The limits of the mobile revolution
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.
News
Mobile opportunities for banks
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.
MasterPass Digital Wallet Heads to Canada (April 11, 2013)
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 Launches Solution to Reduce ‘Improper’ Gov’t Payments (April 11, 2013)
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 […]
First Data: Lower Gas Prices, Early Easter and Tax Refunds Likely Stimulate Spending (April 11, 2013)
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 […]
Sen. Durbin Renews Push for Across-the-Board Consumer Loan Interest Rate Cap (April 11, 2013)
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 […]
E-Wallets Drive NFC-Enabled SIM Card Shipments (April 11, 2013)
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 […]
IPS 2013: SEPA benefits hard to see for corporates
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.
Kalixa Group unveils “disruptive” payments tools
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.
Dealing with Generation Y
Banks should pay attention to the needs of a new generation of consumers if they want to secure their business lines for the future, according to Mark Hale, head of payments at KPMG.
Mobile will kill the traditional bank branch says Brett King
Disruptive digital technologies such as mobile and the internet will destroy the established retail banking business models by removing the physical product and replacing it with a digitised bank account, according to Brett King, speaking at the IPS show in London today. “In the old days there was a physical product, and a physical store,” […]
Corporate treasurers demand bank attention
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.
Competition regulation will stifle payments innovation
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 […]
Card Forum: Discover/PayPal Rollout to Begin April 19 (April 9, 2013)
PayPal and Discover will begin the rollout of PayPal as a payment option at the point of sale, starting April 19, Don Kingsborough, PayPal’s global vice president and general manager of retail and prepaid, said yesterday. Speaking at Card Forum in Boca Raton, Fla., Kingsborough shared the stage with Discover’s Joe Hurley, senior vice president, […]
Card Forum: Put Your Durbin FAQ Plan in Writing (April 9, 2013)
Card Forum kicked off its 25th annual conference in Boca Raton yesterday with “Prepaid Day” and not surprisingly, the Fed’s FAQs on Reg. II came up during a session on regulation. The guidance, which came out two weeks before the April 1 compliance deadline for network routing rules, appears to require PINs to be issued […]
KFC Tests Mobile Payment App in U.K. (April 9, 2013)
Yum! Brands Inc.’s KFC is the latest fast-food giant to pilot a mobile payment app, launching its first such effort near London. Consumers will be able use their smartphones to place orders and pay ahead of time, then pick up their food upon arrival at the store. KFC joins Starbucks Corp., Burger King Corp., Dunkin’ […]
Orange, Vodafone Customers Can Pay with a Beep on Bucharest Subway (April 9, 2013)
Orange and Vodafone customers now can use their mobile phones to pay for trips on the subway in Bucharest, Romania. The system this month is being expanded to the city’s entire 51-station metro network after testing in seven stations last year. Customers can purchase tickets by sending a text message to a special number. A […]
LevelUp Pilot for Student Dining Launches at Pair of Colleges (April 9, 2013)
Students at two colleges have a new way to pay for campus meals, thanks to a pilot being launched by food service manager Chartwells Higher Education Dining Services and mobile payment and loyalty network LevelUp. The program—undergoing a test run at Buffalo State University in Buffalo, N.Y., and the Curry Student Center retail dining venue […]
Venn Partners unveils structured products risk tool
Credit advisory and investment partnership Venn Partners has launched Venn Risk Analytics, a financial analysis platform that it says will provide an independent and transparent approach to the analysis and valuation of structure finance products.
Citi sets out segregated collateral service
As tough new rules requiring the collateralisation of OTC derivatives take hold in Europe and the US, Citi has retooled its OpenInvestor investment services to include segregated collateral custody accounts – a move the bank says will help mitigate counterparty risk and improve collateral efficiency.
Swift Innotribe Challenge London names semi-finalists
Swift’s Innotribe project has announced the fifteen semi-finalists for its startup challenge, which aims to help innovative new companies in financial services to get started.
Blackhawk IPO Could Fetch Up to $220 Million (April 8, 2013)
Ahead of its planned IPO, Blackhawk Network Holdings Inc. has set a stock price of $20 to $22 per share, numbers that could lead to the prepaid card provider and third-party distributor raising up to $220 million. Grocery chain Safeway Inc., which owns 96 percent of Blackhawk, revealed plans last year to sell a stake […]
Green Dot, UniRush Prepare ‘RushCard Live’ GPR Card Rollout (April 8, 2013)
Aiming to capitalize on the combined strengths of two of the prepaid industry’s most potent marketing forces, Green Dot Corp. and UniRush LLC today unveiled the RushCard Live Reloadable Prepaid Visa Card, which will be rolling out later this month at thousands of Green Dot retail partner locations. Leveraging the popularity of UniRush LLC co-founder […]
U.K. Bans ‘Excessive’ Payment Card Surcharges (April 8, 2013)
A U.K. ban on merchants imposing “excessive” surcharges when consumers pay with credit or debit cards that went into effect April 6 could mean fewer surprises for consumers that previously complained about getting stung with unexpected transaction fees when paying for airline and rail tickets and other online purchases. But some observers say the new […]
Alegeus: CDH Accounts Up 63 Percent Since 2010 (April 8, 2013)
With consumer directed healthcare (CDH) accounts on the rise, the use of payment cards linked to those accounts also is increasing. And Waltham, Mass.-based Alegeus Technologies, which offers healthcare benefit and payment solutions that feature healthcare spending debit cards, is seeing robust growth, the company announced today. During the three-year period from 2010 to 2013, […]
People on the Move: Karl Mehta, Menlo Ventures (April 2013)
Menlo Ventures, a Menlo Park, Calif.-based venture capital investing firm, has announced that Karl Mehta has joined the company as venture partner. Mehta will focus on sourcing investments and serving as an adviser in the financial services, mobile payments, e-commerce and gaming spaces. He developed his expertise in these areas as founder and CEO of […]
People on the Move: Darron Dunn, Georgann Smith and Karen Postma, The Members Group (April 2013)
The Members Group (TMG), a Des Moines, Iowa-based card processing and payment solutions provider, has promoted three of its senior-level staff members. In their new roles, Georgann Smith, Darron Dunn and Karen Postma will focus on serving TMG’s growing list of clients. Smith has moved from director of marketing and communications to vice president of marketing. She will provide […]
People on the Move: James B. Stallings Jr., FIS Board (April 2013)
FIS, a Jacksonville, Fla.-based banking and payment technology provider, has named James B. Stallings Jr. to its board. Prior to his retirement in January from IBM after 23 years, Stallings served in a variety of management roles, including general manager of enterprise systems. He also has worked at GE Company and ROLM Corp.; is managing […]
People on the Move: Chris Fry, Braintree Inc. Board (April 2013)
Braintree Inc., a Chicago-based e-commerce payments processor, has announced that Chris Fry, senior vice president of engineering at Twitter, has joined Braintree’s board of directors. With his experience in building world-class developer platforms, Fry will advise on the continued development of Braintree’s payment platform. His expertise will support Braintree as it continues to make it […]
People on the Move: Gary Daniel, Allied Payment Network (April 2013)
Allied Payment Network, a Fort Wayne, Ind.-based provider of online bill payment services to the financial industry, has announced that Gary Daniel has joined the company as executive vice president and board member, bringing more than 45 years of experience to the firm. Daniel has held management and executive positions at several companies providing data […]
North America drags feet on big data says Celent
Despite its potential, the vast majority of financial services firms have still not implemented big data tools, according to new research conducted in North America by analyst firm Celent.
Bloomberg builds twitter feed for financial services
Bloomberg has added real time twitter feeds to its Bloomberg Professional service so that market participants can use twitter updates from corporations, executives, governments, media outlets and other sources to help make investment decisions.
Bank of America launches video banking ATMs
Bank of America has launched a new ATM service that will allow users to have a video conversation with a human teller at the machine.
Oddo & Cie embraces SmartStream risk management
French bank Oddo & Cie has chosen SmartStream Technologies to help improve its risk management and increase levels of automation in its reconciliations processing.
Fiserv Launches Mobile Deposit Capture for Prepaid with Check Guarantee (April 4, 2013)
Fiserv Inc. is the latest to offer mobile deposit capture for prepaid cards, with a new program targeting prepaid card processors that includes a check-guarantee service so cardholders may receive funds immediately instead of waiting several days for checks to clear. Fiserv’s Prepaid Source Capture, based on the remote deposit capture it has offered banks […]
Visa Europe Adds Second Processing Partner for U.K. Digital Wallet (April 4, 2013)
Payments processor Global Payments Inc. will support Visa Europe when it launches its V.me digital wallet in the U.K. this spring. The country’s third-largest card payments processor, Global Payments joins WorldPay as processing partners for the U.K. version of the wallet, which launched a pilot with bank partner RBS late last year and is expected […]
iKaaz Marketing NFC-Based Mobile Card Readers in India, Africa (April 4, 2013)
As competition among mobile merchant acceptance services in India grows, merchants seem to be responding to the new technology. Bangalore-based iKaaz says that within three months of launching its NFC-based card reader for merchants, the company is processing 800,000 transactions monthly. The iKaaz NFC Reader, available for US$20, plugs into any mobile phone and enables […]
Nintendo to Roll Out ‘Interactive’ Prepaid Cards in Japan (April 4, 2013)
Video game giant Nintendo will launch a series of prepaid cards in Japan that feature characters from the popular Super Mario franchise. The cards will be available in monetary denominations of 1,000 yen (US$10.40), 2,000 yen (US$20.81) and 3,000 yen (US$31.21), and will be available starting in late April from convenience stores and other retailers […]
Chi-X Australia appoints Fildes CEO
Australian alternative trading system Chi-X Australia has appointed John Fildes as its new chief executive, taking over from Peter Fowler on 1 May.
NCR, MasterCard, ING Bank Slaski pilot contactless ATMs in Poland
Technology company NCR has introduced contactless ATMs in Poland that allow customers to withdraw cash without inserting a card, through a joint project with MasterCard and ING Bank Slaski.
