People on the Move: GlobalPlatform, Board of Directors
GlobalPlatform, an association which standardizes the management of applications on secure chip technology, has announced its board of directors for fiscal year 2016.
PayTech
People on the Move: Andrew R. Toftey, Lindquist & Vennum LLP
Lindquist & Vennum LLP has hired Andrew R. Toftey to join the firm’s financial institutions practice.
People on the Move: Ian Cole, WorldRemit
Online money transfer service WorldRemit has announced the hiring of Ian Cole as group chief financial officer.
PayPal’s One Touch Attracts 10 Million Users (Dec. 22, 2015)
PayPal’s One Touch, a fledgling mobile payments tool that enables quick purchases, has attracted 10 million users since its April launch, just as other mobile payment programs strive for dominance.
Is Target Next to Develop Mobile Wallet? (Dec. 22, 2015)
Rumors are beginning to swirl around Target developing its own m-wallet, but like Walmart, the retailer says it’s still committed to MCX’s CurrentC.
As Threats Evolve, Cybersecurity Spending Surges (Dec. 22, 2015)
Global spending on cybersecurity will top $75 billion worldwide this year, 4.7 percent higher than 2014—and by 2020, the global cybersecurity market is projected to be worth $170 billion. The surge in spending is being driven by companies seeking to fortify their systems against the ever-evolving threat of data breaches and other cyberattacks. Government security initiatives and new legislation also have contributed to the upswing.
China Welcomes Apple, Samsung; Australia Says ‘Yes’ to Android Pay, ‘No’ to Apple Pay (Dec. 21, 2015)
Chinese consumers soon will have a sizable selection of m-wallets to choose from as the country is becoming awash with big players in the m-wallet space. Both, Apple and Samsung Electronics, late last week announced deals with China UnionPay. Meanwhile, the road continues to be rocky for Apple in Australia, where banks have agreed to work with Android Pay, but not Apple Pay.
FIS Launches FinTech Accelerator (Dec. 21, 2015)
Up to 10 startups will join the FIS fintech accelerator, giving those fledging companies a chance to learn more about the industry from seasoned professionals.
Study: more than half of US cards are EMV, but acceptance issues linger
As the issuance of EMV cards continues to grow, consumers are using their chip cards to buy sporting goods and pay for parking, according to new data from CardFlight.
Viewpoint: Staying Relevant through Gift Card Innovations
There’s no questioning the popularity and appeal of gift cards—especially during this time of the year. Giving recipients the ability to treat themselves to something they really want or need has become prized among gift buyers. What’s even more exciting is how the concept of gift cards continues to evolve as new brands and card types launch.
Viewpoint: Prepaid Regulations Should Go on a New Year’s Diet
The CFPB needs to return to its original plans on prepaid regulations and put its proposed rules on a New Year’s diet. By issuing rules focusing solely on disclosure, the CFPB could issue guidance earlier in 2016 that would help consumers, prevent access disruptions, and potentially reduce the size of the landfill needed to for the mountains of noncompliant cards and marketing materials.
CFPB Releases Student Scorecard, Calls Colleges on the Carpet (Dec. 17, 2015)
The CFPB yesterday released its “Safe Student Account Toolkit,” which includes a scorecard to help colleges pick the best school-sponsored deposit or prepaid accounts for their students.
Global Payments Eyes New Verticals with $4.3 Billion Heartland Buy (Dec. 17, 2015)
In a deal that will bring together two major players in the merchant acquirer processing business, Global Payments Inc. has reached an agreement to purchase Heartland Payment Systems Inc. for $4.3 billion.
GPS Integrates Testing Platform from Iliad (Dec. 17, 2015)
Global Processing Services (GPS) has a new testing ground for its payments solutions, now that the Dubai-based processor has licensed the T3 test platform from Iliad Solutions Ltd. to provide functional and load testing capabilities for GPS’s prepaid and debit products.
Splitit Snags another E-Commerce Platform for Online Installment Payments (Dec. 17, 2015)
A new transaction tool for one of the country’s largest e-commerce platform providers will enable more online merchants to accept installment payments from shoppers with credit cards.
Industry backs Linux Foundation open source Hyperledger project
A range of financial services and technology firms are backing efforts by The Linux Foundation to develop “an enterprise grade, open source distributed ledger framework”.
InComm’s E-Commerce Store, Cardency, Opens on eBay (Dec. 15, 2015)
InComm is tapping into consumer preferences by connecting eBay shoppers with its gift card partners through a proprietary storefront exclusively on the e-commerce site.
Dunkin’ Donuts Mobile App Integrates Apple Pay (Dec. 15, 2015)
Users of the popular Dunkin’ Donuts payment and loyalty app now can use Apple Pay to purchase, gift or reload virtual Dunkin’ Donuts Cards to fuel the retailer’s mobile app. The integration began on Dec. 7, in time for the holiday gifting season and adds another use case for Apple Pay.
UnionPay Debuts Mobile Wallet in China with Deep Partnership Roster (Dec. 15, 2015)
China-based payments giant UnionPay has launched QuickPass, a mobile payments service with more than 20 bank partners and acceptance at more than 10,000 retail locations. That deep roster of launch partners could help state-run UnionPay compete with privatelyheld players in the Chinese m-payments sector, most notably Alibaba and Tencent.
Currency Cloud Report: Filling the Need for Speed (Minus Cost/Complexity) (Dec. 15, 2015)
London-based B2B fintech company Currency Cloud recently released a trend report revealing the need for faster, less expensive and less complicated ways to make cross-border business payments. With $18 million in funding fueling its U.S. expansion, Currency Cloud says it’s taking on those cross-border pain points.
Cards lead cashless payments growth – just ahead of ATM cash withdrawals
Cashless payments are growing around the world as more people have access to bank accounts, but only at a slightly faster rate than ATM withdrawals, indicating that cash still has a strong hold.
Executive Profile: One on One with Joby Orlowsky, Discover Network
Joby Orlowsky is a die-hard Cubs fan—is there any other kind?—but the Chicago native’s optimism extends well beyond baseball. After nearly 20 years at Discover, Orlowsky is animated when he talks about the future of payments and Discover’s place in it. And unlike some, he’s not spooked about a potential fintech bubble.
Chrystal Named Interim CEO at Bancorp (Dec. 14, 2015)
The Bancorp Inc. has named John Chrystal as interim CEO of the company and president of subsidiary The Bancorp Bank. A member of the Bancorp board of directors, Chrystal will replace Frank Mastrangelo, who will continue to serve the company in the newly created role of technologist in residence.
Walmart Unveils Mobile Wallet; Retailer Still Supports MCX’s CurrentC (Dec. 14, 2015)
Big box retailer Walmart has joined the plethora of m-wallets on the market with its launch of Walmart Pay, but the retail giant says it’s committed to MCX’s CurrentC. And, even though the move could be a boon for Walmart, analysts say it doesn’t really go head-to-head with Apple Pay and other wallets usable at multiple retailers.
Wirecard Offers Alipay POS Acceptance in Europe (Dec. 14, 2015)
A new partnership between Germany’s Wirecard Group and Alipay will enable Chinese travelers to make POS payments in Europe using the Alipay mobile wallet. The initiative will give European brands and retailers access to the $165 billion Chinese tourism market—and Alipay’s more than 400 million active users.
Swift to launch global payment innovation project
Swift is planning to launch a global payment innovation initiative, which it says will dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments. The platform is due to launch early next year.
Senator Menendez Strikes at Prepaid Again
It’s almost become a holiday tradition for Senator Robert Menendez (D-N.J.) to propose prepaid legislation in December. His previous three attempts went nowhere, but this time he proposed his bill in November. Still, more pressing issues, such as spending and cybersecurity, may keep his measure on the back burner for now.
Viewpoint: Overcoming Prepaid Debit’s Value Issue
Churn is by far the biggest challenge facing prepaid debit card companies. Issuers can combat it by tapping smartphones and real-time analytics to deliver personalized services through a preferred communication channel.
Viewpoint: EMV’s UX Fail and the Case for Contactless
Poor user experience with EMV could be a boon for contactless cards and NFC mobile payments. But retailers could take immediate steps to improve the UX with contact EMV, starting with cashier education.
Viewpoint: The Payments Landscape: The Friction is Real
When it comes to the payments, there are more choices than sweet treats at Dylan’s Candy Bar in NYC (i.e., the world’s largest candy emporium!). The payments landscape is likely to become increasingly confusing and fragmented as retailers ramp up their efforts to influence buying decisions. If we don’t help our members evolve and understand how things are changing, credit unions risk losing the transaction and engagement.
As Fraud Moves to CNP, New Company Aims to ‘Armor’ Transactions (Dec. 9, 2015)
With EMV technology increasing security for card-present transactions, fraudsters are shifting their focus to the card-not-present (CNP) environment, including online, mobile and phone purchases—but new market entrant Tender Armor has a plan to increase security for CNP transactions.
InComm: Gift Cards Hot for Holiday Season (Dec. 9, 2015)
Consumers are hot for gift cards this holiday, but more are turning to online and mobile channels to purchase virtual and physical cards, new data from InComm show.
EU Fee Caps Effective Today (Dec. 9, 2015)
The European Union’s cap on fees banks can charge retailers for processing credit and debit card payments went into effect today, but there are some questions whether the measure will have the desired effect.
People on the Move: Gavin Haycock, Paysafe Group
Paysafe Group, a global provider of online payment solutions, has appointed Gavin Haycock to the newly created role of senior vice president, corporate communications.
People on the Move: Scott Fitzgerald, Bob Botelle and Scott Conti, BlueSnap
BlueSnap, a global payments technology company, has hired three top executives with more than 70 years of combined payments and technology experience: Scott Fitzgerald, Bob Botelle and Scott Conti.
People on the Move: Sunil Gossain and Raji Soussou, InAuth
InAuth, a provider of solutions that help businesses limit risk, reduce fraud and enhance authentication within their digital channels, announced the addition of key staff and the opening of its European headquarters in London.
People on the Move: Almis Ledas, suretap
Digital wallet technology provider suretap has appointed Almis Ledas, an experienced executive in the Canadian mobility and mobile payments ecosystem, as its president.
People on the Move: Don Andrews, Venable LLP
Don Andrews, a compliance and risk management attorney with experience in regulatory enforcement and the corporate suite, has joined law firm Venable LLP as a partner in the New York City office.
CFSI, Core: Underserved Opportunity Grows to $138 Billion (Dec. 8, 2015)
Financially underserved Americans spent $138 billion in fees and interest in 2014, up 7.6 percent from the previous year, according to a new study from the Center for Financial Services Innovation and Core Innovation Capital. The survey results highlight the opportunity presented by the underbanked segment for financial services providers that can provide innovative solutions to help those consumers improve their financial security.
FTC Bans Telemarketers from Accepting Cash Reload Mechanisms (Dec. 8, 2015)
The FTC has banned telemarketers from accepting four types of payments—among them are cash reload mechanisms. The ban is supposed to help shield consumers from fraudulent telemarketers.
