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 …
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.
PayPal is expanding its reach by getting on the menu as a payment option at small bistros and food trucks around the world that are switching to tablet-based POS systems.
Apple Co-Founder Steve Wozniak, the technical guru behind the original Apple computers, kept nearly 1,000 attendees at InComm’s annual Partner Alliance spellbound with his tale of how a “geeky, electronics kid,” driven by his passion to solve problems and compulsion to engage in “creative misbehavior,” led to a famous partnership with legendary Steve Jobs.
Mobile payment service M-Pesa has arrived in Europe with its launch yesterday in Romania, following expansions into other countries, such as Egypt and India, in recent years.
Mobile-based customer care is failing to meet the needs of users, who still suffer from many of the same old issues, along with some new problems that have cropped up more recently.
NACHA wants to help move the U.S. toward same-day ACH payments using a phased approach to replace today’s sluggish system that can take three to five days for electronic payments to clear.
Green Dot Corp. is in the midst of a national rollout of a swipe reload service aimed at making reloading cash onto a prepaid card more convenient, efficient and intuitive.
The Reserve Bank of India has updated its rules covering prepaid products, which it says will help combat money laundering and fraud.
CardLab Inc., a Dallas-based provider of open-loop incentive and prepaid card products, announced that Greg Haney has joined the company as chief operating officer.
Contact Solutions, a Reston, Va.-based provider of cloud-based customer self-service solutions, has been awarded the Customer Value Leadership Award for Best Practices Research on hosted interactive voice response solutions by business consulting firm Frost & Sullivan.
MasterCard has appointed Anna Yip as head of Hong Kong and Macau.
TabbedOut, an Austin, Texas-based provider of an app enabling consumers to open, review and pay their restaurant and bar tabs from their mobile phones, has hired Ari Horowitz as executive vice president, strategic partnerships and corporate development, and George Zirkel as chief revenue officer.
Sen. Elizabeth Warren (D-Mass.) has written a book, “A Fighting Chance,” which chronicles her life from growing up in Oklahoma to her work establishing the Consumer Financial Protection Bureau to her 2012 election to the U.S. Senate.
WEX Inc., a provider of corporate payment solutions, announced that Eric Duprat has been elected to the company’s board of directors.
In this supplement we share our experiences of implementing real-time payments systems and take an in-depth look at the success of Faster Payments in the UK. We also examine the challenges and benefits that real-time payments can deliver to banks and consumers as well as the advantages real-time technology can bring to government and businesses to support the wider economy and society as a whole.
The IRS has ruled that Bitcoin and other digital currencies are property, not currency, and will be treated as such for tax purposes.
The good news for mobile payments is that consumers in the U.S. and Europe are spending double when they initiate payments via their mobile devices or online, according to a survey released this month from Bain & Company.
Brazilian mobile network operator Claro has partnered with Bradesco, one of that country’s largest banks, to create an NFC-based mobile payment service.
Walmart this week opted out of the $7.25 billion settlement Visa and MasterCard reached last fall over interchange fees and filed its own antitrust suit against Visa.
China’s central bank said it’s open to modifying a proposal to place limits on mobile payments after e-commerce firms and consumers objected to the restrictions.
The National Technical Information Service today has issued an interim final rule establishing a certification program for access to the Social Security Death Master File. The DMF is a tool used by many industries as a means to thwart fraud.
Global standards and approaches to regulation need to focus more on removing risk from the financial system rather than on compliance – but to do so international regulators will need to harmonise their efforts and embrace technology to a much greater degree.
MasterCard is working with U.K.-based Monitise plc to develop and deploy mobile wallets and digital payments around the globe.
eBay Inc.’s board of directors says spinning off PayPal in an IPO would not be in the company’s and investors’ best interest, resisting a call from activist investor Carl Icahn—a 2 percent owner of eBay—to sell all or part of PayPal.
American Express is creating a joint venture for its Global Business Travel division (GBT), in which the card network will share ownership of the JV with an investor group led by New York investment firm Certares.
