American Express aims to serve unbanked and underbanked
Amex, home of that object of envy, the Black Card, is expanding in an unexpected direction – to provide services to the unbanked and underbanked.
PayTech
US consumers reject mobile wallets, survey says
The overwhelming majority of US consumers would not use a mobile wallet, according to a survey carried out by consultancy Consult Hyperion during September.
Mobile payments – the tipping point
There comes a tipping point when market readiness, social behaviour and technology combine to create a sudden, ubiquitous change of behaviour. For mobile payments the tipping point may have arrived – but will there be a dominant solution?
Lack of EMV means US leads the world in card fraud
The US leads the world in card fraud, at least in part because it has lagged in the adoption of the EMV (Europay, MasterCard and Visa) Chip & PIN standard, and continues to use signatures for verification. One result, said Carolyn Balfany, group head for US product delivery at MasterCard Worldwide, during Money2020 in Las […]
Viewpoint: Payroll: Proof of Prepaid Power in Numbers
A group of like-minded companies came together this summer to address the recent melee in payroll cards. The work is far from over, but their activity points to the power of pooling resources and relationships for real progress and impact.
Bitcoin is the future, Money2020 delegates told
Bitcoin is here to stay and will continue to grow, according to experts speaking on separate panels at Money2020 in Las Vegas.
Money 2020: Innovation, Mobile-Centric Money Take Center Stage (Oct. 8, 2013)
Innovative and mobile-centric financial services are taking center stage this week at Money2020, which has drawn more than 4,500 attendees to Las Vegas.
Amex Relaunches Serve with Free Cash Reloads through InComm (Oct. 8, 2013)
American Express today announced a relaunch of its Serve prepaid account, packing the card with a raft of new features and benefits, including free cash-reload services at CVS and 7-Eleven stores nationwide, plus online bill payment and money management tools, for $1 a month.
Big Names among Group Aiming to Bolster Card-Linked Offers (Oct. 8, 2013)
Some of the heaviest hitters in e-commerce, banking and tech have joined together to enhance customers’ experience with card-linked offers. The newly formed CardLinx Association counts among its ranks a number of big names, including Bank of America Merrill Lynch, Discover, Facebook, First Data Corp., LivingSocial, MasterCard and Microsoft Corp. Announced this week at the […]
MasterCard Report Outlines Global Shift Away from Cash (Oct. 8, 2013)
Economies around the world are making the move away from cash, and the shift largely is being driven by new technologies, government initiative and consumer preference, according to a new report by MasterCard Advisors. Among the countries the report describes as the most “cashless” are: Belgium, where 93 percent of total consumer spending in 2011 […]
MasterCard and Visa Launch Prepaid Cards in Myanmar and Ghana (Oct. 8, 2013)
MasterCard and Visa separately have launched prepaid cards this week in Myanmar and Ghana, respectively. CB Bank is rolling out a prepaid travel card for citizens of the Southeast Asian country called the CB Bank EASI Travel Prepaid MasterCard card. The financial institution says the reloadable prepaid card is the first of its kind in […]
Maybe next time …
What do Monty Python star Michael Palin, a municipal cemetery, the rock band Def Leppard and a long-running debate in the press room at Sibos have in common? The answer is Sheffield, Palin’s home town, which has for some years now been an also ran in the choice of the next venue for Swift’s annual travelling circus.
Money2020: MetaBank, TSYS Execs Say Third-Party Oversight, Compliance Key (Oct. 7, 2013)
The explosion of innovation in financial service products is driving a growing reliance on third parties to help process and distribute products that, in turn, is making third-party oversight a key priority integrated with daily operations, according to top prepaid card industry experts at preliminary sessions during Money2020 in Las Vegas on Oct. 6. Because […]
Card News: Bancorp to Issue TFG Payroll; InComm Partners with Jackson Hewitt on GPR Card (Oct. 7, 2013)
GPR and payroll cards—two of the fastest-growing segments in prepaid—continue to expand as a new GPR program and a new payroll card partnership were unveiled today. In separate announcements, InComm and tax preparer Jackson Hewitt said they’re working together on a new GPR program, while The Bancorp Inc. said it will issue payroll cards to TFG Card Solutions’ […]
Sprint’s NFC Answer to Isis (Oct. 7, 2013)
When Isis, backed by AT&T Mobility, T-Mobile and Verizon, was announced nearly three years ago, Sprint was notably missing from the group of top U.S. telcos involved in the mobile wallet project.
Payments and the Government Shutdown (Oct. 7, 2013)
As the federal government shutdown drags on, the payments industry could begin to feel some impacts of the inaction, according to industry observers. And while those effects currently are relatively limited, the coming Congressional battle over the debt ceiling could have serious implications—especially for recipients of Social Security benefits via the Treasury Department’s Direct Express […]
Contact Solutions Unveils New Customer Service Platform (Oct. 7, 2013)
Contact Solutions LLC today announced a new mobile platform to help cardholders access customer service when they want it and easily switch between self-service and a live agent.
PayPal’s path to success paved with “good ideas and lots of hard work”
PayPal is belatedly paying some attention to design: in its early days, the company didn’t have designers, so the Pay with PayPal button wasn’t very consistent – sellers could tinker with it and even modify the colour. That’s changing, John Muller, vice president and general counsel, told Money 2020.
Money2020: Cybercrime threat will demand application of new defences
Basic security mechanisms in payment and banking systems are poorly applied and are out-gunned by the resources available to cybercriminals, a session at the Money2020 event in Las Vegas was told.
CFPB: CARD Act Saved Consumers Billions, But Some Concerns Remain (Oct. 3, 2013)
The credit card industry has largely cleaned up its act in the four years since sweeping new federal rules took effect, though some concerns remain, the Consumer Financial Protection Bureau concluded this week. The CFPB’s 102-page report on the impact of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) passed in 2009 found […]
MasterCard Unveils Parking-Based Couponing Platform (Oct. 3, 2013)
MasterCard and parking services provider Parkeon have announced the launch of a couponing platform that delivers offers from local retailers to consumers as they’re paying for parking. The system is being billed as the first of its kind and will be launched as a pilot next week in Rockville Center, N.Y., with a full-scale rollout […]
European Commission Considers Ways to Support Crowdfunding (Oct. 3, 2013)
Crowdfunding—a term used for a group of people pooling their money, typically through Websites, to support projects—is being used to help finance everything from films to NFC-enabled jewelry.
Australian Debit Card System Taps FIS for New Payments Hub (Oct. 3, 2013)
Australian debit card system eftpos has contracted Jacksonville, Fla.-based FIS to build out a new centralized payments hub.
Blog: Don’t Listen to Consumers on Mobile Wallets … Yet
A new survey suggests most consumers don’t want mobile wallets, but many were skeptical about the Internet, at first.
Blog: The Case for Staying Confident about NFC (October 2013)
Once again, NFC is in the news for more of what didn’t happen than for what did. Despite the rumors that Apple would put NFC in its new security-minded iPhone 5S, the annual iPhone new model release announcement came and went without a mention of NFC.
MasterCard: Prepaid Opportunity in Europe Is Huge; Education Gap Persists
Opportunities are significant for B2B, government and consumer applications, particularly around mobile money, but the industry must work harder to overcome education gaps at the consumer and regulatory level.
Blurred Lines: Younger Consumers Demanding an ‘Omnichannel’ Experience (October 2013)
Millennial consumers present a wealth of opportunities for mobile payment providers and merchants, but the demographic is a demanding one, with several expectations that must be met by companies looking to gain a foothold with the segment.
People on the Move: Paul Galant, VeriFone Systems Inc. (October 2013)
VeriFone Systems Inc., a San Jose, Calif.-based payment solutions provider, announced that its board of directors has appointed Paul Galant CEO and member of the board of directors.
People on the Move: Frédéric Vasnier, SIMalliance (October 2013)
SIMalliance, a London-based nonprofit trade association supporting the creation, deployment and management of secure mobile services and applications, announced that Frédéric Vasnier has been reelected to serve a one-year term as chairman.
People on the Move: Paula Hunter, The NFC Forum (October 2013)
The NFC Forum, a nonprofit industry association supporting the use of near field communication technology, announced that Paula Hunter has been named executive director.
People on the Move: Brad Hanson, Glen Herrick, Ira Frericks, Ron Butterfield and Troy Moore, Meta Financial Group Inc. (October 2013)
Meta Financial Group Inc., the holding company of MetaBank, has recently appointed Brad Hanson as president, Glen Herrick as executive vice president and chief financial officer, Ira Frericks as executive vice president and chief operating officer, and Ron Butterfield as executive vice president and chief administrative officer. Troy Moore will be taking on a new role as executive vice president of retail bank sales and operations.
People on the Move: Michael Bergman, Peter Johnsmeyer and Karen Yetter, Mercator Advisory Group (October 2013)
Mercator Advisory Group recently announced several additions to the company.
People on the Move: Michael De Jongh, judo payments (October 2013)
judo payments, a U.K.-based provider of card payment technology for mobile apps, appointed Michael De Jongh vice president of sales and marketing.
Companies on the Move: InComm, CVS Caremark Supplier Partner Award (October 2013)
InComm has been named the 2012 CVS Caremark Supplier Partner Award winner in the general merchandise category for its prepaid and payments products and services.
People on the Move: Ed Jordan and Kirk Dauksavage, Billtrust (October 2013)
Billtrust, a Hamilton, N.J.-based provider of outsourced billing services, announced the addition of Ed Jordan as chief financial officer and Kirk Dauksavage as chief revenue officer.
Payment Networks Propose Tokenization Standard to Secure Online, Mobile Payments (Oct. 1, 2013)
The time has come to agree on a simpler way to use and store digital payment credentials, a trio of payment networks said today.
CFPB, Lawmakers Continue Campus Card Examination (Oct. 1, 2013)
The Consumer Financial Protection Bureau yesterday hosted a Banking on Campus Forum in Washington, D.C., as part of its ongoing investigation into campus cards. Some college students said they feel pressured into using specific financial products—which can include student ID cards that double as debit or prepaid cards and are used to access scholarships and […]
SpendSmart Expands into Gov’t Segment, Eyes More Verticals (Oct. 1, 2013)
San Diego-based prepaid provider The SpendSmart Payments Co. has set its sights on expanding beyond the teen card market, and the company is kicking off that expansion with a government-focused business line. SpendSmart’s new program management platform will focus on prepaid cards for distribution by municipal, county and state governments. The company already has inked […]
MobiKwik Unveils New Mobile Wallet in India (Oct. 1, 2013)
Indian payment startup MobiKwik is launching what the company is calling the country’s first consumer-focused mobile wallet. The MobiKwik wallet is available as an app for iOS and Android devices, and enables users to make online purchases from about 500 merchants. The wallet can be loaded via bank account transfer or credit card and a […]
Amex Debuts New Travel Card in Sri Lanka (Sept. 30, 2013)
American Express is partnering with Sri Lanka’s Sampath Bank to launch a new prepaid travel card aimed at the growing number of Sri Lankans traveling abroad for business, education or leisure. The new Travel Life Prepaid Card, American Express’ first prepaid travel card in Sri Lanka, enables travelers to lock in a particular currency exchange […]
