Baidu Inc., China’s version of Google, has entered the mobile wallet arena, pitting the country’s most popular search engine against the likes of Alibaba and Tencent Holding Inc., both of which launched mobile wallets last year.
Industry players welcome the guidance to bring the legal framework for prepaid under a single policy document that leaves little room for ambiguity, and industry continues to advocate for further reforms that will help drive growth of prepaid products to benefit Indian citizens.
Just in case there was any doubt among the critics, skeptics and the media, new numbers prove the value of prepaid cards to merchants and consumers. In 2014, retail purchases made with prepaid cards will top US$200 billion, equaling 5 percent of all retail spending in the U.S. Now, merchants are looking for ways to capitalize on the popularity.
Personal budgeting is an effective method for consumers to build a strong and stable financial future. Yet, for many, staying on budget is a constant struggle.
FTC calls for data security legislation to address recent increase of data security breaches.
A new Canadian bill proposes regulations on virtual currencies, cross-border MSBs, due diligence requirements, politically exposed persons and group-wide information sharing.
Facebook is putting the pieces in place to launch a money transfer service in Europe.
The Illinois House last week approved legislation that, if signed into law, might affect companies’ payroll card programs, beginning Jan. 1, 2015, when the new rules would take effect.
Payments processor Heartland Payment Systems has acquired MCS Software, a provider of school foodservice payment solutions at 4,000 K-12 schools across the U.S.
Bitcoin is the poster child of the cryptocurrency world, but it’s not alone. Michael Mainelli and Bob McDowell take a look at the real-world implications of the rise of AltCoins
eBay Inc. investor Carl Icahn has backed off his proposal for the online auction Website to spin off its PayPal subsidiary following discussions with eBay, of which he is a 2 percent owner.
FIS wants to help banks in the pursuit of the coveted millennial consumer by focusing heavily on mobile banking.
Contactless payments are spreading rapidly throughout Europe, according to new data from MasterCard.
Despite a somewhat bumpy rollout and several course-corrections, Google Wallet is here to stay, said the head of the tech giant’s payment division.
More federal regulations may be on the way for digital currencies after U.S. Attorney General Eric Holder told lawmakers of his concerns about Bitcoin and other digital currencies as potential tools for criminals.
Prepaid card sales at retail are on the rise, driven by the combined efforts of prepaid providers, processors, networks and merchants, according to a new report by Aite Group.
M&A activity is on the rise in the payments industry, and the latest deal is in the card manufacturing and fulfillment space.
As tax day approaches, the Louisiana House of Representatives yesterday approved a bill that would end the state’s Department of Revenue practice of automatically sending tax refunds on prepaid debit cards to taxpayers who don’t select a specific method for receiving their funds.
Virtual payment cards continue to gain ground in the B2B sector, with Bank of America Merrill Lynch announcing its ePayables electronic accounts payables platform has surpassed 100,000 enrolled corporate suppliers—nearly doubling from 56,000 enrolled suppliers two years ago.
Payments providers of every stripe are seeking ways to increase customer loyalty. Austria-based paysafecard, which offers one-time use e-vouchers, now is rewarding customers who opt to use its online payments account, my paysafecard.
Often lost amid the regulatory and legal controversy surrounding Bitcoin and other digital payments is a somewhat more practical issue; it’s just hard to spend the stuff in the real, offline world.
Microsoft tomorrow will issue the final security update for Windows XP, a 12-year-old product the software giant says no longer suits the risks of today’s computing environments. But millions of computers worldwide are still running XP, including an estimated 95 percent of U.S. ATMs, experts say.
The Canadian government has proposed a series of amendments to the country’s money laundering legislation, including provisions to extend the laws to cover digital currencies.
Payments are in the midst of some fundamental changes that will continually reshape the industry landscape for years to come, according to a new white paper from Vantiv Inc., outlining the top 10 payment trends to watch in 2014.
A majority of Americans view the features of reloadable prepaid cards favorably as financial institutions’ fees for checking account overdrafts have started to creep up, according to two recently released surveys.
Managing cash in stores remains a major challenge for retailers – trapped cash hinders working capital management and is unavailable for investment, debt repayment or business expansion. But new ways are being developed to manage store cash …
Balázs Vinnai, now with Misys, talks about changing banking and payments technology needs.
European Parliament today voted in a plenary session to accept the text of the revised payment industry regulations (PSD2 and MIF) that the ECON committee voted on last month.
MasterCard’s prepaid business is booming in Asia-Pacific, the Middle East and Africa (APMEA), showing 40 percent growth in gross dollar volume in the regions for 2013, the payment network said today.
Corporate payments provider Comdata Inc. is set to go public.
Program manager DCR Strategies Inc./TruCash and technology provider Carta Worldwide soon will be launching payment solutions, such as NFC mobile payments, virtual prepaid and integrated loyalty programs, using conventional payment methods and host card emulation (HCE), which emulates an NFC card in the cloud.
Building on previous consultations by Her Majesty’s Treasury and the Office of Fair Trading, the Financial Conduct Authority (FCA) is soliciting comment regarding the U.K. payments industry, in particular on issues of competition, access, governance, ownership and innovation.
With a revolution in consumer payments happening at the point-of-sale, online and increasingly through the mobile channel, there is a need and an appetite for change across every aspect of the payments industry.
Partnerships and alliances with innovative digital entrepreneurs will allow the large incumbent banks to adapt and thrive in the new economic ecosystems being created by the mobile and digital revolutions currently changing the industry.
Did you know SWIFT, invented in 1973, the backbone of the current bank transfer system still uses telegraph to transmit payment information? Really! To me, that’s not too dissimilar from using pigeons as messengers rather than email. Maybe it’s time to upgrade our payment systems.
Forget politics. As Russia moves its way toward a cashless economy, prepaid cards will thrive amid increasing demand from different customer groups, development of a regulatory framework and increasing interest from retailers building loyalty programs.
Banks don’t really understand the needs of corporates and are often so busy focusing on selling that they forget basic customer requirements, according to speakers at the IPS conference in London this week
The banking industry is complex by its nature but banks and bankers should look up from their budgets, listen to their customers, stop whining about regulations and collaborate on industry issues.
What do apples and oranges have to do with prepaid model disclosures? See David Beam’s analysis of the CFPB’s blog proposal.
Had the case not been dismissed, ZIP code-related class action lawsuits likely would spread.
