State Bank of India (SBI) has launched a new prepaid card targeted for use by students and blue collar workers, the bank said. The Visa-branded State Bank Smart Payout Card is available at all SBI branches and can be used for POS and online purchases, as well as ATM cash withdrawals. Cards can be loaded […]
Five finalists have been chosen by Swift’s Innotribe for its Startup Challenge in London, ahead of an international face-off for innovative financial services firms from around the world in Dubai in September.
Blackhawk Network Holdings Inc. exceeded expectations with its initial public offering launched last week, raising $230 million and bringing its market value based on the IPO price to $1.2 billion. The prepaid card provider and third-party distributor owned by Safeway Inc. priced 10 million of its shares at $23 each, after Blackhawk’s existing shareholders initially […]
The industry has been waiting for a possible preemption ruling from the Consumer Financial Protection Bureau (CFPB) since last summer when the agency requested comments on whether certain state laws with a two-year escheat period conflict with federal law that requires no expiration prior to five years. The CFPB has determined that escheat laws in Maine […]
Visa Inc. is set to launch a new mobile financial service in Pakistan built on technology the payment network acquired under its 2011 purchase of mobile banking service provider Fundamo. According to a report on the Website of The Express Tribune of Pakistan, the service will use Visa’s VisaNet electronic payments processing network and will […]
Virgin Australia is joining a growing number of airlines adding a prepaid travel card as a perk for frequent flier customers. Members of the airline’s Velocity Frequent Flyer program will have the option to upgrade their existing Global Wallet membership card to a contactless Visa prepaid card, enabling customers to load funds onto their cards […]
Payment processing firm Visa Europe has introduced a service allowing consumers to make mobile payments across the region immediately and using any European currency. Meanwhile in India, popular money transfer and payment service M-Pesa has now been fully launched. Visa Europe’s Personal Payments service enables Visa credit, debit or prepaid card users to accept payments […]
Swift and the Banking Commission of the International Chamber of Commerce have introduced new legal and technology standards for the new Bank Payment Obligation payment instrument. The BPO allows buyers and suppliers to secure and finance international trade transactions. It provides the benefits of a letter of credit in an automated and secured environment, and […]
Visa Europe is adding two new functions to its Personal Payments mobile money transfer service, enabling users to make instant transactions in any European currency. The multi-currency feature will be rolled out across the European Union by the end of this year, Visa Europe said, and will enable payments to be sent and received across […]
The wheels are turning for U.S. merchant consortium MCX, which this week said Netherlands-based Gemalto will build its mobile wallet. MCX, founded last year by major merchants including Wal-Mart Stores Inc., Target Corp. and CVS, altogether counts about 30 merchants as members aiming to create a broad mobile payment app streamlining payment and loyalty options […]
With privacy and security concerns among the most important factors for many online shoppers, a plan by electronic retail giant Amazon could enable consumers to make purchases from third parties without disclosing any personal information to the seller. According to a patent filed by Amazon in 2009 and published earlier this week, the system would […]
Fraud and payments specialist Alaric has hired Jan Rees as account manager to look after customers across EMEA and the Americas. Rees has more than 20 years’ experience in the payments space, including roles at S1, Wincor Nixdorf, Level Four and Logica (now CGI). For the past year he has been working on a consultancy […]
New York City is the latest to launch a mobile payment pilot for its municipal parking operations, enabling motorists to use smartphones to locate and pay for available parking spots on streets and city-operated parking lots. The pilot harnesses technology from Vancouver-based PaybyPhone, which provides mobile payment services for parking operations in 180 cities around […]
The global move toward cashless payments for mass transit continued this week, with news out of two major world cities. London soon could be banning cash payments on its iconic buses, according to the BBC, while Beijing’s subway has debuted a new payment system that uses sound waves to enable ticket purchases via smartphone. In […]
A proposed plan by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to check prepaid card balances at the U.S. border to combat money laundering will not significantly help solve illegal cross-border funds transfers, according to a new white paper issued by the Network Branded Prepaid Card Association (NBPCA). Instead, the NBPCA said, the agency […]
Kuwait Airways aims to increase customer loyalty with a new prepaid MasterCard that provides members of its frequent-flier Al Waha Club with rewards for every purchase using the card. The Baitok-Waha Club card, offered in collaboration with a local bank, Kuwait Finance House, enables cardholders to earn two free miles for every domestic purchase and […]
Whether it’s in-store, online or using a mobile device, consumers want a seamless shopping experience, with nearly 90 percent of consumers saying it’s important to them to be able to shop in the way that is most convenient for them, regardless of the sales channel, according to a recent report. More than 80 percent of […]
Bankers can seem a little bit schizophrenic when it comes to regulation – much of the time they complain about the sheer weight of the regulatory burden they face, but at other times they talk of regulation as an opportunity. It could well be that as they have finally realised regulation – and plenty of it – is inevitable, some banks have decided to make a virtue out of it.
Concerned about reports that suggest checking account overdraft fees are on the rise again despite regulatory efforts to curb them, a group of lawmakers led by U.S. Rep. Carolyn Maloney (D-N.Y.) recently re-introduced a bill to further restrict bank overdraft fees and launch an investigation into prepaid card overdraft protection programs. The Overdraft Protection Act […]
Another concern about the U.S. migration to EMV was alleviated last week when MasterCard Worldwide announced a solution for ATM operators facing a liability shift this week for fraudulent transactions at ATMs from Maestro cards issued abroad. MasterCard alone has a global chip liability shift for non-U.S.-issued Maestro cards that goes into effect April 19, […]
China may be one step closer to becoming the one of the largest NFC payments markets. Shanghai-based payment card network China UnionPay (CUP) has tapped tech giant Intel to provide mobile payment services. Under the collaboration, announced last week at the Intel Developer Forum in Beijing, CUP will use Intel’s identity protection technology for its […]
The M-Pesa mobile money transfer service could be coming to Myanmar, thanks to a joint bid by Vodafone and China Mobile. The companies are among 12 groups being considered by the Myanmar government for one of two licenses to operate a mobile network in the Southeast Asian nation, according to a report in the Financial […]
US banks Heritage Bank and Central Valley Bank have adopted an account processing tool called DNA from financial technology provider Fiserv. Parent company Heritage Financial says the platform’s flexibility will help the banks grow.
The world is embracing digital technology in every area of economic and social activity, including those that appeared impossible to convert to a digital format completely, such as payments.
By the standards of the rest of the financial services sector, the payments industry has always progressed at a glacial pace. For the past 10 years, the key topic at the long-running International Payments Summit has been the Single Euro Payments Area.
Senior financial executives have clashed over the extent to which mobile payments technology has failed to reach its potential – and the best way to fix it.
The emergence of alternative payments providers such as PayPal and the growth of mobile payments systems such as M-Pesa should be seen as a major opportunity for banks, not a threat, according to Ron van Wezel, global head of emerging payment streams at Deutsche Bank.
Canadian consumers will be the first in North America to be able to use MasterCard’s new MasterPass digital wallet, the company announced today. Unveiled in February at Barcelona’s Mobile World Congress, MasterPass offers users a cloud-based mobile solution for online shopping. Consumers can store up to 25 credit, debit or prepaid cards in the wallet—whether […]
Fiserv Inc. this week said it’s launching a new solution to help government agencies cut wasteful spending by improving payment accuracy. Fiserv’s new Payment Accuracy and Fraud Prevention Service, adapting the company’s private-sector fraud-mitigation tools for the public sector, is designed to help federal agencies identify incorrect, redundant and fraudulent payments across diverse channels, the […]
Lower gas prices, an earlier Easter holiday and the arrival of tax refunds, among other factors, likely counteracted any effects of increased payroll taxes as consumer spending was strong in March, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments processor. Dollar volume growth increased 6 percent last month year […]
Renewing a push to crack down on “excessive interest rates and fees,” U.S. Sen. Dick Durbin (D-Ill.) and four other senators this week reintroduced a bill to cap interest rates on all credit transactions at 36 percent. The legislation, also proposed last year, mirrors a similar bill Durbin championed in 2009, that would align interest […]
Global shipments of NFC-enabled SIM cards rose 87 percent in 2012 compared with the previous year, according to SIMalliance. The London-based nonprofit trade association, which supports the creation, deployment and management of secure mobile services and applications, this week released a report on 2012 SIM shipments based on data provided by its members, which represent […]
By Joseph DeSetto, Emerging Payments Blogger It wasn’t long ago that mobile payments apps for the current generation of smartphones were difficult and time consuming for even experienced programmers to create. Much like the early days of e-commerce, standard ways of protecting user data, providing a consistent interface and user experience that would be trusted, […]
As the February 2014 deadline for implementation of Single Euro Payment Area compatible instruments approaches, focus is moving from banks to corporates – and the increasingly clear picture is that few European corporates see any great benefit from adopting the standards involved.
A journalist, a politician and a banker walk into a bar … sounds like the beginning of a joke, doesn’t it? Feel free to submit a punchline: personally, I’m starting to think that it would be a very sour joke. With banker-bashing now an established national pastime, the press having spectacularly fouled their own nest […]
Payments company Kalixa Group has launched a set of tools including an mPOS, e-wallet and acceptance kit, which it says will disrupt the global payments market in Europe, the Americas, Asia Pacific and the Middle East.
At the beginning of March, George Osborne travelled to the English seaside town of Bournemouth to make a speech at the JP Morgan operations centre there. It wasn’t Henry V’s St Crispin’s Day speech, but it may well go down as a watershed moment in the history of the UK financial services sector. Osborne is […]
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Banks are not good at communicating industry change to their corporate clients, according to a panel of senior industry representatives speaking at the IPS conference in London today.
Proposed policies intended to promote competion in payments could stifle innovation and standardisation in the payments and transaction banking sectors, according to a partner in a leading law firm. Dermot Turing, partner in the international financial institutions and markets group at Clifford Chance, told delegates at the International Payments Summit in London that moves by […]
