Payments

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.

ALINE Card by ADP Offers Tip-Settlement Feature (Nov. 20, 2014)

With active payroll cards and load amounts on the rise in the U.S., Paybefore-award winning ALINE Card by ADP has added a feature that could prove popular with service industries where employees receive tips as part of their pay.

Softcard Enlists ‘Tappy’ to Teach the Masses about NFC (Nov. 18, 2014)

A bug-eyed puppet in the shape of a POS device might be just what Softcard needs to get consumers thinking about tapping their phones more often to pay at the POS.

Visa Partners with Wirecard AG, Aussie Telecom (Nov. 18, 2014)

Visa Inc. and Wirecard AG announced a partnership the companies say affirms their commitments to growing the prepaid market in Asia-Pacific and Latin America, among other regions.

P2P Rush Continues as Snapchat Debuts Transfer Feature (Nov. 18, 2014)

Popular social messaging service Snapchat is the latest tech provider to throw its hat into the P2P money transfer ring.

EU Debate on Payments Package Starts Nov. 19 (Nov. 18, 2014)

Debate over revised European payments legislation, including interchange reforms, is set to begin in Brussels tomorrow.

InComm Deal Expands PayPal’s Digital Offerings (Nov. 17, 2014)

In a holiday season that’s poised for more mobile searching and shopping, prepaid product and technology provider InComm announced that PayPal is using the InComm Digital Solutions (IDS) platform to support PayPal’s digital gifts services.

Mercator Forecast: Economy Affects Growth of Prepaid Segments, Open-Loop to Hit $337.8 Billion by 2017 (Nov. 17, 2014)

A fluctuating economy has made for a more dynamic prepaid market, benefiting some segments and causing slower growth in others, according to Mercator Advisory Group’s “11th Annual U.S. Prepaid Cards Market Forecasts, 2014-2017.”

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.

Industry Experts Say CFPB’s NPRM Part of Prepaid’s Evolution, Leveling of Playing Field

The prepaid industry was well-represented at today’s CFPB field hearing on prepaid accounts in Wilmington, Del. The consensus among industry experts was that the popularity of prepaid products continues to grow and that the NPRM is the next step in the evolution of the industry, as the rules could create a level playing field for prepaid providers.

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.

Breaking News: CFPB Issues NPRM, Proposed Prepaid Disclosures before Today’s Meeting

The wait is over. In advance of today’s field hearing, the CFPB has released its proposed consumer protections for the prepaid market. Read the NPRM as well as proposed “Know Before You Owe” disclosures.

Viewpoint: Must-Have Features to Drive M-Banking Adoption and Usage

Consumers who use digital channels for their banking conduct more transactions per month than those who don’t but are less expensive to service. Maximize your m-banking adoption and usage with features that move the needle.

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.

CFPB Field Hearing: Responding to NPRMs Is Everyone’s Business

We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.

Consumer Reports Names Best Prepaid Cards (Nov. 12, 2014)

On the eve of the CFPB’s field hearing on GPR cards (and the rumored release of its GPR notice of proposed rulemaking), Consumer Reports has named the “best” GPR prepaid cards.

InteliSpend Expands Cashback Prepaid Incentive Cards to Discover, MasterCard (Nov. 12, 2014)

InteliSpend Prepaid Solutions is expanding its Paybefore Award-winning cashback program for prepaid incentive cards to the Discover and MasterCard networks, the Fenton, Mo.-based firm announced today.

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.

CFPB Field Hearing: Reg. E Error Resolution Is Everyone’s Business

If you’re a third-party service provider to prepaid issuers, don’t overlook your Regulation E error resolution
responsibilities. Here are five topics to think about.

Company on the Move: Meta Financial Group Inc., Bank Director Magazine Ranking

Meta Financial Group Inc., has been recognized in Bank Director Magazine’s 2014 Bank Performance Scorecard as earning the highest ranking among peers in South Dakota with an asset range of $1 billion to $5 billion.

The Bancorp Opens Office to Industry Reps Attending CFPB Field Hearing (Nov. 11, 2014)

The Bancorp is inviting all industry representatives traveling to the CFPB field hearing on Thursday to use its complimentary workspace, which it created to make the trip more convenient and collaborative.

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.

CARTES Execs: Forecast Bright for NFC, Wearables; Consumer ‘Trust Is a Must’

Payments industry executives at the CARTES Secure Connexions conference in Paris last week were bullish about NFC’s future in mobile payments, but most agreed banks and merchants still face plenty of challenges in crafting their individual mobile strategies.

Amex, Brooklyn Nets Testing M-Payments at Basketball Games (Nov. 10, 2014)

Brooklyn Nets basketball fans can use their smartphones to purchase refreshments at the Barclays Center as part of a pilot program for the Brooklyn eWallet by American Express, the Barclays Center and the Nets.

Fiserv Unveils the NOW Network (Nov. 10, 2014)

As payment options multiply, Fiserv Inc. wants financial institutions to be able to serve their customers no matter how or when they want to pay.

Payment Execs: Consumers Aren’t Compelled Yet to Change How They Pay (Nov. 10, 2014)

One of the biggest obstacles to consumer adoption of NFC- and EMV-enabled mobile payments over the next 12 months is the lack of a compelling enough reason for consumers to change how they pay, according to a recent survey of payment executives.

M&A News: Heartland Acquires XPIENT Solutions; JetPay Buys ACI Merchant Systems (Nov. 10, 2014)

In the past few days, payments processor Heartland Payment Systems has acquired XPIENT Solutions, a food-service industry POS software provider; and JetPay Corp., a provider of prepaid card services, debit and credit card processing and payroll services, acquired ACI Merchant Systems LLC, a debit and credit card processing company.

CFPB Sets Location for Prepaid Hearing Thursday and Paybefore will Be There (Nov. 10, 2014)

The time, date and location have been set for the CFPB’s field hearing on prepaid cards this week. The hearing is scheduled for 11 a.m. EST, Thursday, in the conference center at Delaware Technical Community College, 333 N. Shipley Street, Wilmington, Del. Paybefore CEO Marilyn Bochicchio will be in attendance to report on the hearing.

Money 20/20: Mobile Solutions Help SMBs Harness Big Data (Nov. 6, 2014)

The current boom in mobile commerce technologies is giving small and medium businesses an array of powerful new tools with which to manage payments—and beyond.

CARTES Paris Showcases Payments Industry’s Diversification (Nov. 6, 2014)

Attendees at the 29th gathering of CARTES concluding today in Paris noticed the event’s growing emphasis on mobile payments, as well as another striking feature of the show—drawing 20,000 attendees from 140 countries—is the diversity of products and business models mobile payments support.

Merchant Associations Urge Passage of Breach Notification Legislation (Nov. 6, 2014)

A group of state and national merchant associations, 44 in all, sent a letter to congressional leaders today calling for the establishment of a single, national standard for notifying American consumers when businesses suffer a breach of security involving financial data or other sensitive personal information.

MasterCard Exec at CARTES: EMV Migration + NFC Handsets = Innovation Explosion (Nov. 5, 2014)

The U.S. EMV migration couldn’t come at a better time, according to executives discussing chip cards on a panel at CARTES in Paris.

First Data Adds to Clover Family with Mobile POS Device (Nov. 5, 2014)

First Data Corp. is testing Clover Mobile, a hand-held mobile POS device, enabling small to midsize businesses to provide quicker service and sales, as well as improved customer engagement, by taking the POS terminal off the counter and bringing it to the consumer.

Money20/20: Biometrics Gets Apple Pay Boost; Is Cloud Storage Next? (Nov. 5, 2014)

Apple Pay’s potential to change the game for NFC payments has been one of the dominant themes at the Money20/20 conference in Las Vegas this week. But the service—which uses the iPhone’s TouchID fingerprint sensor to validate users—also represents a major milestone for biometric authentication.

Biometric alternatives to the fore at Money20/20

Biometric identity verification mechanisms were prominent among the raft of new product announcements at the Money20/20 event in Las Vegas, which opened this week.

Money 20/20: Visa’s McInerney on Personalizing the Buying Experience with Mobile (Nov. 4, 2014)

When one thinks of cutting-edge mobile commerce, a butcher shop in the 1980s isn’t likely the first image that comes to mind. But that was the connection made by Visa Inc. President Ryan McInerney, to illustrate what he views as one of the key ways in which mobile has the power to transform commerce—namely, by bringing personalization back to the shopping experience.

Apple Pay a Hot Topic at CARTES (Nov. 4, 2014)

Apple Pay’s rollout was a top theme for payments executives speaking today during the kickoff conference session of CARTES in Paris.

Visa QIWI Wallet Added to eBay Payment Methods in Russia (Nov. 4, 2014)

Beginning this week, Russian customers of eBay Inc. will be able to pay for their purchases with Visa QIWI Wallet, the result of a partnership between the online auction Website and QIWI plc, a provider of payment services in Russia.

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