Fintech Investment Dollars Keep Coming, but Challenges to Growth Remain (Nov. 19, 2015)
Funding continues to roll in for fintech startups, with a pair of firms landing investments totaling more than $21 million this week.
PayTech
China’s Biggest Messaging App Integrates Western Union Money Transfer (Nov. 19, 2015)
The convergence of social media and money transfer has taken another step forward, with China’s biggest mobile messaging app partnering with Western Union to enable users to make cross-border P2P transfers.
Viewpoint: Holiday Forecast: Gift Cards Continue to Expand the Online and Mobile Landscape
It should be no surprise to anyone that gift cards are forecasted to be uber popular again this holiday season. However, it will be crucial for those in the prepaid industry to be mindful of plugged-in shopper preferences to capture holiday spend.
Viewpoint: Why Your Survival Rests on Customer-Centric Strategies
Knowing your customer is taking on new meaning for retailers, If you want to thrive, you must give your customers a personalized shopping experience with a simple integrated payments process.
Viewpoint: Digital vs. Plastic: Death Match or Perfect Marriage?
In 5 years plastic cards will be dead! A bold prediction for sure and likely one you’ve heard in any of a dozen payment mixers you’ve attended over the last year. But for our restaurant brands, we see a more nuanced picture that requires us to execute a simple, perhaps obvious, formula.
Viewpoint: Money20/20 Highlights Emerging Payments Trends
The five most important takeaways from Money20/20 that will shape payments for the foreseeable future.
Viewpoint: Accessing Europe: The World’s Largest Single Market
Craig James explains how passporting with an e-money license allows U.S. prepaid companies to conduct business in EU countries.
Merchants Use First Amendment in Florida Surcharge Law Fight
Retailers argue the semantics between calling a price difference a “surcharge” or a “discount.”
Apple Pay Extends to Canada with Amex Partnership (Nov. 17, 2015)
Apple Pay’s availability continues to slowly cover the globe with the latest addition—Canada. American Express today announced the availability of Apple Pay for cardholders with cards issued by Amex Bank of Canada.
MasterCard Joins Vodafone Wallet, Demos Loyalty Feature in Paris (Nov. 17, 2015)
Users of Vodafone’s mobile wallet soon will be able to add their MasterCard-branded payments cards to the wallet app and subsequently make contactless payments via NFC, the European telecom provider announced. Vodafone Wallet added support for Visa-branded payment cards earlier this year and compatibility with Visa- and MasterCard-branded payment cards could help Vodafone Wallet compete against Apple Pay, which launched in the U.K. in July.
Hyperwallet Program Offers Rewards for Independent Workers (Nov. 17, 2015)
Worker payout solutions provider Hyperwallet has launched a new loyalty program that enables its clients, particularly in the direct selling industry, to provide rewards for independent workers who opt to receive their earnings on a prepaid card.
The European Union Council Approves the PSD2 (Nov. 17, 2015)
The European Union Council has approved the revised Payment Services Directive (PSD2).
Top Payments Lawyer Spotlight: Amy Ross Lauck, Lindquist & Vennum LLP
Earlier this year, we recognized the Top 10 Payments Lawyers as voted for by Paybefore.com visitors. In our first profile, we feature Amy Ross Lauck, partner, in the payment systems and consumer financial services practice at Lindquist & Vennum LLP, who discusses the challenges of the CARD Act, prospects for the CFPB’s prepaid rulemaking and innovations yet to come.
FDIC Issues Revised Brokered Deposit FAQs Affecting Prepaid (Nov. 16, 2015)
The FDIC last week issued a revised financial institution letter soliciting public opinion on a proposed update to its series of FAQs related to identifying, accepting and reporting brokered deposits. The revised guidance, which has a 45-day comment period that ends Dec. 28, has far-reaching implications for the prepaid industry.
Four Startups to Get Boost from MasterCard Accelerator Program (Nov. 16, 2015)
MasterCard has named the startups comprising the next class of its Start Path fintech accelerator. The four startups, which were selected from more than 200 applicants, will receive mentoring from MasterCard experts, access to the company’s commercial partners and the opportunity to integrate with MasterCard solutions for six months.
Visa Europe Testing Blockchain for Remittances (Nov. 16, 2015)
Visa Europe is exploring the use of blockchain technology to speed and simplify international remittances. Under a new partnership with Epiphyte, a startup specializing in bringing blockchain to mainstream financial services, the Visa Europe Collab innovation hub is testing the use of a distributed ledger to process remittance transactions.
London’s 22,500 Black Cabs Go Mobile with HailoPay (Nov. 12, 2015)
In a global battle pitting two companies, Hailo and Uber, that connect drivers with riders, U.K-based Hailo announced this week that all of London’s 22,500 black cabs now accept mobile payments using HailoPay, a payment gateway for passengers to pay for black cab rides using their smartphones.
New MasterCard Prepaid Products Target Underbanked in Africa, Corporate Travelers (Nov. 12, 2015)
Prepaid’s ability to suit a wide range of uses was on display this week, with two new MasterCard-branded prepaid products announced, targeting two very different audiences.
Samsung Pay to Explore Handset-Based P2P Service? (Nov. 12, 2015)
Samsung Pay grabbed attention in the m-payments race with its technology enabling users to pay with their handsets at any POS terminal, whether or not it accepts NFC. Now reports suggest Samsung Pay may add P2P services.
People on the Move: Betty Mitchell, Arroweye Solutions
Arroweye Solutions, a digital-on-demand payments technology firm, has named Betty Mitchell vice president of client engagement.
People on the Move: Paul E. Harner, Ballard Spahr
Ballard Spahr announced that Paul E. Harner, has joined the firm and will work in Ballard Spahr’s offices in New York and Baltimore.
People on the Move: James E. Staley, Barclays
Barclays PLC and Barclays Bank PLC has appointed James E. Staley group CEO.
People on the Move: Trent Sorbe, Central Payments
Payments veteran Trent Sorbe, president of Central Payments, a division of Central Bank of Kansas City, testified before the CFPB on Oct. 28, as part of the federal agency’s small business advisory panel.
People on the Move: Thomas Scanlon, Davis Wright Tremaine LLP
Thomas Scanlon has joined the financial services and payments practice groups at Davis Wright Tremaine, where he will practice mostly in the firm’s office in Washington, D.C.
People on the Move: Craig Vosburg, MasterCard
MasterCard has appointed Craig Vosburg president, North America Markets, effective Jan. 1, 2016.
People on the Move: Cindy Smith, Meta Financial Group Inc.
Meta Financial Group Inc. announced that Cindy Smith has been named executive vice president, head of technology and operations.
People on the Move: Todd Bradley, Mozido
Mozido, a global provider of digital commerce and payment solutions, announced that Todd Bradley has been appointed CEO.
Company on the Move: Datamonitor, Progressive Digital Media Group Plc
Progressive Digital Media Group Plc, has completed its acquisition of Datamonitor Financial, Datamonitor Consumer, MarketLine and Verdict from Informa plc.
Bruce Wallace and Michael Dreyer, Silicon Valley Bank
Silicon Valley Bank announced that Bruce Wallace is taking on the role of chief digital officer and Michael Dreyer is joining the company’s executive management team as chief operations officer.
MasterCard Continues Security Push with Global Rollout of Zero Liability (Nov. 11, 2015)
As part of a recent push toward enhancing cardholder security, MasterCard is extending its updated Zero Liability policy to cardholders across the globe.
Trio Indicted in Cybercrime Scheme Including JPMorgan Hack (Nov. 11, 2015)
Federal prosecutors have charged a trio of accused cybercriminals in a wide-ranging hacking and fraud scheme Attorney General Loretta Lynch called “one of the largest thefts of financial-related data in history.”
Anti-CFPB Group Amps up Rhetoric with TV Ad (Nov. 11, 2015)
A 30-second advertisement that aired during last night’s Republican presidential debate took aim at the CFPB and likely raised the hackles of the bureau’s proponents.
Senators Urge CFPB to Investigate Prison-Release Prepaid Cards (Nov. 11, 2015)
Eighteen U.S. senators led by Cory Booker (D-N.J.), sent a letter last week to the CFPB urging protections for prisoners released from jail who receive prepaid cards when they exit incarceration.
The Rise of Instant Payments
In this age of tablets and smartphones, customers expect instantaneous access to information and services. Emails, tweets, shopping: everything is now real time or forget about it. As a result, instant payment is upon us, writes David Andrieux. Benefits of instant payments aren’t hard to see. For the economy, they allow consumers and businesses to […]
Optimal Payments Rebrands to Paysafe (Nov. 10, 2015)
Optimal Payments, a global payments solution provider, today announced its new company name and brand identity, Paysafe Group plc.
Two New Studies Highlight Gift Cards Trends Heading into Holidays (Nov. 10, 2015)
Expectations for plastic and e-gift cards are high this holiday season and two new studies—one from Blackhawk Network and one from First Data—shed light on consumer preferences heading into retail’s peak sales season.
Fraud Attempts on the Rise, Apple IDs Targeted (Nov. 10, 2015)
Fraud attempts are on the rise throughout multiple industries, according to a new study from fraud prevention and identity verification specialist IDology Inc.
Texas Bank Files for Summary Judgment in CFPB, Cordray Challenge (Nov. 10, 2015)
A small Texas bank is digging in its heels in a legal challenge to the CFPB and the appointment of agency director Richard Cordray.
ItzCash Partners with Uber to Target Unbanked Riders outside India’s Major Urban Zones (Nov. 10, 2015)
In Uber’s latest move to expand its services to emerging markets, the San Francisco-based company has formed a partnership with Mumbai-based Paybefore Awards winner ItzCash Card Ltd. to reach unbanked consumers in areas outside India’s major cities.
Green Dot to Expand GoBank, Launch GoBusiness and MoneyPak Plus (Nov. 6, 2015)
Green Dot is pressing the gas pedal when it comes to expanding GoBank, with new distribution plans for next year, including a new distribution partner and a GoBusiness account rolling out to serve at least one company’s large base of 1099 workers. During last week’s earnings call with investors, Green Dot CEO Steve Streit also discussed plans for new prepaid products, along with MoneyPak Plus—a reload product to replace its discontinued MoneyPak.
