MCX Founding Member Best Buy Supports Rival Apple Pay
Best Buy Co., a founding member of MCX , surprised observers this week with news that it’s supporting Apple Pay on its Website, and adding POS support later this year. Is there a problem?
PayTech
MasterCard Buys Software Analytics Firm (April 28, 2015)
MasterCard is paying $600 million to acquire Applied Predictive Technologies, a maker of analytics software to help companies tailor investments and calibrate pricing, marketing and merchandising of products. A key asset the new company provides is its “Test & Learn” platform, which will help MasterCard’s clients make more informed decisions to stay competitive, according to […]
Citi Prepaid Services Teams with Enservio to Tackle ‘Great Frontier’ (April 28, 2015)
Citi Prepaid Services is teaming up with Enservio to offer property insurance policyholders the option of a Citi prepaid card for claims payments.
Chase Pulling Out of International Commercial Card Biz (April 28, 2015)
JPMorgan Chase will exit the international commercial card issuing business by the end of this year, but it will continue supporting North American card programs and investing in purchasing cards and single-use accounts, such as virtual cards, as well as other products, a spokesperson for J.P. Morgan’s commercial card business tells Paybefore.
Discover Joins Apple Pay Fold (April 27, 2015)
Discover credit and debit cardholders will be able to make payments via Apple Pay beginning this fall, the companies announced today.
Processor Guidance Important to FI EMV Migration (April 27, 2015)
The Oct. 1, 2015, date for EMV compliance, when liability for counterfeit card transactions at the POS shifts to parties that haven’t adopted the chip card standard, is less than six months away and many financial institutions are finding the effort daunting, according to a study by Fiserv Inc.
Apple Bumps Up Capitol Hill Lobbying Expenses (April 27, 2015)
Apple Inc. is spending more time on Capitol Hill meeting with lawmakers on topics that include mobile payments, new lobbying expense data suggest. During the first three months of this year, Apple’s expenses for lobbying rose 16 percent compared with the same period a year ago.
Global real time payments are finally pulling into the station – 40 years late
Real time payments ‘innovation’ is in fact simply capitalising on advances that first appeared four decades ago, according to panellists at the Swift Business Forum this week. Since then, progress has been glacial in many places. So why has it taken so long to get real time payments?
U.S. Networks Stocks Rise with Access to $6.8 Trillion Chinese Market (April 23, 2015)
Stocks for all four major U.S.-based payments networks were up yesterday, following news that they’re finally gaining full access to one of the largest payments economies in the world.
PayPal Fuels eBay’s Engine in Q1; M-Payments up 40 Percent (April 23, 2015)
Electronic payments were a driving force behind eBay’s first quarter, ended March 31, 2015, which saw the online auction site total $4.45 billion in revenue compared with $4.26 billion in the same quarter a year ago, according to the company’s latest earnings report.
House Bill Likely D.O.A. Because of Proposed Funding Cap on CFPB (April 23, 2015)
Spoiler alert: A bill approved yesterday by the U.S. House of Representatives basically will be dead on arrival as President Barack Obama has vowed to veto any legislation that tries to touch the purse strings of the CFPB.
Fed will report on faster payments at end of 2016
The US Federal Reserve hopes to have a report on how to create a faster payments infrastructure by the end of next year and has begun processing the 325-plus applications it has had from would-be participants in its task force for faster payments.
Video: CGI’s Jerry Norton – Interview at Payments International 2015
David Bannister, Editor at Banking Technology, interviews Jerry Norton, Head of Strategy UK Financial Services, CGI.
US looks to learn from other markets on faster payments
The UK Faster Payments experience is providing some guidance for the US Federal Reserve’s efforts to move beyond its slow ACH system, but it should take a different approach, according to a speaker at the Nacha Payments 2015 conference in New Orleans this week.
Expert: Apple Watch Likely to Be Apple’s Most Profitable Product Ever (April 21, 2015)
The Apple Watch will be Apple’s most profitable product line ever, with gross margins exceeding 60 percent, according to some observers.
Cachet Targets Millennials with Apple Watch (April 21, 2015)
Attracting millennials requires a better banking experience and Apple Watch may hold the key, according to Minneapolis-based mobile money technology provider Cachet Financial Solutions, which today announced its prepaid mobile platform supports Apple Watch.
Samsung’s Biometrics Plans Go beyond Samsung Pay (April 21, 2015)
Samsung has even larger plans for biometrics beyond including fingerprint-based authentication as part of its Samsung Pay mobile payments service.
ICICI Bank Introduces Contactless Payments at Large Corporate Campuses (April 21, 2015)
India’s largest private bank is exploring contactless payments in a limited rollout to corporate campuses that enables employees to use a mobile prepaid account to make NFC payments at corporate canteens and shops.
300 organisations vie to join Fed faster payments task force
More than 300 organisations have applied to participate in the US Federal Reserve’s task force for faster payments, Sean Rodriguez, senior vice president for industry relations at the Chicago Fed, said yesterday at the Nacha conference in New Orleans.
Real-time payments: the next frontier
Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.
Report: Apple Pay Coming to Canada (April 20, 2015)
Apple Inc. is negotiating with Canadian banks to bring Apple Pay to Canada as early as November, with details about fees and security protocols at the center of discussions.
PayPal on Security: Thinking Outside the Box, Inside the Body (April 20, 2015)
Jonathan LeBlanc, global head of developer advocacy at PayPal, says the future for mobile payments and other sensitive transactions could lay with embeddable, injectable and ingestible devices.
CFPB Consumer Finance Research Conference May 7-8 (April 20, 2015)
The CFPB is holding a conference next month that it says will focus on high-quality consumer finance research, with academic and government experts presenting data.
Viewpoint: Canada’s Regulation of Mobile Payments: Merchant Protection at the Cost of Innovation?
Some of the most significant changes to Canada’s Code of Conduct for the Credit and Debit Card Industry affect the rights of merchants regarding mobile and contactless payments. Will the updated Code have the unintended consequence of disincenting investment in and adoption of innovative payment technologies in Canada?
Video interview: Patrick Griffin, EVP Business Development, Ripple Labs
At the Recent Payments International conference in London, Patrick Griffin, EVP Business Development at RippleLabs talked to Banking Technology editor David Bannister about the technology and puts paid to some misconceptions about the Ripple protocol.
UK mobile banking set to double to £3.4 billion a week
The number of UK mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, according to a new report commissioned by Fiserv. Online banking is still growing too, the research found.
Volante lays Foundation for faster payment systems integration
Financial messaging and data integration specialist Volante Technologies has taken a step into the world of packaged products with the launch of VolPay Foundation, a development platform “designed to ease the challenges of payment integration and payment processing projects”.
Out with the old in New Orleans?
Innovation in a mobile real-time world will be to the fore in the discussions as the US payments industry gathers at Nacha Payments 2015 to consider the opportunities and challenges against a background of rapid technological and regulatory change. What can those embarking on project learn from those who have already been there?
Senate’s Tax Refund Fraud Bill Takes Aim at Prepaid (April 16, 2015)
Several U.S. senators used income tax season to promote new legislation that takes aim at program providers that enable consumers to receive their tax refunds on prepaid cards.
InstaMed Integrates Apple Pay for Consumer Health Care Payments (April 16, 2015)
Apple Pay is expanding its reach to the health care sector, where InstaMed has integrated the mobile payments service as an option for consumers making payments to hospitals, clinics, doctors’ offices and insurance companies.
Discover Adds ‘On/Off’ Switch to its Cards (April 16, 2015)
Discover cardholders who have temporarily misplaced their cards or suspect fraudulent activity on their accounts now can shut off their credit cards with Discover’s Freeze It security feature.
World Bank Reports 20 Percent Drop in Unbanked Since 2011 (April 16, 2015)
The world’s unbanked population plummeted by 20 percent between 2011 and 2014, as 700 million adults became account holders, according to a new report from the World Bank.
Target Reaches Data Breach Deal with MasterCard (April 16, 2015)
Target will pay $19 million to MasterCard issuers to cover costs stemming from the retail giant’s 2013 data breach.
NCR offers cloud control for Android-based ATMs
NCR has announced a radical new approach to ATM network deployment, with cloud-based enterprise application allowing banks to control and manage thin-client devices running a locked-down version of the Android operating system.
RBC makes first cross-border payment on Canadian RMB Trading Hub
Royal Bank of Canada has made the first cross-border Renminbi payment on Canada’s new RMB Trading Hub through the hub’s designated clearing bank, Industrial & Commercial Bank of China (Canada).
Report: American Express, Jawbone to Launch NFC Fitness Band (April 15, 2015)
American Express Co. is getting in on the expanding niche of wearable technology.
Canada’s Code of Conduct Expands to Include Mobile (April 15, 2015)
Canada’s Financial Consumer Agency this week has released amendments to Canada’s code of conduct for credit and debit card transactions that extend to mobile payments.
Bento Goes Outside the Box with SMB Prepaid Solution (April 15, 2015)
A new startup headed by longtime payments veteran Farhan Ahmad is seeing big opportunity in small businesses.
People on the Move: Stephen Grice, i2c Inc.
i2c Inc., a provider of payment processing and emerging commerce solutions, announced that Stephen Grice has joined the company as general manager, Europe.
People on the Move: Neil Erlick, Fantasy Sports Trade Association Board
Optimal Payments Plc, an online payment solutions provider, announced that Neil Erlick, executive vice president of business development, has been elected to serve on the board of directors of the Fantasy Sports Trade Association.
