Jan. 31, 2013 The Consumer Financial Protection Bureau (CFPB) today announced it has begun an inquiry into “the impact of financial products marketed to students through colleges and universities” to determine whether these products are “in the best interest” of students. Such products include student ID cards that double as debit cards and cards used […]
Jan. 31, 2013 In a move intended to deepen its mobile payments offerings, banking and payments technology expert Fidelity National Information Services (FIS) today said it will pay $120 million to acquire mFoundry, the mobile banking app firm that helped devise Starbucks’ vaunted mobile payments operation, among others. The transaction will give FIS the remaining […]
Jan. 31, 2013 Money transfer and global financial services provider Western Union Co. has expanded its Receive remittance card to Costa Rica and Guatemala. Initially launched in El Salvador last June, Receive enables recipients of Western Union money transfers to put all or part of the transferred funds onto a MasterCard-branded prepaid card. The company […]
Jan. 31, 2013 Social media giant Facebook Inc. closed out its first calendar year as a public company with $1.59 billion in fourth-quarter revenue, up 40 percent from $1.13 billion in 2011’s fourth quarter, with the improvement spurred mainly by a surge in mobile ad revenue. The proportion of Facebook’s advertising revenue from mobile devices […]
Jan. 30, 2013 State unemployment recipients who receive their benefits on prepaid cards are saving millions due to lower fees and improved services, according to a new report by the National Consumer Law Center (NCLC). The results of the agency’s 2013 Survey of Unemployment Prepaid Cards were an improvement over the NCLC’s 2011 study, which […]
Jan. 30, 2013 Citigroup Inc. and Visa Inc. are joining forces in the Philippines to launch the new Pag-IBIG Citi Prepaid Card, which could reach as many as 13 million Filipinos through its link to the nation’s social security program. The reloadable Visa card is available to all citizens who belong to the Philippine government’s […]
Jan. 30, 2013 Merchants across the U.S. are holding off on introducing a surcharge for Visa and MasterCard credit card transactions despite getting the green light to do so this week under the terms of a proposed settlement in the merchants’ antitrust case reached last November. The settlement, subject to final approval in a hearing […]
Jan. 30, 2013 GiftYa LLC, a mobile and digital gift credit platform and spinoff company of parent GiftCards.com LLC, has received $1 million of seed capital to develop the GiftYa platform. The $1 million investment comes from Jason Wolfe, founder of GiftCards.com and CEO of Wolfe LLC. GiftYa, which will be available online and as […]
Jan. 30, 2013 SALT Technology Inc., a San Francisco-based provider of a cloud-based mobile payments platform, has raised $2 million in financing from private investors with backgrounds in the mobile, financial and payments technology sectors. The company, which also has offices in London and Toronto, said it will use the new funding to accelerate the development […]
Jan. 29, 2013 Mobile wallets are far from fully developed, but a handful are gaining an early edge on competitors based on ease of use and payment options, according to new analysis from Carlisle & Gallagher Consulting Group. The firm’s “Mobile Wallet Market Analysis” set out to analyze “apps for smartphones or tablets enabling consumers […]
Jan. 29, 2013 Software maker Intuit Inc. has acquired Facebook e-commerce platform Payvment, taking over the Palo Alto, Calif., company’s employees, technology and patents—but not its customers. In a note posted on its Website yesterday, Payvment announced that its team was “joining a new company” and that the platform—which enables retailers to create their own […]
Jan. 29, 2013 In a move POS terminal maker Ingenico said is part of its bid to become a “one-stop-shop” for multichannel payment solutions, the Paris-based company has entered a deal to acquire payment processor Ogone Partners for EUR360 million (US$485 million). Ingenico will incorporate Ogone’s 42,000-merchant online payments platform into its existing POS and […]
Jan. 29, 2013 Adding to a growing array of mobile payments options for merchants, FreedomPay is entering the fray with “Vibe,” a mobile wallet initially targeting restaurant operators interested in creating targeted consumer promotions on the fly, based on specials, weather and in-store traffic conditions. The Radnor, Pa.-based payment processor says its cloud-based mobile wallet […]
UK banks are still in “a difficult place” as they face economic uncertainty, increased cost and competitive pressures, complex regulations and rapid technological changes – but the changes that are happening in the payments industry offer scope for them to reclaim the initiative and deploy innovative solutions.
Jan. 28, 2013 Paybefore today announced winners for the 2013 Paybefore Awards—the most prestigious recognition of excellence in the worldwide prepaid and emerging payments industry. And for the first time in the seven-year history of the awards, Paybefore is allowing visitors to Paybefore.com (subscribers and nonsubscribers) to cast their votes for Best in Category through Feb. […]
The organization that stood out from the crowd in 2012 to make a positive, game-changing difference in the prepaid/emerging payments environment in a geographic region or globally. May be a new or established organization. Company Name: American Express American Express is a global financial services company, providing customers with access to products, insights and experiences […]
Best prepaid or emerging payments program launched and operated by a non-U.S. company outside the United States. Programs using a U.S.-based company for processing or similar support are eligible. Program Name: NuCard Prepaid CardCompany Name: Tutuka South Africa has a large microlending market that provides short-term, unsecured loans to millions of South Africans. NuCard was […]
The in-market mobile wallet or mobile application that (1) provides end users with value-added features and/or enhances payment capabilities, user decision-making or loyalty and (2) provides retailers with a strong value proposition. Program Name: moneto Prepaid MasterCardCompany Names: DeviceFidelity, MasterCard With real-time balance and transaction history, free P2P money transfers, the only instant cash-back rewards […]
Best use of a consumer-funded reloadable network branded prepaid card* for general use, such as ATM access and purchasing. Includes travel, remittance and youth-focused (including campus and student) programs; excludes payroll programs. Program Name: PayPal Prepaid MasterCardCompany Names: PayPal, MasterCard The PayPal Prepaid MasterCard is the only prepaid card that can link automatically to PayPal’s digital […]
Jan. 25, 2013 Just a day after President Obama nominated CFPB Director Richard Cordray to continue in his role as the bureau’s director, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit ruled that the President violated the Constitution when he bypassed the Senate to fill vacancies on the National Labor Relations Board, according to a […]
Jan. 24, 2013 Wasting little time following his inauguration on Monday, President Barack Obama this afternoon has re-nominated Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). The confirmation process for the former Ohio Attorney General could be rocky, considering Obama’s appointment of Cordray last year during a congressional recess. “There were no […]
Jan. 24, 2013 With U.S. financial institutions increasingly using social media to market to and interact with consumers, federal regulators have set their sights on establishing guidelines for consumer protection and compliance over such channels. The Federal Financial Institutions Examinations Council (FFIEC) has issued a notice of proposed guidance and request for comment from the […]
Jan. 24, 2013 The number of consumers using mobile devices to pay bills is slowly gaining momentum, according to Fiserv Inc., a Brookfield, Wis.-based provider of financial services technology, in its fifth annual Billing Household Survey, which assesses bill payment habits of active online households and infrequent or non-Internet users. Though the percentage of households […]
Jan. 24, 2012 Mobile carriers around the world continue to join forces to enable mobile payments. On Jan. 23, Taiwan’s Fair Trade Commission (FTC) approved an application by five domestic mobile carriers and transit card provider EasyCard Corp. to jointly run a platform for mobile payment-related apps, according to the Central News Agency. Chunghwa Telecom […]
Jan. 24, 2013 The rise of corporate mobile payments is leading to some big saving for companies around the globe that are seeing reductions of up to 20 percent on their cash-collection costs, according to a new white paper by Mobile Money Consulting, a London-based advisory firm. Corporations in emerging markets are seeing the highest […]
Jan. 24, 2013 Online search giant Google Inc. and payments processor TSYS recently released fourth-quarter financial results. Google reported revenues of $14.4 billion for the fourth quarter of 2012, an increase of 36 percent compared with $10.6 billion in the same quarter a year ago. Net income in the fourth quarter of 2012 grew 7.4 […]
CGI, which recently acquired UK software house Logica, has formed a partnership with mobile banking and payment specialist Monetise to offer joint services for banking and payments companies using the Monitise platform.
Jan. 22, 2013 Google Inc. is adding digital muscle to coupons with Zavers by Google, a paperless couponing system introduced earlier this month that enables consumers to capture coupons online and redeem them automatically through store loyalty cards, tracking their deals through a computer browser or any mobile phone. The system is designed to give […]
Jan. 22, 2013 Munich-based Telefónica Deutschland in mid-February plans to enable P2P funds transfers between its mobile phone service subscribers along with a new NFC pilot that will launch at the same time in Germany. The effort grew out of the mpass mobile wallet service, announced last year as a joint venture between Telefónica Germany, […]
Jan. 22, 2013 Cash transaction network PayNearMe is taking its payment services small-time in a move the company thinks will pay off in a big way. The Sunnyvale, Calif.-based firm, founded in 2009 and led by CEO Danny Shader, has launched PayNearMe Express, a self-service version of its existing cash payment system, aimed at enabling […]
Jan. 22, 2013 Prepaid card provider Synchology is targeting a decidedly “banked” demographic with its new card offering, betting that attractive features and a simple pricing model can attract mainstream customers as an alternative to traditional bank accounts. The Jump Visa Prepaid Card offers cardholders rewards, money management and budgeting tools, free customer support and […]
Jan. 22, 2013 American Express Co. and The Gift Voucher Shop (GVS), the U.K.-based provider of the One4all multistore gift card, recently released financial results. American Express reported net income of $637 million for the fourth-quarter ended Dec. 31, a decrease of 47 percent, compared with $1.2 billion a year ago. Q4 net income was affected […]
Jan. 21, 2013 As the U.S. and Western European markets for mobile card readers grow ever-more crowded, Citigroup is aiming to take a leadership position in mobile merchant acceptance in India. The bank this week announced what it describes as India’s first nationally distributed dongle, enabling merchants to accept credit and debit cards with a […]
Jan. 21, 2013 Payment acquirer WorldPay US has struck a deal with Discover Financial Services that will enable WorldPay’s customers to accept PayPal in-store payments beginning this spring. Discover and PayPal announced an agreement last August under which PayPal account holders will be able to make payments at brick-and-mortar stores that accept Discover, using a […]
Jan. 21, 2013 Edinburgh-based RBS Group and MasterCard Worldwide today announced that RBS will be the first bank enabling its global commercial card customers to integrate MasterCard’s inControl platform with U.K.-based Conferma, which provides corporate travel booking and related services for companies around the world. The service grew out of a partnership MasterCard formed in […]
Jan. 21, 2013 A pair of payment startups have received cash infusions from investors totaling nearly $30 million. San Francisco-based BillFloat, which provides small-dollar loans to customers for electronic bill payments, landed $21 million from Investor Growth Capital (IGC), with participation from Bronze Investments and previous BillFoat investors Venrock, FirstRound Capital and Baseline Ventures. As […]
Jan. 21, 2013 The Federal Reserve’s Retail Payments Office (RPO) last week announced it will be conducting its triennial study to determine the current volume and composition of electronic and check payments in the United States, with new attention on fraud metrics. “While the Federal Reserve’s 2013 Payments Study will continue to build upon trend […]
VocaLink, the international payment provider, has made three senior appointments in its strategy & business development division. Nick Millar joins as strategy and customer insight director, Jim Wadsworth as product development director and Phil Harrison as commercial director, alternative payments.
Jan. 17, 2013 A group of prepaid card providers has reached a settlement in a Florida investigation over fee disclosures and what the state’s Attorney General said were misleading claims regarding credit. The investigation was launched in early 2009 into business practices of AccountNow, First Data, Green Dot, NetSpend and UniRush Financial Services, all of […]
Jan. 17, 2013 Saral Money, a project India’s government launched in late 2012 to gradually extend basic financial services to India’s 400 million unbanked consumers, is gaining momentum through the participation of Visa Inc., five major Indian banks and payments processor TSYS, which is providing biometric technology to authenticate users who sign up for the […]
