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.
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.
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.
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.
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.
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.
We have the opportunity to make a difference, to be part of the process and to influence the outcome of prepaid regulations.
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 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, 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.
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.
The Bitcoin Foundation, a nonprofit institution founded to promote bitcoin use, has appointed Patrick Murck executive director.
ClassWallet has appointed Neil Steinhardt senior vice president.
Payment technology supplier FIS has appointed Gary Norcross president and CEO, effective Jan. 1, 2015. Frank Martire, who has served as the company’s CEO for five years, will assume the role of executive chairman.
IP Payments Pty. Ltd. has appointed Bonnie Boezeman chairperson of its board of directors.
IQR Consulting has hired Terresa Patton as business development director to support the company’s analytics division.
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.
Payveris, an online and mobile payments company, has appointed Jeff Weikert president. Fran Duggan the founder and president of Payveris is moving to the newly created role of chief operating officer.
Stockholm-based Seamless, developer of the mobile payment solution SEQR, has hired Beverly Cole as its U.S head of sales
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, 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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’s rollout was a top theme for payments executives speaking today during the kickoff conference session of CARTES in Paris.
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.
Payment processor i2c Inc., is providing the payment processing infrastructure behind a payments card geared for everyone from “cryptocurrency adopters and loyalty points junkies to the underbanked.”
True to its name, Ubiquity Global Services, a New York-based financial services and payments service company, is becoming more ubiquitous globally.
Biometrics have been getting a lot of attention as a means of payments authentication, but UniRush LLC wants to use the technology to bolster security and improve the customer self-service experience for its cardholders.
