Moving Money: the ATM makers’ view of the future
With the rise in mobile payments and wallets, cash is dead and so is the ATM business, right? Not according to the ATM manufacturers, who are all being remarkably sanguine.
PayTech
Who Needs NFC? Google Wallet Adds Plastic Payment Card (Nov. 21, 2013)
Google Wallet is giving users a way to pay the old fashioned way, unveiling a plastic payment card that can be used instead of a smartphone to make in-store purchases.
Isis Unveils Alliance Program to Spur NFC Acceptance (Nov. 21, 2013)
A week after going live throughout the U.S., Isis has announced the launch of an alliance program to support merchant technology providers by offering them tools and resources to help capitalize on the spread of mobile commerce.
Vantiv Report: Banks, Younger Consumers Signal Prepaid Growth (Nov. 21, 2013)
Financial institution and merchant executives looking to capitalize on industry growth opportunities anticipate expansion in prepaid card products, especially among younger consumers, according to new research from Vantiv.
ReD Partnership to Fight Fraud in Africa (Nov. 21, 2013)
ReD, a London-based provider of fraud prevention and payment services, has signed a five-year partnership agreement with Transact Connect to introduce ReD’s products and services to merchants and financial institutions throughout Sub-Saharan Africa, a region where payments industry experts believe much opportunity exists.
TCS Bank readies Russian mobile wallet for Christmas
Russian bank Tinkoff Credit Systems has become the latest financial institution to launch a mobile wallet service, which is due to go live on 1 December 2013. The new wallet will target Russia and will be available on both Android and Apple iOS devices.
Volante rolls out T2S Accelerator
Fintech vendor Volante Technologies has launched its T2S Accelerator, which is designed to help financial services firms to prepare for the T2S settlement platform.
Visa, i2c Ink Deal to Bring Prepaid to Growing Markets (Nov. 20, 2013)
Visa and prepaid processor i2c are teaming up with their sights set on Asia-Pacific, Central Europe, the Middle East and Africa.
Blog: Facebook Payments: Trust Is Worth More than ‘Likes’
If Facebook can garner trust from enough of its active users to adopt Autofill by Facebook, there are billions of dollars at stake. But, no one goes to PayPal to post baby pictures. No one congratulates 12-year-olds for winning a soccer game on Amazon. Facebook wandering into payments easily could be as awkward, especially as users become more leery of how their information is shared between Facebook and its partner sites.
FSAs Could Get Bump as Treasury Loses ‘Use-or-Lose’ Rule (Nov. 20, 2013)
The No. 1 barrier to consumer adoption of flexible spending accounts (FSAs) has been removed. The U.S. Treasury and IRS on Halloween announced they were changing their stance on the so-called “use-or-lose” rule, enabling consumers for the first time to rollover up to $500 from their FSAs instead of forfeiting those funds back to their employers.
Barclays Boosts Pingit with B2C Payment Feature (Nov. 20, 2013)
Barclays has retooled its Pingit mobile payment app to enable large firms to send funds for insurance claims, utility refunds and other corporate payments directly to consumers.
Intel, MasterCard to Enable Contactless Payments from the Comfort of Home (Nov. 20, 2013)
Pay-by-tap is coming to a computer or tablet near you, now that chipmaker Intel Corp. has announced plans to embed select computing devices with NFC acceptance technology that will enable online shoppers to pay by tapping a MasterCard contactless payment card or mobile phone on a reader embedded in the device. Intel will use a […]
PayPal Hits the Road with Uber Deal (Nov. 19, 2013)
Add car rides to the ever-growing list of things that can be purchased with PayPal, now that the popular Uber service has begun accepting fares via the payments giant.
Federal Authorities Arrest Five More Defendants in $45 Million ATM Heist (Nov. 19, 2013)
Federal prosecutors in Brooklyn, N.Y., on Monday announced the arrests of five more defendants connected to a massive global bank heist involving $45 million siphoned from ATMs around the world in coordinated efforts in December of 2012 and February of this year.
CPI Card Group, SPS Support U.S. Migration to EMV (Nov. 19, 2013)
Littleton, Colo.-based card producer CPI Card Group announced it’s able to deliver dual-interface cards to U.S.-based financial institutions to support the ongoing market migration to EMV.
Feds Continue to Weigh Virtual Currency’s Pros and Cons (Nov. 19, 2013)
“Virtual currencies have captured the imagination of some, struck fear among others and confused the heck out of many of us.” So said Sen. Tom Carper (D-Del.) yesterday during a hearing on virtual currencies, thus encapsulating the spectrum of opinion surrounding decentralized digital money, such as Bitcoin, which has garnered worldwide attention in recent months. […]
One Year in, Picture Bright for Photo Bill Pay Service (Nov. 19, 2013)
One Year in, Picture Bright for Photo Bill Pay Service Photo bill-payment service Picture Pay has gotten off to a strong start in its first year of operation, increasing its number of users by 17 percent month-over-month while seeing a 13 percent monthly growth in the number of bill payments processed, the company said this […]
NRF Forecast: Record Gift Card Sales; Digital and Coffee Gift Cards Hot (Nov. 18, 2013)
Gift cards once again are topping consumers’ 2013 holiday wish lists, with a twist: Santa will deliver more gift cards than ever via mobile devices and there will be plenty of caffeine for all, according to the National Retail Federation’s latest consumer survey forecasting a record $29.8 billion in total gift card spending. “As more […]
paysafecard Hits Australia with 12,000 Retail Partners (Nov. 18, 2013)
Austria-based e-voucher provider paysafecard group is expanding its services to Australia, the company has announced. Citing Down Under as “one of the world’s leading countries in terms of digital development,” paysafecard is launching there with more than 12,000 retail partners out of the gate. “We enter the Australian market with high expectations as we see […]
N.Y., Federal Regulators to Examine Virtual Currencies (Nov. 18, 2013)
New York State and federal officials plan to take a hard look at virtual currencies, such as Bitcoin, to determine whether they need to be regulated. The U.S. Senate’s Committee on Homeland Security & Government Affairs plans to meet this afternoon to consider how virtual currencies are affecting law enforcement and banking. Pay News will […]
San Francisco Startup Seeking to ‘Coin’ a New Wallet (Nov. 18, 2013)
While many industry players are betting that smartphone-based digital wallets will someday replace cards, one startup is offering a wallet that takes the form of a card. San Francisco-based Coin has unveiled a new payment card-sized device with a magnetic strip that can hold the credentials of up to eight payment, gift and loyalty cards. […]
Isis aims to breathe new life into US mobile wallet market
The latest version of the telco-backed Isis mobile wallet service has been launched across the US, following 18 months of testing in Texas and Utah by owners AT&T Mobility, T-Mobile USA and Verizon Wireless.
Swift: capitalising on customer collaboration
Swift’s head of banking talks about how the industry co-operative plans to build services based the data flowing through its interbank messaging systems.
Cordray: ‘Change is Coming’ to Prepaid Card Industry (Nov. 14, 2013)
Change is coming to the prepaid card industry, whether by regulation or legislation, Consumer Financial Protection Bureau Director Richard Cordray promised lawmakers this week at a Senate Banking Committee hearing, but he declined to provide a timetable. “[Prepaid cards] are one of the problem areas in consumer financial protection because they’re a hole in the […]
McDonald’s Embraces PayPal in France; Trust Pay Deal Boosts Funding Options in Europe (Nov. 14, 2013)
McDonald’s is embracing PayPal at the POS in all of its French locations, after a successful pilot with the San Jose, Calif.-based payments company. The Oakbrook, Ill.-based fast food giant McDonald’s Corp. said its mobile payment program with PayPal will be live in all of its restaurants in France by the end of the year, […]
Ubiquity Raises $4 Million to Fund Continued Global Expansion, Tech (Nov. 14, 2013)
Ubiquity Global Services has raised more than $4 million in Series B funding from existing investors to support its global expansion and additional technology investments, the business process outsourcing company announced yesterday. The funds also will be used to scale operations to keep pace with the growth and customer demand since Ubiquity’s founding in 2012, […]
Blackhawk Sews Up InteliSpend Acquisition (Nov. 14, 2013)
It’s official; Blackhawk Network’s purchase of corporate incentive and promotions provider InteliSpend Prepaid Solutions has closed, with InteliSpend now operating as a business unit of Blackhawk. First announced in October, the all-cash acquisition was billed by Blackhawk as a way to capitalize on the “great synergies” between Blackhawk’s own retail gift card partners and InteliSpend’s […]
Isis Goes Live (Nov. 14, 2013)
Three years after its initial unveiling, the Isis digital wallet has finally rolled out nationwide but Isis faces numerous competitors and a lingering uncertainty over NFC payments.
Former CFPB Official Joins Board of Bitcoin Startup (Nov. 14, 2013)
Bitcoin grabbed headlines again this week—following a flurry of other recent developments—with the news that Raj Date, former deputy director of the Consumer Financial Protection Bureau, joined the board of a company devoted to helping the virtual currency go mainstream.
A world of payment possibilities
As Ts are crossed and Is are dotted by financial institutions and corporates preparing for the Single Euro Payments Area some recent announcements point to the glittering world of opportunity beyond mundane SEPA compliance.
Viewpoint: They Mean It—They Really, Really Mean It! (November 2013)
New OCC guidance reminds financial institutions that third-party oversight is where it’s at.
Banks “turning away business” because of regulations says Aite
Compliance concerns are causing nearly one-third of banks to turn away business, according to a new report from Aite Group.
Report: Most GPR Cardholders Pay Less than Half the Cost of Checking (Nov. 12, 2013)
The cost to consumers of using a reloadable prepaid card continues to decline, while direct deposit-based checking accounts on average cost more than twice that of direct deposit-based GPR cards, suggest the results from the fourth annual “Analysis of General Purpose Reloadable Card” study released today. Bretton Woods Inc. compared a broad range of checking […]
InComm’s Mobile-Optimized Shopping Cart Boosts Gift Card Sales (Nov. 12, 2013)
Prepaid product and transaction services provider InComm is giving retailers a new way to offer gift cards to their customers via mobile device.
Telecom Italia, Visa Europe Offer Mobile Wallet to 31 Million Consumers (Nov. 12, 2013)
An agreement announced today between Telecom Italia and Visa Europe will bring mobile payments capabilities to more than 31 million Telecom Italia Mobile (TIM) customers throughout Italy, enabling them to make contactless payments using certain NFC-equipped smartphones at POS terminals across Europe.
Square Scraps Monthly Pricing Option; Pogo> Hits Hong Kong (Nov. 12, 2013)
Merchants using Square for payment card transactions no longer will have the option of paying a flat monthly rate to process payments, effective Feb. 1, 2014.
CFPB Report Is Unclear on Timing for GPR Rules (Nov. 11, 2013)
It’s unclear whether the prepaid industry will have the CFPB’s proposed rules for GPR cards by Dec. 31, or if the wait will extend into 2014.
Boxer Ramirez Gets Behind New Prepaid Discover Card (Nov. 11, 2013)
Olympic boxer José Carlos Ramirez is lending his name and image to a new prepaid card from Global Payout Inc. The JC Ramirez Prepaid Discover Card has no minimum balance fees and offers instant account alerts via text message or email as well as a special security feature that enables a cardholder to turn the […]
Prepaid Key to NFC Rollout in France (Nov. 11, 2013)
Mobile network operator Orange is teaming with Visa Europe in a strategic partnership to roll out its Orange Cash NFC-based mobile payments in France in the latest example of a prepaid card-based approach to contactless payment.
Bitcoin Roundup: Federal Hearings, Another Hack—and a Milestone (Nov. 11, 2013)
Bitcoin has been making news on a regular basis recently as lawmakers and businesses around the globe deal with the virtual currency’s rapid rise. The past few days have added to the frenzy with a flurry of developments that could help shape Bitcoin’s future. Late last week, the Federal Election Commission (FEC) indicated it could […]
