Payments


Company on the Move: YapStone, Deloitte Technology Recognition

YapStone, a global provider of Web and mobile payment solutions, has been named to the Deloitte 2014 Technology Fast 500, an annual ranking of the 500 fastest-growing North American companies in the technology, media, telecommunications, life sciences and clean technology sectors.

More Must Reading from the CFPB (Nov. 20, 2014)

Lost among last week’s excitement of the issuance of the long-awaited NPRM on prepaid was another CFPB publication that’s a must read—“Study of Prepaid Account Agreements.”

Industry Leaders Outline Fraud-Fighting Techniques to U.S. Senate (Nov. 20, 2014)

Prepaid industry leaders, which included representatives from InComm, Blackhawk Network and Green Dot, met with members of the U.S. Senate Special Committee on Aging during a hearing yesterday to outline how they’re working to prevent fraudsters from using prepaid debit cards to swindle consumers, particularly phone scams perpetrated against the elderly.

Apple Pay Faces Same Hurdles as other Mobile Wallets (Nov. 20, 2014)

Apple Pay has generated significant buzz since it launched on Oct. 21—and more than 1 million credit cards were registered in the payment app within 72 hours—but Leon Majors, president of the payments practice at Phoenix Marketing International, presented research in Chicago last week at BAI Retail Delivery 2014 that suggests Apple may have some of the same difficulties that have plagued other mobile wallets, including low acceptance.

Google Wallet for Digital Goods to Be Discontinued (Nov. 17, 2014)

Merchants using “Google Wallet for digital goods” to accept online payments on their Websites soon will have to find a new provider, and consumers no longer will be able to check out with the Google Wallet for digital goods when buying digital merchandise.

CFPB Issues Prepaid Account NPRM: Converging Prepaid into Bank Regulation Mainstream

My original intent, based on attending the field hearing in Wilmington, Del., this morning, was to summarize the key elements for publication today. But, that won’t happen. The 870 pages that comprise the NPRM suggest why it took the CFPB extra time to create and why it will take industry time to understand everything the NPRM covers and, of course, the implications of the proposed rules.

Viewpoint: All I Want for Christmas Is a Gift Card

Blackhawk Network research reveals the reasons consumers selected gift cards as No. 1 on their wishlists for the eighth year in a row, and why gift givers are catching up to what recipients really want.

Letter from the Editor: Back in Action

It’s an odd juxtaposition that the day before our nominations are due for the 2015 Paybefore Awards, the CFPB is holding a field hearing on prepaid. My hope is that the visionaries that make Paybefore Awards a remarkable annual event also make their voices—and those of their customers—heard, as the rules go from proposal to regulation.

Square’s New Reader Accepts EMV Chip Cards (Nov. 12, 2014)

Square, considered by many to be a trailblazer in the arena of mobile card readers that plug into smartphones, today has announced the San Francisco-based company is accepting pre-orders from U.S. merchants on a new Square reader that accepts EMV chip cards.

Skrill, Microsoft Expand Access to E-Commerce in Africa (Nov. 11, 2014)

Skrill, provider of online payment technologies to merchants and consumers, and Microsoft4Afrika, an initiative launched last year to help accelerate Africa’s economic development and to improve its global competitiveness, together are launching an e-commerce portal enabling Africans to use their mobile wallets to buy from global Internet brands, access free educational content and use Microsoft software.

Treasury, FinCEN Seek Balance between Doing Business and Compliance (Nov. 11, 2014)

The U.S. Treasury and FinCen are addressing the importance of money services businesses (MSBs) to the financial system in the wake of reports that banks are refusing to do business with categories of companies, such as remittance companies and check cashers, because of the perceived risk of doing business with them following government agencies’ aggressive efforts in fighting money laundering.