable.
Alibaba Could Open Apple Pay’s Door to China (May 12, 2015)
Two of the biggest names in global commerce are exploring a partnership that could bring Apple Pay to China.
Mitek Verifies Consumers with the Snap of a Driver’s License (May 12, 2015)
Mitek Systems has unveiled authentication technology, which it says will improve customer acquisition efforts by enabling issuers to instantly verify a consumer remotely or in a brick-and-mortar bank location using a driver’s license.
Chase: 65% of Consumers in the Dark about Chip Cards (May 12, 2015)
With less than six months to go before the October 2015 EMV liability shift for U.S. payment cards, 65 percent of consumers haven’t yet heard of chip card technology and 77 percent have not received a chip-enabled card, according to a survey.
People on the Move: David Durant, YapStone
YapStone, a global provider of Web and mobile payment technology solutions for large vertical markets and online marketplaces, named David Durant general counsel.
InComm Not for Sale; Bloomberg Article Incorrect (May 11, 2015)
In an exclusive interview, Meyerhoff tells Paybefore that the company is not for sale, not planning to sell and has not engaged any third party to contemplate or pursue a sale.
Senate Banking Head Mulling Fed Overhaul Bill (May 11, 2015)
The head of the Senate Banking Committee reportedly is readying a bill that would restructure the Federal Reserve and lead to fewer midsize banks being deemed “too big to fail.”
